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THE MORTGAGE HOUSE

Mortgage Brokers in Chelmsford, Essex

Tel - 01245 350110

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Information
Contact Us
  Phone: 01245 350110
  Fax: 01245 258095
  Email:
chelmsford@g2m.co.uk
  Address:
5 Tindal Square,
Chelmsford,
Essex,
CM1 1EH
The information contained on this page is by no means an exhaustive or comprehensive list of criteria and is only intended to be a general indicator of generic lender criteria.

Loan Value

Lenders typically will lend up to 75% of the value or purchase price (whichever is the lower) of the property.

Rental Income

The rental income of the property is the figure that the surveyor provides to the lender and is based upon his assessment of the likely rental income achievable. Surveyors tend to be more pessimistic than letting agents when it comes to achievable rent.

The figure provided would need to cover the monthly interest payment by 140%. This is based upon an interest rate of around 5.49% generally for self funding assessment purposes.

Lenders do have differing criteria and some may use different rates for assessment purposes.

Personal Income

Lenders may or may not require any proof of personal income and they may have minimum income requirements.

Your home may be repossessed if you do not keep up repayments on your mortgage.

g2m The Mortgage House is an Appointed Representative of Mortgage Intelligence which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage and insurance mediation activities only.