Category: Mortgages

According to the Office for National Statistics, out of 19 million families in the UK in 2022, 2.9 million of them are single parent families.

That means 2.9 million single parents are faced with deciding on living arrangements based on one salary.

As a single parent faced with growing bills and living expenses and just one salary to live on, you may think it’s impossible to get a mortgage, but this is not always the case.

With the right advice and guidance, you can apply for a mortgage and will likely get approval if you meet the lender’s requirements.

While being a single parent is challenging, it shouldn’t deter you from living a full life, complete with the home you want your children to grow up in.

One thing to be aware of is that affordability assessments apply to single parent mortgages, and without the right approach or knowing which mortgage companies to approach; it may prove challenging to meet the requirements of these checks.

Every lender has its own unique requirements, which means that some are more lenient on certain types of lenders and their requirements.

With the help of a mortgage advisor, you can find out who to approach and how to prepare your application for the best possible outcome.

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Passing Single Parent Affordability Assessments

Meeting the lender’s requirements is vitally important when applying for a mortgage as a single parent.

Single parents typically are on the back foot when it comes to affordability as they’re on a low income, have higher expenses than couples, or work part-time.

Mortgage lenders limit how much they provide, regardless of whether the application is for a single person or a joint application.

This is usually between three and five times the applicant’s annual income.

However, some lenders will reduce the amount they allow depending on how many children the applicant has.

Of course, this isn’t discriminatory but based on the expected higher outgoings of a single parent with many children. Affordability is at the heart of every approved mortgage.

That said, there is no guarantee of how a mortgage provider will respond to an application.

Some single parents who manage to keep their monthly outgoings very low may be able to apply for a higher mortgage amount than a single parent with the same number of children but a higher monthly outgoing.

An overview of your financial situation will be carried out to determine your debt-to-income ratio, which will indicate whether you can afford the mortgage you’re applying for.

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Can I Use Tax Credits or Child Benefits as Income Towards Single Parent Mortgage Applications?

If you’re a single parent, you may be on some kind of benefits and wonder if you can use these towards proving your income for your mortgage application.

Many single parents assume that benefits can’t count towards income, but they can.

In fact, adding proof of benefits and additional income can bolster your application.

Single parents can use the following as part of their proof of income:

• Tax credits
• Maintenance contributions from an ex-partner
• Child benefit payments
• Full time or part-time work income
• Universal credit

As all lenders have unique terms and restrictions, some may have “rules” on how child benefits can be used towards income.

As an example, some mortgage providers won’t allow you to use your child benefits as a form of income if you earn more than £50,000 or if your children are older than 13.

In some instances, some mortgage lenders won’t accept universal credit or tax credits as a suitable form of income.

Mortgage providers will take your income, additional income sources, credit history, and outgoings into consideration before determining if you’re a suitable candidate for a mortgage and just how much you’re eligible for if you’re approved.

Which Mortgage Types are Best Suited to Single Parents in the UK?

Of course, no mortgage provider offers a mortgage specifically for single parents.

But there are several types of mortgages that may be best suited to single parents. Some of these include:

• Shared ownership schemes – If you don’t have enough deposit to get a mortgage to cover the full cost of a home, you may reduce your spend with a shared ownership scheme. This is a type of mortgage based on a part buy, part rent basis offered by the government. Eligible applicants can buy 25% to 75% of the home from a local council or housing association.
• Guarantor loans – If a friend or close family member is willing to sign as a guarantor on your mortgage, lenders may provide a better interest rate or provide a higher mortgage amount. The risk is lessened for you, but the guarantor takes on higher risk.
• Family springboard mortgages – These mortgages generally require the applicant to pay a 0% deposit but require savings held in a savings account for five years that are at least 10% of the property’s value. After five years, the savings are returned to your family members with interest.
• Gifted deposit mortgages – Some lenders will accept a deposit that doesn’t come from your own savings if you can prove that you were gifted the money from a family member and aren’t required to repay the amount.

While these are all great options for single parents, there are many other types of mortgages available that may suit your situation better.

Chatting with a qualified mortgage advisor may help you determine which mortgage type is best suited to you.

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Complexities of Applying for Single Parent Mortgages

Applying for a single parent mortgage can be complicated, especially when it comes to providing affordability.

Approaching mortgage providers individually can result in wasted time, multiple rejections, and a tarnished credit score.

To avoid approaching lenders that can’t help you in your specific scenario, it’s best to chat with a mortgage advisor.

A professional mortgage advisor can help you prepare your application and ensure you only approach mortgage providers likely to consider your application seriously.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

For some, buying a home that once belonged to a serial killer is thrilling, but for obvious reasons, it’s not the ideal situation for others.

While the UK is a safe place to live, there’s no denying that we’ve had our fair share of horrific serial killers.

Jack the Ripper, Myra Hindley, and Peter Sutcliffe make for great stories unless you live next door to them at least!

The chances of knowing that you’re living next door to a serial killer are slim. It’s not like serial killers are out there, proudly boasting about their kills or plans to kill.

In fact, most people only find out there’s been a serial killer living next door or nearby when they’re caught.

That said, you may be interested to see what real estate costs in the areas where the world’s most notorious serial killers reside.

You can use Map Fact’s Serial Killers of the World map to see where well-known serial killers have lived in the United Kingdom.

If nothing else, it makes for an interesting, and somewhat chilling, visual display!

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Have Serial Killer’s Homes Been Put Up for Sale in the UK?

Yes, in fact, they have.

In 2013, Dennis Nilsen’s flat, located in Muswell Hill, North London, was put up for auction with a £100,000 discount due to the property’s history.

Nilsen is said to have murdered at least 12 men and boys.

According to the Daily Mail, Nilsen’s home was sold for £1.48 million in 2023 and is in the process of being converted into a 6-bedroom family home.

While not quite the same, one murder house at 8 Sunnybank, Helmshore, Lancashire, sold quite quickly. This is where a mother of two, Sadie Hartley, was murdered.

The house is said to have sold after news of the murder meant £50,000 was knocked off the sale price in 2016.

Also, if you live near 22 Somerset Road in Droylesden, you might find it interesting that it’s the former home of the notorious police killer Dale Cregan.

After Cregan was charged and imprisoned, the two-bedroom property was put up for auction with a guide price of £40,000 but sold for more at £71,000.

