getting a mortgage Archives

Introducing our New Commercial Division

November 21, 2023 By Mortgage Light Leave a Comment

At Mortgage Light, we’ve been arranging bespoke mortgages and assurance services for our clients for over a decade. We’ve built our reputation on clear and uncomplicated mortgage advice, which is reflected in over one thousand 4.9-star reviews. This month we’re delighted to announce the next step in our company’s expansion by officially launching our Commercial Division.

A Plethora of Finance Options

Our clients will know us for assisting with the purchase of their own home or investment properties, but many won’t be aware that we also help customers with other areas of finance too. Having seen an increase in demand for commercial finance we’re excited to be able to offer a whole plethora of finance options to service a growing commercial property market.

The new division is headed up by Alex Stoyles, Head of Commercial Lending and High Net Worth. Alex has been with us here at Mortgage Light for the best part of a decade. With Alex’s experience in financial services and the property industry, coupled with our established relationship with Lenders, we are well placed to assist clients with all manner of financing options, such as helping businesses to buy new offices or to raise funds through business loans in order to assist with growth.

Since our Director, Siobhan Holbrook, started the business over 12 years ago we’ve become a regionally recognised mortgage brokerage whose reputation is trusted by lenders, developers and home-buyers alike. Mortgage Light is recognised for providing a great service and for offering bespoke products that are not always accessible elsewhere. Our new Commercial Division will sit alongside our established mortgage services for home-buyers.

Whether you need assistance with your buy to let commercial property mortgage or you require a bridging loan, we can help.

Our Commercial Services

We can assist with a vast array of finance services including:

Financing the purchase of a business or property
Bridging Finance
Development Finance
Refurbishment
Invoice Financing
Asset Finance
Complex & Commercial Buy to Lets
2nd Charge Loan
Business Insurance (Business Loan Protection, Relevant Life Insurance, Shareholder Protection

For more information on taking the next steps for your business or property project, contact Alex at Mortgage Light on 01908 597655 or visit the commercial pages on our website.

Did you know there are ways to save money on your mortgage payments?

January 31, 2023 By Mortgage Light Leave a Comment

If you’re worried about how you’re going to afford your mortgage, there are things you can do now to make your repayments more affordable. Take a look at our top 5 tips:

1 Swap your variable rate for a better rate

If your mortgage has now gone on to a variable rate, you may be worried about being able to afford the higher payments. There are things you can do though – and did you know you can swap your mortgage on to a better rate without producing any other paperwork?

2 Made overpayments? You could have a payment holiday

If you’ve made overpayments, your lender may allow you to have a payment holiday or maybe reduce down the mortgage payments to make them more affordable.

3 Look into extending your mortgage term

You can speak to the bank about your current mortgage term being extended, lowering the monthly mortgage payments. Your lender can go to a 30, 35 or 40 year term depending on the age of the applicant.

4 Shop around to get a better deal

If your mortgage product is due to be renewed you might get a better deal by looking around at different lenders, so that could be another option to save money!

5 See if you can remortgage

If you’ve lived in your house for a period of time, you may be able to get a better deal because the value of your property may have gone up.

Always speak to your lender

Remember, rule number 1: try not to worry and always speak to your existing lender or broker about your options. Other deals may be available to you that could be cheaper than what you’re currently paying. And if you opt for a product transfer, it may surprise you to know that this will probably be done for you free of charge – this is because it’s just a swap of an interest rate, not a new mortgage application.

Give yourself peace of mind by taking control of your mortgage. At Mortgage Light we’re always here to help. Our advice is free so why not give us a call to talk through your options?

Why using a mortgage broker & adviser is vital in 2023

December 13, 2022 By Mortgage Light Leave a Comment

It’s fair to say that 2022 has been a pretty rocky year in many ways. Whilst we more or less waved goodbye to the pandemic, we were still experiencing the fallout from its impact on the world, alongside the effects of the Ukraine war and the cost of living crisis.

The economy and the mortgage market in particular have been far from stable in 2022. We can expect this to continue into 2023 as interest rates are expected to stay high and house prices begin to drop.

With the mortgage market still being a major talking point and a lot of change still on the horizon, it’s never been more important to work with a mortgage broker and adviser when getting a mortgage or making any changes to your mortgage next year.

The mortgage market is unsettled

At the moment the mortgage market is incredibly unsettled. Over the last few months, lenders have been continuously changing rates as they struggle to deal with the business demands that they are attracting by sourcing at the top of the table. Lenders have also been causing real delays in reviewing documents, leaving buyers with low confidence and deciding to pull out of deals.

However, we do expect to see the mortgage market slow in 2023 due to people’s strained financial situations. People who would have otherwise been looking to get onto the property ladder will choose to observe or maybe postpone this step until there is more stability in the economy.

We advise anyone in this position to chat with a mortgage adviser ahead of time to work out when the right time to buy could be, and what they can be doing in the meantime to put themselves in the best possible position.

Navigating a lender’s criteria

Arguably the most valuable thing that a mortgage broker and adviser can help with in 2023 is navigating a lender’s criteria and pinpointing the best lenders to approach for the best chance of success with a mortgage application. Our vast knowledge and experience in the market mean that we are able to match you with a lender who is likely to accept your mortgage application, meaning you don’t risk having a rejection on your record.

Let’s say for instance that you are always living in your overdraft. This can make your bank statements a little ‘messy’ which is likely to be a red flag for many lenders – so much so that they may choose not to lend to you. However, we know that some lenders out there don’t look at bank statements so these are the lenders that we would approach in these particular circumstances.

Get the best mortgage rate

In 2023 when finances will be tight for many, securing a good mortgage rate will have never been more important. If you are remortgaging next year, using a mortgage broker and adviser gives you the best possible chance of getting the best rate available to you.

At Mortgage Light, we work with lenders that will allow us to secure rates ahead of time. So for instance, if your remortgage is due in the next 6-9 months, we may secure the best mortgage rate we can find today but then our remortgage team will keep an eye on the rates to see if anything better crops up. If it does, then we will adjust and swap you to the better rate.

Managing payment shock

When people were originally sold their mortgages, lenders had already factored in whether they could still be able to afford their product if interest rates went up. However, moving into 2023 where interest rates have gone up and so has the cost of living, we’re finding that the extra buffer that lenders had factored into affordability actually may have depleted. Additionally, clients may have taken out additional financial commitments since getting their mortgage, such as a new car or sofa.

As a result, people are getting what is known as payment shock when they come to remortgaging. They are not expecting their payments to double and begin panicking about how they will cover this cost. In these instances, a mortgage broker and adviser is there to help assist and navigate these extra costs within the household. We don’t want our clients to ever feel helpless and like they are out of options. No matter what the situation, there may be routes we can go down and different mortgage products that we can explore to make the numbers work.

As advisers, we are striving to be ready for whatever happens next in the mortgage market so that we can help our clients make sensible decisions ahead of time. Without this foresight and the help of a qualified expert, someone in a position to get a mortgage or make changes to their mortgage could get themselves into a tricky situation – and now is not the time to be taking risks or making mistakes. We would always advise turning to a mortgage broker or adviser if you are planning on getting a mortgage or making changes to your mortgage in 2023.

Planning on making a mortgage change or taking out a mortgage in 2023? Get in touch with Mortgage Light today and let us guide you through the process.

The most common mortgage questions answered

October 26, 2022 By Mortgage Light Leave a Comment

If you’re thinking of applying for a mortgage, there may be lots of questions you need answering. That’s why we’ve put together some golden nuggets of information which we hope you’ll find useful. You can also search our blogs here on our website or why not give us a call on 01908 597 655 to make an appointment with one of our friendly, experienced mortgage advisers?

Can I get a mortgage on maternity leave?

The answer is yes, you can. We work with lenders that are willing to give you a mortgage even if you’re on maternity leave.

Do I need 3 years’ books if I’m self-employed?

Not necessarily; we have lenders that will accept 1 year’s books. Did you also know that CIS workers are treated as self-employed by lenders?

What salary multiplier do lenders use?

Some of our lenders are now lending up to 5.5 times annual salaries – and in some cases, even 7 times. Give us a call on 01908 597 655 to see what you could borrow on a mortgage.

Can I get shared ownership with no deposit?

Yes – we have access to a lender that will allow you buy a shared ownership with 0% deposit. To find out more about shared ownership please read our blog.

Can I use a loan for my deposit?

You may be surprised to know that yes, you can with Santander. They’ll allow you to use money from a loan as your deposit, as long as it’s affordable for you and the loan itself is not from them.

Can I get a mortgage if I’m starting a new job?

Nationwide will loan against a forthcoming contract, as long as you are starting your new job within three months.

Will a lender look at my UK Visa status?

We have lenders that will loan no matter what your UK Visa status is. This is subject to the lender’s criteria so please give one of our friendly team a call if you’d like to know more.

If you have any mortgage-related questions, remember we’re just a phone call away. Just call 01908 597655 or leave a reply below and one of our friendly team members will be in touch.

