Published 8 November 2011 · Last reviewed 6 July 2017 · Older article — see current rates

Want a Mortgage that enables you to borrow 6 times your Income with just a 10% deposit? Read on.

This week news is very positive indeed as it has witnessed lender’s starting to relax their affordability criteria.

We can now offer six times single or joint income a massive step forwards in terms of borrowing potential. If I have quoted you in the past and you came up short now is the ideal time to revisit this so I urge you to call before the lenders change their policy.

The enhanced borrowing mortgage is open to customers with at least a 10% deposit (or 10% equity if remortgaging) who have a good credit record and credit score. I can normally obtain a formal decision from a lender on the amount you can borrow within a day. So why not call now to see if you qualify and find out where you stand?

First Time Buyer / Guarantor Solution

Guarantor mortgages are a very useful way of climbing on the mortgage ladder however traditionally they were reserved for applicants on a defined career progression, such as trainee accountants and solicitors, whose parents would ‘guarantee’ the payments and be accountable for one hundred percent of the liability. So only the select few would qualify and even if they did their parents were reticent.

Well – good news! – We can now rip up the onerous rule book and can provide a solution with a much broader appeal:

• Designed for those short on income
• Not restricted by the nature of the occupation
• Do not need to be on a career progression
• Family members or someone with a close long-term relationship to the applicant can act as guarantors (former spouses will not be accepted).
• Minimum deposit 15% (25% for new build flats)
• Guarantors need to demonstrate affordability to cover their existing commitments as well as the new mortgage
• Guarantors can limit their liability to 30% (40% if the mortgage defaults).
• Open to applicants and guarantors resident in the UK without impaired credit

Homemover Solution

Want to borrow more but the ‘computer says no’.  I may have the very solution for you:

* Decisions made by an underwriter not a computer points system
* Established businesses that need affordability assessed on the latest year’s figures
* Self employed trading one year welcomed
* Inland Revenue SA302s taken in lieu of accounts100% of regular bonus and overtime taken
* 100% of a second job taken
* Declared rental and investment income taken
* Minor credit problems considered

Quick Tips

Improve your chances of success.
Make sure that you retain your financial documents such as bank statements, utility bills, mortgage statements, payslips and P60s. The production of these to a lender can save valuable processing time.

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I’m always available to discuss your requirements or respond to your emails.

My firm is not linked to any bank, building society or estate agent so we have offer impartial advice at all times.

To find out how we can help you with your mortgage please complete our enquiry form seen on the right hand side of this page or if its more urgent please call me on 0207 9932044. 

Payam Azadi is a partner at Niche Advice Ltd who are Independent Financial and Mortgage Advisers in London.