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  • Residential mortgage case studies | Mortgages for Business
    investment 50 year old part time landlord gets 23 year mortgage term on new home 26 01 2016 How we helped a part time landlord get a 23 year mortgage term at the age of 50 on a new residential property First time buyer receives 85 LTV mortgage offer in just 4 days 26 01 2016 How we helped a first time buyer with a low deposit secure a mortgage on a new build flat Landlord remortgages home to fund buy to let purchase with her daughter 25 11 2015 How we helped older landlord with low 2015 income remortgage her residential property to purchase buy to let investment First time buyer purchases home after just 2 months in current job 28 10 2015 How we helped a first time buyer purchase a residential home Residential remortgage for married couple to repay unsecured debt 20 08 2015 How we helped a couple remortgage their residential home in order to raise funds for repayment of 50 000 debt Part time landlord buys first home 20 08 2015 How we helped a part time landlord with 3 buy to let properties purchase his own residential home Part time landlord needed a speedy purchase of residential property 17 08 2015 How we helped a landlord gain a residential mortgage in under 2 months Developer with complex income secures interest only mortgage 17 06 2015 How we helped a client with complex income receive an interest only mortgage for new home Part time landlord purchases his first home 17 06 2015 How we helped a part time landlord purchase a first residential home Capital raising by pensioners for home improvements 17 04 2015 How we helped a retired couple raise finance against their home to fund home improvements DIP and application completed on same

    Original URL path: http://mortgagesforbusiness.co.uk/case-studies/residential-mortgages/ (2016-02-16)
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  • 21-month high for residential mortgage fees while buy to let fees remain steady | Mortgages for Business
    Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share News Insight 21 month high for residential mortgage fees while buy to let fees remain steady 10 02 16 Written by Jeni Browne A competitive mortgage market has resulted in an explosion in the number of new products with 4 500 residential mortgages and 1 000 buy to let mortgages for borrowers to choose from However a new report from Moneyfacts has found that with the array of new products and competitive rates on offer the average residential mortgage fee today has actually risen to 956 the highest fee recorded since May 2014 when the average mortgage fee was 973 Over the past few months average residential mortgage fees have fluctuated falling dramatically in 2014 then wavering until last year when a definite uptick was seen Today s figure stands 68 higher than in June 2014 Commenting on the figures Charlotte Nelson finance expert at Moneyfacts said The current mortgage market boasts some of the lowest rates on record which is great news for borrowers but the increase in average mortgage fee clearly shows that some of these headline grabbing rates are being compensated for elsewhere In the current low rate market borrowers are being counselled to switch deals once their fixed rate comes to an end but large fees can make moving to a new deal a costly affair particularly if borrowers prefer shorter term mortgages Borrowers would therefore be wise to look at the true cost of the mortgage taking into account any fees and incentive packages to ensure that the most cost effective deal is obtained Fees and other costs on buy to

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/february-2016/21-month-high-for-residential-mortgage-fees-while-buy-to-let-fees-remain-steady/ (2016-02-16)
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  • The homebuyer’s guide to getting a mortgage | Mortgages for Business
    you have enough money in your account each month and keep credit cards at a minimum If at all possible don t go into overdraft Be prepared When applying for a mortgage you will be asked to provide certain documentation ALL lenders will need to confirm your identity where you live your circumstances and your borrowing requirements Make sure you can provide A passport or driving licence A utility bill bank or credit card statement dated within the last two months Evidence of your deposit e g bank or building society statement showing the build up of funds over a three month period including the source of any large credits to the account or if the deposit is being gifted by a family member a signed letter from them You may also be asked for Proof of your annual income e g latest P60 and last three payslips if employed or latest two years tax returns and SA302 if self employed Latest three months bank statements from your personal account with every day spending Up to date mortgage statement if you are applying for a remortgage Proof of buy to lets owned and their mortgages if applicable Applying for a mortgage Every lender has different lending criteria such as Affordability Minimum time in employment Credit history Types of property Knowing which lender does what is where a good broker can really make the difference Make sure you use a broker who is independent and has access to the whole market If you choose to go direct you may not be approaching the best lender for your circumstances A broker will find the lowest rate available to you based on your individual circumstances It may not be the lowest rate in the market but ultimately could result in a formal mortgage offer rather than being declined When it comes to processing your mortgage application every lenders has a different turnaround time depending on their current workload systems and complexity of the application We track lenders processing times so that we can give you an idea of what to expect when making an application Broadly speaking the process is You talk to us about your requirements We provide you with one or more Key Facts Illustrations documents which give you details about a specific mortgage product You choose a mortgage We get you a decision in principle from the lender known as DIPs or AIPs agreement in principle You give us the necessary documents see above We help you complete the mortgage application form We submit the mortgage application on your behalf The lender underwrites your application reads and checks your documents carries a credit check and instructs the valuation The lender makes a decision and issues the formal mortgage offer Sometimes the lender will ask for more clarification or documentation from you before issuing the offer we help with this bit Then the solicitors carry out the legal conveyancing process searches contracts etc Contracts are exchanged and a date is set

