THIS MORTGAGE GIVES THE ABILITY FOR PARENTS OR GRANDPARENTS TO HELP FAMILY MEMBERS BUY A HOUS E WITH JUST A 5% PERSONAL DEPOSIT.

Woolwich are launching a new mortgage product where the purchaser is required to fund only a 5% deposit. To lessen the risk to the Woolwich they require a further 10% to be deposited into a Woolwich savings account by parents or grandparents.

The major benefits to this mortgage product are :

1)      Competitive mortgage rate

2)      Only a 5% deposit is required by the first Time Buyer.

3)      The Helper’s deposit of 10% is held in a non- accessible, interest paying savings account for 3 years and then returned to them.

There are a few other lenders offering a similar scheme. Principality, Aldermore and C&G.

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

We are different.

We offer at least twice the choice of mortgages compared to a standard broker.

View the video on our homepage that explains how mortgage advice has changed.

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

Your initial consultation is free with no obligation.

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Note. All cases are subject to a full lenders underwrite and assessment.

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.

THESE MORTGAGES GIVES THE LANDLORD THE OPPORTUNITY FOR INCREASED EQUITY & HIGHER RENTAL INCOME

If a property needs refurbishment, it’s common sense to get the work done. Sometimes you need to make improvements before the property is suitable for tenants; sometimes you know that certain minor refurbishments may add value to your property investment, or increase the rental yield. So you need a mortgage deal that allows you to go ahead with the necessary work

With a Light Refurbishment mortgage, it may be possible to take advantage of an investment opportunity. If a property needs modernisation, you can go ahead knowing that the money spent on refurbishments could be replenished when the work is completed. Eg New kitchen /bathroom etc

There is a restricted choice of lenders who are willing to lend on this basis. Maximum lending is 75% loan to value.

Below we have highlighted a few features of each lender:-

Aldermore Commercial 

• Available to 70% LTV of the post works value 
• 65% LTV of the day one value 
• Rates from 5% over 3 month Libor, 1% loading during refurb period 
• Interest only for term available

Saffron Building Society

• Available to 75% LTV of the post works value 
• 75% LTV of the day one value 
• 5.89% – 2 Yr variable rate + 0.50% with 2 Yr ERC  
• Does not need to have a kitchen and bathroom 

Shawbrook Bank

• Available to 70% of the post works value 
• 70% LTV of the day one value
• Rates from 5.45% over 3 month Libor
• Interest only for the term available

Note. All cases are subject to a full lenders underwrite and assessment.

Request Call Back

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

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.

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.