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.
We are on the panels of most lenders and here at Revolution Finance Brokers we pride ourselves in giving the personal touch and promoting the lender which is right for your needs.
One of our lenders has recently given us preferential lending terms where they offer lending of up to 6 times your income at 2.94% (2 year fixed) which can prove decisive when making the choice of going for a mortgage or not!
As long as you have been in employment for a minimum of 3 months and earn a minimum of £12.5k, this specific lender will lend up to the age of 85 and even offers terms of up to 35 years. Interest only products are also on offer where they offer a maximum 60% LTV.
Self-employed?
For those of you who have limited companies, all that is required is an accountants certificate. If you are a sole trader 2 years SA302’s & tax years overviews are all that are required to furnish lending.
Adverse Data? Let’s see!
For those having adverse data on their credit files this lender will also ignore any of the following data and still offer a great rate of 3.34%:
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1 missed mortgage payment
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1 unsecured credit account greater than £300 where the worst status is 3 or more regardless of whether the account has subsequently settled
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1 CCJ or default over £300 registered whether satisfied or not
4.44% can be achieved for those of you that have a little more adverse data, namely:
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CCJ’s / defaults that are less than £300,
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CCJ’s which are older than 36 months,
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CCJ’s which are satisfied and over 2 years old
Unsatisfied CCJ’s / defaults over £2500 will be referred on a case by case approval process.
Decisions in principle can be achieved in 10 minutes.
Here we are independent brokers, our affiliation is with no one lender, our advice is based on your needs. Before we speak to any lenders will we fully understand your situation and based upon that we will secure the best possible products, at the best possible rates.
Contact us now to discuss your personal options, Revolution Finance Brokers specialise in commercial and residential finance in Essex, Kent, London and Hertfordshire.