The funds from the sale were dedicated to funding police work.

In some cases, the homes of serial killers have been destroyed. Take 25 Cromwell Street in Gloucester, for example.

This was the residence of Fred and Rose West who murdered several young women and buried them in the garden and cellar prior to February 1994.

The property was acquired by the council in 1996 and instead of being put up for sale, it was razed to the ground.

Are UK Estate Agents Required to Disclose Murders at a Property to Buyers?

It might be quite the anti-climax to find the house of your dreams, sign and seal the deal, and finally move in, only to discover that 17 people were previously found buried in the garden!

When shopping around for a home to buy in the UK, you may wonder if estate agencies are legally required to inform you of any murders that happened at the property or if a serial killer lived at the property you’re interested in purchasing.

The good news is that you most likely won’t be caught off guard by moving into a home that’s previously been a murder crime scene.

Under consumer protection regulations, estate agents are duty-bound to inform buyers of any information that might affect their final decision.

And, of course, murders would fall into that category.

How Are Sale Prices of Homes Affected by Murders at the Property?

According to an article by Vice, a property that’s served as a crime scene can expect to experience a drop in sale value.

This drop is usually around 15 to 20%. In most instances, murder houses do sell, but they may take longer.

They may be snatched up by people who like to collect murder homes, but more likely by people looking to snag a deal and save on the cost of real estate.

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Can I Get a Discount on a Property That Was a Murder Scene or Home to a Serial Killer?

Here’s the reality; you can ask for a discount on any property, even those that don’t have a dark past.

But…there’s no guarantee that you’ll get a discount. The point is that it comes down to the property owner and what their lowest price is.

In some instances, if the home was a crime scene, the owner may not actually be the suspect, and they may want to offload the property at a lower-than-market-average price.

In such instances, you have a higher chance of negotiating a lower price on the property.

The best piece of advice here is that it doesn’t hurt to ask!

Getting the Best Price on a Property, Regardless of its Background

Of course, when looking into the various properties available for purchase, your focus should be on affordability and how suitable the property is to your needs, especially if you’re planning to take personal residence.

To avoid possible time-wasting and to ensure that you get the best possible rate, getting an agreement in principle might be a good step.

This will give you an idea of how much you’re likely to be granted in funding when approaching mortgage providers.

A professional mortgage advisor can assist you with the process and help you to better understand what you can afford and how to go about getting the best possible price on a property.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

According to Statista, in July 2023, the number of mortgage approvals in the UK sat at 49,000.

While this seems like many approvals, it doesn’t include the thousands of mortgage applications rejected yearly.

Most Brits feel a sense of relief and security when they receive an agreement in principle.

The benefits of an agreement in principle are two-fold, of course.

The first benefit is that you’ll know how much you can borrow, and the second is that sellers will know that you’re a serious buyer if you have an AIP in place.

Once you’ve got an AIP, you might think you’re 50% of the way there – you’ve got the financing. But the reality is that’s not always the case.

Some mortgages can still be declined after an AIP has been granted. If that happens to you, what’s the next step? Here’s what you need to know…

What is an Agreement in Principle?

An agreement in principle isn’t a guarantee but a provisional agreement between a borrower and lender.

Generally, it’s a basic understanding of how much you can borrow to purchase a property.

The idea of an AIP is so that the mortgage company has your details and has determined how much they can advance you if you meet the lender’s criteria.

The AIP will detail the amount and what the terms of the contract are.

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Reasons for a Declined Mortgage After Getting an Agreement in Principle

Lenders provide AIPs to borrowers they have the intention of providing funds to, but this is not a guarantee that the mortgage will be approved in the end.

The AIP is based on initial checks, but when the mortgage application is submitted once a property is found, more in-depth checks are carried out.

It’s at this point that mortgages can be declined.

A declined mortgage application after an AIP can be time-consuming and costly. You may even lose out on the property you want to invest in.

The best way to avoid a possible rejection after an AIP is to be as upfront as possible during the initial application.

Inform the mortgage provider about your credit score and history and any gaps you’ve had in your finances. It’s also important to check that you meet the lender’s criteria.

Mortgage applications after an AIP can be rejected for seemingly simple reasons.

For instance, perhaps there’s a spelling mistake on your application, or your employment/income has changed since the initial application.

It could also be because the lender discovers financial information about the applicant that wasn’t disclosed when applying for the AIP.

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Here’s a more in-depth look at the reasons for a declined mortgage after an AIP:

Change in Income

One of the lender’s main focuses is whether the applicant can afford to pay the capital debt and interest of the loan, which means that income is an important aspect.

Lenders are always cautious of fraud. If your initial application for the AIP states a certain income amount different to what they can verify during the referencing stages, the lender may reject the application.

Discrepancies in income can result in requests for further proof of earnings or re-application.

Employment Changes

Changing jobs can be seen as a risk factor for lenders, even if your new salary is higher than in the previous job.

This is because the longer you’re employed at one company, the more stable your income appears to a lender.

If you plan to change jobs after applying for an AIP, it’s best to inform the lender upfront.

Insufficient Deposit

If you made an initial AIP application and indicated that you have a certain amount available for the deposit, but your situation changes in the meantime, the lender may reject the application.

When applying for an agreement in principle, it’s a good idea to indicate only a deposit amount you’re certain you can afford.

Failing the Final Credit Check

Final credit checks are typically more thorough than preliminary checks, which means something may turn up on the credit check that indicates you no longer meet the lender’s criteria.

Lenders use a variety of bureaus to check credit, which means what you see on your credit profile may differ from what the lender sees in a final check.

This is a common problem for applicants who have an AIP. Common problems that may turn up on the final credit check include:

• You’ve applied for multiple forms of credit, resulting in numerous credit checks against your name. This can include credit cards, loans, store accounts, and similar. Lenders may view your debt-to-income ratio as unsuitable when acquiring additional credit cards, loans, and accounts.
• Poor credit management is also marked on your credit profile. Missing payments, paying late, or having gaps in your finances are viewed negatively by lenders.

Before applying for an AIP or mortgage, check your credit report with each of the leading bureaus (Experian, Equifax, and TransUnion).

Ensure the details are correct and update any bureaus that may have incorrect information.

If you do happen to fail the final credit check, it’s a good idea to improve your credit rating before applying again.

