Mortgage Rules Nightmare!

We are investigating adding to our current residential mortgage to possibly fund a house move. This image from the Telegraph is exactly what I looked like last week after a conversation with our bank. When I booked the phone appointment with one of their mortgage advisors they said they would provide me with a list of documentation they would require before the call. They duly provided a list via email. As we are both self employed this was an ardous task. I had to scan into their online system 3 years of accounts, tax returns - business and personal, information from the HMRC, 3 months of bank statements and much more.   This probably took 2 to 3 hours to obtain all the information and to upload it all. We were told the call may take 2 hours!!  The advisor then proceeded to ask us very detailed questions about income, profits...
Rate this blog entry:
Continue reading
1538 Hits
0 Comments

Six things you should know if you buy a property in a flood zone

      Flooding is an increasing threat for both residential and commercial property owners across the UK.  With a growing number of properties prone to any combination of river, sea and surface water flooding it’s important to be armed with as much knowledge as possible before you purchase a property in a flood zone. Flood Excess Insurance has provided the answers to six common questions:   How do I find out if my property is in a flood zone?   There are a number of different resources which provide you with information about the flood risk for a property. Firstly you can visit the Know Your Flood Risk website here where you can obtain a report created using trusted data from reliable resources which will tell you about historic flood events, the risk of river and sea flooding and ESI Groundwater stats. The Environment Agency also has an excellent resource...
Rate this blog entry:
Continue reading
693 Hits
0 Comments

Getting On The Property Ladder

  As costs rise and incomes stagnate, first-time buyers may feel they are relegated to paying rents to live.   Those who do manage to find enough deposit money however, must identify the best financial package for their circumstances including where to source their property!   If you answer these 5-simple questions positively, you will be reassured you could progress successfully to becoming a property owner.   1. Is My Bank Account Clean? ~ If your bank statements balance more often than not, it shows you are actively managing your money; something lenders like to see. Lenders normally want at least 3-current monthly statements showing your income and expenditure. Though an overdraft may reduce the maximum loan you could obtain, in itself it is not a problem provided it is not out of control. Unpaid cheques, direct debits or excessive bank charges are red-flags.   2. Can I Get A Mortgage? ~ Paying a lender administration and survey fee only to be turned down is really frustrating and...
Rate this blog entry:
Continue reading
7543 Hits
0 Comments

Paragons return to the buy-to-let market

Paragon, one of the largest buy-to-let lenders during the house marking boom, has decided to return after 18 months. Paragon, one of the largest buy-to-let lenders during the house marking boom, has decided to return after 18 months. With a new debt facility from Macquarie Bank, Paragon have decided to return back to the market it had to withdraw from after being hit by the credit crunch. The whole market has suffered from lack of competition and indeed the announcements recently by Lloyds TSB group to reduce the number of mortgages a borrow can have with them from 9 to 3, was unwelcome. Lets hope with the return of Paragon that we start to see easier access to lending. For more information visit: http://www.bbc.co.uk/news/business-11426506 What troubles have you had with getting a mortgage recently? Or have you not had any trouble and are wondering what all the news is about? Let...
Rate this blog entry:
Continue reading
5675 Hits
0 Comments