How to Get a Mortgage on a Low Income

August 20, 2022 By Mortgage Light Leave a Comment

If your income is below the national average (which currently sits at around £31,772 per year), then buying a house and taking on a mortgage which may run for the next 25 years or more, may feel like a pretty daunting financial commitment. Having a low income can make getting a mortgage large enough to buy a reasonable property a challenge. But it certainly isn’t impossible and it doesn’t have to be scary!

The level of your annual income is one of the most important factors in your mortgage application. It’s a major driver for a lender in their assessment of the mortgage they might be comfortable in offering to you. Lenders will look at your income because this is ultimately what will be used to repay what you’ve borrowed and meet your monthly mortgage repayments.

If I have a low income, will I struggle to get a mortgage?

If you have a low income it doesn’t necessarily mean you’ll struggle to find a lender who’ll offer you an affordable mortgage. By using an experienced mortgage broker or adviser you will have the best chance of finding the right mortgage for you.

How will a lender assess my mortgage application?

Firstly, let’s explain a little about how lenders generally assess mortgage applications. Whilst it’s true that most lenders will assess each mortgage application on a case-by-case basis, most of them will also have a set of basic lending criteria that they will apply as an initial assessment of a borrower’s affordability and suitability. This often includes an income multiplier. This helps to determine the maximum level of lending that they are willing to advance to an applicant.

Alongside your income, a lender will also want to look at your outgoings. This includes things like bills, food and travel costs. Lenders may also want to try to ‘futureproof’ your application. They do this by considering how you’d manage if interest rates were to rise or if you were to have a change in personal circumstances, such as starting a family for instance. Would you still be able to meet the monthly mortgage repayments?

In addition to the above, mortgage lenders will also consider:

The size of your cash deposit
Any savings you may have available as a safety net
Your credit history
The type and condition of the property you wish to purchase

Don’t feel discouraged by the lack of size of your income when looking for a mortgage. There are a number of options available to those on a low income which might help you secure the property you are after. Let’s look at a few of those options now.

Apply for a joint mortgage

Arguably, the easiest way to get a higher mortgage offer when you are on a low income is to apply for a joint mortgage with somebody else. This could be a partner, friend or a family member. Remember, however, that buying a house and taking out a mortgage is a legal contract and a long-term commitment. Consider very carefully who you enter into a joint mortgage with.

A joint mortgage allows you to borrow money jointly with another person. This means you not only share living costs, making the mortgage more affordable, but it means that there are two incomes coming into the household from a mortgage assessment point of view. This means that you will be able to borrow more. When you purchase a property with someone else, you will be joint owners with a legal claim to the ownership of the property. You will also both be liable for the entire mortgage and its monthly repayments.

With a joint mortgage application, lenders will take into consideration both applicants’ incomes in their income multiplier. So, let’s say that you both earn £18,000. The level of mortgage will be based on a joint income of £36,000. Using a 4.5x income multiplier, this could generate a mortgage up to £162,000. Combining incomes not only helps make the cost of owning a house more affordable and therefore helps you get accepted, but it could also secure you a much larger mortgage offer.

Find out more – ‘How do joint mortgages work?’

Put down a large deposit

Easier said than done, we know. If you are on a low income, how are you meant to put down a large deposit? Well, perhaps you have inherited enough money to be able to do this. Perhaps you are lucky enough to have some help from your parents. In fact, The Bank of Mum & Dad is up there amongst the most common ways that first-time buyers raise a house deposit.

Whilst it’s possible to use cash from a loan to put towards your deposit, our advice would be to use this option wisely. It’s important to be sure you’re able to afford the loan payments together with your mortgage repayments and other outgoings. You should also be mindful that the mortgage lender will take the loan into account when considering your affordability for the mortgage.

Maybe combining your savings with someone else and applying for a joint mortgage will help achieve the strongest application.

Your deposit will form a percentage of the purchase price of the property that you are buying. You will then need a mortgage to cover the remainder of the purchase price.

Let us explain; if the property you want to buy is £180,000 and you put down a deposit of £18,000, your deposit will be 10% of the property value, meaning you’ll need a mortgage for the 90% which would be £162,000.

Ultimately, a larger deposit should bring your mortgage borrowing and therefore your monthly repayments down. A deposit of between 10-20% is considered a good-sized deposit. 20%+ is considered to be a large deposit and will unlock better mortgage deals with lower interest rates.

Find out more – ‘What is the minimum deposit on a mortgage?’ & ‘How to save for a house deposit’

Improve your credit score

Alongside your income details, your personal credit score is another major factor that lenders will take into consideration when assessing your mortgage application. It could influence the type and size of any deals they may offer you. Looking into your credit history is one of the ways in which a lender will gain information on how reliable you have been at paying back loans and borrowing in the past.

If you have borrowed money in the past and kept up with repayments, then you’re likely to have a good credit history. Having ‘good’ credit is a sign that a creditor can trust you. This will generally work in your favour. On the other hand, ‘bad’ credit could signal a history of missing or late repayments. This will serve as a warning to potential lenders. Bad credit coupled with a low income is likely to make it much more difficult to get accepted for the mortgage you want.

It’s good practice to find out your credit score ahead of applying for a mortgage. That way, you’ll have a good picture of how a lender is likely to view you as a potential customer. Find out more on the Experian website.

If you have never borrowed money previously and therefore do not have a credit history, then this can also present a challenge. It gives lenders nothing to go on. Therefore, they can’t be sure whether you are a responsible borrower or not. As a consequence, they are likely to take a cautious approach to your application.

Prior to applying for a mortgage, it’s a good idea to build up some level of good credit history. Perhaps take out a credit card with a small limit and use it fairly regularly. Ensure that you keep on top of repayments and ideally repay the balance in full each month. This will demonstrate that you are financially responsible and will help to build a positive credit score or improve a previously poor credit score.

Find out more – ‘How does bad credit affect a mortgage?’

Use a mortgage guarantor

If you know someone who is willing to be a mortgage guarantor for you, then this could be a helping hand in getting a mortgage on a low income. A mortgage guarantor is usually a parent or close family member who takes on some of the mortgage risk by acting as a safety net for your borrowing.

A mortgage guarantor must meet the eligibility criteria of the lender. They must also have sufficient disposable income available to cover your monthly mortgage commitment and/or have cash savings or equity in property available to offer as security in case you default.

Essentially, a mortgage guarantor may provide comfort to a lender. If you are unable to make the mortgage repayments, there is someone else that they can rely on to make these for you. Just be aware that not all lenders accept guarantor mortgages. And of course, being a mortgage guarantor is no small matter. It’s a big commitment and a legal tie.

Find out more – ‘What is a mortgage guarantor?’

Use a government scheme

It’s no secret that getting on the property ladder can be difficult – especially for those on a low income. The good news is that there is help out there for those who would like to utilise it. The government run a number of schemes that make purchasing a home that little bit easier.

Help to Buy

Let’s first talk about Help to Buy. Exclusive to first-time buyers, when using this scheme you are given an equity loan from the government to put towards the cost of a new build home (up to 20% of the property price). As a result, you will only need to provide a 5% cash deposit, which means lower upfront costs. There is no interest to pay on your equity loan for the first five years and you are likely to qualify for a wider range of mortgage deals with cheaper rates as your mortgage borrowing is likely to be sub 80% of the property value and therefore less of a risk to the lender.

It’s important to note that you will be limited by the price cap in your region. This means that you can only use the scheme to purchase a home costing no more than the specified property price cap in your region. This is in place to ensure that the scheme reaches the people who need it most. You can view the property price caps in your region here. This scheme will end in December so submissions will only be accepted up to the end of October.

Shared ownership

The shared ownership scheme is the most popular of the government schemes designed to help people get on the property ladder. When you utilise the shared ownership scheme, you purchase a share of a property. The remaining proportion is retained by a Housing Association which then charges you monthly rent. It’s essentially a cross between buying and renting.

By purchasing a share of a property (typically between 30-50%), your deposit and your mortgage borrowing (and therefore repayments) will be much smaller than if you had purchased 100% of the property. Additionally, the rent you’ll be charged is typically less than the rate charged on the traditional rental market. It’s important to note that because you won’t own 100% of the property, you may encounter a few restrictions when it comes to some home improvements. Essentially, you are a tenant when you live in a shared ownership property. This could mean that in the very worst of cases, you might even be evicted if you fail to pay the rent, for instance.

Over time, you can follow the process of ‘staircasing’. This allows you to purchase further shares in the property and, eventually perhaps, reach 100% ownership. If you reach 100% ownership, you will no longer pay rent to the Housing Association.

Staircasing can be an expensive process, however. This is because you will need to get your house valued each time you do it. This incurs a valuation fee. You will have some legal expenses to pay as you’ll need to involve a solicitor. You may also incur some mortgage fees each time you rearrange your mortgage.

Find out more – ‘Is there a minimum income for shared ownership?’ & ‘Shared ownership – how does staircasing work?’

Mortgage Guarantee Scheme

A fairly new government-backed scheme, the Mortgage Guarantee Scheme is also known as the 5% mortgage scheme. It allows first-time buyers, home movers and previous homeowners to get a 95% loan-to-value mortgage. This means that you will only need to put down a 5% deposit on a property.

