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Posted by lolamn on February 27, 2012 – 6:36 pm
Filed under Accord Mortgages, Buy to Let

Accord Mortgages Launch a Buy Let Mortgage Range

Accord MortgagesAccord Mortgages have entered the Buy to Let Mortgage Market with some keenly priced buy to let products with useful features.

We believe these buy to let mortgage products are priced in the right way and will of interest to our visitors and clients.

Fixed Rate Mortgages

Accord are highlighting buy to let fixed mortgage rates from 4.04%

They are also taking our preferred route of flat completion fees (rather than a percentage of the loan). In this case £1,300 plus booking fee of £195

Contact A Mortgage Now

Tracker Rate Mortgages

Accord have also entered the market with buy to let tracker rates from just 3.19% with £800 completion fee and £195 booking fee.

This rate also carries a valuable 3.69% collar giving you some protection if rates rise.

On this rate a £100,000 buy to let mortgage costs just £266 per month to service.

Contact A Mortgage Now

Products are available for both Buy to Let Purchase and Re-Mortgage

Mortgage Lending Criteria

Accord are looking for experienced Landlords and do not accept First Time Buyers or First Time Landlords.

At least one applicant must earn £20,000

The monthly rental income must cover the mortgage interest by 125% based on a specified rate or the pay rate (whichever is the higher)

As of today, £521 of rental is needed for every £100,000 borrowed.

AST’s only – No multiple occupancy (HMO)

One ‘curve ball’ is that if the property is more than 40 miles from your home Accord may question the applicant about their knowledge of the area.

Overall this is a strong product offering for the buy to let mortgage market.

If you require a buy to let mortgage or re-mortgage from Accord Mortgages or any other Lender

contact us now.

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Posted in Accord Mortgages, Buy to Let | No Comments »

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Posted by lolamn on February 24, 2012 – 2:25 pm
Filed under exclusives, self employed mortgages

Exclusive Self-Employed Mortgage product

‘Some see private enterprise as a predatory target to be shot, others as a cow to be milked, but few are those who see it as a sturdy horse pulling the wagon’ – Winston Churchill
exclusive self employed mortgage productFortunately, we, and our Lending Partners are keen to support the Self-Employed of this country who generate growth and provide jobs. You are the engine that will get this country moving again and you need help to provide pragmatic funding for your home whilst you are building your business. With this in mind we are pleased to announce the launch of our exclusive Self-Employed Mortgage product

The Self-Employed Mortgage is designed to provide lending for both purchases and re-mortgages to business owners who cannot access funding in the mainstream market.

Perhaps you are recently in business and cannot provide three year trading accounts.

Perhaps your figures show modest profit despite a bright future in the coming years.

Perhaps you are keeping your funds in the business and your personal income small

Perhaps you have been involved in a recent management buy-out or bought into a new business

Our Self-Employed Mortgage product is designed to help you with your home funding needs.

We can help with a deposit of just 20%. We do not need three years business accounts and we will consider projections and each case on its own merits.

You can also come to us for capital-raising under the Self-Employed Mortgage product.

If you are Self-Employed and need to raise a mortgage or re-mortgage – contact us now.

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Posted in exclusives, self employed mortgages | No Comments »

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Posted by lolamn on February 24, 2012 – 2:17 pm
Filed under self certified, Uncategorized

What happened to Self-Certification?

Self-CertificationSelf-Certified Mortgages built a strong presence in the UK Mortgage Market from the nineties until 2009.

Initially designed for Self-Employed Mortgage applicants, the Self-Certified (Self-Cert) Mortgage was targeted specifically at Self-Employed applicants with a good deposit and clean credit history.

As funds for lending became more readily available due to new instruments in the Financial Markets, a number of individuals and companies began to see profit in more adventurous Self-Certified products with lower deposits where higher rates and fees could be charged. Mortgage Applicants with Adverse credit histories began to be catered for under Self-Cert, as did the Employed.

All of these markets were never intended to be covered under the original premise of the Self Certified regime. The practical idea of providing lending to a quality self-employed individual who had difficulty in formally proving income became lost. When Investment Companies began buying up large quantities of these loans based on the promise of continuing property price increases, the lunatics had really taken over the asylum.

When the funding dried up, so did the self-certified deals, and from mid 2007 to 2009 the Self-Certified market in the UK imploded.

Farewell to a good idea – badly handled.

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Posted in self certified, Uncategorized | No Comments »

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Posted by lolamn on February 24, 2012 – 2:13 pm
Filed under self employed mortgages

How Lenders underwrite mortgages for the Self Employed

self employed mortgage sectionUnderwriting a mortgage for a Self-Employed applicant can be a complex issue.

Mortgage Lenders have differing attitudes and approaches and whether you are a Sole Trader, in a Partnership, or a Limited Company Director makes a big difference.

To assist our clients we have a new Self-Employed Mortgage section on our website covering the main issues and information required when seeking a mortgage as a self-employed applicant.

