5% deposit mortgages are returning to the market - good news for buyers!

More positive news for buyers who can only put forward a smaller, 5%, deposit. More and more lenders have announced returning with products designed for this purpose.

So far there are only a couple of lenders willing to lend to buyers with such a small deposit for mortgage and their criteria differ but we can confirm that there are options now available if: - You only have 5 % deposit - You are not furloughed - Your credit score is pretty good and there is no adverse elements on your credit file - You are a First time Buyer - You are happy to go for the rates between 3.99% and 4.5%

It is very positive to see more and more lenders considering return to small deposit mortgages.

We are very busy and taking bookings for availability for at least a week in advance so Book Your Appointment to avoid Disappointment!

Great News on Budget Day for Home Buyers!

YAY, Mortgages with just 5% deposits will be back offered by a few lenders from April!

Amongst lenders offering mortgages with just 5% deposit are well known high street lenders and more are to follow and join in their offering of 95% Mortgages.

The stamp duty holiday has now been extended until the end of June and the nil band is set to stay at £250,000 until 30th September.

These are all very welcome news for first time buyers and home buyers!We are very busy and appointments need to be booked in advance so don't wait - contact us now to discuss your position to buy your dream home.

Am I too old to get a mortgage?!

Am I too old to get a mortgage?

We often hear this question from customers who are in their 40s or 50s and who believe that due to their age, they will not be able to get a mortgage.

Whilst there is a question on mortgage application about your age, this is usually not the main factor deciding whether or not you qualify to get a mortgage.

Many lenders have no limit as to how old an applicant is at the point of application and many lenders are very flexible as to the mortgage term’s length. You could potentially even be in your 80s when you finish repaying your loan.

What lenders are more interested in is, how you will be able to service your monthly payments and what retirement income you are likely to have. You could request to stretch the term of your mortgage however lenders will want to see what income level you will have to continue to be able to service your loan. You might only have a modest state pension, but you might also have other pension pots and sources of income, like dividends from your business or rental income.

If, at the point of application, you are more than 10 years away from your planned retirement age, then the lender may not even ask for evidence of your pension income. This doesn’t mean that it should not be taken into consideration. If, however you have less than 10 years left to your planned retirement age, then you are most likely to be asked for some pension forecast or other documents stating potential future income.

We do advise on mortgages with longer term, often stretching to or past retirement age and it is mainly about being able to afford the payments.

Should you have any doubts or queries, do contact us for initial consultation.