Ordinarily, the majority of lenders require a minimum of 10% for a house deposit. With the Covid-19 pandemic and the cost of living making raising deposits much harder for people all around the country, this scheme has been temporarily introduced to offer the opportunity to purchase a property with a much smaller deposit. This scheme is running until December 31st 2022 and is only available amongst participating lenders.

Use a mortgage adviser and broker

Lastly, if you are looking to get a mortgage on a low income, we would strongly advise you to use a mortgage adviser and broker to help you navigate the mortgage market. At Mortgage Light, we’ve helped people with all kinds of different financial situations secure the mortgage that they need.

Using a mortgage adviser and broker also significantly decreases your chances of getting rejected by a lender. No one likes getting rejected, but having a mortgage application rejected could actually set you back in the long run.

This is because each mortgage application will leave a hard search on your credit report. Having multiple hard searches in a short space of time can be an indication that you are relying on credit, having financial issues or your application has been rejected by other lenders. This could well be a red flag for any mortgage lender that you apply to. It signals that you may be a high-risk applicant.

Rest assured it is possible to get a mortgage on a low income. However, it may require a little forethought and planning. It’s all about finding the most suitable lenders and making your application the most attractive it can be.

Of course, this can be tricky to do alone. The Mortgage Light team are on hand to help you when you are ready to start exploring this exciting next milestone in your life! Our advisers are just a phone call away with plenty of friendly advice to offer. Give us a call on 01908 597655 or contact us via our website.

How Much Money can I Borrow for a Mortgage?

August 14, 2022 By Mortgage Light Leave a Comment

If you feel that you might be ready to go out and purchase your first home – congratulations! Or perhaps you’re already a homeowner and you are looking to move onto the next property in your homeownership journey. Whatever your reason for reading this blog, if you’re ready to start looking for a property, you’ll find some useful information below.

But how can you start house hunting if you don’t know what you can afford? Before you get carried away on Right Move, it’s important to speak to a mortgage adviser. They’ll help you find out how much you might be able to borrow for a mortgage and therefore how much you might be able to spend on a property.

To give you an idea of how much you might realistically be able to borrow for a mortgage, we’re going to explain a little about how lenders calculate affordability, how much your mortgage might cost and what your next steps should be.

Speak to a mortgage adviser and broker

We would always suggest that the first step in this process should be to speak to a mortgage adviser and broker, such as us here at Mortgage Light. We will be able to guide you on the level of mortgage borrowing that you may be able to successfully apply for. This will give you an idea of what the monthly repayments are likely to be.

This should save you from applying for mortgages that you can’t afford or won’t qualify for. This can result in your application getting rejected. Bear in mind that evidence of rejected mortgage applications can affect your credit rating. This might hinder you from obtaining the mortgage deals that you do qualify for. It’s better to try and get it right the first time with the help of an experienced adviser.

Our advisers will take a look at your current income and your expected level of expenditure. That, together with the amount of the cash deposit you are able to provide, will help us work out what size of mortgage borrowing you might qualify for and therefore the price range of property you might consider looking at. We will also be able to give you an idea of the other costs you are going to need to cover. These can include valuation fees, legal fees, stamp duty and possibly lender’s facility fees.

Once we have guided you through all of this and you’ve found the property you wish to purchase, we will scan the mortgage market and make recommendations to you on the most appropriate mortgage deals. After discussing these recommendations, we’ll work with you to complete your mortgage application. We’ll then present it to the most appropriate lender. We’ll look for one which we feel gives your application the best chance of being approved.

Find out more – ‘How do I apply for a mortgage?’

How do mortgage lenders assess affordability?

When you apply for a mortgage, the first thing a mortgage lender will do is assess whether your application falls within their basic mortgage affordability criteria. Most mortgage lenders base the maximum amount they are willing to lend on a simple multiple of the applicant’s current basic annual income.

As a general rule, you can expect to be offered a mortgage up to four and a half times your annual salary. In some cases, this can be stretched higher. This is only a guide, however, and some lenders may take a more cautious approach and adopt a lower multiple. Some may be willing to go a little higher where they feel circumstances justify it. This means that if you earn £30,000 per year, you might reasonably expect to secure a mortgage of up to £135,000.

If, however, you make a joint application with your partner who also earns £30,000 per year, then this could potentially take you up to a joint mortgage of £270,000. This could be lower if you have loans or independents.

Assuming you meet this initial income multiple criteria, your application will then need to pass some further basic checks before being looked at in any detail. The next thing lenders will check is your credit history. All lenders subscribe to one or more of the major credit reference agencies.

These agencies collect detailed information about everyone’s personal credit history. From this information, they allocate everyone a personal credit score. The higher the score, the lower the credit risk you represent. The lower the score, the higher the risk you’re considered. Each lender will set a minimum score that all applicants must achieve before they will consider lending you money.

Find out more – ‘Am I eligible for a mortgage?’

What will my mortgage cost?

So, you know how much money you might be able to borrow for a mortgage. You know the budget you’ll be considering for your future property. But what does this actually mean in terms of your monthly repayments? This will depend on a few things:

The amount of borrowing you will need
The length of the mortgage term you choose
The interest rate offered to you

Once you have found the property you want, let your mortgage adviser know. They will search the mortgage market for the most suitable deals available. Then, they will provide an illustration of what the monthly mortgage repayments will look like on different mortgage deals across a few different mortgage terms.

Choosing a shorter mortgage term will mean you’ll pay less interest back overall. However, spreading your borrowing out over a shorter time period will mean you’ll have larger monthly repayments. 35 years has always been considered to be the normal mortgage term. It helps to make those initial mortgage payments more affordable. Lenders are generally reluctant to provide mortgages that extend beyond the applicant’s normal retirement age. This can sometimes limit the mortgage term you are able to apply for.

Getting a mortgage in principle

Before you start house hunting, we usually recommend that you try to obtain a mortgage in principle. This is also known as a Decision in Principle (DIP) or an Agreement in Principal (AIP). It is an indication from a lender that you meet their basic lending criteria. It also gives you an idea of how much they may be willing for you to borrow for a mortgage. This ‘offer’ is based upon an initial and very basic assessment of your information. This is usually submitted by your mortgage adviser and broker.

Having a mortgage in principle under your belt before house hunting shows estate agents and sellers that you are a serious buyer. It shows that you are actually in a strong position to make an offer on a property. A mortgage in principle is not compulsory. However, many estate agents and sellers will refuse to let you view a property unless you have one.

A mortgage in principle is usually valid for between 30 and 90 days from issue. The most important thing to remember is that it is not a mortgage offer. It is only based upon that very basic assessment of your information. It’s not in any way a commitment on the part of the issuer to eventually provide a mortgage to you once you submit a formal application. If you fail to meet the lender’s criteria for any reason during their assessment process, they may well reject your application.

Find out more – ‘Mortgage in principle – what can go wrong?’ & ‘What do I need for a mortgage application?’

Ultimately, if you are wondering how much money you can borrow for a mortgage, we recommend that you speak to a mortgage adviser and broker, such as us here at Mortgage Light. It’s the first step on the road to getting a mortgage.

We’ve helped hundreds of people just like you to get their dream home. To get started, pick up the phone today and book a free consultation with us on 01908 597655 or contact us via our website.

5 Reasons to use a Mortgage Adviser

August 8, 2022 By Mortgage Light Leave a Comment

Let’s face it – the mortgage market can feel pretty daunting. If you don’t know exactly what you’re doing (and most people don’t), then all the different lenders, deals and jargon can make your head spin! This is exactly why mortgage advisers exist – it’s because mortgages can be complex and people need help navigating them.

Whilst you could go directly to one of the lenders you already know when you are looking for a mortgage, you’d be significantly restricting your options if you did. Lenders will only be able to advise you on their own products. There’s a huge selection of mortgages out there – but how do you know which one is right for you?

That’s where a mortgage adviser comes in. We can help you navigate the mortgage market and select the best mortgage deals for your circumstances.

If you’re wondering exactly what a mortgage adviser can do for you, here are 5 of the main reasons we recommend using one:

We save you time

It is quite possible for you to search the mortgage market yourself. You can compare different deals and then organise your own mortgage application. However, it can be rather time-consuming and a little confusing. You need to know what you’re looking for, as well as how to make accurate comparisons between one deal and another. That’s why we’re here.

Using a mortgage adviser will save you a huge amount of time doing research. We’ll help to highlight what is important to you in a mortgage. We’ll be able to explain the different options to you in straightforward terms. Through discussion with you, we’ll narrow down those options to a simple choice.

As part of our service, we scour the whole of the mortgage market for the best deals for you. We have access to exclusive deals that consumers cannot access directly themselves. We’ll work with you to collate all the documents you’re going to need, such as pay slips, bank statements and photo ID. Then, we speak to lenders on your behalf, ultimately submitting and managing your application until you secure an offer. We can even liaise with your solicitor on mortgage-related matters.

