Hello, Generally most lenders would want to work off the future situation if they know you are relocating and therefore need to use the new job, rather than current one as they know the current on finishes either before, or shortly after you move. Most lenders want that new job to start within 3 months, with a few allowing longer than that as well. In your situation it sounds like we want the more flexible lenders who allow longer job offers, depending on the timing of everything. So to summarise it may be possible for you, but is quite situation specific so if you need more then get in touch and we can go through in more detail. You can get in touch through our contact forms on our website - www.crescentmortgages.co.uk Kye

No trouble at all - glad you found it useful and hope the others help you too! Kye

Hi Ali - you're very welcome. Thanks for the feedback!

Thank you for the feedback - glad you found it helpful! Kye

While the market is promising, expert guidance is essential for effective portfolio management.

Very true. Despite having no prior investing knowledge, I started investing before the pandemic and pulled in a profit of approximately $950k that same year. In reality, all I was doing was getting professional advice.

How can I participate in this? I sincerely aspire to establish a secure financial future and I am eager to participate. Who is the driving force behind your success?

She's Susan Kay Mack by name. please do your own research to see if she is suitable with your goals.

thank you for this pointer. it was easy to find your handler, she seems very proficient and flexible

Hello, The mandatory valuation is conduction by the lender, and is for their benefit. You can then choose to have an additional more in depth survey for your benefit, but this is very much optional and specific to each person/situation. Hope that helps, Kye

Hello, In the event of repossession the bank get their money back first with the remainder of the proceeds generally going to you. So you take the sale value, minus the banks mortgage (and any additional costs they've incurred, such as legal fees) and any left over funds go to the owner. So if your property value has gone down, or if legal costs are high then you could also lose some, or all, of your deposit, particularly if you've not paid down much of your mortgage to that point. Kye

@ Thank you for your response. One more question: does the sale of the house and repaying the mortgage back to the bank include paying interest back on the mortgage aswell? Or does the interest become void?

@@policefootage7771 Hello, Generally it should just be paying back the balance plus costs incurred (not interest) Kye

@@crescentmortgages Thank you very much Kye

@@policefootage7771 No problem at all!

Thank you - Glad to know you're finding them useful! Hopefully KZbin's algorithms will be kinder to some of the other videos, but either way we'll keep making them! Kye

Hi, Generally a higher basic income is easier, although overtimes are also ok. With overtimes you generally need a track record of at least 3 months before lenders take this into account and not all lenders will take the full amount of overtime (some use an average, some only use half, for example). If the salary equates to the same amount as the overtime then you wouldn't get an less having a salary vs overtime, whereas if the overtime is less than the overall salary you would likely get less. Happy to talk through your circumstances more specifically if you want to get in touch through the website, or email [email protected] Kye

Glad they're of use to you - thanks for the feedback!

They often taper down, starting at somewhere between 4% and 5% of the mortgage balance, then each year they reduce, with the final year somewhere between 1% and 2%, although I should stress every lender works slightly differently, with some of them not tapering the charge down at all. Hope that helps! Kye

Hello, All brokers get a fee from the lender and most charge an additional fee to the buyer (although not all do). Sizes of the fees charged can vary as can when they are payable by buyers (i.e. some charge at the start of the process, some only charged once everything goes through). Kye

Hello, I'm glad you found it useful. It's difficult to be clear on type of mortgage rate as your plans with the property are only one factor in the type of rate you should take. If you are in the process of buying you should certainly discuss this with your broker or lender as they should have all of the information around what's best for you (if you haven't yet started the process of applying for a mortgage feel free to reach out directly and we can run through everything for you). Just on your information so far theory would suggest a short term fix or variable given you expect to increase the property value and therefore your loan to value increases, however short term products have risks (as do all products in some manner), alongside potential risk of house prices and if your loan to value now is already at a state where the improved renovations wouldn't really make much difference. On top of that you then are needing to look at the expectation of rates over the next 0-5 years. Not sure if that helps for now, and as mentioned certainly bring this up with whoever has been providing you advice so far, or get in touch with us directly. Kye

Morning, First steps are to reach out to someone to obtain an Agreement in Principle (AIP), which would then confirm to you how much you can borrow, what it costs you, how it all works along with any other possible considerations. To get this AIP most people use a broker (like ourselves) where more lender criteria can be checked. Kye

Hello, There are a few more points that we would need to know specifically to understand how much you are able to borrow, which would determine how much deposit you then need. Very broadly speaking lenders use income multiples ranging from 4 to 5.5 times your income (5.5 times your income is very rare, but occasionally achievable), and then run a secondary disposable income check alongside this. If you want to know more specifically how much you can borrow, and then how much deposit you need, feel free to get in touch through our website (link in the description). Kye

Hello, There are a few more points that we would need to know specifically to understand how much you are able to borrow, which would determine how much deposit you then need. Very broadly speaking lenders use income multiples ranging from 4 to 5.5 times your income (5.5 times your income is very rare, but occasionally achievable), and then run a secondary disposable income check alongside this. If you want to know more specifically how much you can borrow, and then how much deposit you need, feel free to get in touch through our website (link in the description). Kye

@@crescentmortgages Thanks for responding- may i please ask how much will you charge to do that search?

