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01908 597655
New Homes Hotline – 01908 870017

How to Remortgage Your House

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Most homeowners with a mortgage will consider remortgaging at some point – just as you might regularly compare the market to secure the best deal for your car or home insurance.

Remortgaging your house is essentially the process of switching your mortgage from one mortgage deal to another. The new deal that you choose may be with your existing lender, referred to as a ‘product transfer’. Alternatively, it might be a new deal with an entirely different lender.

In most cases, the idea of remortgaging is to shop around and ensure that you have the best mortgage product available to you. But what’s the process and how do you get started? In this article, we will explain how to remortgage your house. [Read more…]

How to Get a Mortgage as a Business Owner

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Running your own business comes with a wealth of benefits and freedoms. However, when it comes to getting a mortgage as a business owner, you may need to jump through a few more hoops than someone who is a contracted employee.

Whilst perhaps more challenging, it’s certainly not impossible to secure a mortgage as a business owner. There are plenty of lenders out there who are familiar with business owners and willing to lend. In this article, we are going to explain a few things that you should know about how to get a mortgage as a business owner. [Read more…]

What is the Minimum Deposit on a Mortgage?

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One of the first steps after deciding you’d like to purchase a house is to begin saving up for your house deposit. Your deposit is usually the most expensive part of getting a mortgage.

Typically, you need to put down a deposit of at least 5% of a property’s value. With the average UK house price sitting at around £265,000 as of August 2021, the minimum deposit amount that you would need for the average house in the UK is £13,250 – 5% of £265,000.

In this article, we are going to explain a little more about the minimum deposit on a mortgage, how to save for one and what to do if you don’t have one. [Read more…]

Is Shared Ownership a Good Idea For First Time Buyers?

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Getting on the property ladder can feel like an enormous feat for a first-time buyer. Often, the biggest obstacle facing first-time buyers is raising a large enough deposit to purchase a property.

Luckily, there is support out there for those that are struggling to overcome this – such as the shared ownership scheme. If you aren’t sure how the shared ownership scheme works or if it is a good idea for first-time buyers, we’re here to explain. [Read more…]

How to Get The Best Rate on a Mortgage

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The UK finance market offers a broad range of mortgage products to borrowers. The interest rate charged on those products can vary quite widely for different borrowers. Generally, the interest rate charged by a lender is a reflection of their view of the risk the borrower poses and the scale of loss the lender might run into should that happen.

As a result of these different risk profiles, some of the preferential deals that may be available to one borrower may not be available to another – and vice versa. So, what are some of the factors that affect the interest rate that you may be offered on your mortgage and how can you get the best rate for your personal circumstances? [Read more…]

Is There a Minimum Income for Shared Ownership?

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Good news – there is no set minimum income requirement for the shared ownership scheme. Each home available under the scheme will have its own valuation. This will determine the minimum income required to both rent and purchase a share of that property.

The shared ownership scheme was introduced to make homeownership more accessible for those who may be struggling to raise a full deposit, or do not have enough income for a full mortgage. In this article, we are going to answer some of the common questions asked. [Read more…]

How to Get a Mortgage Without Payslips

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Whilst there used to be a time before the last recession, where you could obtain a ‘Self Certification Mortgage’ which didn’t require any proof of income, this is now largely no longer the case. Today, proving your income is an essential part of getting a mortgage.

Mortgage lenders will use your proof of income to help determine your affordability for a mortgage. This also determines the maximum amount that they might be willing to lend to you. Most lenders will ask you to provide a number of recent payslips (typically a minimum of three), along with your mortgage application as evidence of your earnings. [Read more…]

Mortgage Costs Increase – Now is Time to Act!

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It’s been an eventful few weeks in the mortgage world, with Rishi Sunak’s announcement of the Budget 2021, mortgage rates on the rise and inflation increases all dominating the financial press.

So, what does all this mean for our Mortgage Light customers? We’re here to explain all. [Read more…]

What are High Net Worth Mortgages?

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High net worth individuals are those considered to have accumulated or acquired considerable wealth. Many of these individuals will find that ‘off the shelf’ mainstream mortgage products are not suitable or appropriate for their circumstances. Instead, they will need something more bespoke, such as the flexibility offered by a high net worth mortgage.

According to the UK’s Financial Conduct Authority (FCA), you meet the criteria for a high net worth mortgage if you have a personal income of more than £300,000 a year or if you have liquid assets of more than £3,000,000. These assets can include a variety of investments, as well as equity built up in residential property. Such individuals will generally benefit from a more tailored and personalised underwriting process and mortgage product. [Read more…]

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