You can do this by:

1. Registering on the electoral roll.
2. Paying bills in full and on time.
3. Increasing your credit limit on your credit cards without spending more on your card.
4. Reducing the amount of credit you’ve utilised. Lenders prefer borrowers that use 50% or less of their available credit limit.

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What to Do If Your Mortgage is Declined After an Agreement in Principle

If you’ve got an AIP, but your final mortgage application is declined, you’re bound to feel panicked.

Rest assured that declined mortgages are common at this stage and don’t necessarily mean you’re out of options.

The first step is to slow down and consider your options. Applying for a new mortgage immediately may result in another rejection, which will appear on your credit report and negatively impact your creditworthiness.

One lender may have rejected your application, but that may be a case of being matched with the wrong lender.

Other lenders may still be happy to assist you, but you’ll need the advice and guidance of a mortgage advisor who can point you toward the right lender.

When using the services of a professional mortgage advisor, all you need to do is provide them with accurate information and let them handle the rest.

Your chances of being matched with the right lender are greatly increased, and you’re more likely to get an approved mortgage.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

If you’re not traditionally or formally employed but still generate a decent income, you may become frustrated that you cannot apply for a mortgage without hiccups.

In the UK, a non-standard mortgage is known as a “complex income”, and this type of income is notorious for introducing hurdles when applying for any sort of credit, including a mortgage.

Of course, complex income mortgages exist, and if you know where to find them, what the eligibility criteria are, and how to apply for them, you’re on the right path to getting the mortgage you’re dreaming of.

Below, we provide an overview of complex income mortgages and everything you need to know before you make that first application.

What is Complex Income?

Speak to a freelancer, self-employed individual, or investor who earns their income through alternative means about acquiring finance, and you’ll most certainly get sighs and rolled eyes.

These individuals are often considered high-risk or find it nearly impossible to prove affordability and get loans.

It’s true; having a full-time salaried job makes it far easier to prove earnings and get a mortgage when presenting payslips. Driving your own source of income makes things trickier.

When earning a complex income, the application process for a mortgage is more challenging but possible.

You’ll need to provide additional documentation and put in a little (or a lot of) extra work to ensure your application is approved.

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Does a Complex Income Make a Mortgage Impossible?

Most freelancers, contractors, and self-employed individuals shy away from applying for finance due to the challenges presented by the application processes.

But that doesn’t mean you should let your dream home or property slip by because you assume your application won’t be processed.

It’s entirely possible to get a mortgage with a complex income. Proving your income amount is the most important part of the process.

The biggest challenge comes in when mortgage providers use automated approval systems or basic approval processes instead of granting loans on an individual basis, focused on the merit of each case.

That’s where a broker comes in. If you have a mortgage broker, they can bypass the standard and automated processes and help you acquire a mortgage, even though your non-standard income is considered “complex” or risky.

What Mortgage Providers Want to Know About Your Income

Mortgage providers will want to know two main things:

• Do you earn enough to cover the monthly instalments of your loan?
• How secure is your source of income? Will it maintain or sustain for the duration of the mortgage?

If you’re new to freelancing, for instance, how can the lender be sure that in 30 years’ time, you’ll still be freelancing and generating the correct amount to cover your mortgage payments?

With these questions in mind, proving to the lender that you can satisfy their requirements may be easier. There’s no stipulation that you must have a full-time job to apply for a mortgage.

The following income types are generally accepted by lenders, even though the processes may be more challenging:

·      Self-Employed

If you’re self-employed, lenders see this as riskier than having a salaried monthly income.

That’s because self-employment income can fluctuate. One month, you could make a very high income; the following month, you could make nothing – there are no guarantees.

The standard request from mortgage providers is to see 3 years of financials for your business.

If you don’t have 3 years of financials because your business is newer than that, there are some lenders who will accept 12 months financials or less, or will settle for a letter from your accountant, detailing the amount you generate each month for the last stipulated period.

·      Contractor

Contractors typically work on projects over a specified period. Mortgage providers will accept contractor work if you can present your contract detailing the term of the contract.

In some instances, lenders will want to ensure there is a specific amount of time left on the contract or the possibility of renewal.

·      Zero Hours Contracts and Temporary Workers

Temporary work and zero-hour contracts can pose challenges when applying for a mortgage, as it’s difficult to prove that the income you receive is and will be regular.

Applicants can provide recent payslips and bank statements to prove historical work hours.

If these show that you’re working and generating a certain amount, the lender may view the application more favourably.

·      Income from Child Maintenance

If you want to apply for a single-parent mortgage, you can use child maintenance as proof of a portion of your income.

The lender will want to see that the maintenance payments are regular and sufficient.

In most instances, the mortgage provider will want to see the court order or CMS letter stipulating the maintenance terms, but if you and your ex-partner have a private agreement, legal evidence of this will be required.

Of course, this income can only be used if the maintenance payments are expected for the foreseeable future.

You’re less likely to get approved if there’s only a year or two remaining maintenance payments.

·      Living Off Benefits

Several government benefits can be used as proof of income when applying for a mortgage.

Applying for a mortgage on benefits can be challenging, and it’s recommended that you use a mortgage advisor to help you approach the right lenders and ensure that your application is perfect before submitting it.

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·      Living Off Investment Profits

Most lenders will accept income that’s generated from a trust fund, share portfolio and other investment profits.

It won’t be possible to prove income through payslips, but you can provide bank statements, tax returns, and portfolio statements.

Mortgage providers will want to see how stable the investments are and the likelihood of sustaining these figures for the duration of the mortgage.

·      Dividend Income

If you own a company, you may choose to pay a small salary to yourself and then make up the balance of your income through dividends.

Because most people do this for the best possible tax outcomes, and it’s not a true indication of a low salary, most mortgage providers will consider dividend income as suitable income.

·      Income Earned Through Apprenticeship

Apprenticeship incomes are typically low, which means that using it as income proof may be possible, but the mortgage amount you’re offered will be low.

You can mitigate this problem by asking a family member to sign as a guarantor or by entering into a family offset mortgage.

Another viable option is to apply for a shared ownership, which means that the required income and deposit for each individual will be lower.

