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  • Bridging & short-term finance | Mortgages for Business
    Customer Broker Buy to let mortgages Commercial mortgages Property development finance Bridging short term finance Residential mortgages Property finance research Bridging short term finance A bridging loan is essentially a short term loan that is often arranged within a short time frame and may be made to an individual or a company and secured against residential or commercial property Bridging short term finance explained Why bridge To raise finance quickly To refurbish a property To finish a development Some of our lenders ANY PROPERTY USED AS SECURITY WHICH MAY INCLUDE YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE Choose from What is a bridging loan A bridging loan is essentially a short term loan that is often arranged within a short time frame and may be made to an individual or a company and secured against residential or commercial property The defining characteristic is that it is a loan that bridges the gap to an exit which is usually a refinance or a sale of the asset We ve helped hundreds of customers getting bridging finance for their projects so do give us a call if we can help you Refurbishment finance A refurbishment loan is short term finance available to property investors landlords and developers looking to upgrade a tired residential or mixed use property before renting it out Refurbishments are much smaller projects than property developments What is auction finance Auction finance is simply another term for bridging or short term finance It is used to purchase properties at auction because it can be arranged extremely quickly and fits neatly into the purchasing timescales of the auction houses Need help Meet the team Nick Helm ACIB CeMAP CertBB C 01732 471608 Email Gary McKenna CeMAP 01732 471652 Email Gavin Elley BSc

    Original URL path: http://mortgagesforbusiness.co.uk/property-finance/customer/bridging-short-term-finance/ (2016-02-16)
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  • Bridging loans | Mortgages for Business
    a couple of weeks While a bridging loan may be arranged much quicker than could be achieved through a traditional bank most bridging finance companies still apply sensible and relatively conservative lending criteria Usually such lenders are smaller nimble operations and specialise in doing all of the usual checks that a bank will do but without the encumbrance of bank bureaucracy The term of the loan can be as short as one day usually up to a maximum of 12 months Loan amounts generally start at around 25 000 with no maximum Who bridges Many individuals and businesses including professional landlords property investors and developers all use bridging finance as part of their overall property funding strategy and can be arranged on a second charge basis Why bridge The main reasons that property professionals use bridging loans are To raise finance quickly To refurbish a property To finish a development To buy at auction To purchase property that would not secure a mortgage in its existing condition with a mainstream lender To bridge a shortfall of funding between buying and selling property when a sale is delayed To raise a deposit for purchasing property Is it expensive Short term finance is always more expensive than longer term lending however with more and more lenders entering the market it is competitively priced The interest rate charged will depend very much on the proposition in question however current rates range from 0 7 1 5 per month potentially with even higher rates on more difficult propositions However with many different lenders in the market there is a wide variety of charging structures so in addition to the interest rate borrowers may pay a variety of other fees to the lender Lender s arrangement fee A fee is usually charged by the lender for providing the facility and is typically two per cent In most instances it can be rolled up into the loan Exit fee This is a fee which may be charged by the lender when the loan is repaid If charged it is typically one month s interest and is charged irrespective of whether the loan has run to its full term or not Surveyor s fee A fee will usually be payable to the firm hired to survey the property Legal fees As with a standard mortgage bridging finance must be processed with all the usual legal requirements However in many cases lenders have in house lawyers and their costs may be included within the lender s arrangement fees Typical lending criteria Bridging financiers will look at the credit profile of the borrower the strength of the asset the exit strategy and require that the borrower has a sufficient upfront cash contribution What are the risks It is essential to establish a clear exit strategy to ensure the loan can be repaid either via sale or remortgage to avoid paying high penalty interest rates and possibly losing the property to repossession if the loan cannot be repaid Borrowers should

    Original URL path: http://mortgagesforbusiness.co.uk/property-finance/customer/bridging-short-term-finance/bridging-short-term-finance-explained/bridging-loans/ (2016-02-16)
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  • Refurbishment Finance | Mortgages for Business
    property investors landlords and developers looking to upgrade a tired residential or mixed use property before renting it out Refurbishments are much smaller projects than property developments Loans How is the loan structured Refurbishment finance is structured to provide funds in two tranches The lender will provide an initial advance based on a percentage of the purchase price with the balance released post works and re inspection The actual loan amount is based on the projected value of the property post refurbishment and the anticipated achievable rental income For example An investor purchases a property for 200 000 and plans to spend 40 000 refurbishing it to increase its value to 300 000 The lender agrees a loan of 210 000 which is 70 of the end value Initially the investor receives 140 000 which is 70 of the purchase price Once the works have been completed and inspected the lender advances the remaining 70 000 giving the investor 30 000 free cash post works For lenders there are two kinds of property refurbishment Light refurbishment This is where no planning permission building regulations are required and where there is no real change to the overall use nature of the premises Common light refurbishments would include new bathroom new kitchen redecoration rewiring new windows etc Typically refurbishment finance for standard buy to let houses and flats is available up to 75 of the end value with rates starting from around 5 5 There are also finance options for more complex properties including HMOs and multi unit freehold blocks of flats as well as finance for applications made through limited companies or from first time investors As you would expect the more complex the proposition the higher the rate you can expect to pay Heavy refurbishment This is where there are structural changes to the property and planning permission building regulations are required Rates What sort of rate can you expect to pay Options will depend on whether you wish to keep the property as an investment post refurbishment or whether you intend to sell the property after works If you intend to keep the property as a buy to let then you may get rates starting from say 5 5 for light refurbishment and slightly higher for heavier projects If you are looking to refurbish and sell then shorter term options are available starting from c 0 7 per month Give us a call to talk through the options Fees As with all property finance a variety of fees will be due Here s a list of what you can expect to pay Arrangement fees These fees are charged by the lender for arranging the loan and are typically priced at 1 5 to 2 of the loan amount Exit fees Not all lenders apply exit fees which is why it is always worth talking to a broker to find the best deal Exit fees are charged at the end of the loan and can be a percentage of the