Not only that, but because this is our job and we know the house buying process inside out, we can move through it quickly. This means that you will get your mortgage offer fast which could help you secure the property you are after. Given the property market is currently a seller’s market, being able to move quickly can make all the difference between having an offer accepted or losing a property. At Mortgage Light, we aim for all mortgage offers to be issued within 7-14 working days, as long as we have all the requested documentation from you.

We save you money

Buying a property is a very costly business. The great thing about using a mortgage adviser is that we can help to save you money. Our knowledge and experience can help you avoid making costly mistakes. An important part of our role is to find you the most appropriate mortgage deal for your circumstances. One that’s not going to cost you unnecessary money in the long run.

As we mentioned previously, we often have access to a range of deals that aren’t available directly to consumers. That is because at Mortgage Light, we’re recognised by banks and building societies as providing a valued service in the way we package and present deals for them. This means that we’re able to offer bespoke products that aren’t always accessible elsewhere. This allows us to potentially secure you an exclusive deal that just wouldn’t have otherwise been possible!

We’ll also take all the costs and features of a mortgage into account when finding you the cheapest and most suitable deal. We don’t just compare interest rates. We take into account fees, such as arrangement fees, booking fees and deal breakage fees in case you need to move to a new property. Being unaware of such fees and restrictions can be a pitfall for many people who search for a mortgage themselves.

We can also explain to you just how much impact a small difference in interest rate can have over the length of a mortgage term. For example, let’s say you take out a £300,000 mortgage over 25 years at an interest rate of 2%. You’d pay £1,271.56 per month in mortgage repayments and pay £81,468.90 in interest across the whole mortgage term. If that interest rate was to increase by just 1% to 3%, your monthly mortgage repayments would increase by £151.07 per month and you’d pay an additional £45,321.28 in interest over the same 25-year term.

Find out more – ‘How much interest am I paying on my mortgage?’

We’re experts

Did you know that all mortgage advisers and brokers in the UK need to hold a certificate in ‘mortgage advice and practice’ before being able to give professional mortgage advice to clients? There’s a lot that goes into getting these certifications. We work hard to maintain ongoing professional development to retain the qualification.

Our adviser’s work is continually monitored by compliance officers to ensure standards are being maintained. You can rest assured that your adviser is qualified and an expert in their field.

We’re also regulated by the Financial Conduct Authority (FCA). So, not only do we want to find a mortgage deal that’s right for you and that you can afford, but it’s a regulatory requirement of our services! We have a duty of care to provide you with the right financial advice, so we’ll always be in your corner. We take our services very seriously and we care about what we do. We’re professional at all times, whilst remaining friendly and approachable, ensuring each client receives the best support possible. We’re proud to have received 4.9-star rated reviews from our clients, with 98% saying they’d recommend us.

We educate you along the way

We work with first-time buyers, as well as people who are on their third or fourth home purchase. We’ve learned that no matter where someone is in their homeownership journey, many people don’t truly understand their mortgage deal and the opportunities that might be open to them.

Of course, part of the motivation in hiring a mortgage adviser is having consistent support from an experienced mortgage professional. This means you don’t have to get bogged down in the detail. But on the other hand, a mortgage is one of the biggest financial commitments you’ll ever make. We want to empower you to understand how it works.

When we find you a mortgage, we’re not just comparing the best deals. We’ll take the time to get to know you and your needs to ensure that we find the right product for you. And once we have, we’ll make sure you understand why we believe that this is the right product for you. Mortgages can be confusing, but we promise we’ll break it down and make it as straightforward as possible!

We offer long-term support

Your mortgage term is likely to be a 25+ year commitment. We plan on sticking around with you throughout! Most people tend to change their mortgage arrangements a number of times during the term of their borrowing and that’s why we work on building a relationship with you so that we can help you throughout your homeownership journey. We’re proud that 80% of the mortgages we arrange are for clients reusing our services to remortgage.

When you work with a Mortgage Light adviser, they’ll keep in contact with you from time to time to see if your circumstances have changed. They will review with you to consider if it’s time to remortgage to a more appropriate deal. We’ll be here when you’re ready to move house too. Working with a mortgage adviser who has experienced your homeownership journey with you has huge advantages as they will truly understand your needs and situation.

Whether it’s remortgaging, moving, adjusting your mortgage repayments, investing in a second property or taking out life cover, Mortgage Light are with you every step of the way.

Are you in need of a mortgage expert? Look no further than Mortgage Light. With a mixed dynamic of skill sets across our team, we cater for all aspects of the mortgage and assurance market. We’re confident that we can help you, no matter what your financial situation.

Get in touch with us today on 01908 597655 or contact us via our website.

Cost of Living Crisis – How is This Impacting the Housing Market?

July 11, 2022 By Mortgage Light Leave a Comment

The current and much-talked-about cost of living crisis is starting to cause people all over the UK to really feel the pinch in both personal and household budgets. It’s arguably one of the biggest financial squeezes the country has felt since the 1950s. No matter what your salary, you are likely to have seen rises in your energy bills, food, clothing and fuel costs, resulting in a dip in your disposable income.

The cost of living crisis may make buying, selling or remortgaging your home seem difficult for the foreseeable future. But how exactly? And what could you do to alleviate some of the financial pressures? Let us explain.

What has caused the cost of living crisis?

There are a few factors that have played into the emergence of the cost of living crisis. Firstly, inflation. This has continued to rise throughout 2022 with the cost of food, fuel and energy all increasing whilst wages and salaries have largely stayed the same.

The world is still feeling the pressures and after-effects of the Covid-19 pandemic. Governments have pumped billions into their economies over the past couple of years to mitigate some of the effects of the pandemic. However, this has inevitably led to inflationary pressure.

Not only this, but global supply chains have struggled to recover from the forced shut-downs and staff shortages caused by the pandemic. This has resulted in shortages of all sorts of essential products and materials. These shortages, along with a sharp increase in global shipping costs, have added to the cost of finished goods and raw materials when they have eventually been delivered.

The first quarter of 2022 also saw the start of the war in Ukraine and the imposition of sanctions by the EU, UK and US on Russia. As a consequence of these sanctions, we have seen energy prices rocketing due to restrictions on the supply of Russian gas and oil. This has increased the demand for, and cost of, supplies from other sources worldwide.

How have house prices been affected by the cost of living crisis?

2022 was set to be a ‘bumper year’ for the property market with cheap, easily accessible mortgages available. There was also the promise of an increase in the supply of new houses following a relaxation of some of the planning rules.

However, the significant rise in the rate of inflation at the start of this year has caused the Bank of England to increase its Base Rate. This has made borrowing more expensive. Combined with this, there has been a major increase in the cost of raw materials for house builders, such as steel, timber and bricks. This has caused the cost of new homes to rise significantly.

The Covid-19 pandemic brought about something of a change in house buying activity. Home working fuelled an increased demand for out-of-town homes and properties with larger gardens and home office facilities. However, this post-pandemic rise in buyer activity has begun to dwindle. Workers have started to return to the office commute and are feeling the financial pressure of the cost of living crisis. Many people are deciding that now is not the time to commit to large property purchases.

That being said, there does still seem to be a disproportionate number of people looking to buy a property compared to those selling. With the number of available properties low, we are continuing to see an imbalance between demand and supply. This imbalance is helping to maintain high house prices. This is expected to continue to be the case throughout the rest of the year. This might be good news for sellers, but not so great for buyers. Particularly not for first-time buyers.

Cost of living crisis and mortgage rates

Inflation has been one of the major causes of the current cost of living crisis. The increase in the rate of inflation has caused the Bank of England to increase its Base Rate. This in turn has caused mortgage lenders to increase their borrowing rates. This makes getting on the property ladder increasingly difficult for some first-time buyers.

Mortgage lenders are having to look more closely at borrowers’ personal outgoings when calculating mortgage affordability. The rise in fuel, food and energy prices is likely to have increased the amount of money coming out of your bank account each month and therefore restricted your affordability. Lenders will also be mindful that interest rates may need to rise higher still during the year if inflation continues to rise. They may need to factor a greater margin into some of their affordability calculations to allow for this possibility.

Whilst lenders will be adjusting their criteria in line with the increase in living costs to ensure that deals offered will remain affordable to borrowers, there are some things you can do to help make your application more attractive. Whilst it is much easier said than done, it’s a good idea to try to provide a larger deposit. Perhaps you could seek help from family members. This could allow you to access cheaper mortgage deals with a lower loan-to-value threshold, making your borrowing more affordable. You might also consider extending your mortgage term. This should see your monthly repayments come down, improving your affordability.

Will my mortgage be affected?

If you already have a mortgage, you may be wondering whether you will be affected by rising mortgage rates. For most borrowers, the answer to this is yes, you will. Although when you will be affected will depend on the type of mortgage that you have.

Those borrowers with tracker mortgages or with variable rate deals will feel the effects of rising mortgage rates first. Their interest rates tend to move up and down in line with the Bank of England’s (BoE) Base Rate. Tracker mortgage deals will respond immediately to interest rate raises. Variable-rate deals may respond a little more slowly. Lenders might take a little while to decide when and by how much to amend their variable rates.