Additional Must-Know Details About Complex Income Mortgages

Below are a few additional snippets of information that may prove helpful if you’re considering a complex income mortgage:

• You cannot use funds earned though professional gambling or cash-in-hand jobs as proof of income.
• Most lenders will provide mortgages of up to 4 to 4.5 times your annual salary, but it’s not always guaranteed with complex incomes. The offers may be lower due to the lender’s perceived risk.
• While rare, you can get a mortgage with zero income, but you’ll need to show how you will pay for the loan. Perhaps you have a contract starting in the future or receive an allowance – chatting with a broker about your options is important in this type of scenario.
• Some lenders will accept commissions and bonuses as income, but only acknowledge a certain portion. For instance, they may only count 50% of your annual bonus towards your income.

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Complex Income Mortgages in the UK Conclusion

Speaking with a professional mortgage broker about your individual situation is the best way to ensure that you’re pointed in the right direction.

While complex income mortgages are more challenging than regular mortgages, they’re certainly possible and achievable if you go about them in the correct manner.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

If you have your heart set on buying a property with a large amount of land (acreage), you’ve probably already thought about the complexities of getting a mortgage to cover the cost.

Many Brits dream of owning rural property.

Running a horse farm, setting up holiday cottages for a business, or even having your own smallholding where the entire family can live in comfort are all valid reasons for seeking out large acreage properties.

If this is your desire, know that you’re not alone. Millions of Britons invest in the same lifestyle.

According to the UK Department for Environment, Food, and Rural Affairs, as of 2020, around 12 million people in Britain live in a predominantly rural area – 21.3% of the population.

Large acreage mortgages are quite different to regular mortgages, and not all mortgage providers offer this type of product.

It becomes even more complicated if you want to use the rural land for business.

While every lender has its policies and terms in place, there are a few basics you can understand before you apply for a mortgage on a large acreage.

If you want to know how to get a large acreage mortgage or need more understanding on how to get a mortgage on a smallholding with land, consulting with a mortgage broker is always advised.

In the meantime, here’s what you need to know.

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Do Lenders Offer Mortgages on Large Acreage Properties?

In the UK, there’s a general trend towards only a few lenders offering large acreage mortgages.

When enquiring with mortgage providers, lenders may stipulate a limit to the property size they’re willing to mortgage.

Very few mortgage providers in the UK will finance properties over 10 acres.

Some will consider properties up to 10 acres, but these cases are considered on individual merit. In most instances, leading lenders will cover properties up to 3 acres.

Type of Mortgage Required When Buying Large Acreage Property

In some instances, it’s possible to purchase a property with acres of land on a regular residential mortgage.

Lenders that offer this will usually require the following:

1. The land should be held on a single legal title
2. The land cannot be affected by any planning requirements or occupancy restrictions
3. The land will not be used for business or commercial purposes

If you plan to use the land for business, say a holiday property or campsite, you’ll need to apply for a commercial mortgage, semicommercial mortgage, or B&B and guest house mortgage.

You’ll need to apply for an agricultural mortgage for commercial farming purposes.

For commercial farming purposes, you’ll need to apply for an agricultural mortgage.

What to Do if You Want to Remortgage Large Acreage Properties?

Remortgaging property is fairly common in the UK, and it’s also possible on large acreage properties.

The most important aspect to consider is if the use of the land now is different from when you got your original mortgage.

The simplest route is undoubtedly for those who purchased large acreage property with a standard residential mortgage and don’t use the land commercially.

You can process a straightforward residential remortgage with a new mortgage product.

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It’s much the same if you have a commercial mortgage and use the property for commercial purposes.

The difficulty may come if you have a residential mortgage but wish to remortgage and use the property for commercial purposes, or you have a commercial mortgage and wish to remortgage the property and use it for residential purposes only.

You’ll then need to change your entire mortgage type.

Remortgaging with a different mortgage type is trickier than standard remortgaging onto the same product type.

In such instances, the assistance of a mortgage advisor is strongly advised.

Related reading: 

• Reasons for remortgaging.
• Remortgaging to release equity.
• Remortgaging to buy another property.
• Remortgaging with bad credit.
• Remortgaging for home improvements.
• I own my house outright can I remortgage? 
• Capital raising mortgages.

Mortgage Providers in the UK Offering Large Acreage Mortgages (Including Properties Over 10 Acres)

The following lenders in the UK are known for offering mortgages on large acreage properties.

Of course, these are considered on a case-by-case basis, so it’s not guaranteed that they will mortgage your large acreage property.

·       Bluestone Mortgages

Sometimes mortgage properties up to 40 acres large.

·       Atom Mortgages

You could get a mortgage on a property up to 10 acres.

This lender will require a very detailed overview of the property, what it will be used for and if it has any restrictions.

·       Saffron Mortgages

Known to assist with mortgages up to 20 acres as long as they’re for non-commercial purposes.

·       Marsden Mortgages

For non-commercial properties up to 15 acres, this lender often provides assistance.

·       Tipton Mortgages

Known for providing mortgages on large acreage properties with no limit on property size.

·       Staffordshire Railway Building Society

In some instances, this lender provides mortgages on properties over 10 acres.

They require detailed overviews of the property and any restrictions it might have.

How to Apply for a Large Acreage Mortgage in the UK

Applying for a large acreage mortgage in the UK usually follows these simple steps:

Step 1: Consult with a Mortgage Broker

In some instances, specialist lenders are required, especially if you have planned a specific purpose for the property.

Consulting with a mortgage broker will ensure that you know what type of mortgage to apply for, whether it is a residential mortgage, agricultural mortgage, B&B mortgage or otherwise.

Applying for the wrong mortgage type can be time-consuming.

Step 2: Prepare the Application & Be Patient

Large acreage mortgage applications are very rarely swift.

If the property is intended for commercial use, it can take several months for the mortgage to go through.

Expect lenders to require a detailed business plan, our projected financials and your industry experience leading you into the business idea and subsequent application.

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Step 3: Find a Lender

Finding a lender to mortgage your large acreage property comes down to more than just the cost.

In some instances, your property may not fit the requirements set out by certain lenders, so while they offer the lowest rates, your application may be rejected based on their criteria for land mortgage applications.

The best way to avoid wasting time and ensure that you get the best rate possible for your situation is to have a professional mortgage advisor on your side.

These professionals already understand the complexities of large acreage mortgage applications and can do the legwork to ensure that you apply for the right product and get the best deal possible.

