It’s news to no one that savers have had a pretty rubbish time of late. With interest rates at a record low of 0.5% savers are getting very little return on their money. It’s for this reason that many people are looking for different homes for their money – often quite literally, with property investment…
The way in which we work has changed. Research shows more people than ever are working for themselves – or considering launching a business soon. But with the mortgage market still somewhat dated in its criteria for borrowers seeking a loan, what will happen to the would-be homebuyers in this great entrepreneurial revolution? Before the…
To fix or not to fix? As expected the Monetary Policy Committee, the body tasked with setting interest rates for the UK, kept rates at 0.5% this month. After months of speculation that rates were set to soar – followed by several more months of panic that we could see base rate fall to negative…
An Agreement in Principle’ (AIP) or a ‘Decision in Principle’ or a ‘Mortgage in Principle’ are all same. As a mortgage broker we would take information from the applicant and perform a credit search/score with a mortgage lender which determines eligibility and the mortgage loan amount. An Agreement in Principle factors in loan and deposit…
If your looking to buy a second property this year, you’ve got to read the link below and see if the increased Stamp Duty Tax applies… Read the examples. It a lot more expensive hence the rush before April. Government currently in consultation and may tweak the policy in March 2016 election… Higher rate of…
Buy to Let Stamp duty increase The new 3% ‘additional’ stamp duty rate on any property bought as a buy to let or as a second home will shock all investors, on top of the loss of tax reliefs unveiled in July. For example, a Buy to Let purchase for £175,000 will cost £6,250 in…
The Importance of Mortgage Insurance Life insurance, Critical illness, Income protection all come into consideration when applying for a mortgage. Couples with children whom have no saving, are putting themselves at considerable risk if illness, unemployment or an emergency should hit. Life insurance should be a minimum if you’re applying for a joint application. Level,…
Remortgage Remortgaging is where you pay off your existing mortgage and switch to another lender. Ideally you should look to remortgage before your product expires, as your initial rate will expire and you will revert to the lenders variable rate; such as: Santander 4.74% Halifax 3.99% Leeds BS 5.69% Nationwide 3.99% RBS 4.00% Virgin 4.79%…
Mortgage Surveys- Which one? Which Survey or Valuation do you go for? At the start of any mortgage application, the lender will require a minimum basic survey. This type of valuation is for lenders only and in some instances a copy of the report may not be forwarded to the applicants. The cost of a…
Buy to Let Mortgage Tips A buy to let mortgage is a loan for someone who purchases a residential property with a view to renting it out as an investment. Mortgage lenders view Buy to Let as a greater financial risk because immediate vacant possession is not always guaranteed. Therefore mortgage lenders tend to: •…
