Getting a Mortgage too Daunting for You? Read on!

Getting a mortgage is one of the biggest and scariest commitments you’ll ever make in your life. Once you’ve taken the plunge, it’s true you could be liable for an awful lot of money, but the benefits of having a mortgage can far outweigh the risks.

It can be tempting to stick to renting, there are definitely advantages involved. Relying on a landlord when things go wrong is a safety net for many, but it’s not always as easy as that. When you own your home, you’re the master of the ship. Nobody dictates what you can and can’t do with the place you call home. You don’t have to follow the rules set out in your tenancy. You can do things on your own terms.

You are entering into a big agreement with your mortgage provider, but looking around for the best rates often means you finish up paying for less for your monthly mortgage repayment than you would for your monthly rent. Financial freedom often comes from having a lower repayment and not being so restricted by your finances before payday.

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Posted in First Time Buyers, Mortgages

New Rules for Lenders on Buy-To-Let Landlords from the Bank of England

The Bank of England (BoE) is introducing new mortgage regulations for landlords. They will come into effect from the 30th September 2017.

It will mean that when applying for mortgages for new properties, most landlords with three or more mortgaged properties that they rent out, will need to give much more information regarding their existing properties, assets, income, liabilities and costs.

How will things change?

At the moment the majority of lenders focus mainly on the value and rental income of the property they are lending against when underwriting buy to let mortgages.

With the new underwriting requirements from the BoE, all lenders will need to collect and validate information regarding every property that the landlord has an interest in when considering their application. This will include collecting information on rental income, property values, mortgages and costs from each and every property the landlord owns.

The reason the BoE has asked lenders to change their approach is that they want lenders to have a full understanding of the financial circumstances of landlords with multiple properties and the impact that any new lending might have on their finances.

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Posted in News

What Will Divorce Mean for Your Mortgage?

Going through a divorce is a really tough time for everyone involved. And unfortunately it can be made even more difficult when dividing up your assets.

Deciding what happens to your family home will probably be one of the biggest financial decisions you will face.

If you know what solutions are available to you and the choices you might want to make it can make the whole process much less traumatic.

So we’ve laid out your options below . . .

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Posted in Uncategorized

Want to Release Some Equity for Home Improvements? Here’s How…

Owning your own home is a great joy for many, but it does come with its responsibilities. Over time, your home will not only need general maintenance work, but you may find you want to make changes and improvements.

For homeowners who are coming to the end of their mortgages, or have indeed cleared them, equity release is a fantastic way to raise some funds for their much desired improvements.

Whether you want new PVC windows and external doors or just to have a bit of landscaping done in your garden – let us tell us what your options are for equity release.

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Posted in Uncategorized

Think you’re not able to get your foot on that property ladder? Think again!

In the current climate, many people see home ownership as an impossible dream. Trying to get a foot on the property ladder can be a real struggle. Many people are leaving university with a huge debt behind them and starting low paid, entry level first jobs. Being able to save enough money for a deposit is a common problem.

But the government has introduced a number of different Help to Buy schemes, all aimed at those struggling to buy their first home.

We’ve explained them all for you here, to try and help you navigate the maze.

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Posted in First Time Buyers