Category Archives: News

Keys on a silver house keyring

Self employed Bristol residents come to us for mortgage advice

Your Space Mortgages possesses over 12 years of experience in the mortgage and financial industries. Self employed Bristol residents visit us all the time seeking advice as well as reliable solutions. Incredibly seasoned and as knowledgeable as they come, our team members can help with all of your enquiries.

Perhaps the biggest misconception with mortgages is that it’s very hard for self-employed people to get a loan. It’s true that self certification mortgage isn’t available anymore. This option was popular but they were banned in the UK in 2011. Nonetheless, the likelihood that lenders will allow self-employed people to borrow is just as great as it would be with a typical employee.

The same options are available

Whatever your type of employment, the key is to prove you have the income to pay back the loan. Normally, this means you’ll need to show your lenders two years’ worth of tax returns, SA302s, or company accounts. Certain providers ask for three years’ worth. Self-employed people might have to supply evidence of future work too. This will prove that you can preserve your present levels of income.

Don’t start panicking if you lack the two years’ worth of documentation. Obtaining a mortgage could still be possible. Self-employed persons that have frequent histories of contract work could use this as evidence of their dependability. Additionally, if you possess a home loan already but want to remortgage, your lender might show a bit more sympathy. The odds will be further in your favor if you prove that you’re reliable with repayments.

At Your Space Mortgages, we make certain that our clients understand everything about their mortgage. We shall go over time scales, available products, the amount you can borrow, and all the costs. Our team are the best source of advice for the self employed Bristol has.

If you want to begin as soon as possible, contact us today.

Pile of credit cards

Poor credit Bristol and re-mortgaging if your finances improve

Your Space Mortgages offers a helping hand to anyone worrying about affording a mortgage. We can discuss a number of things and find the right deal for you by searching the whole market. We even provide the best support for poor credit Bristol has to offer.

A history of bad debt and failing to keep up with payments can seriously affect your ability to get a mortgage. There are mortgages out there and specialist providers but you will likely have to pay a bigger deposit. The fees and interest could be higher too, accounting for the amount of risk the lender is taking on.

Improve your finances

One of the most important things to keep in mind is actually having a mortgage has the power to improve your credit rating. This is especially true if you make your payments on time and don’t encounter any issues. Keep in mind that missing a mortgage payment is one of the biggest black marks against you though. At the same time, you will really benefit if you can clear up other debts and make them more manageable.

A number of different things can cause your credit score to increase. As well as clearing debts and consistently paying your mortgage, an increase in your income and a big rise in the property’s value will help. You’ll also get a better rating if you own a higher percentage of the equity of the property.

Re-mortgage

If you agree to a specialist mortgage you have similar rights to everybody else. As a result, that means if your credit does improve you may be able to get a re-mortgage from a lender who previously would not lend to you. This could come with a smaller interest rate because your level of risk is now lower. Just make sure you consider any fees you will have to pay.

Having a bad credit score may not be the end of the world. Your Space Mortgages can help you to look for lenders and even plan ahead for improving your rating. If you have poor credit Bristol has nobody better to speak to than us. We will be happy to offer advice and recommendations, so don’t hesitate to get in touch today.

New home keys in the palm of a hand

Can I sell or let a right to buy home right away?

Right to buy Bristol to help clarify your rights

Your Space Mortgages don’t just focus on the mortgaging process itself. Instead, we offer assistance for a myriad of different areas. As the best company for advice regarding right to buy Bristol has, you can count on us to meet your needs.

The Right to Buy is the something that the majority of council tenants have to acquire a house for a reduced price tag. People who are new to this scheme usually have questions about it. To shed some light on the situation, we’re going to identify and answer one of the most common queries here.

Letting

The question asks whether a person can let or sell their home straight away. You’re free to rent the structure out once you finalise the purchase. However, you must notify the housing provider and supply them with a second address. In addition, you’ll have to alert the council’s legal service team.