Those on fixed rate deals will initially be protected from rising rates. However, once those deals expire, those borrowers will then be subject to the prevailing market rates at that time. If you are looking to get a mortgage or looking to remortgage, it may be worth considering securing one of the current fixed rate deals. Just be mindful of the possible early repayment charges when remortgaging your current deal.

What does the future hold?

There is much speculation about what the future will hold for the economy for the remainder of 2022 and beyond. House prices are likely to continue to creep up but eventually, level out eventually as the cost of living forces many wannabe home-movers to pause their plans to buy a property.

UK interest rates, although currently the highest they have been since 2008, are still well below historic average rates. They could well rise further if inflation is seen to continue its current upward trend. This could start to cause severe hardship for borrowers, particularly for those who took out large borrowing commitments on the basis of historically cheap rates.

Our advice on easing the strain on your pocket

It’s impossible to predict the future with any degree of accuracy, but we advise you to future-proof your finances as much as possible by ensuring that your current arrangements are robust.

Here are our tips:

Pay off any short-term debt you have as quickly as possible. We suggest prioritising the ones with the highest interest rates.
Restrict any new borrowing wherever you can.
Review your longer-term borrowing such as existing mortgage commitments to ensure that you are on the best deal for your circumstances and that it is appropriate for your budget. A good financial adviser and mortgage broker such as us here at Mortgage Light will be able to support you with this assessment and advise on possible alternative funding options.
Shop savvy – make a list of all your regular outgoings such as the weekly food shop and see if you can buy cheaper elsewhere. Making little changes can help make a difference to your finances.

If you are worried about getting a mortgage or managing your mortgage during these difficult times, you’re not on your own. Whether it’s just a friendly chat with an expert who can break down and explain these confusing market changes to you, or maybe you need some help and guidance on how to make your mortgage work better – we’re just a phone call away. Remember, Mortgage Light are always here to help.

Just call 01908 597655 or contact us via our website and one of our friendly team members will be in touch.

What Type of Mortgage Should I Get? 2022 Guide

July 3, 2022 By Mortgage Light Leave a Comment

With the vast amount of mortgage options currently out there in the market at the moment, deciding what type of mortgage you should get is no small feat. In 2022, with the cost of living crisis causing households all over the UK to really feel the pinch, it’s even more important to ensure that you choose the mortgage that is going to work best for you.

In this article, we’re going to talk through the different types of mortgages available, what’s good about them and what to look out for in 2022.

Should I get a fixed rate mortgage?

We are currently in a period of rising energy, food and fuel bills. Alongside this, mortgage rates have also risen recently and for those on variable or tracker mortgages, this is likely to have resulted in higher monthly mortgage repayments. For this reason, a fixed rate mortgage may start to look like a more attractive option in 2022.

A fixed rate mortgage deal will generally be a little more expensive than a tracker or variable rate facility initially, however it provides peace of mind that your mortgage repayments and interest rate will stay the same for the duration of your deal; be that 2 years, 10 years or anywhere in between.

This will allow you to budget for one of your biggest household expenses each month with no surprises, which could be a welcome relief, especially at a time when other bills are rising and money can feel a little out of control.

Find out more – ‘What is a fixed rate mortgage?’

Should I avoid tracker mortgages?

Tracker mortgages have an interest rate that moves up and down in line with the Bank of England’s (BoE) Base Rate. For instance, a lender may offer a tracker mortgage which always remains at 0.75% above the BoE Base Rate. This means that if the BoE Base Rate increases, so too does your mortgage interest rate and your monthly mortgage repayments. In turn, if the BoE Base Rate decreases, your mortgage interest rate and your monthly mortgage repayments would decrease.

In May 2022, the BoE Base Rate increased from 0.75% to 1%. This was the third increase so far this year. Each time this happens, the interest rate and therefore the monthly repayments on any tracker mortgages will have increased too. That being said, tracker mortgages do often start out with a lower interest rate than fixed rate mortgages, and for this reason, a tracker mortgage may still be a good option for you. It will depend on your personal finances and whether you have sufficient spare income to cover any repayment increases.

Of course, tracker mortgages come into their own when interest rates are falling. This is because borrowers can immediately benefit from lower interest charges with each reduction in the Base Rate. If the UK economy should start to fall into a recession, then the Bank of England may decide to reduce its Base Rate to try to stimulate economic activity and this would then benefit borrowers with a tracker facility. We wouldn’t generally recommend speculating on likely economic trends when choosing a mortgage facility, however.

What are the other types of mortgages?

Of course, there’s a lot more than just fixed rate and tracker mortgages out there on the mortgage market. Let’s run through a few of the other types of mortgage that you might come across.

Standard variable rate mortgages

Standard variable rate mortgages are similar to tracker mortgages in that the interest rate – and therefore your monthly repayments – can change at any time. The interest rate is charged and referred to as the standard variable rate (or SVR) and it’s generally the rate that you’ll be moved onto once any fixed, tracker or discount mortgage deal ends.

The SVR is set by your mortgage lender. Lenders will generally try to keep their interest rates stable and competitive, but ultimately rates can change at any time in line with market forces such as the BoE Base Rate and the lender’s own appetite to lend.

The good thing about standard variable rate mortgages is that they are flexible. You can generally cancel your mortgage deal at any time and move to a different deal or lender without being hit by penalty charges. You can often also make overpayments, make lump sum reductions or apply for repayment holidays if needed. Therefore, standard variable rate mortgages can be a good option if you have the financial means to be able to deal with any potential fluctuations in interest rates.

Find out more – ‘What is a standard variable rate mortgage?’

Discount mortgages

Discount mortgages are another type of variable mortgage. A discount mortgage offers a discount off the lender’s SVR for an initial fixed length of time, typically 2-3 years. Let’s say for example that your lender’s SVR was 3% and your discount mortgage came with a 1.5% discount. You’d only pay 1.5% interest on your borrowing for that initial fixed period.

It’s important to note that discount mortgages still have a variable rate. This means that your monthly repayments can go up or down at any time depending on the lender changing them. You will, however, get a discount off the standard rate for your fixed period.

Offset mortgages

Offset mortgages link your savings to your mortgage to offset one against the other. The amount you have deposited with the lender as savings is deducted from the amount owing on your mortgage and you pay interest on the difference.
For example, if you have £10,000 in savings and a mortgage borrowing of £200,000, you’ll only pay mortgage interest on the net balance of £190,000.

The idea of an offset mortgage is to reduce your mortgage interest charge and therefore your repayments by using your savings to reduce your net balance. You still have access to your savings at any time, but whilst they are available, you can use them to reduce your mortgage charge. It is important to note, however, that you won’t earn interest on the savings that you have with the lender and these mortgages also tend to attract slightly higher interest rates.

Find out more – ‘Different types of mortgage’

Speak to a mortgage advisor

No matter which mortgage you think might be right for you, we would always recommend speaking to a mortgage advisor before making a final decision. At Mortgage Light, we are experts in the mortgage market with a passion for helping people find the right mortgage for them. We’re constantly abreast of all market changes and are able to offer unbias and informed advice on the type of mortgage you should get in 2022 and beyond.

Speak to one of our friendly advisors today and let us help you. Call 01908 597655 or contact us via our website.

Mortgage in Principle – What Can go Wrong?

May 30, 2022 By Mortgage Light Leave a Comment

A mortgage in principle is an indication from a lender of how much they may be willing to lend to an individual, based upon an initial and very basic assessment of an applicant’s information. It’s often a good idea to secure a mortgage in principle before you start househunting. It shows estate agents and sellers that you are a serious buyer and in a good position to make an offer on any property you wish to view.

Sounds straightforward, right? Yes, but there are a few things to be aware of when it comes to a mortgage in principle. In this article, we cover everything you need to know.

How reliable is a mortgage in principle?

A mortgage in principle is a good indication that you will be able to secure a mortgage with a particular lender. However, the most important thing to note is that it is not a formal mortgage offer. It is not a promise or guarantee. A mortgage in principle offer can be withdrawn at any time. It will only be formalised after the lender has conducted their thorough financial checks and risk assessment, otherwise known as underwriting. These checks will include an assessment of:

Your personal financial situation
The supporting documentation you have provided to verify the information detailed in your application
A detailed review of your credit history
Checks on the property that you’d like to buy, in order to confirm the property’s condition and value

If a lender comes across any issues during the underwriting stage or if you should fail to meet their criteria for any reason, then they may well reject your mortgage application. If your mortgage application does get rejected, this could potentially have a negative effect on your credit score. This could impact any subsequent mortgage application you may make.

Find out more – ‘What happens if a mortgage application gets rejected?’ & ‘Does getting rejected for a mortgage affect a credit score?’

Is a mortgage in principle a good sign?

Yes, a mortgage in principle is a good sign that you’ll be able to secure the mortgage that you need. It also gives you a good idea of the price range of properties that you should be exploring. This is because it gives you a strong indication of what you can realistically expect to borrow. Having a mortgage in principle should help you to avoid applying for a mortgage that is too big or that you don’t qualify for. Therefore, it helps to avoid having your application rejected.

