Right to Buy · Advanced Hacks
The Right to Buy 100.
Advanced Hacks
Focus: Pro tips for experienced borrowers and complex deals.
How would selling and renting affect my long-term financial goals?
TL;DR Understand how selling your property and transitioning to renting impacts your financial stability, wealth accumulation, and long-term goals in the UK. We cover budgeting, investment potential, and flexibility.
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How does the budget planner calculate net income before and after repayments?
TL;DR Understand how budget planners calculate your true financial position. Learn to accurately define net income, factor in all debts and expenses, and determine your disposable income after repayments.
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How long does the RIO mortgage application process take?
TL;DR The RIO mortgage application timeline can vary widely, typically taking 4 to 12 weeks. Learn the key stages, common delays, and how to speed up the process.
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How does inflation affect Retirement Interest Only mortgages?
TL;DR Learn how inflation impacts Retirement Interest Only (RIO) mortgages. We detail the effect of rising interest rates on monthly payments, the risks to affordability, and steps UK borrowers can take to manage costs.
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Will taking out a RIO mortgage impact my eligibility for benefits?
TL;DR Taking out a RIO mortgage might impact means-tested benefits (like Pension Credit). We explain the complex rules in the UK regarding housing equity, interest payments, and how a RIO affects your overall eligibility for state support.
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Are there alternatives to RIO mortgages for retirees?
TL;DR Looking beyond RIO mortgages? Explore reliable financing alternatives for UK retirees needing property equity, including Equity Release, Lifetime Mortgages, Downsizing, and standard mortgages. Understand the pros and cons and key risks.
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What is the typical process for getting an unsecured loan?
TL;DR Learn what is the typical process for getting an unsecured loan in the UK. Discover how to apply, what documents you need, and how to protect your credit score.
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What should I do if I’m struggling to pay off my unsecured loan?
TL;DR If you are asking what should I do if I’m struggling to pay off my unsecured loan, this guide covers contacting lenders, debt advice, and managing repayments.
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Do lenders offer bespoke solutions for luxury HMOs?
TL;DR Luxury HMOs require specialised financing. We explore how lenders approach high-value properties and large Houses in Multiple Occupation, and whether bespoke solutions are available.
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Are there mortgages for student HMO properties?
TL;DR Investing in student HMOs? Discover if there are mortgages for student HMO properties, the licensing rules, lending criteria, and specialist finance options available in the UK.
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Does the property have a garden or outdoor space?
TL;DR Considering a property loan? Find out how the presence and size of a garden or outdoor space impacts property valuation, mortgage eligibility, and potential development finance in the UK.
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Am I eligible for the Shared Ownership scheme?
TL;DR Find out if you meet the criteria for Shared Ownership in the UK. We break down the income caps, first-time buyer status, and the rules for existing homeowners looking to move.
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Are there regional grants or loans for first-time buyers?
TL;DR Explore regional grants and schemes available across the UK for first-time buyers. Learn about Help to Buy, shared ownership, and specific local initiatives designed to make buying your first home affordable.
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What schemes are available for first-time buyers in the UK?
TL;DR Explore the key UK government schemes designed for first-time buyers, including Lifetime ISAs, Shared Ownership, and the Mortgage Guarantee Scheme. Understand eligibility and how they work.
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How will partial repayment (staircasing) impact my finances and property ownership?
TL;DR Staircasing allows shared ownership residents to increase their stake, reducing rent and increasing equity. Learn how partial repayment impacts your finances, future mortgage needs, and ownership structure in the UK.
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Are there free or low-cost resources available to help me understand my options?
TL;DR Need help finding reliable financial information in the UK? Discover free and low-cost resources, including government services, debt charities, and regulatory bodies, to help you understand your options clearly.
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Are there upcoming changes to Help to Buy regulations that might affect me?
TL;DR The primary Help to Buy Equity Loan scheme closed to new applications in 2022. Learn what regulations affect existing homeowners and how to manage repayments.
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Do lenders treat contractors differently in government-backed mortgages?
TL;DR Learn how lenders assess contractors for government-backed mortgages. Understand criteria for Shared Ownership and the Mortgage Guarantee Scheme as a contractor.
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Can contractors use government mortgage schemes?
TL;DR UK contractors can access government mortgage schemes like Shared Ownership or First Homes. Learn how lenders assess contractor income and what schemes apply.
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Is the Shared Ownership scheme available to contractors?
