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  • Applying for a residential mortgage | Mortgages for Business
    for a mortgage At Mortgages for Business we make the application for you and manage the process from start to finish This can mostly be done over the phone and via email and post but we are always happy to meet in person if you prefer Whether you re looking to buy a new home or remortgage your existing one talk to us about your circumstances and borrowing requirements We will then search the market for you to find a selection of rates that suit your needs Stage 2 We give you a Key Facts Illustration We will provide you with a Key Facts Illustration for any mortgage which interests you Based on the information you give us the KFI details the key features of the chosen mortgage and will include Monthly mortgage payment amount Any fees you will have to pay Initial rate of the mortgage Type of mortgage fixed or variable Overall cost for comparison APR Reversion rate the rate you pay when the term of the initial rate ends Any Early Repayment Charges Special features of the mortgage including any restrictions The KFI may look a bit long but it s really important that you read it and understand what it says If you have any questions just ask us for clarification Remember getting a mortgage is likely to be the biggest financial commitment you will ever make so it is important you understand what is involved Stage 3 You choose a mortgage When you have chosen a particular mortgage we will try to get you a Decision in Principle DIP also known as an Agreement in Principle AIP from the lender which is an indication that the lender is prepared to lend you a mortgage based on what you ve told them When you are ready to make a formal mortgage application we ll help you complete the form Stage 4 You give us all the necessary documents and information Of course you are part of the process and you ll need to provide certain documentation to accompany the application All lenders will need to confirm your identity where you live your circumstances and borrowing requirements so you will need to provide proof with some of the following Identity birth certificate passport driving licence National Insurance number Where you live current address and any other address for the last three years This can be done using a utility or council tax bill that is no more than three months old Employment employer details or your own details if you are self employed Income payslips SA302 bank statements statement of income and expenditure details of your any financial assets Stage 5 We help you complete the mortgage application form In addition to completing the mortgage application form we ll help with this you will also need to sign the form before we submit it to the lender Stage 6 We submit the mortgage application These days most mortgage applications are submitted by us electronically using special systems

    Original URL path: http://mortgagesforbusiness.co.uk/property-finance/customer/residential-mortgages/residential-mortgages-explained/how-to-apply/ (2016-02-16)
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  • Residential mortgage types | Mortgages for Business
    the mortgage would be 5 Like a discounted rate tracker mortgages mean that the actual monthly mortgage repayment you make may vary Offset mortgage Sometimes called a current account mortgage an offset mortgage uses the money you have in your savings to help you save on your mortgage payments the more money you have in your savings the more you save on your mortgage payments The way an offset mortgage works is that the money in your savings and or current accounts are used to reduce the mortgage balance on which you are charged interest The great thing with an offset mortgage is that you can reduce your monthly mortgage payments or your mortgage term whilst still having instant access to your savings Currently savings rates are particularly poor and an offset mortgage can make your savings work harder for you than stuck in a savings account It should be kept in mind however that an offset mortgage can be beneficial at any time not just when interest rates are low Here s an example of how an offset mortgage might work You have a mortgage of 170 000 and a total of 20 000 in your savings and current accounts which can be offset against your mortgage With an offset mortgage your mortgage interest will now be calculated based on the net balance of 150 000 This could save you thousands of pounds over the life of your mortgage With an offset mortgage you can work out exactly what s of greater benefit to you reducing the term of the mortgage or reducing the monthly mortgage payments freeing up some much needed cash Cashback mortgage A cashback mortgage normally gives you a lump sum cash amount when your mortgage begins Cashback incentives only apply to certain mortgages and may be a fixed amount or a percentage of the mortgage Cashback mortgages are not always available but can be great for borrowers requiring a lump sum to install a new kitchen or bathroom for example The disadvantage of a cashback mortgage is that the interest rate is normally higher than average Capped A capped rate mortgage does it exactly what it says on the tin Capped rate mortgages are similar to discounted or tracker mortgages except that the amount you pay will have a fixed maximum interest rate capped rate that cannot be exceeded For example Say Bank Rate is at 1 A lender might offer a rate of BBR 2 for a two year period with a cap of 5 during that time If Bank Rate was 1 the amount you would pay would be 3 However if Bank Rate were to increase to say 4 in that two year fixed period you would pay a maximum of 5 and not 4 BBR 2 Drop lock mortgage A drop lock mortgage is essentially a tracker mortgage with a difference It allows you to start with a tracker and then you switch to a fixed rate loan if or when