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/the-homebuyer-s-guide-to-getting-a-mortgage/ (2016-02-16)
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  • New index tracks Ltd Co buy to let mortgage sector | Mortgages for Business
    data Commenting on the creation of the index David Whittaker managing director at Mortgages for Business said The proposed changes to tax relief on financing costs is likely to affect the way higher tax rate paying residential property investors choose to finance their portfolios We anticipate that many will elect to go down the corporate route particularly Special Purpose Vehicles so tracking supply and demand could prove a useful indicator on the health of the sector 23 of buy to let lenders offer products to limited companies According to the index the number of lenders operating in the limited company BTL space was already increasing prior to the Chancellor s announcement in July In H1 2015 23 of buy to let lenders offered products to limited companies up from 21 in the second half of 2014 12 of all BTL products available to limited companies The average number of limited company products offered by lenders also increased in the first half of 2015 to 99 which accounted for 12 of all buy to let products up from 79 limited company products accounting for 9 of all products in H2 2014 Products for limited companies cost 0 8 more than for individual investors The rise appears to be continuing despite limited company products costing on average 0 8 more than products for individual investors Mr Whittaker said Both trackers and fixed rates are available As you might expect pricing is a bit higher than for personal applications because assessing cases requires greater skill and more time Around half of all products for SPVs are available to 75 LTV although you can expect better pricing at the lower LTV points There are a few products at 80 LTV and of course Kent Reliance offers a couple of products at 85 LTV with rates and fees at the higher end arrangement fees currently 2 5 of the loan amount Most fees are percentage based ranging from 0 5 to 2 5 although occasionally we see lenders offering deals with no arrangement fees c 20 of all BTL transactions made by limited companies When looking at transactions the index found that over the last 12 months the number of buy to let mortgage applications made by limited companies accounted for c 18 of all buy to let cases By volume m loan amount limited companies made up c 20 of transactions At face value this might suggest that limited company borrowers are underserved by products however MFB specialises in broking complex BTL scenarios including limited company transactions which may skew the data slightly Mr Whittaker said In my opinion the index reveals a fairly healthy quantity of products and should dispel the commonly held belief that there is a shortage of these types of products As the date for the phased introduction of the tax relief changes draws closer it will be interesting to see how supply develops over time Loan sizes for applications made by limited companies were typically 10 higher than those

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2015/october-2015/new-index-tracks-ltd-co-buy-to-let-mortgage-sector/ (2016-02-16)
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  • Ltd Co BTL transactions rose sharply in Q4 2015 | Mortgages for Business
    on by the stamp duty surcharge announcement By December new Ltd Co BTL applications accounted for just over 38 of all BTL applications a real step change in investor behaviour This renewed vigour was also seen in completions for limited company buy to let mortgages which accounted for nearly 22 of all BTL completions in October up from nearly 17 the previous month By December this figure had risen to a little over 24 By case count and volume m loan amount activity was also on the rise in H2 2015 The number of buy to let mortgage applications made by limited companies accounted for 21 of all buy to let cases up from 18 in H1 2015 When looked at by volume m loan amount limited company applications accounted for c 25 of all applications up from c 20 in H1 2015 Commenting on the results David Whittaker managing director at Mortgages for Business said The increase in limited company buy to let activity is to be expected since the proposed restrictions to buy to let mortgage interest relief for higher tax rate paying individuals were announced by the government in the Summer Budget Operating portfolios via corporate structures is expected to be more tax efficient particularly for higher tax rate paying individuals including individuals where the new tax regime will tip them into the higher tax bracket where previously they had remained below it The stamp duty surcharge has also had a direct impact on activity with investors trying to get purchases completed before 31st March 2016 particularly as the actual rules where the surcharge will apply will not be confirmed until 16th March 2016 Nearly a third 30 of buy to let lenders offered products to limited companies in H2 up from just under a quarter 23 in the first half of 2015 However by the end of December this figure had risen to 36 The number of products for limited company applicants increased by nearly 50 to an average of 147 in H2 up from 99 in H1 2015 David Whittaker said It s good to see that the results continue to disprove the theory that there are insufficient products available to limited companies It s also interesting that pricing has come down if only marginally I wouldn t be at all surprised if rates for limited companies reduced further in the coming months but I doubt we ll see huge falls In December 2015 products for limited companies were on average c 0 7 points more costly than the market as a whole a marginal reduction compared to July c 0 8 The average limited company rate in December was 4 4 down from 5 4 in July Across the entire market rates fell from 4 6 in July to 3 7 in December Data for the index is obtained from Mortgage Flow MFB s bespoke BTL product sourcing software and from its own transactional records The index focuses on mainstream buy to let lenders

