www . simplybizmortgages . co . uk 21 being recognised as one of the most energy efficient property types , their green credentials could make them even more sought after than ever !
Properties next door
Approached by a customer who wants to create a bigger property by purchasing the house next door and knocking through ? No problem ! Precise mortgages can support through their bridging product offering . Whether it ’ s a buy-to-let or residential application , we can consider both scenarios , providing planning permission has been sought first .
Bridging can offer an ideal solution for financing property upgrades , particularly when funding is needed at short notice . The application-to-completion process can be swift , so improvements can be carried out quickly , minimising the impact on the homeowner or tenet .
Let to buy
In case you haven ’ t come across let to buy before , this is when a current main residence is being let out and a new main residence is being purchased . We can consider both transactions up to a maximum LTV of 80 %, and we ’ re happy to look at either the remortgage onto the buy-to-let or the individual purchase as well . In fact , if you have a customer that ’ s already moved in with a partner and is currently renting out their home and now wants to remortgage it , we ’ ll consider the case as long as they can provide three months ’ worth of rental history .
Self-employed
With the number of self-employed people starting to grow again as the sector recovers from the effects of the pandemic ( 1 ) , you may be approached for help by someone who works for themselves .
It ’ s never been easy for self-employed customers to get a mortgage as many lenders view their income as being too unpredictable or too complex , or they ’ ll ask to see two years ’ worth of accounts .
Unlike many high street lenders however , we ’ ll consider applications from customers with only one year ’ s tax calculation and HMRC tax year overview or accounts . We also accept trading or financial yearend and can work on the latest year or an average , whichever is higher . What ’ s more , we ’ ll also accept changes in trading style during the last 12 months .
First-time buyers
With house prices finally showing some signs of slowing down and private rents rising at a record pace ( 2 ) , many renters may well be looking at how to go about purchasing their first home . But with Help to Buy ending earlier this year for the majority of the UK , what support is out there for those looking to take their first step on the property ladder ?
We ’ ve seen more builders offering builder incentive schemes since the end of Help to Buy in England and Scotland so you might like to know that we also allow a 5 % builder incentive over and above our maximum LTV . This is in addition to white goods , provided they ’ re deemed reasonable by the valuer , which can really help those setting up home for the first time .
Forces Help to Buy is also still going strong , which is great news for our Forces ’ personnel . We allow this to be used as the full deposit – just remember to add the PIN payments into the DIP for affordability purposes .
THE BIGGEST HURDLE
Finally , we know that saving for a large enough deposit is often the biggest hurdle for first-time buyers to overcome , which is why we not only allow gifted deposits from the Bank of Mum and Dad , but also from other family members including contributions from stepfamilies , and aunts and uncles .
Expert support
We now also offer more ways than ever for you to get in touch with us . Whether you ’ d prefer to meet face-to-face to discuss a case , speak over the phone , or chat online or by video conferencing , the choice is yours .
And with our office-based BDM team onhand if you ’ ve got a query about an existing case and your local BDM isn ’ t available , you ’ ll never have to wait long to get the answer you need .
If you need any support with anything I ’ ve discussed , all of our business development managers are dual-branded which means they can assist across both Precise Mortgages and our sister company Kent Reliance for Intermediaries . This means if a case doesn ’ t quite fit the criteria for one brand , they see if it would be more suitable to place with the other brand .
www . precisemortgages . co . uk For intermediaries only .
Sources : 1 . www . ons . gov . uk / employmentandlabourmarket / peopleinwork / employmentandemployeetypes / datasets / employeesandselfemployedbyindustryemp14
2 . www . ons . gov . uk / economy / inflationandpriceindices / bulletins / indexofprivatehousingrentalprices / may2023
Note : Product information correct as at 28 / 07 / 2023