Getting a Mortgage on a Large Acreage Conclusion

Take your time to find out what type of mortgage and amount you qualify for before you start hunting for the right large acreage property for you.

This way, you avoid the possible disappointment of falling in love with a property you simply cannot get a mortgage for.

Consult with a professional mortgage advisor today!

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

If you’ve been renting for years and have never bought a property before, buying a house can be exciting and overwhelming.

Understanding mortgages takes a little bit of know-how, and that’s why we’ve pieced together this guide.

Average mortgage rates in the UK have seen many fluctuations over the years, and with some understanding of how they work, you can ensure you secure the best deal available to you.

Below, you’ll learn more about mortgages, how the repayments are determined, how to determine the amount you’re borrowing, and the interest rate you’ll be faced with.

When putting your first footstep onto the property ladder, the mortgage is the most important aspect to understand.

You’ll want to know what you can afford to spend – or what the bank will offer you.

Certain factors influence mortgage repayment amounts, with two factors being the most important:

• Actual amount borrowed
• Interest rate offered

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What Are the Factors that Influence Mortgage Repayment Instalments?

When you purchase a property using a mortgage, three things come into play to determine the amount you’ll pay each month in instalments.

These three things include the total amount you borrow (the cost of the house), how much interest the bank or financial institution adds to the borrowed amount (usually a percentage of the total called “interest”), and the term that’s agreed.

While you may be drawn to the seemingly cheaper monthly instalments when taking out a lengthy mortgage, keep in mind that you’ll pay the loan back over a longer time, which means you’ll end up paying more in interest over the total of the loan contract.

Interest is the tipping scale. Your property could cost you thousands less if you get a good interest rate.

You could pay thousands more if you don’t have the best credit score or can’t get a good interest rate.

There are several reasons why a mortgage provider might offer you a high-interest rate.

If they consider you a risky borrower, you don’t meet all the criteria, if the property market is under stress, or if you’ve had financial hiccups that show on your credit record – these are just a few reasons.

While you don’t have to use a mortgage broker, you may find that a professional with industry knowledge can secure you the best possible interest rate and mortgage deal.

Understanding Interest Rate Calculations

You’ve found the house, and you think you can afford it, but when you apply for the mortgage, you find that the interest rate offered pushes the monthly cost of the house way out of your budget.

Now what? It’s a good idea to understand how interest rates are calculated and how you can get the best possible offer, before you apply for any mortgages.

The interest rate you’re presented with will be determined by the product you choose and how risky the lender sees you as.

You can, of course, reduce the level of risk perceived by the mortgage provider by doing certain things, including:

1.   Increase the deposit you pay

In the UK, most mortgage providers expect you to pay a 10% deposit upfront on your buying property. This is the minimum.

You can expect to receive a better interest rate if you’re willing to pay more.

2.   Take care of old debts

If you’ve got a credit card you haven’t paid, a store account you’ve forgotten about with instalments racking up, or any bad credit, get it sorted out as soon as possible, so it can be cleared from your credit record.

If your credit history shows you’ve been responsible enough to sort out outstanding debts and correct the wrongs, your interest rate may be better.

3.   Understand the risk factors

Unfortunately, sometimes, it’s not easy to avoid a higher interest rate.

For instance, if you’re self-employed or have a complex income or contract and don’t have proof of income in payslips or an employment letter – the lender may see you as a risk, which will reflect in the interest rate.

Sometimes, there’s a way around this, such as having a co-signatory, but it can’t be avoided in other instances.

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4.   Get a professional mortgage broker on your side

Using a professional mortgage broker takes the guesswork out of getting a good mortgage deal.

They know the different mortgage packages, understand how to negotiate the best interest rates, and can assist you with finding the right product for your financial situation.

The Type of Mortgage You Choose Will Impact the Overall Cost

The following types of mortgages are available, each with their own impact on interest rates.

·      Variable Rate Mortgages

Variable-rate mortgages come with interest rates that fluctuate throughout the contract term.

·      Fixed Rate Mortgages

These mortgages feature an interest rate that doesn’t fluctuate for a specific period. It could be 5 years or 10 years, depending on the lender.

For many, there’s security in knowing exactly how much the monthly instalments will be, but this can result in an interest rate higher than the variable because you’re paying for that peace of mind.

·       Tracker Rate Mortgages

Tracker rate mortgages are a version of variable rate mortgages. The interest rate is linked, in most instances, to the Bank of England’s base rate.

·       Interest-Only Mortgages

For many, these mortgages are the most attractive because the monthly instalments are the lowest. The low instalment is due to only paying the interest amount each month.

You can pay more towards the capital amount – that’s your choice.

Once the term of the mortgage comes to an end, the capital amount must be paid off.

The mortgage agreement will stipulate how this is to be done.

·       Part-and-Part Mortgages

This type of mortgage involves paying a portion into the capital debt and a portion into the interest over the term of the contract.

Examples of Mortgage Costs

Using a mortgage broker’s mortgage calculator or asking for assistance in running calculations is a step in the right direction when trying to calculate mortgage costs.

Some examples below are based on mortgage interest rates.

1% Mortgage Rate

On a property of £100,000, you can expect to pay £598,49 per month over 15 years, £459,89 per month over 20 years, £376,87 per month over 25 years, and £321,64 per month over 30 years.

3% Mortgage Rate

On a property of £100,000, you can expect to pay £690,58 per month over 15 years, £554, 60 per month over 20 years, £474,21 per month over 25 years, or £421,60 over 30 years.

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Consult with a Mortgage Broker

Of course, the above estimations are just estimates. Several factors will play into the final interest rate and instalment amount on your mortgage.

For more personalised advice and guidance when seeking out a mortgage deal, consult with a professional mortgage broker today.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

While mortgage protection insurance isn’t compulsory in the UK, it’s certainly worth some consideration, especially if you don’t have hefty savings that will cover your mortgage instalments if you find yourself out of work for a while.

In such instances, you’ll face a financial burden and the added stress of being unable to afford your accommodation.

According to the House of Commons Library, employment levels fell by 207,000, with the unemployment rate now at 4.3%.

This indicates that 1.46 million people in the UK, 16 years and older, are unemployed.

For some, a gap in employment is unavoidable, and there’s no knowing if that unavoidable situation may be yours anytime in the future.

