Homes for Ukraine vs mortgage terms

If you have signed up for Homes For Ukraine scheme and your house is on mortgage, you need to read this

Did you know that generally, if you have a residential mortgage and you plan to take on a lodger, you should check what your lender thinks about it, and your home insurance provider should be notified about this too? Some lenders don't mind, and some will not accept lodgers in the property.

If you want to let the whole property that is on a residential mortgage, you need to get a consent to let first as again, there may be restrictions. Alternatively you might need a buy to let mortgage.

Recently, many people signed up for the Homes for Ukraine scheme , offering rooms or even whole properties to the refugees.

Some lenders have already announced their stance on this matter and from what we have seen lenders have turned out very supportive but they have conditions that need to be met. It is recommended to check with your lender if you wish to become a sponsor under the Homes For Ukraine Scheme.

Changes to mortgage affordability assessments

‘How much can I borrow?’ is one of the most often asked questions by first time home buyers and movers. With increasing property prices and rising cost of living, no wonder buyers scratch their head thinking if they will be able to get the mortgage amount they need!

With the most recent energy price changes and higher cost of living, lenders have already started updating their affordability calculators, which may mean some buyers may struggle to get the loan they have hoped for.

How much you can borrow may depend on several factors: your earnings, your expenditures, your credit file information, dependants and your employment status (employed/self-employed/contractor). It is more and more complex to figure out how much exactly you could borrow to buy a house.

However, brokers have excellent tools to show you the whole scope of lenders’ affordability and these tools are quite precise so you will know what house price range to look at.

Don’t just guess or estimate as you might be very disappointed. Don’t risk! Ask a qualified broker for help with affordability assessment and go out confidently to look for your dream home.

If you have any questions, we are here to help.

WHAT TO EXPECT WHEN YOU'RE EXPECTING?

How could expecting a baby or being on maternity/paternity leave affect your mortgage application?

First of all, don’t worry as expecting a baby doesn’t always mean you can't get a mortgage. We have helped many pregnant mums as well as many parents on leave to get mortgages offered.

As always, it is about your income and expenditure when you have had the baby, what plans you have with regards to return to work and what childcare costs, if any, you will be paying for.

Every single lender has a specific criteria about maternity/paternity leave pay. Although having a baby is a personal matter, it affects us in a material way therefore this should be discussed with the lender upfront so we actually select the right lender for you.

Like with being pregnant, when getting a mortgage, complications may sometimes happen and you had better be under a professional care then. If you have an adviser, you can just enjoy the process

If you are planning to buy a house and wish to have a chat, we are here to help.