Are free legal products a gimmick? Most of the leading lender's and building society’s offer a free legal basic service on remortgages – but why? The mechanics Firstly, the Conveyancers will not be undertaking their work for love so you ahve to take this in mind when it comes to free legal products. The cost will be factored into the Mortgage Lenders product pricing model. For example, the … [Read more...]
Mortgage and Property Down Valuation
What can I do if my Mortgage Lender down values my property. How does this property Down Valuation effect my chances of getting a mortgage. Property Down Valuation is infuriating to all concerned if it reduces the amount you can borrow from a Mortgage Lender. One of the first stages of grief is anger: turning on medical staff and question their professional opinions from an inner belief that you … [Read more...]
Bank Statements for Mortgage Applications
Best format for gathering your bank statements for Mortgage Applications including how to get statements with https:// on them. In our experience, one of the biggest causes of delay when gathering documentation for mortgage applications is gathering bank statements which should be pretty straightforward. However, as so much has now moved online applicants are increasingly finding it more … [Read more...]
Questions & Answers in regards to the new New Stamp Duty Rules
Questions & Answers in regards to the new New Stamp Duty Rules and how it can impact second homes. Please see table of Stamp Duty rates below, in short if you own more than one house then the second house rate applies unless it is to change the main residence. The new rates are heavy so many of my clients have been gravitating towards holding their mortgages inside Limited Companies to … [Read more...]
What is the Mortgage Credit Directive
What is the Mortgage Credit Directive and how it will impact some Mortgages in the UK In essence this European Legislation has been bought in to raise standards and standardise documentation across the Member States to improve consumer protection and make cross-border trading more accessible. The UK mortgage market has been regulated for a number of years so the transition will be relatively … [Read more...]
Mortgage Conveyancing explained
What does a Mortgage conveyancer /solicitor do when a property is purchased and how does this effect my house purchase chances? My role as a Mortgage Broker is to obtain finance to purchase a property requires me to keep you updated until the mortgage is agreed. Mine and the lenders charges are clearly specified at outset. This approach is what my customers expect however unless my … [Read more...]
HMRC SA302 & Tax Year Overviews for getting a Mortgage
Evidencing income you self-declare tax on - SA302 & Tax Year Overviews for Mortgage Lenders. A HMRC SA302 & Tax Year overviews will be required for any given year requested. Please read below for some guidance on what you need to do when to get hold of these documents. How do I obtain this information? HM Revenue & Customs (HMRC) provides the information online. Type in HMRC … [Read more...]
Write a Will in 2014 and protect your loves ones
I can put off writing my Will – can’t I? New Year’s Resolutions are apparently made to be broken, and many people set off at the turn of the year with good intentions to write their Will but here we are in February and so it goes on. The truth is if you are one of them you are not alone; with about 65 per cent of the adult population having the same lethargy. All I can conclude is that … [Read more...]
Redundancy Insurance options
Legal & General ‘Lifetsyle’ Redundancy Cover Reviewed Loosing your job is a scary thought for most employees so protecting your income through redundancy cover is an excellent idea. This is even more important if you have taken on a large credit commitment such as a mortgage or loan. In recent years taking out unemployment cover has been an expensive exercise and those who chose to do it … [Read more...]
Free Tax Assessment On Your Buy To Let With Multiple Occupants
Buy to Let Tax advice service We have been coming across a number of clients who are paying too much tax on their existing buy to lets with multiple tenants in them. It’s not their fault, and it’s not even obvious to their accountants who often are multi-facetted not necessarily property tax experts. The key area that is often missed is the property capital allowance element. If you think you … [Read more...]