Mortgages
Your home may be repossessed if you do not keep up repayments on your mortgage
Most Buy-to-Let mortgages are not regulated by the Financial Conduct Authority
Residential Mortgages
If you are not aware of the buying process it is strongly suggested to speak to an adviser who can explain timelines, help you budget and ensure you understand all the financial terms so that you take out the most suitable mortgage. See our knowledge base for general information. Some banks have enhanced or favourable criteria for professionals, contractors, company owners and unusual income types. We can guide you to the most favourable lender to take this income in its entirety.
Buy to Let
Buy to Let has become a far more complicated area of finance. The UK government and regulatory authorities (Prudential Regulation Authority) have made several changes to protect market integrity. There are more stringent affordability checks as well as changes to the tax relief landlords could previously use. It is very important to have a clear strategy and understanding of the long-term arrangement of the Buy to Let as to change the structure in the future can be difficult and costly. It is important to have an accountant or tax adviser who can help with the relevant tax advice as well. Pure Buy to Let mortgages and Loans by way of business is not a regulated product and therefore the protection that is afforded to regulated products is not covered. * The Financial Conduct Authority does not regulate most Buy to Let Mortgages.
Contractor Mortgages
There are a growing number of consultants who derive their income from contracts instead of permanent positions. Lenders can be cautious as contracts often do not offer long term security and can require a self-employed tax set up. We work with the right lenders who consider your experience and if you have any expenses. Some can consider contract value instead of profits or drawn income. Choosing the right lender can hugely impact lending so is very imperative to approach the right lenders with the correct format.
Borrowing into Retirement
Lending into retirement is complicated as income may reduce and the term of the loan is often much shorter. There are options from specialist lenders however, particularly if you have a strong income, pension, significant assets or a large amount of equity. We have lenders who can help you downsize, remortgage, equity release or refinance your current debt.
Interest Only Mortgages
Interest only mortgages have had poor press due to historic poor-selling and lack of planning and as a result, criteria is far stricter. Interest only mortgages are still available, and we have a large variety of lenders who can offer the option however it is imperative to discuss the financial implications and consider thoroughly with an adviser the repayment strategy. Cash, pensions, bonuses as well as other assets can also be considered in overall wealth and if it makes sense then we can help you arrange this type of lending. Part and Part is a modern alternative where a portion of your mortgage can be on interest only and a portion on repayment to reduce the outstanding liability at the end of the mortgage term.
Private Bank Mortgages
Private banks are no longer for the ultra-wealthy, a lot offer competitive mortgage products, often a bespoke, tailored product. Private banks will usually take a common-sense approach instead of using a list of criteria to fully understand an individual’s circumstances. Private banks will look at larger mortgages, complicated income streams, unusual properties or quirks that high street lenders do not like. Generally borrowing needs to be in excess of £500,000 or income in excess of £250,000. Private banking options are often led by relationship. We have built strong contacts with most private banks to open options where high street lenders have not been able to assist.
Self-employed Mortgages
If you are self-employed the chances are you do not have a simple income structure. This can be frustrating if you do not pay yourself a large salary or have not been trading for long. Every lender works differently as some may just look at an average of your salary and dividends over the last three years. Others can read into your accounts to understand the income that the company is generating. We can advise how best to present your income and to which lender.