@@MsAgileGuru Hello, We don't charge anything at all for our advice. We have received your enquiry this morning and one of the team will reach out today to discuss in more detail. Kye

Glad you found it helpful!

Hi, There are quite a few factors that go with the credit scoring process that impact lenders decisions, such as deposit amount. A "fair" credit score is potentially OK, with some lenders not really looking at your score but the overall conduct (i.e. are payments made on time, if not when were they missed). To be sure you ideally need to go through your entire situation with a broker who can then let you know the chances, and possibly even run an agreement in principle for you. If you need any help feel free to get in touch directly. Kye

Is it likely to be declined for both of us if it's not great

@@jamierogers6826 Hi, Both applicants have to pass the credit score, so if one fails the overall application fails (although depending on the situation you could apply in a single name). Kye

How does a default against your name affect if you are excepted or not ?

@@jamierogers6826 Hi, Generally a default can cause problems, although it will vary on how long ago it was registered, when it was settled and how much it was for, amongst other factors. For example a default 6 years ago you'd have a good chance of applying through mainstream lenders, whereas a default yesterday would generally wipe those lenders out and you may need to seek specialist lenders. Kye

Hi, There are many factors that contribute to lenders deciding to lend so hard to say on it's own. Having no credit record can be tricky initially, but if you are putting down a good size deposit in relation to the property value then this may be no issue at all. Happy to look into your scenario specifically if you get in touch with us directly. Kye

As a first time buyer, I am a NHS worker, income of £42k per year. Credit might not be great. A neighbour passed on and the family approached me if i would be interested. Therefore no agents. This property is valued at about 275k as it is, some cosmetic damages therefore abit of work will need to be made. Looking to pay approximately 20 years, how much of a deposit should I expect?

@@MsAgileGuru Hello, There are a few more points that we would need to know specifically to understand how much you are able to borrow, which would determine how much deposit you then need. Very broadly speaking lenders use income multiples ranging from 4 to 5.5 times your income (5.5 times your income is very rare, but occasionally achievable), and then run a secondary disposable income check alongside this. If you want to know more specifically how much you can borrow, and then how much deposit you need, feel free to get in touch through our website (link in the description). Kye

Thrilled we could help you - Good luck with your research and let us know if you need anything!

Hello! Yes, you can use any broker with many being non face to face these days (as we also generally are). The key is finding a broker you like/trust. You don't need all of the funds before you start looking and if you can bank on the funds coming in October then this is ok as the process from finding somewhere can often take a few months. You may be asked by a lender to prove your deposit so if this is the case having something from your employer confirming may help. Hope that helps but feel free to reach out to us directly should you need anything more specific to you - www.crescentmortgages.co.uk Kye

There are professional mortgages occasionally, but generally they don't work out much (if any better). They are typically designed to have flexible criteria, rather than lower rates. Most brokers will have access to these mortgages alongside the everyday mortgages so when you reach out to a broker ask them if any professional mortgages would apply to you. Hope that helps! Kye

A new job with a 3 month gap in between can limit your options somewhat but there are also lenders out there who can generally lend in that scenario. Of course everyone has slightly different circumstances, so if you want to be sure it's best to reach out and speak to someone. We're more than happy to help if you want to reach out directly by heading over to our website, www.crescentmortgages.co.uk or email us on [email protected] Kye

Hello Dylan, If you are a limited company director they will generally want SA302's and Tax Overviews - they don't typically ask for payslips or bank statements. As you are still considered self employed (assuming your shareholding is high enough) then they will want to look at the track record over the last couple of years, as opposed to the last 3 months. They may also ask for the accounts to check the company performance (i.e. you are not taking out more dividends than profit to ensure sustainability of income). Thanks, Kye

And I went to the bank they asked me to register to vote

Hi Aziz, Being able to register to vote is not a key element of a mortgage application, for most lenders. Your length of time in the UK, VISA status and length of time left plus deposit are often key for a mortgage, alongside the normal criteria that everyone else needs to meet. Hope that helps. Kye

Hello, There are a few key things to check, such as do they have access to all of the lenders on the market, and what is there fee charging structure. These can both vary wildly from broker to broker. Once you find one who searches as many lenders as possible, and either charges no fee, or what you feel is a fair fee then it is more down to how you feel with them. On top of that experience often is key too. There is no harm in speaking to multiple brokers and be honest with them that you are looking at multiple - after speaking to a few you'll likely get a feel for which you prefer. Your broker plays a big role in your purchase so your trust in them is important. And if you need to try someone feel free to reach out to us directly! Kye

We're always working on the presentation - hopefully you find the new ones a little better 😅 Lenders are generally ok with an increase in year two, and is better generally as it shows the business is improving. They would likely take an average of the two years income, and if the jump is high then may want an explanation to ensure it is plausible moving forward. Hope that helps, Kye

Thank you 🙌

If you're working with a Broker, they should be able to give advice on this, tailored to your purchase, but generally - yes! You should instruct the Solicitor right at the start of the process as they have a lot of work to get through. The legal work usually takes a lot longer than the mortgage application, so it's sensible to instruct the Solicitor as soon as possible once you've found a property. Good luck with it!

