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Over 50s Life Cover and Insurance

In Life Insurance by AdminJanuary 5, 2021

Over 50s Life Cover is an insurance policy that provides protection for those aged 50 or over. It is one of our most popular insurance products within Ballymena and the …

Mortgage Connect

2 weeks ago

Bank of England to drop mortgage market affordability test

The Bank of England has confirmed that it is to withdraw its mortgage market affordability test from August.

The affordability test meant borrowers had to prove they could still afford their mortgage repayments if their mortgage rate was to increase to 3 per cent above their lender's standard variable rate (SVR).

What does this mean for potential mortgage applicants?

The decision to remove this test may therefore offer respite to some borrowers, particularly given that higher mortgage rates and the cost of living is already beginning to have ramifications for affordability and what people can borrow.

Furthermore, these affordability checks have also been blamed for stopping some first-time buyers taking out mortgages who have been paying rent far in excess of actual mortgage payments but have failed affordability assessments regardless.

Overall, It could have a positive impact on certain borrowers who have been disadvantaged when it comes to getting on the property ladder.

If you have any questions about the affordability test then you give us a call on 028 25 646 111, email info@mortgageconnect.co.uk or call in at 76 Church Street, Ballymena, BT436DF.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debts secured upon it. ...

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Mortgage Connect

2 weeks ago

Central Trust launches Consumer Buy To Let (BTL) mortgages in Northern Ireland

Central Trust are one of a small group of special lenders who operate in Northern Ireland and has now extended its consumer buy-to-let products to borrowers in the province.

What is a Consumer Buy To Let?

A consumer buy-to-let mortgage is a mortgage for someone who has become an ‘accidental landlord’ or owns a property they want to let to a family member on a ‘non-professional’ basis.

You can become an accidental landlord if you find yourself in the position of owning a property you want to rent out, but have found yourself in this position unexpectedly.

This could happen for several reasons:

• through inheritance
• being unable to sell your old house
• job relocation.

Central Trust is also suitable for landlords who originally purchased the property with absolutely no intention to rent it out, or don’t own any other properties that are being rented.

If a landlord or, other family members, have lived in the property for a certain amount of time then a consumer BTL mortgage may well be appropriate.

Central Trust’s deposit requirement for consumer BTL is 25% in Northern Ireland.

If you have any questions about a Consumer Buy to Let then you give us a call on 028 25 646 111, email info@mortgageconnect.co.uk or call in at 76 Church Street, Ballymena, BT436DF.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debts secured upon it. ...

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