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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.

‘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.

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.

What could be the benefits of buying jointly with a parent? With current house prices on the increase, many First Time Buyers may be struggling on their income alone to buy their dream home. One young person’s salary may not be enough to get a mortgage. Sometimes even two is not enough… Joint Borrower Sole Proprietor Mortgage might just be the right solution to the problem! A parent could join in the mortgage application with their income to boost affordability so their child(ren) can get on to the property ladder. The joining parent doesn’t need to be the legal owner of the house so there won’t be tax liability for them. They will however be responsible for mortgage repayment. Please bear in mind that as every case is different, it is best to speak to a qualified broker first. Contact us if you have any questions.

Wouldn’t it be great to BUILD your own home with just 5% of own deposit?! A new Government scheme called HELP TO BUILD that will be available in England, will make this possible for many people. With just 5% deposit and up to 20% (40% in London) of Equity Government Loan, you may be able to get a mortgage to actually build your own home. How good could it be to chose your own location and design?! The equity loan offered will be based on estimated costs to buy land and build a home. For more information go to : https://www.ownyourhome.gov.uk/scheme/help-to-build/

💷Saving – if your house value has increased and your mortgage balance is less than initially, you might be able to get a better interest rate and save on your monthly payments 💰Extra Capital - You might be able to borrow more for other purposes, e.g. new property investment, home improvements, etc. ⏳Time - You might be able to look to reduce your mortgage term and repay your mortgage sooner than initially expected Whether you are on a variable product or in a fixed deal expiring within the next few months, best thing you can do is to discuss your remortgage with a broker.📞 Let us know if you have any questions.

Every year your mortgage balance is different ,as well as your property can go up or down in value. Re-mortgage is therefore a great opportunity for you to check if you might qualify for a better product, compared to the one you have been on. You could re-mortgage not only if your fixed deal is about to expire but if you are a variable interest rate, you can secure a fix deal too. Best thing to do is to contact a qualified mortgage adviser to help you select the most suitable solution for you. Why not book your re-mortgage appointment with us?

When you buy a house, you need to decide if you will live in it or if you have the intention of letting it out. You must declare the truth as otherwise you might end up with the incorrect mortgage type or worse, in breach of a mortgage agreement and in big trouble! In general, a residential mortgage means you have to live in the property and a buy to let mortgage means you should not live in there but others can rent it from you. Can you let your home if it is on a residential mortgage then?! Yes, there are ways to do this, but it will depend on some specific aspects of your case! First of all, it will depend on whether your current lender can give you a consent to let. You have to ask for this and not just assume that the lender will be fine with you moving out and letting other people live in the house! Secondly, if you have got lender’s consent, you must let your home insurance provider know as your policy could go void if you don’t. If you live on your own and have a spare bedroom, there may be an option to let it to a lodger. There are lenders that will allow you to let to a lodger but some lenders won’t, so you need to ask the lender for permission and, as above, let the insurance firm know. There are certain rules around having lodgers so look out for another article on this. Finally, if you know you need to permanently move out of your residential house, then best look into transferring a residential mortgage into a buy to let one or to carry out a let to buy transaction. Whether you qualify to do this may be dependent upon many things so one thing you should do before you take any other steps is to speak to a broker! We encourage you to listen to an adviser rather than a neighbour, friend or other people who may not be suitably qualified to give advice. They may have some experiences, but these may not necessarily reflect what lenders allow. If you want to do things right, book an appointment with a broker. If you have any questions, do not hesitate to contact us.

The Internet is a very powerful and helpful tool when it comes to many things in life. More and more lenders offer online calculations, quick decisions in principles and quoting systems so what could go wrong if you wanted to sort out your mortgage this way?! In many cases it may be possible to get an online indication of a mortgage affordability or to check interest rates but, unless you wish to take all responsibility for any issues in the application process, and, unless you are absolutely sure you have a thorough understanding of lenders’ requirements and criteria, you may get a very unpleasant surprise and not quite the outcome you want. Buying a house is a serious financial transaction and perhaps best to leave this to a qualified advisor to deal with the mortgage application. By doing your mortgage application yourself, you might end up with a more expensive rate, you might lose money and time by going for the incorrect lender and getting declined, you might damage your credit score and finally you might completely jeopardise your purchase. You would probably not extract your own tooth as certain things be best left to professionals;) Nowadays when lenders keep changing criteria and when nothing is guaranteed to not change unexpectedly, it is too much of a gamble to Do It Yourself. If you have any mortgage related enquiries, do get in touch and we will be happy to help.

Buying a house is surely something that we plan well in advance rather than a spontaneous shopping spree. Of course, one can browse through properties online but, to make an offer, one should at least first have a consultation with a broker to know how much they can afford to borrow, to check their credit report and to know that their deposit is enough. These are all individual factors that need to be taken into consideration before making an offer. Having no time to discuss your purchase is a very poor excuse which can cost you not only losing a dream home but can give you lots of stress and disappointment. More often than not, estate agents want to see us as serious buyers who are prepared in advance and they expect us to present them with a decision in principle document on making an offer. Best leave the preparation stage to a professional rather than DIY this step as you may harm your credit score and have no gain anyway. A broker knows all lenders and their criteria and will carefully select the one that meets your needs. As market is very busy, there is lots of competitive buyers who may have already seen a broker and who are better prepared. Be one of them, be wise! If you wish to discuss your circumstances in preparation for buying, feel free to contact us.

Is it easier to get a mortgage if you apply through the bank where your personal/business account is? We are often asked this question and there is common perception that loyalty to your own bank pays off. Whilst it can be worth checking their best products, it is very important to compare it to other lenders to see if it is indeed the best deal you can get. Lenders may have exclusive products for their own customers, but it is not a guaranteed option. Often, another lender may have a better interest rate for you and be sure that no lender will ever tell you that their competition may offer you something much better Each bank will only offer the best they have but is it the most attractive option you can get?! If you contact a broker, they can collect all the details needed to do a thorough research to see how your bank’s deal compares to others. Also, although verification checks may be easier sometimes with the bank where you have your own account, many lenders now access systems which can identify customers very quickly. Don’t assume that your own bank will be less thorough with their checks as any regulated lender has to do the due diligence checks to make sure customer’s circumstances meet their criteria. Before you decide which mortgage lender is best for you, always speak to a suitably qualified broker. Should you have any questions, do get in touch.

Have you heard that getting a credit card can help your credit score? Before you do anything, read this article. When you want to apply for a mortgage, your credit worthiness is looked at by the lender. They score you and search through your credit history to see if you are a good candidate to lend to. If you have never had any financial liabilities, your credit history may seem a little flat…. Indeed, one way to build up your credit history may be by sensibly using a credit card. There is a special, score building credit card type, and by using it and regularly repaying it, you build your credit worthiness. Be careful though, as using up too much of your card’s balance may cost you interest as well as it may affect how much the lender would offer you when taking a mortgage. Also, remember to pay it on time each month – it is very important. Before you decide to get a new credit card, always first speak to a broker! Opening any new line of credit may lower your existing credit score and it may lower the amount you will be able to get from the lender! This is surely not the outcome you want! A broker will look at your credit score and your credit report and will be able to tell you if you need to work on it or if it is good enough for mortgage purposes. If you have any questions, feel free to contact us.