@@crescentmortgages thank you so much, yes going to speak to my broker right away 🤞🏻

Thanks Alana, you're very welcome!

Hello, A gifted deposit is absolutely fine and one of the most common sources of deposit. Each lender has a slightly different requirement for proof of this, but in short if it is a genuine gift most lender will simply want a templated letter (often provided by the lender) signed and dated from your parents. Hope that helps, Kye

Thank you for ypur reply​@@crescentmortgages

You certainly were! Thank you for subscribing! Yes, anyone in the country can get in touch as we give most of our advice over the phone. If you want to get in touch head over to our website and complete the contact form. Kye

Glad we could help Steve!

Wonderful to hear - and thank you for such glowing feedback! Kye

Hi Cora, Yes, you secure a rate and it is often changeable until the actual rate starts. Once the new rate has taken place you are then bound by the terms of this new rate, which often means it is unchangeable. This is why we encourage a remortgage 6 months early as it allows you maximum time to ensure you get the best possible rate. Kye

Hi, If you find a broker who charges a fee and it good then that's great, although there are more and more fee free brokers these days who also offer fantastic service. The fee charging or not should generally not make a difference to the products you get, so it is all down to which broker you are most comfortable with. We are a fee free broker, so perhaps a little biased, but you shouldn't need to pay a fee to get great service (and feel free to reach out to us directly if you want any assistance). Kye

Hi, Once you're scheme has actually started it's rarely possible to change without penalty (unless you are on a product with no repayment charges). If you've applied and not yet completed on your scheme most lenders will allow you to change mid application. Kye

Glad you found it useful - good luck in your career to come! Kye

Do the brokers charge both the lender a commission and the buyer a fee?

@@pattersonellen no, the broker fee is subject to the broker and is charged at their own rate. The commission comes from the lender and is like a finders fee. It doesn’t charge the client.

@@NS-kc8hb i know the lender doesnt charge the buyer a commission. Im aking a different question. The reason i ask is a broker is asking a friend for a fee when they will also get a commission from the lender. She doesnt know if she will get better value elsewhere where the broker gets just commission from the lender. And doesnt charge her as well.

@@pattersonellen broker charging a fee is Normal practice there is no guarantee your friend will go through with the mortgage and the broker would do a lot of work. So they often charge a fee yes 👍

Hello, A common misunderstanding - It really does depend on the broker. An AIP from one lender is mainly just a credit score, and can easily be obtained online putting any figures in. That means that you could put in any income, get a much higher AIP but ultimately when it comes to proving this the AIP is then invalid. A good broker will ensure the figures are accurate, can check your credit score and ultimately has the best part of 100 lenders to then check your criteria with. As long as the broker is checking with the lenders, and possibly multiple lenders, this generally carries more weight than a lender AIP. On top of this you get advice from a broker, whereas banks often just carry out the transaction without being able to offer holistic advice. Note broker can also run a lender AIP if they feel it would be beneficial, so you have the best of both worlds. Kye

Mmmm, so a Broker’s AIP carries more weight than an AIP from the Lender who is actually going to lend the money!!🤔

Hello @@g.p616 Potentially yes - you can carry out an AIP direct with a lender and enter whatever figure you want online for your income, which would result in an AIP that wouldn't actually work going forward. As an example, this is common when people receive variable pay (bonus/commission/overtime) as some lenders only take half of this, or an average, and many people don't know how to do this directly, therefore making the lender AIP incorrect. A broker AIP can still be run with a lender, but entered by the broker, which will then ensure the information is correctly input and produce an accurate answer - so a good broker should always be better (important that it is a good broker of course!). I'd be interested to know others opinions, but in the thousands of mortgages I've done personally I've noticed many lender AIPs that are inaccurate, for many different reasons. Whenever you are in a position to look into your own AIP feel free to try both and see what you prefer 😃 Kye

I do mortgages in an America. This was very interesting to learn your terminology. Things are different. Although volume is not much different. With that being said I have never met someone who has done “thousands” of mortgages. That math doesn’t check out. You’d have to close 100 loans a year for 20 years straight with no falter to reach that as a truth.

@summitmortgage we have 23 years combined experience in the industry (we’re older than we look!) and previously worked for several years at a large brokerage who’s business model was high volume. Organising 100+ mortgages every year was very normal. Good luck with business on your side of the pond 👍

Thank you for the feedback - wonderful to hear! Feel free to get in touch should you need anything more specific to you. Kye

Hello, All brokers get paid by the lenders on completion - this is essentially for doing the lenders legwork for them and does not get factored into the rate, or products you get at all. Many brokers then decide to add a broker fee on top, although some are free and just take the initial lender fee noted above (such as ourselves!). Kye