What Is Equity Release and How Does It Work? But first, a quick recap on equity release for those unfamiliar with how it works. 🤓 Equity release lets you access its value in cash while you keep living there. There are two main types: Both are means of getting cash from your home for retirement […]
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Can I Sell My House If I Have An Equity Release?
How To Get Consent To Let To Buy Another Property?
What is Consent to Let and How Does it Work? Consent-to-let is a formal agreement or permission from your mortgage lender to rent out your house temporarily. It’s not a new loan, but an approval from your lender. Most residential mortgages don’t allow you to rent out your property without permission. By getting consent to […]
Mortgage Lenders That Don’t Credit Score Explained
Are There Mortgage Lenders That Don’t Credit Score? The short answer is yes, there are some mortgage lenders in the UK that don’t rely as heavily on credit scoring for approval. But, the reality is that most BIG high street banks and mainstream lenders do use credit scoring as a KEY part of their mortgage […]
Mortgage Affordability Test Scrapped: Is It Now Easier to Get a Mortgage?
What Was the Mortgage Affordability Test? After the big financial crisis in 2007-08, the Bank of England introduced a measure to ensure responsible lending practices. This was the mortgage affordability test, often referred to as a stress test. Here’s how it worked: Before approving your mortgage, lenders had to assess if you could still make […]
What Is Proof Of Deposit For A Mortgage?
Why Do You Need to Show Proof of Deposit? The main reason you need to show proof of deposit is so lenders can check that your deposit money is from a LEGAL source. This is all about following anti-money laundering laws. These rules stop money from crimes being used to buy houses. When you show […]
Can I Really Get a Mortgage With No Deposit in the UK?
What Is a No Deposit or 100% Mortgage? A no deposit or 100% mortgage allows you to borrow the full purchase price of a property without putting down any upfront cash deposit. The lender is taking 100% of the risk by lending the entire mortgage amount. Normally UK mortgage lenders require at least a 5% […]
