New Mortgage after coming back from Furlough Scheme what you need to know



Mortgage lending rules explained for people looking to get a Mortgage after coming back from the Furlough Scheme.

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If you need to talk about getting a mortgage after coming of the Furlough Scheme do get in touch with Payam Azadi at Niche Advice https://www.nicheadvice.co.uk/contact
T:0207 9932044
www.nicheadvice.co.uk
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY,IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

The content of this Video does NOT constitute giving advice it is purely designed for general information purposes only. The qualification for a mortgage will depend on your own individual circumstances, and your case should be fully discussed with a Professional Mortgage Broker before you apply. Niche Advice are Independent Whole of the Market Mortgage Broker dealing with different types of clients buying properties all across the UK.

Think carefully before securing other debts against your home. Some Buy to let, and commercial mortgages are not regulated by the Financial Conduct Authority.

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA No: 750263. The Financial Conduct Authority does not regulate Commercial Buy to Lets including some Bridging Loan products.

#MortgageFurloughScheme #FurloughMortgage #MortgageRulesFurlough

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3 comments

  1. Cesar Lourenco

    Well that's good news for me then! I am back at work on a flex fourghlogh term for now, hopefully out of it soon! I always thought that i need at least 3 months worth of payslips in order to apply for a mortgage?

  2. matthew de la hunty

    As we were discussing property I thought you might be interested in my original plan this would have been a 10% Return on the finished property.

    Buy office for 215.000

    Convert to 3 flats 100.000

    Split title

    Convert loft and top flat 4 bed hmo 50,000

    Rent out bottom flats to contactor on holiday lets

    Refinance at 500,000

    At the time 1600 a month was achievable per flat and 500 per room HMO. HIghish costs

    Rent in £5200 a Month

    What happened so Far

    Buy office for 215.000

    Convert to 3 flats 50.000

    Rent out the 3 flats for 2350

    Next bit Possible

    Spit title

    Refinance at 440.000

    maybe 60% 264000 maybe 60% 264000

    Leaving no money in the deal Just the cost of my time. This will achieve 7% on the final deal.

    Next move

    If students and contractors come back. Then do the loft conversion and rent out as the original plan. Use one of the pre-built lofts converters.70.000 ish done in two weeks fully managed by them.

    Or invest in BTL. Look at 6% return or more

    I will hopefully be working the whole time. So this will put up my cost as i will need a manager



    Regards

  3. matthew de la hunty

    My experience was I entered a sales funnel.Priam never contacted me. When I finally got hold of him. He tried to frighten me into a commercial mortgage. At 2% in and 4% to 4.5% loan value. The next mortgage advisor told me all I need to do was split the titles on my flats Get a job for six months and I should be able to get a low interest rate on a buy to let 2.5%.

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