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Did you know that a Buy Now Pay Later (BNPL) activity could affect your mortgage decision. Why? This is a financial committment that gets reported on your credit file. Make sure it is set up as a direct debit and do not miss any repayments. Relying on BNPL may be seen by mortgage lenders as not managing your finances too well, especially if there are multiple BNPL activities on your account. Only use it when you are absolutely sure you can pay it off Every now and then, monitor your credit report to check that no errors have been marked against your account. If you have used BNPL and would like to check your mortgage readiness, do get in touch with us.

YES, IT IS POSSIBLE. TODAY A NEW PRODUCT HAS BEEN INTRODUCED FOR A 100% MORTGAGE FOR FIRST TIME BUYERS This, however, is not a product for everyone… Main criteria: each applicant must be a first time buyer each applicant must be 21 years old or older the same people who are and have been renting in the last 12 months must go on the mortgage application applicants must have proof of paying rent for at least 12 months out of the last 18 months applicants must also have been paying the household bills in the 12 months out of the last 18 months each applicant must have good credit history with no missed payments/direct debit commitments in the last 6 months the monthly cost of mortgage must be equal or less than average of the last 6 months rental cost deposit must be less than 5% - can be £0! maximum loan size must be £600000 not available on new build flats applicants must pass lender's affordability test and credit score check This product may be a great help for many first time buyers but any buyers who want to check if they qualify, should first speak to a mortgage adviser before making offers on properties Buying a house requires planning ahead and strategy and a good mortgage adviser will help you prepare for this step Contact us if you are planning to buy your first home.

What mortgage options do you have if you are moving to a different place in the UK? To get a mortgage you must evidence that you will have income in new place so you can service your mortgage payments. Your employer may give you a letter of relocation to another branch. This will give lender the confidence that your income will continue. If your job involves working from home, lender will accept this as, naturally, your income won’t be affected by the move. You could also find a completely new job and as long as new employment contract shows start date within the next 3 months, state the job role, confirm job is permanent (or in some cases fixed term too) and show salary details, some lenders will be ok with that. Why is this important? You wouldn’t lend someone thousands of £s without knowing that they will have income to be able to fully repay you, would you? That is why some evidence that you will have a job that is acceptable by mortgage lender is required when you are relocating. Sometimes, depending on a job role, some lenders can accept that you will be travelling to and from other work locations, but this is assessed on a case by case basis. Should you have any questions, do get in touch and we will be happy to help.

If you have been offered an insurance policy for unusually low premium monthly, you may have fallen a victim of a GHOST INSURANCE BROKER. Did you know that there are firms calling round and manipulating clients’ personal and medical information to lower the potential cost of insurance policy? They set it up for a customer and then they disappear... Client normally finds out that his insurance won’t pay out at the worst time – when they need to claim…. Their broker turns to be nowhere around then and there is no payout possible. A typical ghost broker method is to declare incorrect medical information at the time of application (smoker status, medical history or weight) so insurance provider offers the policy cheaper but then, when client needs to claim, their full medical records are checked and claim gets rejected. Make sure you speak to a qualified adviser, don’t be shy to ask for their FCA registration reference to check their records. It’s also important to read the application summary when it is posted to you at the application stage as you will be able to detect any inconsistencies then. Be vigilant! if something seems too good to be true, it's likely it's manipulated. If you did buy a ‘cheap’ looking policy, get in touch with us for a full audit of the case. We review your policy free of charge and for your peace of mind. #ScamAlert #insurance #fraudprotection

Is your mortgage deal ending in the next few months? Are you planning to buy your first home or move to another property in the next 12 months? When is the last time you have reviewed your insurance policies? Are you certain they meet your needs? Are your insurance policies in trust? Has anything changed since you last got your insurance? Got a new child, partner, or one of your children turned 18? Maybe you got married or got divorced? When is the last time you have reviewed your will? Or maybe you still don’t have one?! Just like doing a spring-clean to our homes, it’s good to sort out our financial matters from time to time. Make it a goal to have everything you need in place for the peace of mind of yourself and your family.

Increased house prices and cost of living crisis have made it difficult for First Time Buyers recently. That is why the Mortgage Guarantee Scheme which was to close in December has been extended to December 2023. How can this scheme help First Time Buyers? With challenges to save up for deposit for their first home, many buyers can barely get the minimum 5% deposit needed to obtain a mortgage. The scheme gives financial guarantees to lenders that in turn make more products available for customers with as little as 5% deposit. It only applies to properties worth up to £600000. There may be other conditions to be met, dictated by lenders too. If you are a first-time buyer planning your first move, speak to a qualified broker. They will help you with affordability assessment, decision in principle and the rest of your application process as well as with other aspects of house purchase. They will hold your hand throughout the house buying process step by step.

