The broker; Springtide Capital, has recently noted a growing demand from investors for mortgage finance with a high loan to value. However, the majority of lenders require a rental income of 125% of the interest payment on mortgages at 75pc loan to value and above; which is unattainable for the majority of investors.
Mortgage broker Springtide Capital has today reported a growing trend of self employed borrowers who are potentially at risk of significant delays in the home buying process. Most lenders now require self employed individuals to obtain a document from HMRC known as an SA302 form. This is a one page document designed to demonstrate taxable income in the same way they ask for pay slips from employees of organisations.
With the Council of Mortgage Lenders (CML) reporting yet another increase in gross mortgage lending across the UK, homebuyers are becoming increasingly confident in government schemes such as Help to Buy, with one in five first time buyers claiming to be optimistic about their prospects since the initiative was launched during the Budget earlier this year, according to the BSA (Building Societies Association.)
London based mortgage broker, Springtide Capital has recently noted a significant delay in the length of time required to book homebuyer surveys. Just 6-12 months ago, the average time taken to book a survey was 3 days, which has now increased to an average time of 7 days and can take even up to 2 to 3 weeks, according to the broker.
A widespread number of low rates available on the market have encouraged many homeowners to remortgage recently, according to the latest data from broker, Springtide Capital. However, in light of recent changes to interest only lending, Springtide consultants have noticed that many are reluctant to switch to alternative repayment options owing to concerns around the high fees attached to these lower rates.
Mortgage broker, Springtide Capital has today announced that there has never been a better time to become a buy to let investor. According to the Council for Mortgage Lenders (CML), gross BTL lending in 2012 amounted to £16.4 billion, 19% higher than in 2011, reaching its highest level for four years.
Mortgage broker Springtide Capital has today announced that it now has a surplus of ex-patriot applicants looking to return to living in the UK. Enquiries to the broker have almost doubled since the start of the year from ex-patriots across the world.
Experts at Springtide Capital claim that the increase in enquiries is a result of a lack of suitable mortgage products for applicants with no financial history in the UK during the last two years.
Mortgage broker Springtide Capital says this year, many people who have previously been unable to move home owing to complicated financial circumstances will now be able to move house.