Hints & Tips from Christine Newell

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Useful tips I have learnt this week

Harpenden BS can look at unusual property types including those with large annexes with separate kitchens which can be accessed internally from the main property or ones which have their own separate entrance such as Granny flats.

Santander can consider residential re-mortgages where the property has not been owned for a minimum period such as 6 months. Other Lenders who can also consider these are Virgin Money and Woolwich.

Marsden BS can lend to clients up to the age of 85 years old. The Client must be in receipt of pension income, employed income is NOT considered in the affordability assessment. The Client can also consider an interest only loan but maximum loan to value would be 40%.  Suitable repayment strategies include downsizing.


Foundation Home Loans' BTL products have no credit score, no minimum income or time in employment or self-employment, non-owner-occupiers accepted and income from any legal source accepted. Contact BrightStar to discuss a case 01277 500900.

Coventry Intermediaries can take the latest net profit figures for a self-employed client. They don’t average and as long as they can see that the figures are sustainable they will work off the latest net figures. Other lenders who can consider looking at the latest net profit figures are Bath BS, Aldermore, Kensington and Precise Mortgages.

NatWest can consider property above commercial units, although restaurants, barber/hairdressers and other similar chemical using units are not normally acceptable.  Other lenders who look more favourable on properties above commercial units are Skipton BS, Halifax and BM Solutions.

Woolwich will allow a leasehold property to have 25 years remaining on the lease at the end of the mortgage term. This is the best lender in terms of shortest number of years remaining on a lease to be acceptable for mortgage purposes. Other Lenders who are good are Virgin Money and Principality BS who require 30yrs remaining at the end of the term.

Best regards,
Christine Newell
Mortgages Technical Director 
Paradigm Mortgage Services LLP

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