You may have seen a number of headlines over the past weeks around mortgages and interest rates. Despite the headlines about rate rises and shortage of mortgages, there are a significant number of mortgage products available and more and more products are being brought back to the market albeit the pricing may look different. All this is because lenders are repricing their products in line with the changing interest rate. There are also changes in they way they calculate how much you could borrow. This is something that happens continuously in the mortgage market, and it means we’re well placed to support you with all your financial advice requirements during these ever-changing circumstances. Martin Lewis* shared some useful advice about what mortgage customers should do next: “If you're serious, speak to a broker - they're currently more important than ever. Lenders' acceptance criteria differ from one to the next, plus they're subject to change - something that's been done at short notice in reaction to the cost of living crisis. For example, one lender might include overtime or commission in your income assessment, and another might only count your base salary. To navigate the maze , we strongly suggest you use a mortgage broker. They do the 'finding a deal' work for you and have details of most lenders' acceptance criteria, which aren't easily obtainable by the public, plus many deals (even some product transfers) that can only be accessed via brokers.” As always, we are available should you need any support or advice on your finances and insurance. If you would like to talk with one of our advisers, contact us on 01538807101 or office@grnfinancialservices.co.uk *Source – Money Saving Expert’s Weekly Money Tips dated 28 September 2022 Information contained within the blogs was correct at time of publication but is subject to change. Your home may be repossessed if you do not keep up repayments on your mortgage.

The Chancellor has announced support for Home Buyers! In the recent Mini Budget, Lord Chancellor announced a cut to Stamp Duty Land Tax, which is a tax paid on property purchase. The cut raises the threshold of how much a property has to cost before stamp duty is paid to £250,000. First time buyers will have no tax to pay for properties priced up to £425000. They will be able to claim relief on properties worth up to £625000. This change will help many home buyers across the country If you need help with house buying process, contact us and we will be happy to assist you. Information contained within the blogs was correct at time of publication but is subject to change. Your home may be repossessed if you do not keep up repayments on your mortgage.

Final dates to remember as Help to Buy scheme is ending soon! Help to Buy Equity Loan scheme has helped many first-time buyers recently get on to the property ladder and move into new homes. The scheme is ending soon though and so far, the Government has not come up with any idea to extend it or replace it with a similar programme. There are other support schemes for buyers however this one has 3 significant dates to remember now: 31 October 2022 is the final day to reserve a new build and submit application to Help to Buy Agent 31 December 2022 is the final day to complete build of the property. It must be completed to a condition ready to move in. 31 March 2023, is the final day for legal completion. These dates are very important and cannot be missed or else the buyer may no longer qualify to use Help to Buy Scheme. If you know anyone who is thinking of buying a newbuild property with Help to Buy Programme, let them know! *We are a registered broker to assist mortgage applications with the use of Government Programmes, including Help to Buy so if you have any questions, do let us know. Information contained within the blogs was correct at time of publication but is subject to change. Your home may be repossessed if you do not keep up repayments on your mortgage.

As the government has their target to reduce carbon emissions to be net-zero by 2050, new requirement has been introduced to make all let properties energy efficient. By the end of 2025, for all new tenancies in the UK, it will be a legal requirement that let properties have EPC (Energy Performance Certificate) rating of C or above. All existing lets will need to achieve this by 2028. There is still time to prepare for this move as many older properties that now only need to be at least EPC rating E, will need to be upgraded. These upgrades might cost landlords thousands of £s. Should this requirement not be met by the deadline, landlord will not be able to let legally and they could be penalised with up to £30000 fine. The EPC is a certificate specifically assessing how energy efficient the property is. The assessment to grade the property, needs a special inspection arranged. The grading is A to G, with A given for the most energy efficient properties. The certificate is valid for 10 years. If it expires, landlord will be required to have a new inspection to obtain a new EPC. Some properties might be exempt from new EPC requirements though.

As we advise clients daily on the most suitable mortgage deals, we notice more and more so called ‘green mortgage deals’. What are they then and could you qualify for one? With our country facing a cost-of-living crisis and many of us looking for ways to save up, these types of deals are becoming more and more popular. Green mortgage deals are typically available for properties with Energy Performance Certificate (EPC) rating of either A, B or C and they usually offer a better dea/lower interest rate. Green deals can be used for both home purchase as well as re-mortgage. Another benefit of having an energy efficient home is that generally it should cost you less in bills so promoting ‘green’ should be even more important nowadays. The trouble is, that many customers don’t even know where to check their house’s EPC so they may not realise that a ‘green deal’ could be for them. There comes a challenge however, if your home does not prove to be energy efficient, because the work that would need to be done to improve the EPC turns out to be quite expensive for many home owners. If you are looking for the most suitable product for you, best thing to do is to speak to a broker to help you arrange your purchase or remortgage. We are happy to help with your enquiries.

With energy bills increasing drastically, inflation on the jump, mortgage interest rates going up as well as other things like national insurance contributions or council tax bills expected to increase , what can we do to help our customers? As lenders are changing their approach to reflect the economic situation, many buyers will find that they no longer can get the mortgage they hoped for . Because a broker can check affordability stretches of many lenders at once, and as we know the nuances of borrowing, we can advise you which lender will be the most generous so you can still buy the house you want. Many households will be struggling to find surplus cash to cover everyday expenditures, some customers might benefit from advice on debt consolidation. This way, they will get rid of debts and free some cashflow. We would advise to speak to a broker to see if it is really the best option. Now, more than ever, it is crucial to have your income protected in case you are not able to work. Income protection insurance is an absolute must when households’ bills are going to be even more expensive. How would you cope if you only received the Statutory Sick Pay? How would you manage to pay the bills and feed your family? Speak to a broker about Income Protection. We are here to help you with any questions you have. Think carefully before securing other debts against your property. Your home may be repossessed if you do not keep up repayments on your mortgage.