Estate agents and sellers like potential buyers to have a mortgage in principle offer in place when enquiring about a property. And in fact, some agents may even refuse you a house viewing without a valid mortgage in principle in place to show that you are a serious buyer. For this reason, you may find not having a mortgage in principle could potentially be an obstacle to the house buying process.

Find out more – ‘What is a mortgage in principle?’

How long is a mortgage in principle valid for?

A mortgage in principle is usually valid for anytime between 30 and 90 days. This will differ from lender to lender. It’s important to be aware of when your mortgage in principle will expire. This will potentially be before you are ready to make an official mortgage application.

You don’t need a valid mortgage in principle in place before you formally apply for a mortgage. If you are still house hunting, however, and your current offer expires, then it’s generally a straightforward process the renew. If your personal circumstances or the economy have significantly changed since your initial mortgage in principle, then you may need to submit new information.

Additionally, if your circumstances change during the validity period of your mortgage in principle, then you should check with your mortgage broker or lender to ensure that it is still valid. It might be that you have changed jobs or received a change in your income. Dependent on any changes, this may require you to submit a new application.

What happens after a mortgage in principle?

So, you’ve got your mortgage in principle in place. Now it’s time to start the most exciting part of the process – househunting. Once you’ve found a property that you love, you can make an offer with the confidence that a lender has already indicated that you meet their basic lending criteria. If your offer is accepted, then it’s time to start the official mortgage application process.

A mortgage advisor and broker, such as us here at Mortgage Light, can help you prepare all the relevant documentation that you’ll need to support your mortgage application. We’ll also submit your mortgage application for you if you like. This way, we can ensure that everything is in order to help maximise your chance of success and get an offer through as quickly as possible.

Once your formal mortgage application has been submitted, the lender will carry out their usual underwriting procedure. This is to assess your suitability for a mortgage against their lending criteria. They will also want to assess the property that you are planning to purchase via a mortgage valuation survey. This is to ensure that the property is suitable as security for their loan and that its market value is sufficient to cover their advance to you.

If successful, you should expect to receive your mortgage offer within 2-6 weeks. This will often depend on the complexity of your application and property transaction. Your mortgage offer will usually be valid for 6 months. During this time, your solicitors will go through the legal process and eventually exchange contracts and complete the purchase.

Find out more – ‘What do I need for a mortgage application?’ & ‘How to buy your first home’

If you are in a position to begin your househunting journey, whether it’s your first home or you’re selling up and moving – speak to us at Mortgage Light. We can help you get a mortgage in principle secured so you can view properties with confidence.

Get in touch with us via our website or call 01908 597655.

Does Getting Rejected for a Mortgage Affect a Credit Score?

May 20, 2022 By Mortgage Light Leave a Comment

The short answer is, no, getting rejected for a mortgage will not directly affect a credit score. However, the long answer to this question isn’t quite as black and white as that. Whilst rejection of a mortgage application itself won’t harm your credit score, the lender you have approached will have conducted a ‘hard search’ on your credit file as part of their assessment process. The record of this search may then have an impact on your score. If you have numerous hard searches on your credit file in a short period, then this can affect your credit score in a negative way.

So, what can you do to try to ensure that your credit score doesn’t get negatively affected when applying for a mortgage? In this article, we offer our top tips on keeping your credit score in check.

Common reasons for a mortgage rejection

Firstly, let’s talk about some of the reasons a mortgage application might get rejected. Whilst this is by no means an exhaustive list, it does contain a few of the more common reasons:

A large number of credit applications in the past six months, resulting in multiple hard searches recorded on your credit report
Poor credit history
Recent missed or late credit payments
A County Court Judgement (CCJ) or other adverse judgement on your record
Large amounts of existing debt
Not registered to vote on the electoral roll. This is important as it allows lenders to check some of your personal information and link that in with your credit history
Failed the mortgage affordability assessment based on your current income and expenditure
Self-employed or a contract worker with insufficient proof of consistent income
Mistakes or inconsistencies on your application form and in supporting documentation, such as the incorrect address or spelling of names. Perhaps the payslips provided don’t match up with the claimed annual income
Insufficient deposit available
Failing to meet the income criteria for the size or type of mortgage applied for
You’ve lived in the UK for less than three years
They didn’t like the house that you were buying

If you do get rejected for a mortgage (or any other credit), it’s a good idea to try to find out the reason why. Mortgage lenders are not obliged to give any explanation for their decision, however, most will provide feedback if requested.

Find out more – ‘What happens if a mortgage application gets rejected?’

Why is my credit score so important when getting a mortgage?

When you apply for any type of credit, but particularly a mortgage, lenders will start by looking at your credit score to help them decide if you are creditworthy enough for them to lend to. This is because your credit score is a reflection of how you’ve managed credit facilities previously and is, therefore, an indication of how you are likely to manage your finances now and in the future.

A high credit score is generally an indication that you can be considered creditworthy and therefore lower risk to lend to. Applicants with a lower credit score will generally be considered a higher risk. They may find it harder to secure credit facilities. A low score is a warning to potential lenders that you may have a history of poor personal financial management. It may suggest a risk of future missed or late payments.

Although not all lenders will reject an application based simply on a poor credit score, they are likely to restrict any offer they make to mortgages with a less desirable interest rate. This is to compensate them for the increased perceived risk that they are taking in lending to you.

Find out more – ‘How does bad credit affect a mortgage?’

Why does a hard search affect a credit score?

A hard search on your report is evidence that you’ve applied for a credit facility of some sort. A lot of hard searches over a short period of time might suggest that you have a high reliance upon credit to fund your lifestyle or perhaps that you’ve had applications for credit rejected several times and are struggling to secure the mortgage you need.

This is generally taken as a warning sign and will negatively affect your credit score for at least the next six months. As we know, a poor credit score is likely to reduce your ability to get approved for credit in the future.

How to avoid mortgage rejection due to a poor credit score

Of course, no one wants to see their mortgage application get rejected. Especially because of a poor credit score. Luckily, there are some things that you can do to try and keep your credit score healthy and minimise the chance of your mortgage getting rejected.

Avoid applying for credit

Applications for credit usually stay on your file for a minimum of 12 months. However, they can stick around for a maximum of two years. With that in mind, it’s a good idea to avoid applying for too much credit in the months ahead of making a mortgage application in order to minimise the number of hard searches on your report.

If you do need to apply for credit, make sure that you only apply for credit you have been pre-approved for or that you are confident that you are eligible for. Some credit lenders will allow you to do a soft search before applying for credit to see if you are likely to be accepted. A soft search will generally not affect your credit score. Additionally, try not to make more than two or three applications for credit every few months. It’s a good idea to try to space them out as this may also help to protect your credit score.

Keep on top of your financial commitments

It may seem obvious – and we know that it’s easier said than done – but try and keep on top of your financial commitments at all times, but especially before applying for a mortgage. Make sure that all repayments on any loans, credit and utility bills are made on time and in full.

Ensure that credit card payments are also made on time. If possible, pay off outstanding balances each month. If you have any credit cards that aren’t in use, then it may be a good idea to close these down. Ironically, it can help your score to maintain and use at least one credit card. However, only if you keep well within the approved limit and clear the outstanding balance in full each month.

Ensure you are on the electoral roll

Lenders use information from the electoral roll to confirm details such as your full name, address and residential history. These details must match up to what you have put on your mortgage application. If they don’t match or you cannot be found on the electoral roll, then some lenders may choose to decline your application at this point.

If you are not on the electoral roll, try to get this rectified before applying for a mortgage. Check that all your details are recorded correctly, including spellings etc.

Check your credit file regularly

Obtain a copy of your personal credit file to make sure that the information recorded is accurate and up-to-date. Mistakes can and do occur. If you spot any errors then contact the lender concerned to get this corrected as soon as possible.

It is important to do this regularly to try and spot possible identity theft. This is where fraudsters use your personal details to fraudulently obtain credit. They then default on this credit, leaving you with adverse history on your credit file. This is becoming increasingly common. It can have a devastating impact and take a huge amount of time and effort to get corrected. You can obtain a free copy of your credit file from companies such as ClearScore.

Speak to a mortgage advisor

Lastly, speak to a mortgage advisor before you actually make any mortgage applications, particularly if you have concerns. No one will be better placed to help you than a professional.

A mortgage advisor, such as us here at Mortgage Light, will be able to help pinpoint any potential issues and put you on the path to success when applying for a mortgage. We’ll match you with the most suitable lenders for your situation and contact them on your behalf when we are confident that you are in a good position.

We’re here to give you the best possible chance. Need our help? We’re available to chat on 01908 597655 or you can contact us via our website.

How do Joint Mortgages Work?

April 16, 2022 By Mortgage Light Leave a Comment

There can be many advantages to purchasing a property jointly with somebody else. For example, by pooling your resources together, you might be able to provide a larger initial cash deposit. This would reduce your loan to value (LTV) and therefore getting access to lower interest rate mortgage deals.

