By Philip H Yates, Consultant: Mortgages & Equity Release

With interest rates still at an all-time low it’s a great time for you to consider a mortgage review with the potential benefits that a lower interest rate and lower monthly payments can bring. Alternately you could choose to keep the same monthly payment and reduce your mortgage balance much faster.

Mortgages for the self-employed
Once again, our independence and experience has enabled us to source a competitive mortgage lender for a client who has run his own company for many years. This client is a 100% shareholder and his personal tax calculation illustrates the amount he has taken from his company in salary plus dividends.

Many lenders only use the total of these figures to calculate affordability, in this instance our client’s calculation left him short for the mortgage amount he required. However, he had retained profits in the company and the lender was able to use the profit (after taxation) shown in his accounts, which enabled him to borrow the amount he needed.

Bank of Mum & Dad
Recently one of my long-standing clients contacted me as her daughter was hoping to buy her first home. My client explained that her daughter’s income was unlikely to be sufficient to qualify for the mortgage amount she requires, however her parents were willing to assist.

Over the years, I have gained access to a number of schemes which offer a solution in this situation. In particular, a Joint Borrower, Sole Proprietor Scheme. This scheme allows for a joint mortgage with only one name (the daughter in this example) on the title deeds. This saves on stamp duty fees which would have been payable if the parents (assuming they are already homeowners) had also gone on the deeds.

We can assist with mortgage and re-mortgage requirements, if you would benefit from a free no obligation initial meeting with our team, or if there is anything else you would like to discuss then please get in touch. We look forward to hearing from you.

For more information about our Independent Financial Services, please contact a member of the Financial Services team on 01244 356 789 or email

Please note: This is not financial advice; it is intended to provide information of general interest about current financial issues.




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