TL;DR Learn if the Shared Ownership scheme is available to contractors in the UK. Discover eligibility criteria, mortgage options, and how to apply for a home today.
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Would shared ownership be an alternative option for me?
TL;DR Considering shared ownership in the UK? We explore the scheme, how it works, eligibility criteria, and key considerations to determine if shared ownership is an alternative option for you.
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How does the calculator handle shared ownership schemes?
TL;DR Understand how financial calculators assess shared ownership. We detail the inputs needed—share percentage, rent, service charges—to accurately estimate mortgage affordability and total housing costs.
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How do shared ownership mortgages work?
TL;DR Shared ownership schemes allow you to buy a share of a property (25% to 75%) and pay rent on the rest. Learn how shared ownership mortgages work, the costs involved, and how staircasing increases equity.
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What types of mortgages are available in the UK?
TL;DR Explore the primary types of mortgages available in the UK, including repayment methods (capital & interest, interest-only) and interest structures (fixed, variable). Understand the options.
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How does the calculator handle shared ownership properties?
TL;DR Learn how our financial calculators process shared ownership properties in the UK. We explain inputs like equity share, rent, and valuation, ensuring accurate results for mortgages and bridging loans.
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How does a first-time buyer mortgage differ from others?
TL;DR First-time buyer mortgages often come with unique benefits like lower deposit requirements and specific government schemes. Learn the key differences between these products and standard mortgages.
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What is the Equity Release Council (ERC) and Why is it Important?
TL;DR The Equity Release Council (ERC) is the leading trade body for the UK equity release sector. It is responsible for setting and enforcing robust standards…
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What are the best mortgage options for first-time buyers?
TL;DR Navigating the mortgage market as a first-time buyer can be complex. Learn about the best mortgage options available, including fixed-rate and tracker mortgages, and essential steps to prepare your application.
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Is the Warm Homes Plan funding “First-Come, First-Served”?
TL;DR Learn if the Warm Homes Plan funding is first-come, first-served and how you can access UK government grants for home insulation, heat pumps, and more today.
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Is there a waiting list for the Warm Homes Local Grant?
TL;DR Discover if there is a waiting list for the Warm Homes Local Grant. Learn about eligibility, application timelines, and how to improve your home's efficiency.
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Who is the primary target for the Warm Homes Plan?
TL;DR Discover who is the primary target for the Warm Homes Plan. Learn how this UK government initiative helps low-income households and improves energy efficiency.
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I’m a Tenant; can I apply even if my landlord is hesitant?
TL;DR If you are wondering, "I'm a tenant; can I apply even if my landlord is hesitant?" regarding a loan, this guide explains your legal rights and credit options.
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What is the maximum grant amount available per household?
TL;DR Discover what is the maximum grant amount available per household in the UK. Explore energy efficiency, disability, and home improvement grants and how to qualify.
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How do my decisions impact my family or dependents?
TL;DR Understand how your financial, legal, and lifestyle choices profoundly affect your family's future security and well-being. Learn practical steps for robust planning in the UK.
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Buy to Let FAQs
TL;DR Frequently asked questions regarding Buy to Let properties, mortgages and deposits. What are your rights as a landlord/renter?
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Most and least affordable areas to live in Britain
TL;DR A list of the most and least affordable areas to live in Britain today. A useful guide and helpful tips for first time buyers.
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New BTL Loan
TL;DR This new product is the only flexible overdraft product with no drawdown or non utilisation fees secured on personally owned buy-to-lets.
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Renting – Moving out
TL;DR Renting a property could be the right decision for you. If you are not sure if you should rent or buy, this short guide could help.
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HMO Properties
TL;DR HMO Properties could be a good investment for landlords. But, there are risks and regulations. To learn more read this short guide.
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Affordable housing programmes
TL;DR With many affordable housing programmes available, this guide from Promise Money can help you find and get advice on the best for you.
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Shared ownership mortgage
TL;DR Fast Shared ownership mortgage help, we are a professional team with 30+ years of experience to assist your needs with a wide range of thousands of products
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Help to Buy Scheme
TL;DR Help to buy scheme infomation and advice no matter your circumstances. Contact Promise Money to see if a Help to Buy mortgage could help you
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New homes development Wolverhampton
TL;DR With a huge number of new homes under development in Wolverhampton, look for a new investment as a buy-to-let or to move up the property ladder.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk