Series 5 Women in Property with Lisa Orme In the Women in Property series Lisa discusses her property career, the highs and the lows, the good and the bad deals and her move into finding her dream business in mortgages along with loads of tips about being a woman in property, getting organised and her … Continue reading Listen to Lisa on The Property Voice Podcast!
We are seeing a lot of clients wishing to borrow money from their company to pay the deposits for property held in another company or in their own name. This is a directors loan. Not many lenders actually accept this but a couple do. However that aside it’s vital you realise the implications of S455 … Continue reading Are you aware of S455?
Useful Info re Fixed Rate Product Terms Some lenders offer ‘dated term’ mortgage products and others offer products by number of years. This will be detailed in your Illustration and/or Offer, however it is worth noting that if your chosen mortgage product has an end date and your completion date is delayed the product term … Continue reading Top Tip – Fixed Rates
We are often approached by clients who have recently moved to the UK (returning ex-pats of foreign nationals) and are seeking a mortgage. Most lenders want you to have been here 2/3 years so you will eliminate quite a few if this isn’t the case. However, a couple will lend but it’s all about credit … Continue reading UK Residency Requirements
It depends on several factors. For remortgages lenders will typically expect the license to be in place on the basis there’s no excuse for it not to be. If however there’s evidence the council are particularly slow then they may accept confirmation of the application and payment of the fee. You’ve more chance of this … Continue reading When do lenders require you to get a HMO license?
While I don’t trust many lenders to keep to tight sale or auction deadlines getting the right one can work in your favour. I cannot tell you how many times we see issues with properties purchased for cash as the client and their solicitors just want to rush the purchase through. Similarly many buyers won’t … Continue reading The Danger of Buying Cash
A reminder that the new HMO legislation comes in to force on 1st October. This requires ALL HMOs with 5 or more tenants forming 2 or more households to have a HMO license. Crucially the number of stories is no longer relevant. Importantly the new legislation also includes minimum room size requirements; these always existed … Continue reading New HMO Legislation – 1/10/18
October is when lenders will start to request accounts, SA302 self assessments, tax calculations and tax overviews for the 17-18 tax year. We have already seen some lenders require them. The reason is that the figures that feature in prior assessments are in effect 18 months or more old and thus unacceptable. While your returns … Continue reading Get your 2018 Tax Returns Done!
Question: What are the lenders requirements for rental coverage now? Answer: There is no set formula. Long gone are the days of 125% at 5%. The standard requirement set by the PRA is 5.5% at 145% however this can vary hugely based on:- – 5+ year fix – Portfolio landlord – Higher, lower, additional rate … Continue reading Rental coverage?
When you refinance a property or redeem a mortgage it’s worth downloading the title to check all is as it should be. We have come across many cases of ‘old’ charges and restrictions still sitting on the title and as these are often only discovered at the legal stages there’s usually a mad rush to … Continue reading Top Tip!