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Our property investment expert is Jeni Browne, Sales Director at
Mortgages for Business
www.mortgagesforbusiness.co.uk/
Tel: 0345 345 6788
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Question
Are there any special mortgage deals for NHS staff?
I have just qualified as a nurse and I am now in a position to save some money for a deposit on a flat. Are there any special mortgage deals for NHS staff?
Answer
Congratulations on becoming qualified! Unfortunately, there aren’t any special deals for NHS staff; however, you would be eligible for the First Homes Programme. This is a Government initiative which means that first-time buyers and certain key workers would be eligible for up to a 30% discount on some newly built properties. This scheme is due to go live later this year (according to Robert Jenrick, Secretary of State for Housing,) so do keep your eyes peeled for further news on this!
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Question
Due to remortgage but not working at the moment
Our current mortgage term comes to an end in June. My partner moved to a freelance role at the beginning of March and cannot get work currently due to his industry and the coronavirus. When I remortgage what should I say about his salary? I am worried I will be unable to remortgage at the same level on my salary.
Answer
As a freelancer, lenders would consider your partner as self-employed. This means they will ask him to confirm his income (as shown on his tax returns) for tax years 2018/19 and 2019/20. However, lenders will also be looking to check current earning by looking at his bank statements.
Your best option here is to speak to a mortgage broker who will be able to tell you, based on their knowledge of the whole market, what deals you would be eligible for. They will also keep in mind what deals your current lender would be able to offer to you, and depending on which lender you are with, these could be very competitive. When you change products with your existing lender, there is usually no underwriting, and thus, you will not need to re-confirm income, so this could be an excellent option for you.
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Question
Help to Buy query
I’m a current homeowner with Help to Buy who is considering to reuse the scheme to relocate and buy a bigger property. In case the scheme will be extended for second time buyers, would that be for another 12 months or for the whole length of the scheme until 2023? Also, will the restrictions cap for the regions still be applied?
Answer
The Government has confirmed it will extend its Help to Buy equity loan scheme from 2021 to 2023. However, this extension will be restricted to first-time buyers purchasing newly built homes, so I am afraid that based on current plans, you have a relatively short window in which to do this. Current policy is that the regional caps will also apply. There is a chance this may change, but at the moment there has been no mention of plans to do so, that I am aware of.
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Question
Management company won’t supply documents
I am in the process of selling a flat. The buyer’s solicitor requested a series of documents and some of them need to be provided by my residential management company. My management company did send a couple but not all. I contacted the management company and they replied “do not contact me”. My solicitor emailed the management company but says there is nothing more he can do and that it is my problem. It has been three months now. What should I do?
Answer
I appreciate that this is a difficult situation. I would ask your solicitor to provide an opinion as to whether what the buyer’s solicitors are asking for is reasonable. If it is not, then they will need to speak to the solicitor to figure out a solution by requesting different documents/indemnity policies/searches.
However, if the information requested is reasonable, then your solicitor should write to your management company setting out what is required and the responsibilities that the management company have, under law, to provide such information.
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Question
Three names on title deeds but only I am paying – can I remortgage alone?
I would like to ask a question on my daughter’s behalf. The current lender has lent my daughter and two other parties (her ex-partner of over 6 years and his father) both have their names on the deeds. The mortgage being interest-only over a 10 year period. My daughter has two children under 8 years and working 20 hours per week, has continued to pay the mortgage and has ensured all payments and insurance are up to date with no contributions financially for the past 6 years.
My question being as the agreement draws to an end, can she enter into another lending agreement with a bank (on her own) without having to gain permission from the other parties? Again for background, her ex-partner father was originally on the initial mortgage as guarantor, who has not at any time being asked to step in on that basis.
Answer
As your daughter’s ex-partner’s name is on the deeds, I am afraid that any new mortgage arrangement would need to include him, unless your daughter can remortgage and remove him from the title deeds (he would need to consent to this). His father is slightly different as he (probably) has not been named on the title deeds and thus would not need to be included on any future arrangements.
My best suggestion would be to speak to a mortgage broker, who can look at options for your daughter keeping in mind her income – sorry I cannot provide anything more defined right now.
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