Death, disability, and sickness are all very uncomfortable and unfortunate scenarios that may present financial hurdles that affect mortgage repayments.

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For many, there are strong arguments to avoid mortgage protection insurance.

For instance, some people investing in a property may already be financially strained and consider insurance a non-essential additional expense.

Others may feel that job loss, death, or similar will never be an issue they’ll have to face.

While these may seem like viable reasons to avoid insurance when everything is running smoothly, no one can genuinely be sure when or if emergencies and financial downturns might strike.

Ensuring that you have a plan in place for emergencies or unforeseen circumstances is important when investing in property.

If you face unemployment or financial hiccups, you may be forced to sell the property or other assets to cover costs. Having mortgage protection insurance in place can provide peace of mind.

Important Things You Need to Know About Mortgage Protection Insurance

There are a few things you need to know about mortgage protection insurance in the UK before you start looking for the right policy.

The mortgage protection insurance policy will stipulate all the terms of your agreement.

In most instances, the policy will only kick in if you’re out of work or unable to pay for a certain time, usually 30 to 60 days.

This is the exclusion period, which means that the policy must be at least 30 to 60 days old before you can process any claims.

If this is the case, your insurance will pay a certain amount each month.

In some instances, when cover is included for additional bills, the insurance provider will pay out 125% of the mortgage instalment.

Most policies will have a cap on the time it pays out. For instance, some providers will pay for 12 months and others for 24 months.

Mortgage protection insurance protects your mortgage payments, which means the money is paid directly to you, not your lender.

Types of Mortgage Protection Insurance Available to UK Property Buyers

There are several types of mortgage protection insurance products for homeowners to choose from. Some of these include:

1. Critical Illness Insurance

If you happen to fall ill or become disabled, a lump sum can be paid out.

No tax can be charged on this type of insurance payout and can be used to help cover the costs of daily living, medical expenses, and so on.

Each insurance provider specifies critical health conditions covered, affecting your payout after diagnosis.

Common illnesses in critical illness insurance include stroke, organ transplants, and heart attacks.

2. Income and Redundancy Insurance

When becoming ill, injured, or losing your job, the last thing you want to worry about is losing your home too!

And that’s where income and redundancy insurance comes in.

This type of insurance is useful if you lose your job, can’t work due to injury/illness, or become temporarily unable to work due to an accident.

The insurance will kick in and help you cover bills, including outstanding loans and mortgage instalments. Income and redundancy insurance will cover lost income until you get back on your feet.

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3. Mortgage Life Insurance

If you have a partner, children, or family members who you want to spare from the cost of your mortgage if you pass away, having mortgage life insurance is a good option.

The lump sum provided will usually cover the outstanding amount of the mortgage.

In some instances, depending on how you set the policy up, extra funds may also be provided to help with additional expenses the family might face.

Related reading: 

• Reasons for remortgaging.
• Remortgaging to release equity.
• Remortgaging to buy another property.
• Remortgaging with bad credit.
• Remortgaging for home improvements.
• I own my house outright can I remortgage? 
• Capital raising mortgages.

Factors Affecting the Cost of Mortgage Protection Insurance

Several factors affect the final cost of mortgage protection insurance each month.

These include:

• Current age
• Salary
• Job
• Mortgage instalment amounts

An individual, who works in an office job, is less likely to become injured due to work.

Therefore, the cost of their insurance may be less than someone who climbs buildings or trees for their work.

You could also pay more if you want special conditions such as a reduced waiting period or additional scenarios that may stop you from working.

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How Do I Find the Right Mortgage Protection Insurance for Me?

Setting mortgage protection insurance in place is important for safeguarding you and your family from financial distress in the future.

While it’s not compulsory, it is considered a responsible financial step.

Finding the right mortgage protection insurance will take a bit of planning and forethought.

If you don’t have mortgage experience or aren’t familiar with mortgage protection products, it’s in your best interests to consult with a mortgage advisor.

When approaching a mortgage advisor, have your current mortgage amount available along with your personal particulars.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

Divorces and separations are common in the UK, with statistics showing that there were 28,865 divorce applications made between January and March 2023, including partnership dissolutions.

However, most people don’t plan their mortgages around such eventualities or even know what happens to a mortgage after divorce or separation.

Here’s everything you need to know about what happens to a joint mortgage after divorce or separation.

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Will You Continue Paying the Mortgage After Divorce or Separation?

Yes. If you and your partner’s names are on the mortgage, you’ll both remain liable for repaying the mortgage after divorce or separation until the mortgage is paid off.

A joint mortgage involves an agreement for equal liability, so you must continue making payments even if you don’t live on the property.

If you miss payments, you can damage your credit score and that of your ex-partner or lose the property in a repossession in the worst-case scenario.

You must also avoid forcing your ex-partner to pay more because it can be used against you in future financial disputes.

How Should You Deal with A Joint Mortgage After Divorce or Separation?

Start by Speaking with Your Lender

Contact your lender when you’re sure you and your partner are divorcing or separating, especially if you fear you’ll struggle with repayments.

Most lenders are sympathetic to divorcing or separating couples and can provide payment holidays that help ease the added financial burden.

It can provide breathing space to deal with the initial separation, but it’s usually temporary, and you’ll need to look for a long-term solution.

Sell the House and Move Out

Selling the property, paying off the mortgage, and moving out to go your separate ways is usually the most straightforward option.

The equity left after paying off the mortgage will be a marital asset and is usually divided between the two of you.

Agreeing who gets what is usually the cheapest and quickest solution, but it can be open to dispute, and you may need to settle the matter in a divorce court if you can’t reach an agreement.

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Keep the House and Transfer Ownership

You can also keep the house and transfer ownership to one person’s name, either you or your ex-partner.

It can be a suitable solution if either one of you wants to assume sole ownership and remain in the property, or you have children and want to ensure they can still grow up in the home.

You’ll need to apply for a transfer of equity to change the legal ownership of the property on which there is a mortgage.

A licensed conveyancer can come in handy, but the lender must agree, and the sole owner must show they can afford repayments after the separation.

Buying Your Partner Out of A Mortgage After Divorce or Separation?

You can buy out your partner and take over the mortgage after divorce or separation.

You’ll need to show the lender that you can afford repayments without the help of your ex-partner, and they’ll assess you like a new applicant, including looking at your income and monthly expenses.