The self-employed mortgage section covers all trading styles including:

Self Employed Mortgages for Sole Traders

Self-Employed Mortgages for Owners of Partnerships

Self-Employed Mortgages for Limited Company Directors

Newly Self-Employed

If you are newly self-employed you will not have three years trading figures. This is no longer an issue thanks to an exclusive new self-employed mortgage product we are offering to our clients.

If you are Self-Employed and require a mortgage or re-mortgage – contact us now.

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Posted by lolamn on February 17, 2012 – 2:33 pm
Filed under Halifax, Standard Variable Rate

Halifax Standard Variable Rate – are you on it?

Halifax MortgagesDo you have a mortgage with Halifax? If so are you on their standard variable rate?

Are you aware this SVR is due to increase by 0.49% (to 3.99%) for borrowers who come off of product rates taken from January last year?

Halifax standard variable rate today sits at 3.50% for most borrowers – this sounds fairly competitive.

Yet if you have 40% equity in your home you are probably paying too much for your mortgage.

If you have 40% equity in your home you are paying up to £50 more per month than you need to.

The extra costs of staying on a standard variable rate are clear when you know you could be paying just 2.99% interest on your mortgage  - and benefit from fixing your rate at the same time.

We can arrange a re-mortgage for you to obtain a lower mortgage rate  - without hassle, without meetings, and without paperwork.

All you need do to make these valuable savings is to contact us now – contact us now.

Figures above are estimates and intended as a guide only. Each individual borrower will have their own circumstances and savings cannot be guaranteed. The figures above should not be considered an offer of terms.

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Posted in Halifax, Standard Variable Rate | No Comments »

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Posted by lolamn on February 14, 2012 – 3:13 pm
Filed under bank of ireland

Ex Bank of Ireland mortgage payer?

Contact A Mortgage NowAre you one of the 16,000 Bank of Ireland mortgage customers who were recently transferred to Nationwide under it’s ‘The Mortgage Works’ brand? If so, are you currently enjoying the Bank of Ireland standard variable mortgage rate of 2.99%?

Mortgage Rate increases from March 2012

You will probably be aware that Nationwide intends to increase your mortgage payments from 2.99% to the 4.79% offered by The Mortgage Works under it’s standard variable rate. These increases are due to start imminently, being implemented from next month – March 2012.

The average mortgage size of those transferred is understood to be £150,000 which means an increase of around £225 per month in mortgage interest payments. This is especially punative given that the average loan to value of transferred clients is low at around 50%.

Keep your mortgage rates low

Fortunately, ex Bank of Ireland clients can opt to move to another Lender to avoid the increase in monthly mortgage payments, or, in some cases, see a reduction in payments.

We can currently access tracker remortgage rates from 2.69% and fixed remortgage rates from 2.85%. What is more we can arrange everything with no valuation fees and legal costs paid by the Lender.

If your Bank of Ireland mortgage is causing you concerns – – contact us now.

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Posted by lolamn on February 9, 2012 – 10:25 am
Filed under offset mortgage

Offset mortgage choice over £550,000 reduces

Contact A Mortgage NowAbbey Santander today announced that it is reducing maximum lending on it’s offset mortgage product to £550,000 from the current £1 million. We believe this will severely reduce their impact in the offset and flexible mortgage sector as the bulk of the offset mortgages we handle are in the £500,000 to £1 million range.

Fortunately there are still a number of Mortgage Lenders offering full offset mortgages products above £550,000.

Both Accord and Leeds offer offsets up to £750,000 and Coventry, Scottish Widows Bank, and Barclays Woolwich will advance up to £1 million on an offset basis.

If you are considering an offset mortgage product we always recommend that you be certain you will use the flexible and offset facilities. These products are typically priced slightly above the traditional products – borrowers taking an offset mortgage and not using it’s features will therefore be disadvantaging themselves.

Please visit our what is an offset mortgage page for more information.

If you require assistance in arranging an offset mortgage – contact us now.

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Posted by lolamn on February 8, 2012 – 4:49 pm
Filed under interest only mortgage

Interest only mortgage policy changes

Contact A Mortgage NowAbbey Santander today announced they are changing their policy on interest only mortgage applications.

They said:

‘We constantly review our offering to ensure it best meets the needs of your clients and following a review of our interest criteria we have taken the decision to reduce our maximum LTV on our residential mortgages where any loan part is on an interest only basis to 50%.’

This means that any borrower who wants to have any part of their mortgage on an interest only basis with Abbey Santander in the future cannot borrow more than half the value of the property.

What is an interest only mortgage?

Under an interest only mortgage arrangement, the borrower services the ‘interest only’ on a mortgage loan each month.(Under the more traditional arrangement of capital repayment a repayment of capital is made each month in addition to servicing the interest).

What does this action by Abbey mean for the future of interest only mortgages?

We have seen all Mortgage Lenders becoming more restrictive in their approach to interest only mortgages in recent years. Most now will not consider interest only mortgages for loan to values over 75%. Abbey is the first major player to reduce this figure to 50%.

