In terms of remuneration through a daily rate, some lenders incorporate this into their affordability calculations, deviating from the usual method of assessing income, such as payslips for the employed and accounts and tax returns for the self-employed. Typically,...
This depends on your individual circumstances. We can’t advise on pensions or investments. However, we can work with your Pension Adviser / Wealth Manager to make sure you get the right mortgage advice based on your individual circumstances. Whatever your reason, it’s...
Yes. Traditionally this was difficult as lenders wouldn’t consider mortgages over a certain age (i.e. 65). However, many will now accept pension income and some have no maximum age. Furthermore, we work with lenders who can translate the value of a pension into an...
Currently, as a professional, you may indeed qualify for a mortgage valued at up to five times your salary. Some lenders even consider extending this to 5.5 times your salary an occasionally over 6 times salary. However, several key considerations should be noted....
Being unable to work poses a huge risk for a large number of Business Owners. Having a Business Continuity and Protection Plan is therefore crucial to counter this risk. This will make the business more financially resilient should the worst happen - The loss of key...
The calculation of affordability is a crucial aspect that often leads company directors to seek out specialist mortgage providers to optimise their borrowing potential. Different lenders employ varying methods for assessing affordability. Some may consider an average...
Typically, required documents include - Identification: Passport and driving license. Proof of address: Bank statement, credit card statement, or council tax bill. Personal bank statements: Usually the last three months' statements at a minimum. Business bank...
Most working people would consider themselves professional. However, when it comes to mortgages, the term 'Professional' has a different meaning. So, what is a professional mortgage and how does it work? What is a professional mortgage? A "professional mortgage" isn't...
The eligibility criteria can vary significantly among lenders, but you can anticipate the following factors being taken into consideration: Trading Period: Most lenders prefer businesses to have operated for two to three years or more. However, it's still feasible to...
This is the most important question. Usually this comes down to considering some key points – Your individual circumstances, plans and objectives Considering alternative options (i.e. other assets, scaling down) Loan amount required & purpose Whether a Lump sum,...
Currently, the minimum deposit stipulated stands at five percent. However, opting for a 10% or 15% deposit unlocks broader options and potentially more favorable rates and fees. An important aspect to note is that with a five percent deposit, lenders typically impose...
While the minimum deposit for a home is typically 5%, securing a favorable deal hinges on having an excellent credit rating. The greater your deposit contribution, the broader your selection of lenders, the more favorable the interest rates, and the lower your monthly...
In essence, mortgages for company directors operate much like any other mortgage application. A successful application demonstrates alignment with the lenders' risk criteria and the ability to manage repayments. The intricacies emerge from the fact that many lenders,...
Examples of Professions that mortgage lenders consider include : Accountants Solicitors Financial Advisers Doctors Dentists Barristers Architects Vets Additionally, certain groups such as graduates, higher earners, business executives, investment bankers, and...
There are many reasons why you may consider later life lending such as – Being a viable alternative to using other assets Supplementing retirement income Holidays, cars and home improvements Gifting money to family Repaying an interest only mortgage Restructuring...
If your company has been operating for at least a year and is profitable, obtaining a mortgage should be relatively straightforward. However, if your company is relatively new, securing a mortgage might pose more challenges. One of the main hurdles for Limited...
While there aren't mortgages exclusively designated for contractors, certain lenders offer criteria that are particularly advantageous for this group. For instance, some lenders may assess your daily rate instead of solely considering salary, dividends, or profits...
It’s encouraging to see how lenders and solicitors have evolved their processes around Equity Release during the COVID-19 Lockdown. Initially, there were challenges around remote working. Then there were challenges around property valuations and independent legal...