    Original URL path: http://mortgagesforbusiness.co.uk/property-finance/customer/residential-mortgages/residential-mortgages-explained/types-of-mortgage/ (2016-02-16)
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  • Complex Buy to Let Index |Mortgages for Business
    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 Research data Complex Buy to Let Index Research data 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 Complex Buy to Let Index Quarterly research published by Mortgages for Business this index tracks buy to let mortgage transactions for vanilla buy to let property Houses in Multiple Occupation HMO multi unit freehold blocks MUFB and semi commercial property SCP Results compare average property value loan size loan to value and yields It also tracks the number of lenders operating in the buy to let sector and records the average number of buy to let mortgage products available Results Click on the links to download each quarterly index 2015 Q1 Q2 Q3 Q4 2014 Q1 Q2 Q3 Q4 2013 Q1 Q2 Q3 Q4 2012 Q1 Q2 Q3 Q4 2011 Q1 Q2 Q3 Q4 Timely and relevant market data against which we can measure our own activity in those key areas of HMO and multi unit freehold lending The more data any lender can access

    Original URL path: http://mortgagesforbusiness.co.uk/research-data/complex-buy-to-let-index/ (2016-02-16)
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  • Buy to Let Product Index | Mortgages for Business
    Let Index Property Investor Survey Money Markets Buy to Let Mortgage Product Index Published monthly the Buy to Let Product Index tracks the number of lenders and buy to let mortgage products currently available in the UK mortgage market Average Buy to Let Product Data for January 2016 Number of Products Lenders Average number of Buy to Let Mortgages 1 254 Average number of Buy to Let Lenders 33 The average number of buy to let mortgage products available has risen by 147 products since December Throughout January product numbers topped the 1 100 mark peaking at 1 411 Month on month the number of lenders stayed the same Loan to Value 43 of buy to let mortgages are available to 75 LTV showing a slight rise from the previous two months Higher LTVs are available but these come with stricter lending criteria and will cost more Currently 11 of buy to let mortgages are available to 80 Again there are only six products available at 85 LTV making up just 1 of the market For the tenth month in a row the split of products by loan to value has remained fairly constant Rates Fixed rates fell again in January whereas tracker rates rose in price All 5 year tracker products were withdrawn from the market Average Fixed Rate Buy to Let Mortgages Term December January 5 year 4 23 4 17 3 year 4 54 4 43 2 year 3 31 3 28 Average Tracker Rate Buy to let Mortgages Term December January 5 year 4 85 No products available 3 year 4 36 4 50 2 year 3 05 3 08 The pricing of fixed and tracker rates is very similar and in many instances fixed rates are currently more competitively priced than their tracker counterparts For

    Original URL path: http://mortgagesforbusiness.co.uk/research-data/buy-to-let-mortgage-product-index/ (2016-02-16)
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  • Buy to Let Mortgage Costs Index | Mortgages for Business
    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 Research data Buy to Let Mortgage Costs Index Research data 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 Buy to Let Mortgage Costs Index Headline buy to let mortgage rates marketed by lenders can often be misleading because they don t take account of fees This quarterly index aims to outline the real costs of taking out a buy to let mortgage including the impact of fees and charges and underlying cost of funds such as Bank Rate Results Click on the links to download each quarterly index 2015 Q1 Q2 Q3 Q4 2014 Q1 Q2 Q3 Q4 2013 Q1 Q2 Q3 Q4 Overview of BTL Costs The data used to obtain these results is extracted from our bespoke sourcing tool Mortgage Flow By including fees we have produced an index that more accurately reflect the costs of taking on a buy to let mortgage without the

