July was our busiest month of the year for applications which surprised us as this is often a time when the market quietens due to school holidays. We have high hopes for August too!!
All of the following mortgage offers were successfully received from mainstream lenders at prime rates during the month, could we help you?
First Time Buyer Doctor - this client needed the maximum borrowing figure available in the market place. Income for Doctors can be complicated for a variety of reasons including basic salary, salary bandings, shift allowances and pension deductions. We found a lender that would treat all advantageously allowing a high level of borrowing, and a mortgage offer was obtained in a little over a week.
Portfolio BTL Landlord – the BTL market is changing again and not necessarily for the good. From September, landlords with more than 4 properties will be subject to more stringent underwriting. We made this client aware of the forthcoming changes (he wasn’t aware) and remortgaged him to market leading 5 year fixed rates in advance of these changes.
Bridging Finance – these clients had a property to sell but wanted to buy a new property before they had placed their existing property on the market. An acceptable exit route was identified for the bridging provider allowing the clients to make an offer for the new property they wished to buy.
Let and Buy – the clients had a small existing mortgage and wanted to buy a new build home quickly whilst keeping their current flat as an investment. We quickly secured new mortgages for both the current property and the new home. Each mortgage was optimised to the clients requirements.
School Fees – a self employed client looking to re-mortgage and release funds to make advance payments on school fees. We worked closely with the client’s accountant to secure a mortgage on an offset basis and release the required funds. The client will use the offset account for his tax savings throughout the year.
Buy to Let Portfolio – our clients are buying a large property which is in a poor condition and consequently unmortgageable. We compared bridging finance (often used in this scenario) against a review of their existing buy to let mortgage portfolio, and sourced the funds needed against the buy to let portfolio which was a significantly more cost effective solution.
Bonus Payments – our clients receive signifcant discretionary bonuses from their employers and had been told that these could not be used for mortgage purposes. This meant that their dream home was out of reach, however we reviewed options across the market and secured the higher level of mortgage needed.
This is a snapshot of the enquiries that we have received with positive outcomes for our clients. We offer local, face to face, independent mortgage advice and can advise on the best solutions for you.
Paul Hardingham and Tony Ibson are Mortgage and Protection Advisers at Innovate Mortgages and Loans. Both have over 20 years of experience advising individuals and businesses across the North East of England. They can be contacted for bespoke advice at firstname.lastname@example.org or email@example.com or call 0191 223 3514.
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.