    Original URL path: http://mortgagesforbusiness.co.uk/news-insight/2016/january/ltd-co-btl-transactions-rose-sharply-in-q4-2015/ (2016-02-16)
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  • Buy to let mortgage FAQs | Mortgages for Business
    want to convert my buy to let property into two flats but need to remortgage to cover the cost of the works Can I do this on my buy to let mortgage I bought a house 10 years ago which I let out but the tenants are leaving soon and I now want to convert it into two flats I reckon the work will cost around 30 000 I only have 20 000 left to p Can I get a buy to let mortgage on a new build flat I am interested in buying a new build flat to rent out I have heard that some lenders will not lend on new flats is this true and if so why Most importantly are there lenders who are willing l Can lenders increase their tracker rate mortgages even if Bank Rate stays the same I read about the court case where borrowers tried unsuccessfully to overturn West Brom s decision to raise its tracker rate mortgage rate even though the Bank of England base rate has not gone up I m looking to raise finance to renovate my existing buy to let property what are my options My five year fixed rate buy to let mortgage is due to end in June I want to raise more money as I would like to do some renovations to the house The new work will mean I can charge a higher rent Do I need a buy to let mortgage or a residential mortgage if I am letting it out to my family My husband and I are thinking of investing in a two or three bedroom house for our daughter and letting out the other rooms to students She is in her first year at university in Sheffield and curr Can I live in my property with a buy to let mortgage I have been renting my old home since 2009 as I was unable to sell it and moved to another town due to work At the time I changed my mortgage to a buy to let at the insistence of my lender I am n Will I be able to get a buy to let mortgage if I retire in 5 years time and my only income is my pension With the new pension rules due in April I am thinking about taking out 25 per cent of my pension entitlement and investing it in a property to let I have no mortgage on my home I am still workin Can I get a 10 year fixed rate buy to let mortgage Are there any 10 year fixed rate buy to let mortgages The adviser I saw recently recommended two year products and was dismissive of anything longer term I don t want the hassle of remortgaging e Is there a limit on the number of buy to let mortgages are you allowed Is there a limit on the number of buy to let mortgages are you allowed It looks like a good way to invest for the future but I was wondering about building up a portfolio of properties and how to Can I get a mortgage on a buy to let property with a sitting tenant An opportunity has arisen for me to buy a property with a sitting tenant I am a homeowner with no mortgage I have a 25 deposit plus a reasonable job and income The tenant has been in the proper Do lenders take service charges or ground rent into consideration when making lending decisions I am thinking of buying a flat to let out and was wondering about the extra charges such as the service charge and ground rent Are these taken into account by a mortgage lender I anticipate bei I want to purchase a house for family members who will contribute to the mortgage Will this be classed as a buy to let I want to buy a small house for my elderly mother and my aunt my mother s sister and they will contribute half of the monthly mortgage repayment each We are doing this as they are unable to get I want to become a landlord again but had a property repossessed in the past Would I be considered by any lenders I had a buy to let mortgage on a house between 2002 and 2007 The house ended up being repossessed as my tenant lost his job and I could not cover the monthly repayments personally My circumstance What costs are involved with taking out a buy to let mortgage What sort of extras costs will I have to make to the lender on a buy to let purchase For example are there product and arrangement fees like with a normal mortgage Also how much commission wou There are a number of buy to let lenders I haven t heard of before Are they okay to use I am thinking of investing in property and was looking at what sort of mortgage product I could get and what sort of interest rate to expect There are a number of lenders I have found whose names What advice do you have for buying a property at auction Do you have any advice for buying property at an auction with the intention of letting it out I do not know at this stage how much work would need to be done but I am hoping for a house that just Can I get a joint buy to let mortgage with a friend if we live separately I have been discussing with a close friend the possibility of buying a house in joint names with a view to renting it out My friend is an interior designer and I am a gardener and handyman so we s We want to remortgage to take out some of the equity our buy to let has accrued How much could we take out My wife and I have had a buy to let flat