    Original URL path: http://mortgagesforbusiness.co.uk/property-finance/customer/bridging-short-term-finance/bridging-short-term-finance-explained/refurbishment-finance/ (2016-02-16)
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  • Auction Finance | Mortgages for Business
    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 Customer Bridging short term finance Auction Finance Bridging short term finance Bridging loans Refurbishment finance Auction Finance What is auction finance Auction finance is simply another term for bridging or short term finance It is used to purchase properties at auction because it can be arranged extremely quickly and fits neatly into the purchasing timescales of the auction houses To find out how auction finance works including loan amounts rates and fees please read our bridging loans section or give us a call to talk through your requirements What sort of properties can be bought with auction finance Pretty much any residential commercial or mixed use property can be purchased regardless of whether it is habitable or not We can also source auction finance to purchase land Residential property Whether you are buying to renovate and sell on or rent out we can help regardless of the condition of the property Many landlords buy properties using auction finance because a buy to let mortgage takes much longer to arrange They then look to refinance at a later stage Most lenders prefer landlords to have owned a property for at least six months before they will consider refinancing but we do have exclusive access to lenders who will refinance within six months of purchase or renovation Commercial property Shops offices restaurants pubs leisure centres industrial units warehouses we can help find the right

    Original URL path: http://mortgagesforbusiness.co.uk/property-finance/customer/bridging-short-term-finance/bridging-short-term-finance-explained/auction-finance/ (2016-02-16)
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  • Residential mortgages | Mortgages for Business
    Property Development Finance Bridging Short Term Finance Residential Mortgages About Meet the team Our approach Awards Testimonials Careers Contact us 0845 345 6788 Share Property finance solutions for all Buy to let mortgages Commercial mortgages Property development finance Short term bridging loans Residential mortgages Whatever your funding needs let our expert award winning brokers find the right property finance for you Customer Broker Buy to let mortgages Commercial mortgages Property development finance Bridging short term finance Residential mortgages Property finance research Best mortgage rates Whether you are looking to remortgage move house or take your first step onto the property ladder we can help you find the best mortgage deals From start to finish we take care of the mortgage application process for you Residential mortgage guide Finding the best Home owner buyer mortgages Remortgages First time buyer mortgages Let to buy mortgages Rates What will you pay Loans How much can you borrow Mortgage Calculator Mortgage jargon Case studies NEW Stamp Duty Calculator Stamp Duty Land Tax for individuals buying residential property and for all buy to let purchases Submit On completions on or before 31st March 2016 you will pay From 1st April 2016 you will pay on first home purchases and on all BTL and second home purchases Stamp duty payable Our lenders YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE Need help Meet the team Jeni Browne CeMAP Adv CeMAP CertBB C 01732 471647 Email Gavin Elley BSc Hons CeMAP CertBB C 01625 416398 Email Gary McKenna CeMAP 01732 471652 Email Andy McOwat CeMAP CertBB C 01625 416396 Email Paul Martins CeMAP CertBB C 01732 471616 Email Beckie Pepperrell CeMAP 01732 471602 Email Residential News and insight Councils criticised for delaying property searches and poor service 15 02 2016

    Original URL path: http://mortgagesforbusiness.co.uk/property-finance/customer/residential-mortgages/ (2016-02-16)
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  • Residential mortgage rates | Mortgages for Business
    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 Customer Residential mortgages Rates Residential mortgages Rates Loans Fees How to apply Types of mortgage Residential mortgage rates Updated daily this calculator helps you to find and compare hundreds of leading residential mortgages and remortgages Simply enter your requirements and press Search Now to see all the residential mortgages that match your search Alternatively press Best Buys to view a smaller selection of the most competitive mortgages available To talk through your residential mortgage requirements with an expert broker call 0845 148 9165 or press Enquire and we ll call you at a time to suit you Find and compare mortgage rates Our mortgage calculator finds and compares the best rates and matches them to your borrowing requirements The advanced search function allows you to narrow down the selection to find the best mortgage rate for you Your browser does not support inline frames or is currently configured not to display inline frames YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE Need help Meet the team

