FAQS.

Lenders in general are more interested in your total income and financial status than the number of hours you work. After all, it is perfectly possible for a part-time worker in a lucrative position to earn more than an entry-level full-time worker. Provided you have enough proof of income, your part-time employment status should not be an issue.

This varies significantly amongst lenders & is also determined by the length of your employment. Some lenders will accept just one months’ payslip whereas others may require proof of income for a full year or longer. If you have any questions or concerns regarding your capacity to verify income, contact the team at UK Property Finance anytime.

Maximum mortgage policies vary significantly amongst major banks and independent lenders alike. For example, the biggest European bank, HSBC is currently able to offer a maximum of 4.75X the applicant’s annual salary while Barclays and Santander may offer up to 5.5X. Flexible specialist lenders, away from the high street, can offer significantly more, depending on circumstances. Eligibility for larger mortgages is established on the basis of deposit, income, financial status (outstanding loans and credit cards etc. at time of application), credit history, employment status and so on.

Some lenders offer a specialist ‘family buy to let mortgage’ that enables landlords to let properties to family members provided the rent adequately covers the monthly mortgage payments and estimated renovation costs.

Definitely but it is important to remember that as you are transferring unsecured debt to debt secured against your property, your home may be at risk if you fail to keep up with your monthly repayments. Consolidating debts with one affordable remortgage could lead to significant savings on your monthly outgoings and total amount to be repaid however it is important to seek professional advice before securing any loan against your property. Contact UK Property Finance anytime.

Definitely but it is important to remember that as you are transferring unsecured debt to debt secured against your property, your home may be at risk if you fail to keep up with your monthly repayments. Consolidating debts with one affordable remortgage could lead to significant savings on your monthly outgoings and total amount to be repaid however it is important to seek professional advice before securing any loan against your property. Contact UK Property Finance anytime.

Payday loans can have an adverse effect on your eligibility for mortgages, loans, credit cards and so on. Unfortunately, any record of payday loans on your credit report will be visible for at least six years. Nevertheless, the longer the period between your last payday loan and your current application, the less likely it is to affect your eligibility.