Combining incomes could also help you get a larger mortgage offer, allowing you to purchase a more desirable property. And of course, having more than one household income should make owning a home more affordable. It means you can share the cost of mortgage repayments and household bills, etc.

To achieve these benefits, you would need to take out a joint mortgage. You may choose to purchase a property jointly with your partner, a friend, a group of friends, a business partner, your parents or a family member. Perhaps you yourself are a parent looking to take out a joint mortgage with your adult child to help them get onto the property ladder.

There may be many motivations for taking out a joint mortgage. In this article, we’re going to explain how a joint mortgage works.

What is a joint mortgage?

A joint mortgage is simply a mortgage that allows you to borrow money jointly with another person. You can then purchase a property that you will own jointly. With joint mortgages, all applicants must be over 18. They will be joint owners with a legal claim to the ownership of the property. They will all be liable for the entire mortgage and its repayments. This means that if one person is unable or unwilling to pay their share of the mortgage repayments, then it falls to the other person (or people) to pay the full amount due.

Joint mortgages can be very attractive, however, because they allow you to combine your savings with another person. You may then be able to put down a larger mortgage deposit than you would have been able to do alone. This could give you access to better mortgage deals, given the lower LTV represented. It should also mean that all of the costs involved with purchasing and maintaining a home can be split between those on the joint mortgage, as opposed to falling to just one person.

Who can take out a joint mortgage?

Most commonly, joint mortgages are taken out by just two people. This is usually couples in a relationship. You don’t need to be a married couple to take out a mortgage and in fact, cohabiting couples are the fastest growing family type in the UK.

Unmarried couples have a few different options when it comes to taking out a joint mortgage. They can opt to be joint tenants. This means that both parties have equal ownership of the property. If one person were to die, the joint tenant and partner will automatically inherit the other’s share of the property.

Another option is to be tenants in common. Again, this is designed for unmarried couples, but who perhaps have different earnings and would like to contribute different amounts to the mortgage. It protects the difference in contributions should the relationship break down. It also means that in the event of one partner dying, the surviving partner would not automatically inherit the other partner’s share of the property.

It’s not just couples that joint mortgages appeal to. Depending on the lender, you can take out a joint mortgage with up to three other people. The maximum number of people who can be on a joint mortgage is normally four. This can make it an attractive option for groups of friends living in an area where property prices are higher, such as London, who want to combine their resources to purchase a property together. It might also appeal to business partners who want to invest together in a buy-to-let property. However, this is something of a specialist area and subject to other rules and opportunities.

Perhaps two parents want to help their adult offspring take their first step onto the property ladder. They may take out a joint mortgage in all three names. Parents should be aware that if they already own a property, they may have to pay an additional 3% Stamp Duty Land Tax charge when purchasing a second property. There may also be capital gains tax to pay on their share of the property if and when it gets sold in the future.

If this is a concern, parents may decide to act as mortgage guarantors instead of taking out a joint mortgage. This way they can still provide security for their child without having to be named on the mortgage or title deeds. They would also, therefore, avoid some of the tax implications.

Find out more – ‘What is a mortgage guarantor?’

How much can you borrow with a joint mortgage?

Generally speaking, you can borrow more when you buy with someone else. A lender will take into account your combined income when assessing your mortgage affordability. When a lender assesses affordability, they normally multiply the applicant’s income by a set amount (usually around four times). This will determine how much they are willing to lend.

Clearly, joint incomes will be greater than a single applicant’s income. This will generate a higher mortgage offer. At the same time, having two incomes supporting a mortgage application will provide greater comfort to a lender. If one person lost their income, there will still be another person to provide financial support.

Let’s say you earn £25,000 a year. The person you are taking out a joint mortgage with earns £30,000 a year. This puts your combined income at £55,000. If a lender is offering a mortgage up to four times your combined income, this would mean you could be able to borrow up to £220,000.

Determining affordability is not quite as cut and dry as that, however. A lender will also want to take a close look at your incomes. They will also look at your individual credit records, any debts outstanding, your personal incomings and outgoings and any other liabilities or financial responsibilities you may have. If you would like to find out how much you could potentially borrow on a joint mortgage, speak to us here at Mortgage Light.

Can I get a joint mortgage with bad credit?

This will depend on the level of any bad credit you have. It will also depend on the criteria of the lender you approach. Of course, when you apply for a joint mortgage, a lender will run the usual credit checks and take the combined credit histories into account. If one of you has a particularly good credit score, this can benefit the overall application. Similarly, an applicant with a poor credit score could bring down a joint application.

If you have a particularly low credit score, it may work to your advantage to apply for a mortgage jointly with someone who has a good score. Your combined score may be strong enough for you to get mortgage deals that would otherwise have been denied to you if it was your name alone on the application. Of course, your poor score will negatively impact your joint applicant. However, as long as your combined score is sufficient to be accepted, then having your joint incomes and therefore access to possibly higher borrowing may offset this.

If you are worried about getting a joint mortgage when you have bad credit or with a joint applicant who has bad credit, then we recommend you speak to a mortgage advisor and broker for guidance. At Mortgage Light, we know how best to structure applications. We know exactly which lenders to turn to when working with people who have a less than perfect credit score.

Find out more – ‘How does bad credit affect a mortgage?’

How to get out of a joint mortgage

The problem with joint mortgages is that you may come to a point where one person would like to be removed from the mortgage. Perhaps you took out a joint mortgage with a partner and you’ve decided to separate or divorce. Perhaps you took out a joint mortgage with a friend. They’ve now decided they’d like to move away or get a joint mortgage with their partner instead. These situations can be challenging, but there are a few different options available to you.

You could sell the property, all move out, pay off the mortgage and split any net sale proceeds between you. Alternatively, one person could seek to buy the other out by taking out a new mortgage in their sole name (or jointly with a new partner). They would then fully refinance the existing mortgage and pay off the leaving partner with their share of the property’s equity. It’s worth mentioning that all owners must agree to whatever course of action is taken. All joint owners have a legal right to remain in the property unless a court order rules otherwise.

Unfortunately, joint mortgage separation can be complicated. It’s never quite as easy as simply taking a name off the mortgage. Always seek professional advice before settling on a route to go down. It’s important to ensure that the process is handled correctly.

A huge proportion of homeowners take out joint mortgages. It is often the most practical route to buying a property. If you are interested in getting a joint mortgage, let us at Mortgage Light advise you and help secure the perfect mortgage deal. We have access to the whole mortgage market and are confident we can find you exactly what you need.

Simply call 01908 597655 or contact us via our website to speak to one of our friendly advisors.

What Does LTV Mean?

April 1, 2022 By Mortgage Light Leave a Comment

Loan-to-value, otherwise known as ‘LTV’ is a phrase that you’ll quite often hear used within the housing and mortgage market. It’s something that lenders look at when assessing the level of risk attached to any secured loan they may be considering offering. It will often drive the level of interest rate being charged.

It’s an important part of the mortgage process, but what does LTV actually mean? In this article, we explain everything you need to be aware of regarding loan-to-value.

What does LTV mean on a mortgage?

In the mortgage world, LTV is a calculation used by lenders use to describe the relationship between the outstanding mortgage balance and the market value of a property. It refers to the percentage of your property’s market value that is being funded by your mortgage.

For instance, let’s say you put down a 20% deposit on a property. You take out a mortgage to cover the remaining 80%. Your LTV ratio would be 80% because 80% of your home is being paid for by your mortgage.

The higher the LTV, the higher the risk profile for the lender. This is because, in the event of you defaulting your mortgage for any reason, a higher LTV means there is a smaller buffer between what is owed on the mortgage and what the market value of the property might be.

Your LTV ratio will change over time. This is often a result of you paying down your mortgage borrowing each month. This reduces the mortgage amount against the property value. It may also change as a result of the market value of your property changing. A rise in the value of your house will reduce the percentage of your property funded by your mortgage. As a result, it will reduce your LTV.

For example, a £200,000 house with a £160,000 mortgage will have a loan-to-value of 80%. If the market value of the property increases to £220,000, and the mortgage remains at the same level, the LTV will reduce to around 73%. Remember, however, that houses values can go down as well as up. A fall in your property’s market value could result in the LTV increasing.

How does LTV affect interest rates?

To compensate lenders for the higher risk associated with providing higher LTV mortgages, these mortgages generally attract a higher interest rate. Similarly, mortgages with lower LTVs are usually offered at lower interest rates. This means that it can be much cheaper to borrow the same amount of money if there is a lower LTV.

Are higher LTV mortgages really more risky to the lender? Well, think about it this way. A home bought with a 90% mortgage would only have to lose 11% of its value to go into negative equity. This is where the market value of the property isn’t sufficient to cover the balance outstanding on the mortgage. As a result, if the lender were to have to repossess the property for any reason and then sell it to try and recoup the amount outstanding on the mortgage, the sale proceeds wouldn’t be enough to get all of their money back.

