Category: bank of mum and dad

What’s available for your first property purchase?

Looking at purchasing your first property?  First Time Buyers will usually require a minimum 5% deposit, but product availability increases with a 10%+ deposit.  Some lenders will allow a 5% builders deposit, but this must be confirmed as a gift and non-repayable. Some lenders will allow the deposit to come as a gift from the […]

Be aware of who is credit searching you, and when.

We have had a few customers contact us for a mortgage who have been totally unaware that they have had a number of credit searches carried out following recent searches for competitive renewal quotes on their home or car insurance via Comparison Websites.   I’m sure it will be stated somewhere in the small print, but […]

Coming to the end of the mortgage product term. What next?

We’re seeing some issues for those coming up to the end of their product promotional rate period, especially where the lender is not offering them anything attractive to stay.  Lenders want to lend, but in some cases are not able to, or may choose not to, even to existing customers.   The simple reason being that the […]

The Bank of Mum and Dad is huge!

First Time Buyers trying to get on the property ladder will turn to the Bank of Mum and Dad to borrow more than £6.5bn this year, according to a report from Legal & General.  This equates to nearly 25% of UK property transactions and similar to being the country’s ninth biggest mortgage lender! The report […]

Big month for Divorces and many rates have dropped..

Happy New Year!  I hope it is a successful and enjoyable one for you all. Over the Christmas period, we have seen a number of rates drop as lenders seek to attract new business. One example is from the nice people at Virgin Money who have reduced rates on their first time buyer products to […]

Life does not end at age 70!

You may be surprised to hear this, but life does not end at age 70!  This is despite a majority of mortgage lenders requiring full repayment of their loans at this age.  Normally, a high street lender will allow a mortgage term to last until the applicants usual retirement age.  This used to be 65, […]

Parental support might help achieve your dream home

Horsham is a popular location and as a result scores highly in the property price stakes. That said there are many ‘would be’ homebuyers with an appetite more expansive than their budget and this can be a deal breaker if income and deposits do not meet lender criteria. This is where parental support can help. […]

Great time to be a First Time Buyer…

First Time Buyers are in the limelight again this week as lenders adjust criteria in order to assist.  The Saffron Building Society offers a 95% loan to value product which used to require the customer to have a twelve months rental history with a professional letting agent.  The lender has now removed this requirement entirely […]

Age is not an issue when it comes to mortgages.

You may have seen last week’s Watchdog where an article covered the maximum age that most high street lenders will allow customers to keep their current mortgage to.   The report, in the main, suggested that on the high street the term of a mortgage must finish when a customer’s age reaches 70.  A small number […]

Lenders targeting those with small deposits.

According to the Council of Mortgage Lenders (CML), gross mortgage lending fell in January by 9 per cent.  Lenders advanced £10.4bn, compared to £11.4bn in December.  This surprised me as with rates so low, the mortgage market has been buoyant with activity.  AToM reported our third best month, for four years, in January!  February was […]