The lender will only agree to remove the other party from the joint mortgage if you pass the affordability assessment.

Can I Get A Mortgage After Divorce or Separation?

Getting a mortgage after divorce or separation can be challenging, especially if you can’t afford payments alone.

However, you can easily qualify for a guarantor mortgage.

Guarantor mortgages involve incorporating a close family member, like a parent or sibling, who agrees to take responsibility for mortgage repayments when you’re unable to repay.

A guarantor mortgage can be suitable if you want to retain the property, but can’t prove that you can cover mortgage repayments alone.

It provides lenders with more peace of mind since the guarantor will usually put up collateral like their own property, so the lender can pursue them for unpaid debts in case you default.

You can also use a guarantor mortgage to buy property elsewhere after selling your home.

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Can I Use Child Support to Get A Mortgage After Divorce or Separation?

Whether you can use child support income to get a mortgage after divorce or separation will depend on the lender.

Lenders have varying approaches when it comes to child support and mortgages.

Some will consider the entire child support payment when reviewing your application and deciding whether you can afford repayments.

Some will only consider a percentage of the child support income, while others will not include it all when assessing your application.

Some lenders will only consider child support income if the court has ordered it, and it has over 5 years to run, or you’ve received it for at least 12 months.

You can increase your chances of getting a lender appropriate for your situation by consulting an independent mortgage advisor or broker with experience arranging such mortgages.

Can My Ex Sell the House If I’m Not on the Title Deed or Mortgage?

If you’re worried your ex will sell the home because you’re not on the mortgage or title deed, don’t be.

You still have a claim and rights to the property, since the marital home is considered a joint asset when divorcing in the UK.

Your ex cannot force you to leave, and you simply need to register a notice of home rights with the Lands Registry to stop your partner from selling without your consideration.

The process is free, and you may need to go through different forms depending on whether the property is registered or unregistered.

The notice of home rights is only short-term and will guarantee your right to live on the property until the divorce is finalised, or a court agreement is reached.

You can stay for a longer period on the property if the court issues a continuation order due to an ongoing dispute about who owns what.

Related reading: 

• Reasons for remortgaging.
• Remortgaging to release equity.
• Remortgaging to buy another property.
• Remortgaging with bad credit.
• Remortgaging for home improvements.
• I own my house outright can I remortgage? 
• Capital raising mortgages.

Divorce & Separation Mortgage Final Thoughts

Understanding what you should do about your mortgage after divorce or separation can be challenging, but it doesn’t have to be.

Consulting an independent mortgage advisor or broker can ensure you get expert advice and guidance on the best course of action for your situation.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

You’ll need at least a 5% deposit for a mortgage thanks to the UK government’s Mortgage Guarantee Scheme, which lasts until December 2023.

Saving up for a mortgage deposit is one of the first steps to homeownership, so knowing how much you need can give you a target to work towards.

Here’s everything you need to know about how much a deposit for a mortgage is in 2023 and how it affects the type of mortgage you get.

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How Much Deposit Do You Need to Get A Mortgage?

A minimum mortgage deposit of 5% of the property’s purchase price can get you a mortgage and help you get onto the property ladder.

The deposit amount you’ll need is usually worked out as a percentage of the value of the property you want to buy.

Mortgages are typically available at up to 95% loan-to-value (LTV), meaning you’ll need a 5% deposit and borrow the rest with the mortgage to make up the total cost of the property you’re buying.

For example, for a property worth £200,000, you’ll need to save a deposit of £10,000 (5%) to qualify for a 95% LTV mortgage, where the mortgage covers the remaining £190,000.

Related reading: 

• Reasons for remortgaging.
• Remortgaging to release equity.
• Remortgaging to buy another property.
• Remortgaging with bad credit.
• Remortgaging for home improvements.
• I own my house outright can I remortgage? 
• Capital raising mortgages.

How Does Deposit Size Affect Mortgages?

Generally, higher mortgage deposits allow you to qualify for more mortgage deals and better rates, as more lenders will be willing to consider your application.

Low deposits will limit you to a few lenders, and they’ll likely have more stringent criteria you need to meet.

Your choices will improve as your deposit gets bigger, as it opens you to a bigger pool of lenders with more competitive deals.

The deals get better every time your deposit increases by 5%, so you can target milestones of 10%, 15%, 20%, and above to get attractive mortgages.

How Much Deposit for A Mortgage Will You Need to Save?

How much money you need to save for a mortgage deposit will depend on where you buy your property and the monthly repayment costs.

You can speak to local house agents for a rough idea of local house prices, or use property portals like Zoopla or Rightmove.

The amount of deposit you save will determine the monthly mortgage repayments.

Each repayment covers a portion of the interest and the capital, so a big deposit translates to a smaller loan and less interest in total.

You can work out how much a mortgage will cost you each month, and if the repayments are too high, you can save a bigger deposit to reduce the cost.

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Should You Save A Bigger Deposit for A Mortgage?

Yes! Here are a few reasons why you should consider saving more:

• Cheap repayments – The bigger the deposit, the smaller the loan you’ll need, translating to more affordable monthly repayments.
• Improved chances of acceptance – A low deposit will translate to higher monthly repayments, meaning you’ll have to spend more monthly and will likely fail affordability checks conducted by lenders to determine how much you can afford to repay based on your income and outgoings.
• Better deals – With a larger deposit, lenders will view you as less risky and will be more willing to offer the best deals with the lowest rates. The best rates on the market are usually available when you have over 20% as a deposit for a mortgage.
• Less risky – A bigger deposit allows you to own more of your property outright and reduces the chances of falling into negative equity in case house prices fall. Negative equity means you owe more on the mortgage than what the property is worth, making it challenging to switch mortgages or move houses.

Can I Get A Mortgage With Zero Deposit?

Yes. However, your options will be limited since only a few lenders offer 100% mortgages where you borrow the full property value without a deposit.

In most cases, mortgages with zero deposit are only available through guarantor mortgages, which involve a parent, family member, or friend agreeing to take on some of the risk involved in taking out a mortgage.

They guarantee to take on the responsibility for mortgage repayments if you cannot make them.

It usually involves securing the loan against savings deposited in a dedicated account or a property they have equity in.

Mortgages with zero deposits usually carry higher risks of falling into negative equity if house prices fall.

