Please note I have a new updated post on this subject (19/09/2013)
click on the link>> 6 times income mortgages
Is Your House Feeling Smaller?
Seasons greetings. I thought I drop you a line on the latest in the world of mortgages in the run up to the festivities.
Christmas time is a normal time to start looking around for a new house as your decorations and visitors can bring the realisation that you may need more space. The trick is to be first out of the blocks ahead of all the other would-be purchasers who have also made New Year Resolutions to move. Next year will see a greater scramble as the first time buyers will see the Stamp Duty threshold drop back to £125,000 on 25th March 2012 from £250,000.
So to give yourself a practical head-start over the competition you should obtain a ‘Decision-In-Principle’ (DIP) from the lender. That way you can approach the estate agent knowing that your finance is in place thus improving your standing and negotiation power. We can help you obtain a DIP ahead of the New Year and once in place it can last 2 to 6 months (and can often be easily extended) which should give you ample time to search in earnest for the home you want.
Here is a quick list of the some of the customers we can now help:
• Up to 6 times income
• Self employed with one year’s accounts
• Employed applicants in a probationary period
• Purchases with 10% deposit*
• Capital raising remortgages to 85% of the property value
• Buy-to-lets with just a 15% deposit
• Self build projects
• Adverse credit history
* Just 5% deposit if you are able to get support from your parents (subject to geographic location).
Products of the Week
Residential
2.45%, Bank of England Base Rate plus 1.95% for 2 years
£495 lender’s arrangement fee.
Overall cost of comparison APR 5.0.
This offer requires a minimum deposit or equity of 25%.
4.19%, 1.45% discount for 2 years
£1,090 lender’s arrangement fee.
Free valuation.
Overall cost of comparison APR 5.5.
This offer requires a minimum deposit or equity of 10%. Fees cannot be added.
Buy-to-let
3.39%, Bank of England Base Rate plus 0.50% until 31/12/2013
1% lender’s arrangement fee.
Free valuation. Free basic remortgage legal fees.
No early repayment charges.
Ideal for novice and professional landlords.
Overall cost of comparison APR 5.0.
This offer requires a minimum deposit or equity of 40%.
I’m Here Offer Free & Impartial Advice
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.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.
