The Funding for Lending Scheme introduced by the Government seems to be working. As before those with the largest deposits obtain the best rates. The difference between on rates between a 30% and 40% deposit is now marginal. Those with just a 5% deposit have also gained. The table below shows rates available starting from just a 5% deposit to 40% deposit.

Remember the lowest rate does not mean the best product. We take into account the fees charged by the lender.

To obtain the best rates, some lenders will require the borrower to open a salary funded bank account.

Deposit                                     Rate                                       APR                                        Fees                      Lender

5%                                          5.499%                                  5.50%                                    £995                       Monmouth

10%                                        4.24%                                    4.90%                                    £599                       Loughborough

15%                                        3.79%                                    4.40%                                    nil                           Britannia

20%                                        3.10%                                    3.90%                                    £1595                    West Bromwich

25%                                        3.09%                                    5.79%                                    £1500l                   Chelsea

30%                                        2.89%                                    3.800%                                  £999                       Nationwide

40%                                        2.79%                                    4.10%                                    £999                       Britannia

All lenders have different lending criteria. Let us match you to the lender who matches your personal circumstances.

Why use Neil Soundy Financial Services for your mortgage advice in Cardiff.

We will give you expert impartial advice on the mortgage market.

Your initial consultation is free with no obligation.

View the video on our homepage that explains how we can offer at least twice the choice of mortgages compared to a standard mortgage broker.

Useful website

How Much Will It Cost Me For Your Advice?

A fee of £495 is payable on completion of the mortgage and Neil Soundy Financial Services Ltd will keep the commission received from the lender for arranging the mortgage.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

The rates on fixed rate mortgages have dropped to an all time low. This is due in part because of The Funding for Lending Scheme introduced by the Government. The main beneficiaries are those borrowers with 40% deposits. The table below shows rates available starting from just a 5% deposit to 40% deposit.

To obtain the best rates, some lenders will require the borrower to open a salary funded bank account.

Deposit                                    Rate                                       APR                                       Fees                      Lender

5%                                          6.39%                                    6.80%                                    £4049                      Leeds

10%                                        4.74%                                    5.70%                                    £299                        Britannia

15%                                        3.79%                                    4.40%                                    nil                           Britannia

20%                                        3.69%                                    4.00%                                    £999                       Nationwide

25%                                        3.29%                                    4.20%                                    nil                            Britannia

30%                                        3.18%                                    4.30%                                    £999                        Virgin

40%                                        2.79%                                    4.10%                                    £999                        Britannia

All lenders have different lending criteria. Let us match you to the lender who matches your personal circumstances.

Why use Neil Soundy Financial Services for your mortgage advice in Cardiff.

We will give you expert impartial advice on the mortgage market.

Your initial consultation is free with no obligation.

View the video on our homepage that explains how we can offer at least twice the choice of mortgages compared to a standard mortgage broker.

Useful website

How Much Will It Cost Me For Your Advice?

A fee of £495 is payable on completion of the mortgage and Neil Soundy Financial Services Ltd will keep the commission received from the lender for arranging the mortgage.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

Since Halifax withdrew their scheme where vendors could pay deposits to their purchasers it has become more diffcult for first time buyer to get on the housing market. There have been schemes introduced to help first time buyers and home movers who are offered assistance by parents or grand parents.

Parent Gifted Deposit

There are a substantial number of lenders who will accept where the whole or part of the deposit is gifted by the parents to enable their son/daughter obtain a mortgage. The parents will have to sign a ‘deed of gift’ letter to confirm that the funds are a gift and are not repayable. Halifax has one of the widest definitions of who can make gifted deposits. (Vendor deposits are no longer acceptable)

Inter-Family Sale

Another route is where the parents sell a property to their son/daughter at below market value. In these circumstances there is a much reduced choice in lenders. In this situation the equity in the property is treated as the deposit and no further funds are required. Nationwide and Principality are willing to lend in this area.

