The Knowledge Series   Equity Release Booklet Mock Up

Get The Complete Guide to Equity Release Plans

With so many options and variations, it's no wonder that most of our clients find Equity Release Plans a little confusing.  

That's why we have created 'The Complete Guide to Equity Release Plans'

Download it here:

We can help you find & arrange your Equity Release mortgage and specialise in helping people with poor credit.

We are Google 5-Star Rated

Help to Buy Figures to Your Inbox

Get Equity Release Mortgage Figures Delivered to Your InBox

Complete our short form with a few of the basics and we'll email and text you the best Equity Release Mortgage rates available. 

Help to Buy Mortgage Approval

Get Your Equity Release Mortgage Approved in 15-mins

If you are serious about starting the Equity Release Mortgage Approval process - give us a call on the number below and we'll be happy to help guide you through the process.  We don't charge up-front fees and all calls are confidential.

How Much Can You Borrow?
How Much Can You Borrow?

Equity Release Mortgages: 
How Much Can You Borrow?

Different Equity Release Mortgage Lenders offer different maximum loan amounts. Here's how you should do your research.

Documents You'll Need
Documents You'll Need

Equity Release Mortgages: 
Documents You'll Need

Getting your documents together at the start of your Equity Release mortgage application will really speed things up for you. Here's a handy list.

Help to Buy 5-Step Guide
Help to Buy 5-Step Guide

Equity Release Mortgages: 
The 5-Step Guide

This is your quick go-to guide for everything you need to know about the Equity Release mortgage application process.

Your Questions, Answered.

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Poor Credit - Can I still get an Equity Release Mortgage?

Yes you can.  When applying for an Equity Release mortgage (with a poor credit history) the rule of thumb is - nothing within the last 3 months.  Anything outside of that and you have options.

County Court Judgements (CCJ)

Defaults

Missed/Late Payments

Pay Day Loans

Bankruptcy (discharged)

IVA (Individual Voluntary Arrangement)

DMP (Debt Management Plan)

If you have had any or all of the above and want to buy a house under the Governments Help to Buy scheme, give us a call to help you arrange your mortgage.

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What is an Equity Release Mortgage?

If you are looking to buy a property with the intention of letting it out, and you don't have the funds to buy it outright, you're going to need a Buy to Let mortgage.  You can borrow a maximum of 80% of the value of the property you are looking to buy.  Therefore, if you are buying for £250,000, you can raise £200,000 with a Buy to Let mortgage and your deposit would be £50,000.

Buy to Let mortgage lenders regulate how much they are prepared to lend by using rental affordability calculators. If you are a lower rate tax payer the amount of monthly rental income, the above property would need to achieve, would be £1,000. If you are a higher rate tax payer the rental income would need to be £1,200.  This is due to the changes in mortgage interest tax relief from residential property income.

The vast majority of Buy to Let mortgages will require you to have tenants in the property on a 6-month Assured Tenancy Agreement.  It is your responsibility to ensure that the rents are paid and any shortfalls, or non payments, are your responsibility.

The key points:

20% - Min. deposit required

Interest Only Acceptable

Can be used towards retirement planning

Excellent returns on investment

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What makes a good Buy to Let property?

Finding the right Buy to Let property can be the difference between making or losing money.  If you are new to the Buy to Let world it advisable to go for a newer, low maintenance property.  Older properties (100yrs+) may look the part, but they tend to go wrong, which is costly.

Look for low maintenance properties

Find somewhere near to local amenities

2-3 Bed houses rent well to families

Flats can be problematic

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Am I eligible for a Buy to Let?

Buy to Let mortgage lending is less strict than residential lending because the emphasis is on the rental income the property will receive - rather than a multiple of your annual income.
There are options for most circumstances out there and we have access to Buy to Let mortgage lenders who have no minimum income requirements.  

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How do I apply for the Buy to Let Mortgage?

Here's the right process to follow when applying for your Buy to Let mortgage:

Research the area you are interest in

Carry out your rental affordability calculations or speak to a qualified mortgage advisor

Find a property that meets your criteria

Find a solicitor to deal with the conveyancing (we can recommend one)

Submit your mortgage application.

Start the process of finding a tenant

Mortgage offer issued (approx. 14 days after application)

Exchange and complete

 Tenants move in

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Useful Links

First Time Landlords

1

GOV.UK - Restricting finance cost relief for individual landlords Click Here

2

TMW - Rental Income Calculator Click Here

3

MAS: What is a Buy to Let Mortgage Click Here

Prosper Home Loans LTD

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All our advisors are fully qualified and regulated by the Financial Conduct Authority (FCA).  We adhere to strict Privacy Policy rules and regulations. You can download our privacy policy here.

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Est. May 2006

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