Consumer Buy To Let Mortgages Explained: A Complete Guide
Expert Mortgage Brokers
by Jahed Mirza
1w ago
This article will explore how a consumer buy-to-let mortgage could be the right choice for you. We will help you decide if this option is right for you and explain how getting expert help can be important in getting the best rates. What exactly is a consumer buy-to-let mortgage? A consumer buy-to-let mortgage, also known as a ‘CBTL,’ is a special financial product for accidental landlords, like those who inherit property or rent out their previous home. As it’s regulated by the Financial Conduct Authority (FCA), it provides the consumer with a similar level of protection as a residential mortg ..read more
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Let To Buy Mortgage Guide: Understanding The Ins And Outs Of Let-To-Buy Mortgages
Expert Mortgage Brokers
by Jahed Mirza
1w ago
With a let to buy mortgage, you can buy a new home and keep your current one as a rental property. This allows you to secure your dream home without selling your existing property. How does Let to Buy work? Your lender will convert your current mortgage into a buy-to-let product designed for landlords. At the same time, you will take out a new residential mortgage to buy your future home. You can finance the down payment on your new home by unlocking the equity tied up in your current property. Let-to-buy mortgages offer flexibility for life changes, such as needing more space due to blending ..read more
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Are Buy-to-Let Mortgages More Expensive? A Detailed Analysis
Expert Mortgage Brokers
by Jahed Mirza
1w ago
If you’re considering investing in a buy-to-let property, it’s crucial to understand that buy-to-let mortgages are typically more expensive than ordinary mortgages for homeowners. In fact, buy-to-let mortgage rates are typically around one percentage point higher than residential mortgage rates. This is because lenders view tenants as a higher risk compared to owner-occupiers. Additionally, many buy-to-let mortgages come with high arrangement fees, sometimes as much as 3.5 per cent of the property’s value. These higher costs reflect the lender’s perception of increased risk when lending to lan ..read more
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Can I Get A Mortgage If I’m On Benefits?
Expert Mortgage Brokers
by Jahed Mirza
2w ago
The short answer is yes, you can secure a mortgage even if your income predominantly comes from benefits. The long answer is a landscape of eligibility criteria and lender considerations that can pave or block your path to homeownership. Not all benefits are viewed equally by lenders, and not all lenders entertain the idea of a loan application from someone on benefits. It’s common for those on benefits, particularly more variable benefits, such as Universal Credit, to face additional hurdles. Eligibility roadblocks For instance, a mainstay in mortgage applications, steady income, can be a stu ..read more
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Are Bridging Loans A Wise Financial Move In Property Transactions?
Expert Mortgage Brokers
by Jahed Mirza
2w ago
Yes, bridging loans are a smart choice when you need swift financing. They allow you to buy a new home before selling your current one. However, consider the higher interest rates and ensure at least 20% equity in your existing property. In this comprehensive guide, we’ll break down the ins and outs of bridging loans to help you decide if they’re a good fit for your property ambitions. When are bridging loans a good idea? Before we explore the nuances, it’s crucial to understand the fundamental premise of bridging loans and the scenarios wherein they can be particularly beneficial. The urgency ..read more
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Find The Best Bad Credit Mortgage Lenders For You: Expert Advice & Guidance
Expert Mortgage Brokers
by Jahed Mirza
2w ago
If your credit score isn’t perfect, most lenders will reject your mortgage application. But some specialists provide loans to borrowers with poor credit histories. These bad credit mortgage lenders understand life happens and look beyond credit scores. They focus on your current finances instead of past mistakes. You can’t access these niche lenders directly. You need a broker’s help to find the right bad credit mortgage product for your situation. Brokers match applicants with lenders whose criteria fit their credit profile. Even with prior defaults, arrears, or CCJs, they can find your optio ..read more
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Can You Get A Mortgage With Bad Credit In The UK? Learn from our Bad Credit Mortgage SPECIALIST
Expert Mortgage Brokers
by Jahed Mirza
3w ago
Yes, it is possible to get a mortgage with bad credit in the United Kingdom. The terms and interest rates may be less favourable, but it is definitely possible to secure a mortgage with sub-optimal credit. As long as full transparency is maintained between the client and the broker, it makes the whole process a lot easier than it seems. What is a bad credit score? In the UK, a bad credit score is typically classified as “Poor” or “Very Poor” by credit reference agencies. For example, according to Experian, a credit score of 561–720 is considered Poor, and 0–560 is considered Very Poor. A good ..read more
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From Rates To Hidden Fees: The Complete Guide To Bridging Loan Costs!
Expert Mortgage Brokers
by Jahed Mirza
1M ago
Taking out a bridging loan can get pricey pretty fast. At Expert Mortgage Brokers, we want you to understand all the fees so you can make the best choice. Bridging loans charge higher interest rates than normal mortgages – usually 8-12% APR. That interest rate determines your monthly payments. On top of that, you’ll pay fees like: An arrangement fee to the lender, often 1-2% of the total loan amount A valuation fee for the lender to assess the property, around £200-£800 Legal fees to handle the paperwork, approximately £800-£1200 Early repayment charges if you pay it off before the end date ..read more
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Can I Get A Mortgage On Universal Credit?
Expert Mortgage Brokers
by Jahed Mirza
1M ago
Absolutely! Despite being on Universal Credit, you can secure a mortgage. Lenders evaluate affordability, and while some may hesitate, others approve. Choose wisely to achieve homeownership. Today, many individuals still aim to own a home, even if they receive benefits. At Expert Mortgage Brokers, we recognize the importance of addressing the unique challenges faced by this demographic. In this comprehensive guide, we shed light on the possibility of obtaining a mortgage while on benefits. We debunk myths and provide valuable insights. Can I get a mortgage while on universal credit? Yes, it ..read more
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Can You Add Someone To Your Mortgage? A Comprehensive Guide
Expert Mortgage Brokers
by Jahed Mirza
1M ago
In this article, we explain the process of adding another person to your existing mortgage. We’ll cover the legal procedures involved, potential costs to be aware of, and alternatives you could consider if adding someone to your mortgage does not suit your needs. Can you add someone to a mortgage? The short answer is yes. You can add another person to the mortgage on your home either with your current mortgage lender or when you refinance your mortgage with a new provider. While it may seem complicated, the process can actually be fairly straightforward when you work with knowledgeable profess ..read more
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