Buy To Let Purchase
Investing in a Buy to Let property can be a sensible way to supplement your existing income and build future capital if the property value increases.
Getting a Buy to Let mortgage may seem like a minefield with all the industry changes over the past few years, however, at Medifinance Mortgages our team of experts have a deep understanding of this market and will be able to guide you through the process.
Help to Buy Mortgage
The governments Help to Buy scheme enables you to purchase a new build property and receive a 5-year interest free loan of up to 40% in London (maximum loan £240,000) and 20% outside London (maximum loan £120,000). The scheme is designed to help people get on, or move up, the property ladder with a small deposit. It is also helping the government in its target to build more new homes.
Doing additional hours and shifts through locum work can be a great way to top up your income. Providing you can prove to the lender that the income is regular and sustainable it will be considered for a mortgage application. The lender is likely to take an average over the last few months or potentially even the last year, typically evidenced through a P60 or payslips.
It is important when you are nearing the end of a promotional deal that you look into options that will avoid you going on to a lenders Standard Variable Rate (SVR). A lenders SVR can be considerably higher than a market leading deal and can cost you a lot of money. There are occasions when it makes sense to stay on a SVR, for example if you are considering selling the property or if you have a very low variable rate but for most people it makes sense to consider other options.