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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!

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? 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.

New Year will bring lots of changes for businesses and employers due to Brexit and there may be also some changes to mortgage borrowers who are non-UK residents living and working in the UK. Some mortgage lenders are already introducing new criteria due to Brexit! For some mortgage applications certain lenders will soon require proof of residency rights in the UK from EEA/Swiss nationals. Examples of documents required are pre-settled and settled status documents. If, therefore, you are a non UK national living and working in the UK and planning to get a mortgage, it is best to check whether you have the required residency status after 31 December 2020. Should you need further information or need help with preparing your mortgage case, do contact us and we will be happy to help.

October was our record breaking month in terms of amount of mortgage applications applied for and offered. Aga has worked very hard and it has reflected in her taking customer bookings for 2 weeks in advance now! Tom has been crazy busy making sure our customers feel safe financially and writing record number of insurance and wills! We work non stop and get results we want to see for our clients. The busy trend on housing market will continue as market is to remain open and house valuations and viewings are still possible in lockdown

Housing market is still very active and there are many customers who, despite the very unprecedented times, decide to move house or buy their first home. Some of us may have realised during lockdown that they need more space, so they want to buy a bigger house. Others, who have enough deposit saved up, may have decided to take the first step now as it is hard to predict what market will be like in the coming months. What questions should you ask the sellers or estate agents that will be important for your mortgage and purchase process? Here’s a list of a few questions you might ask: - Why is the house for sale and have its owners (vendors) already moved out or are they also in the process of buying (in a chain)? - Are the sellers ready to negotiate on price? – lucky if you are doing a viewing with the owners so you can ask them direct - How old is the property? - Is it a freehold or a leasehold property? - If it is a leasehold, how long lease is left in years? - Is this property of standard construction? If non-standard – what type is it? - How long has this house been for sale now? Above are just a few questions which may be crucial in the buying process. Remember, the best thing you could do, is to speak to an independent mortgage broker who will also make sure you are mortgage assessed and so when you are asked questions about your capacity for mortgage, you will also have all your answers and documents ready. If you have any questions, contact us for a free initial chat.

More and more of us think of extra income sources and investing in properties might be the right way to boost income or provide yourself with a retirement income or asset. We often meet customers who are a bit unsure and who think it is very difficult to start. Although, as with any other business, there are risks related to an investment, let’s focus on the positives and answer some of frequently asked questions! First of all how big deposit does one need to buy a house to let? Typically, around 25% of purchase price needs to be presented as a deposit. It can be your savings, a gift or it can be capital raised on remortgage from another property, for example your residential home. Secondly, do I need to earn certain income to get a buy to let mortgage? Yes, some lenders do require that you earn income of ca. £25k annual income however others don’t! There are so many lenders and so many options that you had better speak to a mortgage broker is you want to become a landlord sooner rather than later. Should I consider interest only or capital repayment type of mortgage? It depends on your investment strategy and long-term plan. Both options are possible but it will have to be well thought through. The above are just a couple of questions being asked and there is loads more! Although a mortgage broker cannot dictate your investment strategy, we can help you by showing you options and assessing your circumstances. Contact us for more information if you would like to become a landlord/landlady. GRN Financial Services Limited is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority Our fees and charges vary depending on the Services we provide to you. We typically charge a fee of £350. Some of products and services may not be regulated by the Financial Conduct Authority. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

As getting a mortgage has become a bit challenging in recent times, mainly due to the impact that Covid-19 has had on people’s jobs and finances, if you are lucky enough to be in a position to buy, we can help you make your dream a reality. Over the last couple of weeks, we have had local Leek residents in the office who asked for help because their bank or building society turned out to not be very helpful when it comes to getting a mortgage. We have met a first time landlord investing locally, a pensioner willing to purchase with another family member, a couple of first time buyers and also someone who has lived in a council house and looking to buy it. The value of using a local mortgage broker in Leek means that, instead of spending your time going from lender to lender and checking whether you fit their criteria, you come to speak to us and we will do an extensive research for you saving all the hassle and potential disappointment, making sure we match your situation to the right lender. Even if you only plan to buy in future, we can sit down with you to work out the best strategy to get you mortgage ready so you can select from a variety of lenders when you have found your dream home and want to make an offer. If you are looking for a Leek Mortgage Broker, why don’t you make an appointment to see our adviser who will explain all the ins and outs.

