Freehold Vs Share of Freehold

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If you are a home-owner, then it will be very likely that you also own the land your house is on. It’s hard to imagine that you wouldn’t own the property if you actually owned the house. However, when we look at multiple flats in a block, you can question who actually owns the land underneath, with many different people owning apartments in the building. Read More

Second charge mortgages

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Second charge mortgages are loans which are secured against your property, as the name suggests this loan is second to the first charge, which would be likely for a larger amount of borrowing, probably taken out when you purchased the property at the onset.

Historically, when borrowers where turned down for financial support they may have been attracted to the higher risk, higher interest providers for their borrowing needs! Second charge mortgage rates are higher than the traditional rates but a lot lower then some of the ‘back street’ lenders out there. Read More

Need a mortgage? High St or Broker?

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Near enough everyone, at some point will realise the fact that buying a property is a road to venture down. Owning your own property has its advantages, historically we can see that properties only really seem to go up in value! An important old question seems to be; “if I rent, am I only paying off my landlord mortgage?” Answer in a nutshell; YES! So, for those who are applicable a mortgage is definitely a path to go down, unless you have 300k in your bank. Read More

Need a lender that lends six times your income?

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Buying a new home can be difficult, especially as lenders only prefer to lend a multiple of 4.5 times your income.

As the average price of a property in the UK is around the 220k and the average household income being around 26k, the maximum you could borrow would be around 117k. This means owning your own home is near high impossible. Even if a lender was to review your status they would require an average deposit of around 44k (80% LTV), which still leaves you needing a mortgage of around 176k. Read More