Lenders offering such options will be limited because of the risks involved, and you’ll likely pay more in interest and fees.

What Government Scheme Can Help Reduce The Size of Deposit for A Mortgage?

Some government-backed schemes that can significantly reduce the amount you’ll need as a deposit include:

• The Mortgage Guarantee Scheme – This scheme aims to encourage lenders to provide more 95% LTV mortgages in the market and allow people to buy properties with only a 5% deposit. The government shares some of the mortgage risk with the lender and can compensate them in case of a default.
• Shared Ownership – These mortgages involve borrowers owning a share of the property and paying reduced rent on the remaining portion. It results in smaller mortgages, which translate to lower deposits depending on how much of a share of the property you own.
• The Right to Buy Scheme – This scheme allows eligible social housing tenants to purchase a council home at discounted prices or without a deposit. You can even use the discount for the deposit among some lenders.
• Lifetime ISAs – These are savings accounts you can use to build up money for your first home if you’re aged 18 to 39. The government adds a 25% tax-free bonus for every year you hold one of these accounts, which can help you quickly save a deposit.

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How Much Is A House Deposit Final Thoughts

The amount of mortgage deposit you need can depend on your circumstances, so it’s wise to consult an independent mortgage advisor who can help you get the best deal for your situation.

They can assess your finances and the property you want to buy and help you determine how much you need to save as a deposit.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

If you’re self-employed in the construction industry in the UK, you’re not alone.

According to Statista, in the second quarter of 2023, around 783,000 workers who are self-employed live in the UK’s construction industry.

Buying a house can be overwhelming, especially financially.

If you work in the construction industry, you may find yourself wondering if you’ll even qualify for a mortgage in the first place.

You may have heard the term “construction industry scheme” mortgage or CIS if you’re trying to get a mortgage and work in the construction industry.

While there is no official CIS product in the UK, mortgages are available for construction industry workers.

It’s sometimes called a CIS mortgage if an applicant applies for a mortgage using the CIS scheme.

In this guide, we cover how to go about getting a mortgage as a construction worker using the CIS scheme.

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What are CIS Mortgages & How Do They Work?

If you don’t have 3 years of accounts or declare a low net profit, CIS mortgages are the ideal option.

The reason for this is that instead of using filed accounts, construction workers are allowed to apply for mortgages using the gross income on their payslip.

For self-employed individuals, CIS mortgages prove to be helpful in getting a better mortgage deal.

Self-employed individuals usually aim to write off as many of their expenses as they can against their earnings in an effort to reduce taxes.

For a self-employed person, this can have a negative effect on their mortgage application because lenders will base their affordability assessment and decision on the person’s net profit figures.

In such instances, self-employed people find themselves qualifying for low mortgage amounts.

The HMRC created the Construction Industry Scheme (CIS).

The scheme allows contractors to deduct money from subcontractors to pay the HMRC.

These are advance payments as contributions to a subcontractor’s National Insurance and tax.

Contractors do not need to register for the CIS, but contractors must.

If subcontractors fail to register for the scheme, the deductions from their earnings will be higher.

Subcontractors receive payslips that detail both net and gross income. This proof of income can be used when applying for a mortgage.

Using the Construction Industry Scheme, lenders can calculate whether the loan is affordable by assessing the gross income instead of net income.

When possible, the mortgage amount the individual qualifies for may be increased.

Related reading: 

• Reasons for remortgaging.
• Remortgaging to release equity.
• Remortgaging to buy another property.
• Remortgaging with bad credit.
• Remortgaging for home improvements.
• I own my house outright can I remortgage? 
• Capital raising mortgages.

Quick Overview of CIS Mortgage Benefits

Several benefits are expected when applying for a mortgage through the construction industry scheme.

For starters, CIS workers can borrow more, as lenders will assess their gross income instead of their net income.

As a result, you’ll have access to more viable deals.

While lenders usually need around 3 years of accounts to qualify, CIS workers can often provide just 1 year.

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Eligibility Requirements for CIS Mortgages

The CIS is a scheme that’s only available to self-employed people working within the construction industry.

You’ll have to apply with a specialised lender, as not all cater to CIS scheme applications.

Lenders have their own criteria and assess each application based on individual merit.

Generally, criteria include:

• 6 months CIS payslips (minimum of 3 in some instances
• 6 months most recent bank statements (minimum of 3 in some instances)
• Tax at 20% must be deducted on the scheme

How Much Can CIS Workers Borrow, and What is the Required Deposit?

How much you can borrow will depend on the overall affordability of the loan.

When applying via the CIS, the lender will review the last 3 to 6 months of the applicant’s bank statements.

A person’s gross income is used to calculate how much they make annually.

Of course, the average monthly expenses, other financial arrangements such as loans and credit cards, and credit scores will be used in the assessment process.

There’s a limit to how much an applicant can borrow, usually capped at four times their annual income.

A 10% deposit is recommended, but in some instances, mortgages can be made available with a 5% deposit.

Applicants looking for the best mortgage deal can benefit from saving more for a deposit.

A 15% to 20% deposit would be best advised in such instances.

Steps to apply for a CIS Mortgage?

The first step should always be to consult with a professional mortgage advisor.

The advisor who understands the industry and the construction industry scheme will be able to advise you on the ins and outs of applying for a CIS mortgage.

You should also follow these steps:

• Check your eligibility

Working in the construction industry doesn’t automatically qualify you for a CIS mortgage.

In addition to proving your profession in the industry, you will need to prove the affordability of the loan instalments.

A professional mortgage advisor can be consulted to determine if your earnings will be eligible for the mortgage you’re interested in.

• Have payslips available

You will need to provide your last 3 to 6 months of payslips for the lender to assess.

These will be compared with your bank statements.

• Ensure your credit profile is accurate

It’s a good idea to check your credit profile on a regular basis to ensure it’s accurate.

If you’re worried that checking your credit score will negatively impact it, don’t be.

Checking your credit score is allowed and will give you an idea of what lenders can see when they do a credit check on you.

If you have bad credit, only certain lenders may be willing to assist you, but the rates may be higher while the mortgage amount is lower.

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Construction Industry Scheme Mortgages Conclusion

If you’re a self-employed person in the construction industry in the UK, you’ll have access to better deals by applying via the construction industry scheme.

Registering with the scheme is a great step in the right direction.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.