{"id":9063,"date":"2019-08-15T11:49:51","date_gmt":"2019-08-15T10:49:51","guid":{"rendered":"https:\/\/www.impactsf.co.uk\/?p=9063"},"modified":"2019-08-16T08:57:48","modified_gmt":"2019-08-16T07:57:48","slug":"product-innovation-hero-mortgage","status":"publish","type":"post","link":"https:\/\/www.impactsf.co.uk\/index.php\/2019\/08\/15\/product-innovation-hero-mortgage\/","title":{"rendered":"Product innovation &#8211; Hero Mortgage, 95% Loan, Large income multiples and Help to Buy"},"content":{"rendered":"<p style=\"font-weight: 400;\">Innovation is key in the current climate and we must applaud the lenders who are defining the way of the industry and providing mortgages for certain types of customer.<\/p>\n<p style=\"font-weight: 400;\">The main issues currently result around income multiples, loans size compared to the value of the property and catering for those over the age of 55.<\/p>\n<p style=\"font-weight: 400;\">Two recent examples come from one of our specialist lenders, Kensington Mortgages.\u00a0 I don\u2019t normally single out a lender, but these guys are doing a great job.<\/p>\n<p style=\"font-weight: 400;\">Firstly, they\u2019ve launched the \u2018hero\u2019 mortgage. National and Govt stats suggest that:<\/p>\n<ul>\n<li style=\"font-weight: 400;\">Over 150,000 people are employed in the Army, Navy and RAF.<\/li>\n<li style=\"font-weight: 400;\">More than 1.5 million work in the education sector<\/li>\n<li style=\"font-weight: 400;\">Nearly 300,000 men and women are working as police officers and firefighters.<\/li>\n<li style=\"font-weight: 400;\">Over 1.7 million people work for the NHS<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-medium wp-image-9091 alignleft\" src=\"https:\/\/www.impactsf.co.uk\/wp-content\/uploads\/2019\/08\/innovation_impact-300x191.jpg\" alt=\"innovation\" width=\"300\" height=\"191\" srcset=\"https:\/\/www.impactsf.co.uk\/wp-content\/uploads\/2019\/08\/innovation_impact-300x191.jpg 300w, https:\/\/www.impactsf.co.uk\/wp-content\/uploads\/2019\/08\/innovation_impact-768x488.jpg 768w, https:\/\/www.impactsf.co.uk\/wp-content\/uploads\/2019\/08\/innovation_impact-600x381.jpg 600w, https:\/\/www.impactsf.co.uk\/wp-content\/uploads\/2019\/08\/innovation_impact.jpg 850w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>They aim to help these \u2018heroes\u2019 to own their ideal home.\u00a0 This can include over 5 x income and thinking outside the box when it comes to complex scenarios.<\/p>\n<p style=\"font-weight: 400;\">Secondly, they will cater for those with just a 5% deposit who may have had a blip or two in the past.\u00a0 This can include CCJs, Defaults, Payday loans and Debt Management Plans.\u00a0 Terms and conditions apply and some need to be older than twelve months.<\/p>\n<p style=\"font-weight: 400;\">Help to Buy is increasingly in demand and again, it does not matter if there has been a small financial blip.\u00a0 There are lenders looking to assist and will look at a wide range of customers.<\/p>\n<p style=\"font-weight: 400;\">Finally, we have seen a couple of lenders publish that they will consider loans of 6 x income.\u00a0\u00a0The lender has a duty of care to make sure you can afford your mortgage today, as well as when rates rise, and specifically to it being considered affordable over a five year period.\u00a0\u00a0\u00a0We have seen the introduction of affordability models.\u00a0\u00a0The amount you can borrow will depend on your monthly net income set against expenditure and living costs.<\/p>\n<p style=\"font-weight: 400;\">This works positively for the right loan to value, right affordability and right customer, as lenders are willing to offer a little bit more if you fit their specific affordability model.\u00a0\u00a0Some we\u2019ve seen have been well in excess of 6 x income.\u00a0\u00a0So speak to a specialist who has access to the whole market, can offer such opportunities and make the right\u00a0<a href=\"https:\/\/www.impactsf.co.uk\/index.php\/mortgages\/\"><strong><em>impact<\/em><\/strong><\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Innovation is key in the current climate and we must applaud the lenders who are defining the way of the industry and providing mortgages for certain types of customer. The main issues currently result around income multiples, loans size compared to the value of the property and catering for those over the age of 55. [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"slim_seo":{"title":"Product innovation - Hero Mortgage, 95% Loan, Large income multiples and Help to Buy - Impact Specialist Finance","description":"Innovation is key in the current climate and we must applaud the lenders who are defining the way of the industry and providing mortgages for certain types of c"},"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/9063"}],"collection":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=9063"}],"version-history":[{"count":0,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/9063\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=9063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=9063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=9063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}