How to Protect Your Property with Landlords Insurance

A landlord has many different spinning plates to take care of at any given moment. There are vacant properties to fill, tenants to screen and look after, maintenance and repair issues and acts of damage (accidental and otherwise). Landlords insurance is a way of protecting against certain scenarios that are beyond your control, including any legal liabilities linked to the misuse of property by tenants, or structural damage.

Landlords insurance will help you to protect your long-term property investment. It provides a landlord with peace of mind, as it is can be, at first, a worry to hand over a property to tenants that you don’t know and hope that they look after it well. After all, it is your financial investment.

You’ll also be able to guarantee rent in the event of a tenant breaking your contractual rental agreement. If a tenant is refusing to pay rent, or the property is being repaired and you cannot charge rent for a short period of time, your insurance cover can make up the slack. You can identify a policy that covers a certain period of time in these situations.

With the right type of insurance cover you can make sure that when an emergency repair or structural maintenance or repair job comes up, the work can be completed as quickly and effectively as possible, without losing out on much time.

The Central Mortgages team can help you discover the benefits of a range of Landlords Insurance policies. For more information call us on 01277 630 183, or email office@centralmortgages.net.


Be Prepared When Applying for a Buy-to-Let Mortgage

If you are considering a buy-to-let mortgage there are a few things that you need to consider. A traditional residential mortgage is taken over an average period of between 25-30 years. In these cases, the salary (or salaries) of the applicants will be taken into account.

For a buy-to-let mortgage there are a few things to understand before applying:

The first thing is to understand that you will most likely require a larger deposit than you would for a residential mortgage. Buy-to-let mortgage applications run through stricter criteria and require a bigger financial commitment up front.

Be thorough with your rental forecasts and business plan for the property. Your personal income will be taken into account when applying for the mortgage, but you should also have a thorough forecast in place for expected future rental income.

Choose wisely between traditional mortgage repayments and interest only payments. It will take you longer to pay back a mortgage with interest only payments, but there are tax benefits and lower monthly payments, which are enticing at the early stages of owning a property.

Whatever you choose to do, be prepared for periods where your property is vacant. Void periods happen to every property at certain times, and you need to have a plan in place to cover for those periods and be able to make mortgage repayments.

A buy-to-let mortgage is a perfect opportunity to build a property portfolio. Call us at Central Mortgages on 01277 630 183 to find out how we can help you get started.


The Benefits of a Buy to Let Mortgage

Buy-to-let mortgages are still a popular option for many property investors in the UK despite the complexities faced with Stamp Duty and the impending Brexit process. There will always be a demand for housing, and a buy-to-let property could be the perfect option for a successful new business plan. Let’s take a look at the benefits of a buy-to-let mortgage.

Investment in property offers a reliable source of investment as it provides you with a real asset that can be used for future financing of projects, as well as providing a potential steady source of income.

As a regular source of income you can build a property portfolio that includes high rental yields in multiple properties. Another source of income is through general capital growth, especially if you buy property in an area where property and rental prices continue to rise.

With renting remaining a popular accommodation option for large portions of the population you will always have a steady income, but even in cases where a property is left vacant, your asset will continue to appreciate in value.

The cost of a buy-to-let apartment could be the perfect scenario for a new property investment, with a lower price than a house, but with an attractive option for many single, young professionals in terms of rental yields.

Buy-to-let property also gives you the chance to build a long-term project, with long-term tenants providing you with a stable foundation from which to grow.

If you would like to find out more information about buy-to-let mortgages contact our expert team today. You can speak to a Central Mortgages specialists by calling 01277 630 183 or email office@centralmortgages.net.


Tips for First Time Home Buyers

It can be difficult to gain a foothold on the property ladder as a young person in the UK these days. High deposit requirements and stricter lending requirements in the last ten years has led to a more pessimistic outlook than in previous generations. At Central Mortgages we believe that everyone deserves a chance to own a property if they are willing to demonstrate a plan for the future. Here are some tips for first time buyers looking for a home to call their own.

Keep Saving – It might sound simple, but it is vital. Come up with a strict saving plan that you can stick to. We have a wide range of mortgage providers as part of our network, and with high loan to value ratio mortgages on the marketplace, if you manage to save a large amount for a deposit, you can lower your monthly repayments in the process and cover legal fees.

Budget Accordingly – Take a good long look at your incomings and outgoings each month, and look at areas where you can cut your spending. This can be as simple as taking lunch into work everyday rather than buying lunch and drinks in the office or on your break, to switching energy provider or car insurance.