Whether this 50% figure will also apply to their offset mortgages is not yet clear. (offset mortgages are often set up on an interest only basis and the funds in the offset account have the effect of paying down the capital element if set up in the right way).

Will Nationwide, Halifax, and Barclays Woolwich follow Abbey’s lead? – that will very much depend on how borrowers react to this.

Clearly clients who want to use interest only above 50% loan to value will not now be offered Abbey Santander products as a potential solution. During the last 12 months Abbey have been competitive on rates in the 60% to 75% loan to value range and that may no longer be enough to maintain their levels of business. This could leave room for Nationwide, Halifax, and Barclays Woolwich, to pick up the slack without having to be aggressive on pricing. This is clearly not good news for borrowers.

What if I already hold an interest only mortgage above 50% – should I worry?

If you already hold all, or part of your mortgage on an interest only basis you should already have some kind of repayment vehicle arranged, be that ISA’s, pensions, inheritances, bonuses, shares portfolios, or sale of property

- That has not changed.

Abbey have not said that existing borrowers will be affected and Lenders do not, as a rule, apply new criteria to existing clients. This type of policy may cause an issue if you intend to move and wish to port your product.

If you are unsure about how these type of policy changes may effect you, get independent mortgage advice.

If you require help or advice with an interest only mortgage – contact us now.

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Posted by lolamn on February 2, 2012 – 5:00 pm
Filed under New Build

Halifax increase new build loan to values

Contact A Mortgage NowHalifax issued a press release today stating they are increasing maximum loan to value on New Build houses to 90%

What does this mean for you as a Borrower?

If you are applying for a mortgage as a first time home buyer with a low deposit you will often be asked if you are buying a New Build property. (A new build in Mortgage Lender parlance is a property that has not been lived in before, typically sold direct to the applicant by the Builder or Developer.)

Why is it important to you and your Mortgage Broker if the property is ‘New Build’?

Lenders have differing attitudes to lending on New Build properties as opposed to older homes, particularly in respect of deposit size. Lenders will ask for a higher deposit on a ‘New Build’ than on an equivalent deal with a ‘pre-occupied property’. This caution stems from the practice of Developers selling new properties at a premium price which cannot always be realised in the event of a swift resale. Lenders will look to reduce their risk by asking the client to invest a little more cash into the deal.

Why are Halifax taking this action now?

Firstly, this may be an indication that Colleys (the surveying arm of HBOS) believe that prices on New Build properties are becoming a little more realistic.

It may also be in preparation to benefit from the Government’s New Build Indemnity Scheme programme which is also advantageous to the Lender.

More about New Build Properties and Mortgage Lending

Use an Independent Mortgage Broker when purchasing a New Build property as complications with Mortgage Lending will be encountered – for example:

Flats – maximum loan to value on New Build flats can be lower than on houses, meaning you need a higher deposit

Builder’s Incentives – Incentives provided by the Builder such as deposits and stamp duty paid are not always acceptable to Lenders.

Exposure – Lenders will limit the amount of exposure they have on a particular development or apartment building, and this can sometimes exclude Lenders for the Borrower.

If you need a Mortgage on a new Build Property – contact us now.

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Posted in New Build | No Comments »

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Posted by lolamn on February 2, 2012 – 4:53 pm
Filed under New Build Indemnity Scheme

New Build Indemnity Scheme

Contact A Mortgage NowThe New Build Indemnity Scheme is designed to improve conditions for first time buyers in the mortgage lender market by offering additional security and guarantees to the Mortgage Lender without impacting on the client’s position.

How the New Build Indemnity Scheme works

In simple terms, the Developer/Builder will contribute cash funds in the order of 3.5% of the value of the property into a fund designed to protect the Lender’s position in the event of default by the Borrower.  The fund will be held for seven years and interest will be payable on it.  At the end of this period funds will be returned to the Developer less a portion of any credit losses incurred during the period.  Funds will be pooled so that the Lender can draw on them to meet losses on any properties sold by the Developer under the scheme.

The new Build Indemnity Scheme will be available on both flats and houses. There will be no compulsion for the Developer to join the scheme and both Lenders and Developers will decide who they wish to work with.

The scheme is designed for owner occupiers and not investors and will therefore not be available on the buy to let market.

New Build Indemnity Scheme Important points

The fund does not protect you as the Borrower in any way as your own liability will be exactly the same as in any other mortgage.

The party getting the real benefit is the Lender whose losses can be protected at up to 95% of their value by the fund. Although the FSA will expect the Lender not to compromise their standard underwriting requirements, this protection can obviously be expected to affect their decision making as to the benefits of competing in this area of the mortgage market.

You as the Borrower

The New Build Indemnity Scheme can be expected to make funds more accessible for Borrowers on New Build property, with perhaps a little more competition leading to better Mortgage rates.

If you require a mortgage for a New Build property – contact us now.

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Posted in New Build Indemnity Scheme | No Comments »

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