Lenders also know from experience that properties that get repossessed tend to have suffered neglect for some time prior to this. Very often, they fail to reach their full market value at auction. As a result, the reduction in value seen in such properties will see them not get all their money back.

A lower loan-to-value mortgage of 60% however, means that the market value of a property can fall by over a third before the lender faces any real risk of loss. This is why lenders save their more attractive mortgage deals for customers with lower LTV borrowing.

Find out more – ‘How much interest am I paying on my mortgage?’

How to calculate LTV

LTV is expressed as a percentage. It is calculated by dividing the value of the mortgage outstanding by the value of the property. There are plenty of online LTV calculators to help you do this.

Let’s say for example that you wish to purchase a house for £200,000. You intend on putting down a 20% deposit of £40,000. To complete the purchase, you will need a mortgage of £160,000. By dividing the required mortgage (£160,000) by the property value (£200,000) and then multiplying by 100, you get the LTV which is in this case 80%.

What is a good LTV?

So, we now know that low loan-to-value mortgages are generally preferable and often come with lower interest rates. High LTV mortgages are considered higher risk and often come with higher interest rates. But what exactly is considered low and high for LTV?

As a general rule, anything below 80% LTV is considered low. Anything higher than 80% is considered high. For that reason, it’s a good idea to try and put down at least a 20% cash deposit. Of course, this can be difficult for first-time buyers. It’s not uncommon to have a higher LTV mortgage when you purchase your first property. As you build up equity in your property, you could then look to move on to lower loan-to-value deals later on.

For first time buyers, it can still be worth taking on the more expensive higher loan-t0-value borrowing just to take that first step onto the property ladder. After all, house prices might be going up faster than the value of your savings! If you start off with a high LTV mortgage, then you can always look to remortgage onto a cheaper facility later, once you have seen your LTV start to reduce as a result of either house price rises or your borrowing reducing (or most commonly, a combination of both).

Got more questions about LTV? Just give us a shout! Our friendly and experienced mortgage advisors would be happy to help you. Contact us via our website or call 01908 597655.

What Happens if a Mortgage Application Gets Rejected?

March 19, 2022 By Mortgage Light Leave a Comment

Buying a new home can be a really exciting process, but it can also be pretty nerve-wracking. One of the most important parts of the entire process is securing your mortgage. If your mortgage application gets rejected, however, this can be really disappointing and a major setback.

A rejected mortgage application need not be the end of the road, however. In this article, we are going to talk about the reasons why a mortgage application may be rejected and what you can do to move forward from it. [Read more…]

Difference Between Fixed and Tracker Mortgages

March 1, 2022 By Mortgage Light Leave a Comment

There are a number of different types of mortgages available. It’s important to try to make sure you choose the right one for you. After all, a mortgage is probably going to be one of the biggest and longest-running financial commitments you ever make. It’s well worth getting it right!

Chances are, you’ve heard of both fixed and tracker mortgages. But what exactly are they and how do they differ? In this article, we’ll discuss the difference between fixed and tracker mortgages to help you decide which, if either, is best suited to you. [Read more…]

How Does Bad Credit Affect a Mortgage?

February 8, 2022 By Mortgage Light Leave a Comment

When it comes to getting a mortgage, your credit history is a pretty important factor. It plays a big part in how a lender will assess your affordability. Looking into your credit history is one of the ways in which a lender will gain information on how reliable you have been at paying back debts and loans in the past. After all, a mortgage is likely to be the biggest loan you’ll ever have! A lender needs to be confident that you’ll be able to keep up with your repayments across the whole lifetime of the loan.

So, how does bad credit affect a mortgage application? Is it still possible to get a mortgage with a bad credit history? In this article, we explain all you need to know. [Read more…]

How to Save For a House Deposit

February 1, 2022 By Mortgage Light Leave a Comment

So, you’ve decided to begin planning your first step onto the property ladder. For many, the largest obstacle you will face is saving up enough cash for a house deposit. A house deposit is usually required by most mortgage lenders as your initial contribution towards the cost of your property purchase. For a first time buyer, saving for a house deposit can be particularly difficult – especially if you are currently paying out a large part of your income in rent for your existing accommodation.

Before you begin saving for your house deposit, it’s a good idea to have an idea of roughly how much you’ll need to save and the options available to you if you are struggling to reach this goal. Here is a guide and some tips on how to save for a house deposit. [Read more…]

How to Get a Mortgage as a Business Owner

January 11, 2022 By Mortgage Light 2 Comments

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?

January 4, 2022 By Mortgage Light Leave a Comment

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…]

How to Get The Best Rate on a Mortgage

December 24, 2021 By Mortgage Light Leave a Comment

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…]

How to Get a Mortgage Without Payslips

December 15, 2021 By Mortgage Light 2 Comments

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…]

Getting a Mortgage With a Limited Company

October 11, 2021 By Mortgage Light Leave a Comment

Getting a mortgage offer when you are the director and owner of a limited company can sometimes be challenging. This is particularly true when trying to evidence your earnings. Unlike most salaried employees, the self-employed and most company directors will not have a simple straightforward contracted income that can be evidenced via monthly payslips and a P60. [Read more…]

How do I Apply for a Mortgage?

September 20, 2021 By Mortgage Light Leave a Comment

Where do you start when you need to apply for a mortgage? The whole process can feel overwhelming, especially for a first-time buyer – but that is why mortgage advisors exist!

We’re here to advise and guide you through the entire process. We’ll highlight some of the different options you might want to consider and take away a lot of the leg work you would otherwise have to do yourself.

Let’s talk through the steps you’ll need to take when applying for a mortgage. [Read more…]

How to Buy Your First Home

July 27, 2021 By Mortgage Light Leave a Comment

If you are a first-time buyer, the process of purchasing a home can feel daunting. Purchasing a property is likely to be one of the biggest financial decisions you will ever make, so it’s important to get it right.

We’ve put together a handy step-by-step guide to buying your first home – from saving for your deposit to getting the keys and moving in. We hope it will help you get an idea of the process you will need to go through from start to finish. [Read more…]

Different Types of Mortgage

June 9, 2021 By Mortgage Light Leave a Comment

Once you begin looking for a mortgage, you’ll come to realise that there are many different types of mortgages out there on the market. It can quickly become confusing. However, there are essentially two main types of mortgages: fixed-rate and variable-rate mortgages.

In this guide, we are going to explain how each of these mortgage types work. We will also cover other common types of mortgage and some specialist mortgages that you may come across.

[Read more…]

Am I Eligible for a Mortgage?

April 27, 2021 By Mortgage Light Leave a Comment

To determine whether you are eligible for a mortgage, a mortgage lender will want to assess a number of different factors before giving their approval to lend to you. Taking out a mortgage generally involves borrowing a significant amount of money over a fairly long period of time. Lenders will want to look at the bigger picture of your personal situation and finances. This is to satisfy themselves that you will be able to afford this commitment.

To help with this assessment, lenders will have their own set of lending criteria. They will apply this to mortgage applications as a guide to determining their appetite to lend. As a borrower, you will generally need to meet these criteria to be eligible for a mortgage from them.

[Read more…]

What is a Mortgage Agreement in Principle?

February 25, 2021 By Mortgage Light Leave a Comment

If you are looking to purchase a property, you may come across the terms ‘mortgage agreement in principle’, ‘mortgage in principle’, or ‘agreement in principle’. These three terms all refer to a statement from a lender saying that they agree ‘in principle’ to provide you with the borrowing you require subject to your information declared being verified, and the property you find being suitable to lend against.

A mortgage in principle is designed to give borrowers a strong indication of how much they may be able to borrow and some reassurance that they meet the lender’s basic lending criteria. As soon as you’ve made up your mind to start home-hunting and have an idea of what you may need to borrow, it’s generally a good idea to apply for a mortgage in principle.

This way you can start to search the property market with the confidence that you should be able to obtain the level of mortgage borrowing that you will eventually need to support a property purchase in the property price range you are looking at.

[Read more…]

What Fees are Involved in Buying a House?

December 31, 2020 By Mortgage Light Leave a Comment

Whether you are a first-time buyer, or selling your current property and moving on to the next, there are a number of fees and charges that you will need to factor into your overall budget when considering the cost of purchasing a house. [Read more…]

What is a Fixed-Rate Mortgage?

December 22, 2020 By Mortgage Light Leave a Comment

A fixed-rate mortgage is a mortgage product where the fixed interest rate is guaranteed to stay the same for an agreed fixed period. It pretty much does what it says on the tin! Unlike with a variable rate style mortgage, you’ll know exactly how much you’ll need to repay each month during the agreed fixed period. [Read more…]

What is a Mortgage Guarantor?

December 10, 2020 By Mortgage Light Leave a Comment

The basic requirements for getting a mortgage are generally a good credit history, a steady and reliable income, plus a cash deposit of a minimum 5% of the value of the property being purchased. Once you have those in order, lenders can assess your suitability as a mortgage borrower, taking into account your employment record, credit history, and general finances. [Read more…]

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What does LTV mean on a mortgage?

How does LTV affect interest rates?

How to calculate LTV

What is a good LTV?

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