My wife and I are currently renting. I saw today that you have available funds from a lender who uses proof of rental payment as ability to pay and I would like to explore this (ie what percentage loan etc?)
In conjunction with one of England's premier Building Societies, John Charcol has developed an innovative solution to calculating how much First Time Buyers can borrow. Instead of being based on income multiples or an abstract affordability model it uses an applicant's proven record of rental payments to determine a mortgage amount with the same monthly outgoings.
The basic product details are:
6.49% Fixed rate to 30/04/2015 followed by SVR, currently 5.39%, for the remainder of the term.
Maximum loan to value: 95%
Minimum loan: £30,000, maximum loan: £500,000.
£195 arrangement fee, £30 completion fee.
Early Repayment Charges of 2% apply until 30/04/2015, although capital repayments of up to 10% of the original loan amount may be repaid each year without charge. Restrictions apply.
I have arranged for you to be contacted by one of our independent mortgage advisers who will be able to advise you on the unique nature of this product and let you have a personalised Key Facts Illustration if you meet the qualifying criteria.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.