    Original URL path: http://mortgagesforbusiness.co.uk/property-finance/customer/residential-mortgages/residential-mortgages-explained/rates/ (2016-02-16)
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  • Residential mortgages - Loans | Mortgages for Business
    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 Customer Residential mortgages Loans Residential mortgages Rates Loans Fees How to apply Types of mortgage How much can you borrow How much you can borrow will depend on how much you can put down as a deposit how much you earn and how much you can afford to repay each month Your credit profile also plays a major role the cleaner it is the higher your chances of being accepted for a mortgage So because all lenders have different lending policies it s important to be able to match borrowers with the right lender and the right mortgage That s where we come in We have years of experience doing just that To work out how much you are likely to be able to borrow use our mortgage finder and calculator Loan to value With the assistance of Government schemes such at the NewBuy Deal it is currently it is possible to borrow up to 95 of the value of a property Unassisted most lenders will go up to 90 LTV Of course the bigger your deposit the better the rate you can expect to receive so it s often worth saving for as long as possible Affordability In the past lenders used to work off an income multiple and it was normal to borrow 3 5 times your income Then in the 90s as property prices began to climb exponentially this multiple started to get stretched and it was possible to borrow around 5 5 times your income although 4 4 5 times was probably the average These days income multiples are no longer a key lending indicator Since April 2014 new regulations require lenders to assess borrowers on their ability to repay the loan now and in the future In some cases this has made it harder for people to get a mortgage and whilst this is frustrating the rules are there to protect the borrower How do lenders assess affordability Assessing affordability is often referred to as stress testing Lenders will ask for comprehensive details of your income and expenditure Essentially they deduct a base line of costs typically your regular monthly bills and then apportion an amount of what s left to the monthly mortgage payment They will also stress test your ability to pay the mortgage if rates go up In order to do this many apply a notional rate of 5 7 So if you are thinking about getting a mortgage it s worthwhile looking at your monthly outgoings Credit profile You credit profile also plays an important role in getting a mortgage Most mainstream mortgage lenders like to lend to borrowers with good clean profiles so it s always worth checking yours to ensure that is as clean as possible You can request a copy of your profile from a

    Original URL path: http://mortgagesforbusiness.co.uk/property-finance/customer/residential-mortgages/residential-mortgages-explained/loans/ (2016-02-16)
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  • Residential mortgage fees | Mortgages for Business
    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 Customer Residential mortgages Fees Residential mortgages Rates Loans Fees How to apply Types of mortgage What fees you can expect to pay It is important to understand the variety of fees that are incurred when applying for a mortgage or remortgage Knowing what you are going to have to shell out and when will help you to make the right choice Here s a list of what you can expect to pay Broker Fee It takes a lot of time and understanding to ensure a mortgage application is processed efficiently and effectively that s why most mortgage brokers charge a fee At Mortgages for Business we do not charge clients for initial advice We are happy to work on a success only basis and we offer our clients a choice of fee structures Our standard broker fee is 497 which is payable on receipt of an acceptable formal mortgage offer from the lender Alternatively clients can elect to pay a reduced but non refundable broker fee of 297 which is payable once the application has been agreed in principle by the lender and before a valuation has been instructed With both these options we will retain any commission payments paid by the lender Alternatively we will rebate to the client any commission paid by the lender to us and charge the client a broker fee of typically 1 of the total loan amount exact percentage will depend upon the size and complexity of the mortgage application To discuss our broker fees in more detail please contact one of our mortgage consultants on 0845 345 6788 Lender Arrangement Fee This is the fee that the lender charges for arranging the mortgage It is payable by the borrower to the mortgage lender at or before completion of the mortgage This can often be added to the loan Arrangement fees are usually a fixed amount but can be set as a percentage of the loan amount Do keep in mind that generally interest is charged on the arrangement fee if it is added to the loan Sometimes some lenders offer rates with no arrangement fees Do ask one of our mortgage brokers for more details if this is of interest Application Fee This is payable to Mortgages for Business who in turn pay the surveyor for the actual property valuation which is required by the mortgage lender Please note that a copy of this valuation is normally only sent to the mortgage lender The application fee must be paid before the valuation can be instructed Booking Fee Some lenders charge a booking fee for securing a particular mortgage rate This fee is usually found on fixed rate mortgages The booking fee must be paid upon submission of the mortgage application

    Original URL path: http://mortgagesforbusiness.co.uk/property-finance/customer/residential-mortgages/residential-mortgages-explained/fees/ (2016-02-16)
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