Genuine Sale below Open Market Value (Landlord to Tenant /  Employer to Employee)

In this case no physical money passes hands but the gift is in the form of equity and the purchasers do not need to put down any deposit. Unusually Nationwide will accept employer to employee and landlord to tenant on this basis.

Woolwich Family Spring Board Mortgage

This is a new option launched by Woolwich. They will advance a 95% a mortgage to the applicants. For an additional guarantee a further 10% is deposited in a Woolwich savings account by parents or grandparents. This money earns interest and is then returned after 3 years.

Bath B/Society Paraent Assisted Mortgage Scheme

This scheme was a winning mortgage product in the Mortgage Finance Gazette Awards in 2010. The lender will advance a 95% a mortgage to the applicants. For an additional guarantee a further 20% is taken as a second charge on the parents property. The benefit of this sheme is that no money is needed to be found by the parents.

According to a recent press release 21/2/2013 the scheme will be improved  where the Bath Building Society will advance 100% of the purchase price but increasing the second charge to reflect the increased risk.

There are new schemes being launched. Contact me for the latest position.

Why use Neil Soundy Financial Services for your mortgage advice.

We will give you impartial advice.

See our client reviews regarding our advice and service

First discussion or meeting is free with no commitment

How much will it cost me for your advice?

A fee of £495. Payable at the completion of the mortgage and Neil Soundy Financial Services Ltd will keep the commission received from the lender or agents for arranging the mortgage.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Conduct Authority.

Contact us today for a free no obligation initial discussion or meeting

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

The confirmation of tougher scrutiny on interest only mortgages was announced by the FSA on the 25/10/2012. The lenders have already changed their lending criteria to reflect the FSA ongoing concerns. Interest only mortgages are still available but must have a credible repayment strategy. This can include downsizing to cheaper property, sale of holiday home or buy to let property, encashment of investments or tax free cash lump sum from pension.

Each lender has its own criteria of what is acceptable. For example Woolwich will take downsizing to a cheaper property on the condition the mortgage cannot be more than 66% of the value of the property and with a minimum equity of £150,000. Nationwide do not offer any options on interest only and insist that all new lending be arranged on a capital repayment basis.

Please contact if you have been affected by the recent changes in interest only criteria or require advice on how to put in a repayment strategy for your existing interest only mortgage.

Why use Neil Soundy Financial Services for your mortgage advice.

We will give you expert impartial advice on the mortgage market.

View the video on our homepage that explains how we can offer at least twice the choice of mortgages compared to a standard mortgage broker.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

Persimmon Homes are now selling houses in some areas on a long lease of 999 years. The issue is that the ground rent is escalating and reviewed every five years. Nationwide have now made a decision that because of this, the properties would not offer suitable security and will not lend.

Why use Neil Soundy Financial Services for your mortgage advice in Cardiff

We will give you expert impartial advice on the mortgage market.

View the video on our homepage that explains how we can offer at least twice the choice of mortgages compared to a standard mortgage broker.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

Bath Building Society has recently launched a mortgage scheme that takes into account the income generated from renting a room in the property to increase the amount they will advance. This scheme is called Income Plus.

In this scheme Bath B/S take into account that you can earn up to £4250 per annum with no tax liability under the HMRC Rent a Room Scheme. This additional income is then taken into account to increase their lending compared to a traditional lender.

The basic details are as follows:

• Up to 50% of the loan amount can be covered by rental income from letting a room in the property. The balance of the loan amount must be covered by income
• The amount being covered by rent must be no more than 3 x the borrower’s income
• A minimum of 20% deposit is required.
• Minimum income of £20,000.
• Tenancy under licence, borrower to take tax advice.

Based on an applicant earning £25000 who wants to buy a property at £170,000 with a 20% deposit. The loan amount of £136,000 would be outside most lenders criteria. However by letting a room at £65 per week under Income Plus this would cover £63,000 of the loan, leaving £73,000 to be covered by income.

Why use Neil Soundy Financial Services for your mortgage advice in Cardiff

We will give you expert impartial advice on the mortgage market.

View the video on our homepage that explains how we can offer at least twice the choice of mortgages compared to a standard mortgage broker.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.