When you are buying a house and putting a deposit for the purchase, source of funds for deposit must first be evidenced. This is due to Anti Money Laundering Regulations (AML) as the lender must be sure that you are using legal source of funding towards the purchase. Usually, most common source of deposit is own savings which can be easily evidenced by bank or savings account statements, typically, from the last few months but there is no limit as to how many months back you will be asked to provide. Second most common source of deposit used for mortgage is a gift. It can be one from a close blood relative, e.g. a parent or a sibling, but some lenders would also accept gifts from others who are not so closely related. In case of a gift, a donor must also provide their bank statements to evidence that they legally owned the money and they need to provide a form of ID as well as a letter stating this is a true gift, not a loan and that they do not expect any interest in the property for this. There may be other sources of deposit like capital raised on another property, inheritance money or very rarely, a loan which can be accepted by only one or two lenders. Source of deposit needs to be evidenced to a broker, solicitor and a lender. If you have any questions about his or any other aspect of a mortgage or house buying process, feel free to contact us.

A customer contacted us to say they took a loan half way through their mortgage application😱….This nearly gave us a heart attack as it might have ruined the whole plan of a successful so far case! So much preparation, hours of work, customer’s hopes they would soon be in new home – all might have come to nothing! Why? Any material change that happens in between a mortgage offer and the moment you collect your keys to new home must be reported to the lender ❗️ Lender reserves the right to do pre-completion credit checks and any such thing as a new loan or car finance or outstanding balance on credit card can be detected, which may mean your mortgage may not be affordable any longer… This is one of the things you shouldn’t do once you have mortgage agreed – DO NOT TAKE A NEW LOAN!!! What else could jeopardise the whole home buying plan? 📌Change of a job 📌Reducing your working hours 📌Getting into arrears or having a CCJ registered There is, however, one thing you SHOULD ALWAYS DO…it is to speak to a mortgage broker first before you do anything.👩‍💻🧑‍💼 Should you have any questions about a mortgage, feel free to speak to us. We are here to help. www.grnfinancialservices.co.uk #GRNFinancialServices

Did you know you might be able to buy a house at a discount and without even any deposit?! How good is that?! If you are buying a house from the council or a housing association, you qualify for a DISCOUNT on the market value of the property. MANY LENDERS TREAT THIS DISCOUNT AS DEPOSIT so you don’t need any more savings to buy. Of course, you may still wish to add on to the purchase and take a smaller mortgage. Always check with a qualified mortgage adviser as not all lenders are the same and some may still ask you to have a deposit. How much discount can you get then? Discount levels are different by the length of tenancy, type of property and region. For example, after 3 years of living in a #councilhouse, you can get 35% discount of the market value of the property. When you have lived in the house for 5 years, this discount then goes up by 1% with every year up to a maximum of 70% discount. To calculate your discount eligibility, use free calculator tool: https://righttobuy.gov.uk/right-to-buy-calculator/ If you are buying from the Housing Association, the discount you could get is between £9,000 and £16,000 of the price of your property. For any questions on #mortgage for #righttobuy or #righttoacquire, feel free to contact us: www.grnfinancialservices.co.uk

Child Trust Fund programme was launched 15 years ago for every child born between September 1, 2002 and January 31, 2011. Children were offered a voucher worth £250 by the Government. In some cases, another payment of £250 was made if the child was born between September 1, 2009 and July 31, 2010. Poorer families received £500 in each case. Government would set up a stakeholder account on child’s behalf where parents could also top up with own payments. As the accounts will now be maturing, many families may not realise, or may have forgotten, that their children might be eligible for a pay out! If your child is 18, they can find details of their fund by visiting: https://gov.uk/child-trust-funds/ find-a-child-trust-fund The Share Foundation charity can help locate your child’s fund if they are over 16. At the age of 18, your child can either request a pay out or they might move the money to another saving account, for example an ISA account.