Most Lenders will need a minimum 5% deposit (subject to status) however they may accept gifts from family or friends. Lenders are always updating their criteria and so it is always worth contacting us to see how we can.
Most lenders require you to be self employed for a minimum of 2 years and be able to provide at least 1 years accounts ( SA302's and tax overviews) with a projection from accountant for the 2nd year. However lenders are always updating their criteria and so it is always worth contacting us to see how we can help.
We have access to lenders who offer mortgages on a buy to let basis and calculate the amount that you can borrow on the basis of the expected rental income. Usually they require 25% deposit although we have limited number of lenders offering buy to let mortgages with only 20% deposit (subject to status). You will need to be aware that there is currently an increased stamp duty when purchasing an extra property to your residential home.
Each lender base their lending on their individual affordability calculators therefore there is no set formula which would work out how much each person can borrow. Affordability is based on calculating all income types and deducting credit commitments and whilst including an element of living costs. Our professional advisers will make a personal recommendation after assessing your needs and circumstances.
In order for your needs and circumstances to be assessed our friendly advisers will need to complete a personal assessment. This is carried out on a free - no obligation- basis and therefore in order to discuss how Sherwood Mortgages can help you with your enquiry there is no charge.
A fee of usually £295 is then payable upon submission of an application for the researching and selection of mortgage that suits your needs followed by the administration of the application and insurance applications up to completion of the property purchase. Sherwood Mortgages Ltd will also receive commission from the provider.
Most lenders prefer that any CCJ's are repaid however there are some lenders who may offer a mortgage without the need for the CCJ's to be satisfied ( subject to status) By completing a personal assessment our expert advisers will be able to ascertain which lenders may be available to you.