Selling within five years

If you sell the property within five years, you will need to repay some of or the entire discount in most instances. You will have to figure out the amount you must repay. To do this, calculate your original discount as a percentage of your flat or house’s market value at the time of purchase. Afterwards, work out the total this percentage shall be of the price you’ll sell the building for.

Let’s say that the initial market value was £200,000, and your discount was £100,000. Your discount would be 50%. As such, you’d need to pay back 50% of the money you sold the property for. Anyone who sells it within a year has to repay this figure in full.

At Your Space Mortgages, we offer clients over the phone and face-to-face services. Which one we use depends on your personal preferences. Our appointments are flexible, since we make them work around your schedules. As a result you always have access to the best advice for right to buy Bristol has to offer.

If you’d like to see us about right to buy or something else, please get in touch.

Mortgage advice Bristol

Prepare yourself for re-mortgaging

As you can probably tell from our name, our speciality is mortgages. For years, we have provided assistance that adds as much value for our clients as possible. These days, the community thinks of ours as the leading business working in re-mortgages Bristol has. No matter what your requirements are, we will see to it that you receive the attention you need.

Not everyone is ready for what re-mortgaging brings. To help, we’ve produced a series of tips that focus on different areas of the procedure.

Be prepared

Firstly, you must prepare yourself. Set a prompt for the end date of your present deal. The ideal time to begin looking for new mortgages would be between three to six months before your current one expires. That will give you enough time to look around the right deal.

Shop around

Another good suggestion would be to shop around. Don’t feel pressured into remaining with your current lender. Saying this, they probably should be your initial port of call whilst attempting to secure a superior arrangement. It’s entirely possible that other lenders could have more enticing offers though. Working with a broker like us can be the best option because we open doors to more lenders.

What will it cost?

Look at the total cost as well. Compare your existing monthly payments with what your new ones would be and decide which would be the better situation. Be certain to include any arrangement fees that come with the new mortgage, in addition to any exit penalties from your ongoing one.

Look at all the details

Finally, inspect the other features. Look at the new mortgage’s qualities and make sure it matches your specifications. You could potentially use your re-mortgaging in order to analyse your insurance requirements too.

At Your Space Mortgages, we provide over the phone and face-to-face consultations. Our appointments are incredibly flexible, as you can set them up to suit those times that are perfect for you. When it comes to re-mortgages Bristol residents can always have faith in us.

If you would like to work with us, please get in touch with our company. We hope to hear from you soon.

Man filling out spreadsheet on desk

Keep on top of monthly repayments

Your Space Mortgages independent brokers have been in business for over 12 years, assisting clients with various areas. The community considers ours the number one establishment when it comes to helping first-time buyers Bristol has to offer. Whatever it is you’re having trouble with, you can come and talk to us about it.

Prior to looking at properties, you’ll have to save up for a deposit. Typically, you should aim to save between 5% and 20% of the price of the house you’re looking at. To give an example, if you wish to purchase a place that costs £150,000, you must save up £7,500 minimum. Saving more than the 5% shall allow you access to a greater range of cost effective mortgages.

Monthly repayments

You also need to make certain that you’re actually capable of affording the monthly repayments. For first-time buyers in particular, it’s essential that you do this. A smart idea would be to put a budget together before you start shopping around for deals.

Keep in mind that lenders have to be very strict when it comes to making sure you can make repayments. If there is any doubt you may struggle to get finance. In addition, a lender shall stress test your capacity to make the repayments if your circumstances change or if interest rates increase. The circumstances could be that you’ve started a family or gone into retirement. As a part of the entire procedure, you must reveal evidence to your lender of any outgoings and income.

At Your Space Mortgages, we do our very best to offer support. We have a reputation as the most reliable team working for first-time buyers Bristol has. We will ensure you stay on the right track throughout the mortgage process. Things might seem intimidating initially, but with us here to guide you, there shouldn’t be too many issues.

If you would like us to aid you, please get in touch. We look forward to hearing from you.