    Original URL path: http://mortgagesforbusiness.co.uk/faqs/buy-to-let/ (2016-02-16)
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  • Broker Enquiry | Mortgages for Business
    Buys Lifetime Tracker Rates Fixed Rates Discounted Tracker Rates HMO Mortgage Rates Limited Company Rates Buy to Let Mortgage Calculator Buy to Let Tax Calculator Commercial mortgages Commercial mortgages Rates fees How to apply Business mortgages Commercial investment mortgages Non Residential Stamp Duty Calculator Property Development Finance Property development finance Rates Loans Fees How to apply Refurbishment finance Bridging short term finance Bridging short term finance Bridging loans Refurbishment finance Auction Finance Residential mortgages Residential mortgages Rates Loans Fees How to apply Types of mortgage Residential Stamp Duty Calculator Research Case Studies Complex Buy to Let Index Buy to Let Mortgage Product Index Buy to Let Mortgage Costs Index Limited Company Buy to Let Index Property Investor Survey Money Markets FAQs FirstRate MFB TV Helping brokers with Buy to let mortgages Commercial mortgages Property development finance Bridging short term finance Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share Broker Enquiry Broker Enquiry Please use this form to send us your contact details and a member of our deal placement team will be in touch as soon as possible If you have a specific query please use the text box provided Title Miss Mrs Ms Mr Dr Other Please provide your title First Name Please provide your first name Last Name Please provide your last name Email address Please provide a valid email address Telephone Please provide a numeric telephone number no spaces Message Please tick here if you would like to receive the latest information on products and market information we provide Submit Get in contact with us 0845 345 6788 or

    Original URL path: http://mortgagesforbusiness.co.uk/forms/broker-enquiry/ (2016-02-16)
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  • Broker Call Back | Mortgages for Business
    Remortgages All Rates Best Buys Lifetime Tracker Rates Fixed Rates Discounted Tracker Rates HMO Mortgage Rates Limited Company Rates Buy to Let Mortgage Calculator Buy to Let Tax Calculator Commercial mortgages Commercial mortgages Rates fees How to apply Business mortgages Commercial investment mortgages Non Residential Stamp Duty Calculator Property Development Finance Property development finance Rates Loans Fees How to apply Refurbishment finance Bridging short term finance Bridging short term finance Bridging loans Refurbishment finance Auction Finance Residential mortgages Residential mortgages Rates Loans Fees How to apply Types of mortgage Residential Stamp Duty Calculator Research Case Studies Complex Buy to Let Index Buy to Let Mortgage Product Index Buy to Let Mortgage Costs Index Limited Company Buy to Let Index Property Investor Survey Money Markets FAQs FirstRate MFB TV Helping brokers with Buy to let mortgages Commercial mortgages Property development finance Bridging short term finance Case processing BrokerBusiness Case Studies Consulting Buy to Let Lending Mortgage Flow Published Research News Insight Buy to let mortgages Commercial Mortgages Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share Broker Call Back Broker Call Back Please use this form to send us your contact details and one of deal placement team will be in touch as soon as possible If you would like us to call you back at a particular time please let us know in the message box provided and we will do our best to contact you at that time First Name Please provide your first name Last Name Please provide your last name Email address Please provide a valid email address Telephone Please provide a numeric telephone number no spaces Message Submit Get in contact with us 0845 345 6788 or Use our live chat

    Original URL path: http://mortgagesforbusiness.co.uk/forms/broker-call-back/ (2016-02-16)
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