Lloyds Banking Group borrowers (which include the Halifax) who have an interest only mortgage and now require a further advance will now have to supply evidence of a repayment plan for the entire loan.

Previously, Lloyds Group asked borrowers to provide evidence of a repayment method only for extra that they sought on the loan. From the 28/05/2012 borrowers have to show evidence that they can pay off the entire loan if their existing mortgage is interest only.

Since the start of the year a number of lenders have significantly tightened their interest only criteria, with many capping the maximum loan to value at 50%. The Co-operative Bank Group has pulled out of interest only completely. The lenders are now looking for a credible repayment strategy. Contact me for the latest criteria.

Why use Neil Soundy Financial for advice on your mortgage in Cardiff?

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

Why not book a free no obligation meeting?

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.

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Do you want unbaised advice on every lender or restrict your choice so the adviser can receive commission?

DEPOSIT               COMMISSION PAYING                   BOTH COMMISSION PAYING

MORTGAGES ONLY                        & NON-COMMISSION  PAYING MORTGAGES

10%                        51 products                                        245 products

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25%                        390 products                                      912 products

40%                        480 products                                      1006 products

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.

In January 2012, HSBC made it a condition that mortgage customers would have to use one of 43 law firms on its chosen panel for all their work – or clients could nominate their own solicitor and pay an extra fee of £192 (inclusive of vat) to cover HSBC’s legal work.

The effect of this was a queue of disgruntled mortgage customers and estate agents as the panel of solicitors could not cope with the levels of business which caused delays on completing on sales. https://www.reviewcentre.com/reviews2634

Sanity has now returned. The Law Society and HSBC announced an agreement whereby HSBC will amend its conveyancing approach to enable all solicitors accredited with the Law Society’s Conveyancing Quality Scheme (CQS) home-buying quality mark to act for HSBC as well as its mortgage customers.

This means you can nominate your own CQS solicitor and not pay the additional fee and enjoy quick local service. This will come into effect in August 2012. https://sblawyers.co.uk/ are highly recommended.

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.

There are various lenders offering 95% mortgages. Most will only lend at this loan to value by taking additional security with a charge on a parents property. The following lenders operate on this basis Principality, Aldermore and National Counties.

My preference at the moment is the Monmouthshire Building Society as they offer lending at 95% with no additional parental guarantees. It is available to first time buyers and home movers with a maximum borrowing of £175,000.

As with all Monmouthshire BS mortgage products they only want to lend locally in the following postcodes, NP,CF, SA,LD, WR, GL,HR and BS.

Loans available to persons aged 18 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.

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

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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.

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Cardiff Council introduced Additional Licensing for rental properties in Cathays from the 1/7/2010.

This will affect all properties that are from 2 bed / 3 let. Their aim is to raise the standard of the properties and landlords. The fee is £600 per property and normally takes 8 weeks to approve.

The unintended consequence of this additional license is the reduction in the number of Buy to Let mortgages available. As soon as HMO is mentioned most lenders decline even though the property maybe a 2 bed with 3 tenants.

BM Solutions will lend on HMO but only to professionals. Post Office decline. Coventry decline, Accord decline, Northern Rock decline, Natwest decline, Halifax decline, C&G decline.

The following will lend at present. Leeds BS / Monmouthshire BS / Paragon / The Mortgage Works / Kent Reliance / Yorkshire Bank.

Deposits are from 20%

The lending criteria can change at any time, please contact me for the most up to date criteria.

On the plus side, when I have dealt with HMO department (tel 02920 871 762) they have always been very helpful.

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.

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Read the full story at TheTimes.co.uk

Why use Neil Soundy Financial for advice on your mortgage in Cardiff?

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

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.