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Have your home buying plans been affected by Covid 19? Do you have too little deposit to buy? There are still options you might want to explore! Pre Covid 19 lenders would lend to home buyers who had as little as 5% deposit and there was generally no issue with getting these mortgages. But these things have since changed and now, to have a choice of lenders and a decent interest rate, buyers need 15% or even more as a deposit. There are rare deals for 10% and nearly no 5% ones so what can buyers do to still be able to get their dream home? There are Government schemes which might help and, as long as you understand fully the ins and outs, you might still be able to move home. Shared Ownership scheme, for instance, allows buyers to purchase between 25% and 75% of the house value and pay rent for the rest. The good thing is that deposit needed is calculated based on the share being bought so if someone is buying a 50% of a property worth £200k as an example, they will only need deposit based on £100k (50% of £200k). This way, the deposit you have saved up may actually be sufficient for you to buy the house. You would still need to pass the financial assessment and be able to afford both mortgage payment and rent, but at least you would not need to pay for the whole house at once. You can then buy the rest of house shares in future. Should you feel you would like to get more information about this scheme, do get in touch and our adviser will explain

Credit score check is a crucial element of house buying process. A good mortgage broker should check credit report prior to submitting a mortgage application as this document can help select the right lender and avoid hurdles in a house buying process. The times we face currently might create extra financial pressures on many of us. Whether you are employed or self-employed you may be challenged by loss of income, you may struggle to meet your credit commitments, which, as a result, may damage your credit score. Your health is also never guaranteed so being unable to work due to illness may force you to take decisions that will affect your credit score and your ability to be able to re-mortgage or buy a house in future. If you have never heard of credit score protection, we encourage you to speak to us to see what is available that might prevent you from drastically affecting your credit score during times when you won’t be able to work due to health reasons. We now offer online video consultations to answer any questions you might have

The Government has come up with a scheme for both home owners and landlords that will help make properties energy efficient. The Green Homes Grants will provide homeowners with vouchers to install one or more of the following: ✅solid wall, under-floor, cavity wall or roof insulation ✅air source or ground source heat pump ✅solar thermal In addition, households may also be able to use their voucher for further energy saving measures. These include one or more of the following: ✅double or triple glazing/secondary glazing, when replacing single glazing ✅upgrading to energy efficient doors ✅hot water tank/appliance tank thermostats/heating controls Government has also announced that home owners will be able to obtain suitable advice on home energy efficiency from Simple Energy Advice (SEA) service. This service will offer guidance what home improvements may be eligible for grants. Households will be also able to check a list of approved TrustMark and MCS registered tradespeople in their local area whom they could engage to do the work. Once the works are agreed, vouchers will start to be issued from the end of September. For more information, please see the link: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/906544/ghg-additional-information.pdf?fbclid=IwAR16AMMGuR3xCwm1A4DlzlIT6sUWm7gn3Bst0snI935Bp7otG8Z9r6k7EpY

Covid-19 has really shaken all aspects of our life and taking a mortgage may feel like walking through maze these days! You may easily get lost looking at options and frequently changing lenders' criteria...😕 The rules on mortgages keep changing daily whether it be employment assessment or affordability criteria, the way lenders look at self-employed income, changing interest rates, different rules on deposit amounts and sources that are acceptable - it is really hard to keep up with all this when you are on your own. The last thing you want it to waste your time and nerves and risk being declined by the lender. But don't worry, we can minimise the risk and eliminate all the stress and frustration by finding the most suitable deal for you.🧐 We speak to lenders daily and get their updates so you will have the peace of mind and enjoy the excitement of your new home👨‍👩‍👧‍👦🏡 Speak to us - we will take you step by step on your home ownership journey.

John took a loan to be used as a deposit but he soon realised he won’t be able to get a mortgage anyway❗️ He ended up with a loan and with no mortgage….All this could have been avoided if John followed Rule number 1 in a house buying process… What's rule no.1? 'If you are planning to buy a house, Always Speak to a Qualified Adviser First👩‍🎓'. 🏦Lenders have very specific criteria that dictate which deposit sources they accept and which they don’t. Brokers and solicitors also need to check the source of deposit to confirm it is acceptable by the lender. There is no limit to the amount of evidence that can be requested to prove the source of deposit. Typically, you will be asked to evidence by bank statements, gifted deposit letters signed by the person gifting, legal paperwork if deposit is from, let’s say, a sale of another property or land, etc. What can be used as a deposit then?: ➡️SAVINGS - most commonly used and can also be topped up by Government bonus if you are a First Time Buyer ➡️GIFTED FUNDS - lenders are specific who can and who cannot gift ➡️EQUITY IN YOUR EXISTING PROPERTY - if you already own a house, some of its equity may sometimes be used as a deposit ➡️DISCOUNT FROM A GOVERNMENT SCHEME, e.g. Right to Buy - with some lenders you will not need to have any extra deposit as your discount counts as one ➡️GUARANTOR - there are legal implications so best ask the adviser first ➡️LOAN - although it is possible, you will be drastically limited to the choice of lenders, your affordability will be impacted and you may still not fit other lender's criteria❗️ These are just some ideas and, as lenders have lots of other criteria for you to meet before they offer you mortgage, ❗️ALWAYS SPEAK TO A QUALIFIED ADVISER FIRST❗️ If you have any mortgage related questions, we are here to help.