Mortgages_FB

Yes. Although several lenders has cut their maximum loan due to covid there are still lenders offering 90% for FTBs.

100% loans are available if there is a guarantor in the background.  This can be a close relative or even a non-related person, depending on the lender. 

There several guarantor type schemes. 
– Parent’s property as security.
– Parent provides funds as security deposit
– Joint Borrower Sole Occupier, parent’s income provides security.

Important: in all of these cases new property is NOT treated as a second property and is not liable for additional stamp duty. 

Further information: click here.

For an accurate calculation of your borrowing level complete for form on our affordability calculator page.

However, the maximum loan is based on affordability.  Any loans, credit or other compulsory payments will reduce the maximum loan. 

Employed:

100% basic.
100% guaranteed other – overtime, bonus.
50% – 100% regular additional income – subject to lender.

100% 2nd job subject to hours.

Self Employed Income

Sole Traders: Income declared on SA302s.  High Street lenders need 2/3 years proof.  Others may accept 1 year only. 

Limited Company Directors: Salary & Dividends or Company net profit.  Further information

IT Contractors: Income based on daily rate.  Lender may require history of contracts in the same field.  If contract new, outstanding term of 6 months or more needed. 

CIS contractors: Mortgage based on CIS vouchers.  Call us to discuss.

As with all mortgages, rates are related to the lender, LTV, credit score and fees.  Lower the rate, higher the fee. 

Many companies will advertise low headline rates such as 1.19% fixed 2 years.  But don’t say maximum LTV is 55% or the income multiples are limited to 4.5x.  Which can  exclude many buyers. 

The best lender for anyone does not depend on the rate alone.  It is a mixture of rate, fees and criteria.  For example one lender can offer a free valuation and legals with lower fees.  Which would be better value for money compared to another with lower rate and higher fee.  Another might accept 100% of bonus when others only use 50% to calculate affordability.

We can source all available rates specific for you once we have your requirements.  When we research the market we take in to account all the fees for our recommendations.  How we research – here.

In the meantime you can search for potential live rates yourself on our website here.

Yes, there are many types of lenders that will accept adverse credit.  It will depend on the severity of the adverse credit. 

You can find detailed information about Adverse Credit Mortgages here.

You have a statutory right to obtain your credit file for a minimum fee of £2.  Although all credit agencies will try to entice you to enrol in their subscription service; you do not need to do this.  The Statutory Credit Report is exactly the same as the subscription paid credit report.

Under the Data Protection Act 2018 you have a right to:

• request a copy of your credit report
• dispute inaccurate information on your credit file
• have errors corrected within 28 days

There are 3 main credit reference agencies lenders use.  So it is better to obtain the credit file from one of these.  The free credit score the agencies offer is not the full credit report.  The credit score is just an indication of the possibility of credit but is not always  directly related.  Debt to income ratio also affects credit and borrowing. Only the full report will show the conduct of all the accounts and will give a better understanding of the credit profile. 

Use links below to obtain the statutory report.  Most lenders use Equifax for the primary search.  So Equifax is the best report to obtain.  Others however, should provide similar details.  There are occasions when differences in account information is found in different reports. 

1. Equifax : www.equifax.co.uk
2. Experian: www.experian.co.uk
3. Call credit.

Standard – houses & flats

Flats above commercial

Studio flats (min 30 sqm)

High rise flats

Ex-local authority property

For any that are not on the list please call.

1. An Independent Financial Advisor works for you and not for the
estate agent, seller or the bank.
2. We will compare rates from all lenders in the market.
3. Obtain special deals.
4. Advise is monitored and regulated by the Financial Servics Authority
(Reg no 190855 – www.fsa.gov.uk).
5. We compare both rate and fees – unlike price comparison sites.
6. Personal one to one advice throught the house buying process.
7. Advice on life cover, income protection and financial overview
given at same time.
8. Lender comparison service.

About us.

– One photo identification for each applicant e.g. passport, valid driving licence with photo.

– One proof of current address, e.g. utility bill – gas, electricity, water, phone, council tax statement, credit card statement, bank statement.  Must be dated within last three months.  No mobile phone or cable TV bills.

– Last three month’s pay slips if employed.  Details of self employed income (if applicable).  Latest bank statement to show salary deposited.

– Up to date information on exisiting credit or loans – amount outstanding and monthly payments.  This is necessary to calculate maximum loan available.

– Details of current or previous adverse credit information (if applicable).  This will affect the lenders available.  High street lenders (e.g. Nationwide, Halifax, Santander etc) requires a clean credit history.  If not other lenders available.

[Lenders may also ask for additional documents after receiving the full application.]