    Original URL path: http://mortgagesforbusiness.co.uk/research-data/buy-to-let-mortgage-costs-index/ (2016-02-16)
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  • Limited Company Buy to Let Index | Mortgages for Business
    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 Research data Limited Company Buy to Let Index Research data 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 Limited Company Buy to Let Index The index tracks lending activity in this niche but growing sector of the mortgage market It focuses on the mainstream buy to let lenders with commoditised products for Special Purpose Vehicle limited companies operating via intermediaries The index is published twice a year Launched on 22nd October 2015 data for the index has been obtained from Mortgage Flow MFB s proprietary buy to let mortgage product sourcing software and from its own transactional data Lenders with bespoke offerings including high street banks and the commercial arms of the challenger banks have been excluded from the data set H1 2015 Full analysis News story H2 2015 Full analysis News story The proposed changes to tax relief on financing costs is likely to affect the way higher rate tax paying residential property investors choose to finance their portfolios We

    Original URL path: http://mortgagesforbusiness.co.uk/research-data/limited-company-buy-to-let-index/ (2016-02-16)
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  • Property Investor Survey | Mortgages for Business
    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 Research data Property Investor Survey Research data 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 Property Investor Survey The Mortgages for Business Property Investor Survey was launched in February 2012 Designed to gauge the property finance needs of investors and landlords the anonymous results of each survey are fed back to lenders to help them develop existing mortgage products and design new ones Click on the links below to view the results and read the accompanying analysis Property Investor Survey November 2015 Mortgages for Business Property Investor Survey November 2015 Results and analysis Property Investor Survey April 2015 Mortgages for Business Property Investor Survey April 2015 Results and analysis Property Investor Survey November 2014 Mortgages for Business Property Investor Survey November 2014 Results and analysis Property Investor Survey March 2014 Mortgages for Business Property Investor Survey March 2014 Results and analysis Property Investor Survey October 2013 Mortgages for Business Property Investor Survey October 2013 Results and analysis Property Investor Survey February March 2013 Mortgages for Business Property Investor Survey February March 2013 Results and analysis

    Original URL path: http://mortgagesforbusiness.co.uk/research-data/property-investor-survey/ (2016-02-16)
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  • Money Markets | Mortgages for Business
    figures provided by TheIce Com rounded to three decimal places UK SWAP Rate Year s Current Rate Change from previous day s rate 2 0 73 3 0 79 0 01 5 0 94 7 1 13 10 1 36 SWAP rates provided by TheIce Com rounded to two decimal places 3 Month LIBOR v Bank Rate The following graph gives an indication of how the 3 Month LIBOR Rate has compared to Bank Base Rate over the past 12 months Historic SWAP Rates The following graph gives an indication of how the Swap Rates have moved over the past 12 months What is Bank Rate Bank Rate is the interest rate at which the Bank of England is prepared to lend short term money to financial institutions Also referred to as Bank Base Rate it directly affects short and longer term interest rates set by commercial banks building societies and other institutions for their own savers and borrowers Bank Rate is set each month by the Bank of England s Monetary Policy Committee and the monthly decision is announced at 12 noon immediately following the meeting Decisions are made on a one person one vote basis with the Governor having the casting vote if there is no majority By changing the rate of interest the MPC is attempting to influence the overall level of activity in the UK economy and keep a healthy balance between supply and demand Reductions in Bank Rate usually occur when the demand for goods and services falls to such a level that unemployment rises and businesses start to close Increases in Bank Rate usually occur when the demand for goods and services rises at a faster pace than can be supplied by the economy Unusually Bank Rate has been set at 0 5 since March 2009 What are SWAP Rates SWAP rates are a mechanism through which lenders can acquire a fixed price for funding over a specific period of time normally from 1 year to 10 years although most commonly 2 3 5 and 10 year SWAP rate programmes are used as these are then used to create fixed rate mortgage products for homeowners property investors and business mortgages SWAP rates will factor in what the money markets see as the likely average rate over the chosen time period and can sometimes be cheaper than the prevailing variable rate and therefore result in a product by the time the lender has added a margin that is not only attractive but also provides the borrower with certainty of mortgage costs over the chosen period Some lenders will have sophisticated SWAP rate money management programmes and will be in a position to run a rolling fixed rate programme i e offering a fix from the day of completion whereas some will work to a fixed end date such as fixed to 31 Aug 2014 which is more transparent to monitor As with any market traders will occasionally make the wrong call and fixed rates based

    Original URL path: http://mortgagesforbusiness.co.uk/research-data/money-markets/ (2016-02-16)
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