Check Your Credit Score – Before applying for a mortgage it is important that you have an awareness of your credit history. We can help those applicants with adverse credit but the better your credit history the better the mortgage you can get. Look at your credit report and analyse for any faults, as incorrect information can make a big difference to your chances of acquiring a first-time mortgage.

To find out more information about finding a mortgage as a first-time buyer, call Central Mortgages on 01277 630 183 or email office@centralmortgages.net.


Getting a Mortgage with a CCJ

If you have suffered black marks on your credit file, and it happens to be as serious as a County Court Judgment (CCJ), you might struggle to be accepted by traditional high street lenders when applying for a mortgage. People with bad credit apply for mortgages all the time, and at Central Mortgages we believe that should you have good intentions and the means with which to make repayment, you should be able to secure a mortgage.

For those of you who have been suffering with credit problems in recent times a good tip would be to take a look at your credit file, looking for any mistakes listed and to see if you have any CCJs or other bad credit marks that you were unaware of.

You can get a mortgage with adverse credit, and we have links with lending sources that can provide a mortgage to an applicant with a CCJ. It is more difficult however, and there are a few factors that will be considered within your application. These include how recently the CCJ was registered, the amount of debt linked to the CCJ, and whether it has been marked as ‘satisfied’ through the settling of outstanding debts linked to it. Those applicants with multiple CCJs listed on their credit file are likely to struggle to acquire a mortgage.

If you would like to find out more about applying for a mortgage with a CCJ, please feel free to speak to the experts here at Central Mortgages by emailing office@centralmortgages.net or by calling 01277 630 183.


Should You Remortgage Your Home?

There is a common misconception that there is only a negative side to remortgaging a property and that it should only be considered if there is no other way to acquire credit. There are, however, a number of reasons why you should look into remortgaging your home.

Look for a Better Interest Rate – For those people who are on a fixed-rate mortgage you will be on the same interest rate, with the same payments every month for between three to five years in most cases. Once that fixed-term expires you will most likely be moved on to a higher standard variable interest rate, which could mean more interest being paid. Just prior to your fixed rate period expiring is the best time to search for a remortgage that could provide you with a good interest rate.

Flexibility – With some mortgages you might feel trapped. For instance you might wish to take a payment holiday (that is built in to the start of a new mortgage), or you might wish to pay more each month to bring your mortgage down, but are tied by your current mortgage terms. Remortgaging could provide you with greater flexibility.

Move to a Repayment Mortgage – A repayment mortgage instead of an interest-only mortgage might be more appealing to you, and could be available from your current lender. It is the perfect time to search around for a new mortgage provider, to see what deals you can find.

Speak to the Central Mortgages experts by calling 01277 630 183 or by emailing office@centralmortgages.net.


Applying for an Unsecured Loan

When it comes to unsecured loans you might be wondering what it entails exactly, and how it can help you out. We have helped a lot of clients over the years to secure loans in a wide range of sizes, from small personal loans right through to large residential mortgages. Every case is different, and we’ll work with you on your unique requirements, listening to your story to ensure you acquire the funding that is right for your needs at this time.

Why might you be looking for an unsecured loan in the first place?

Consolidate Your Debts – Many of our clients come to use wishing to pay off outstanding debt from other sources. If you have a credit card that needs paying off, interest building up on a payday loan, and other sources of credit to pay off that are becoming unmanageable it might be time to acquire a lump sum unsecured loan to pay everything off in one go.

Refurbish Your Home – Other clients have come to us with a desire to take on a substantial refurbishment project at their current home. This can supply the funding for all materials, equipment and specialist tradesperson support, with a view to increasing the appeal to prospective tenants or buyers.

There are myriad other reasons why you might require assistance with an unsecured loan. To find out more information, and to speak to a friendly, expert member of our team please feel free to contact Central Mortgages today. You can do so by calling 01277 630 183 or by emailing office@centralmortgages.net where you can arrange a consultation.


How to Finance Property Refurbishment Projects

Bridging finance can be a great source of encouragement to people taking on large property refurbishment projects. In some instances, especially where houses have been bought at auction, a property might require substantial work to be completed before it is deemed habitable. It can be difficult to secure funding through traditional lending streams, and that’s where Central Mortgages can help.

We understand fully that in order to realise the full financial potential of your property, whether that is to increase potential rental yield for tenants, or to sell on for profit to new buyers, you need to create a property worth living in. If you’ve purchased a property that either requires brand new or refurbished bathrooms, kitchens and other serious renovation, you could be stuck without bridging finance.

It is for reasons such as this that so many buy-to-let property developments stall, especially if an investor has several projects running alongside each other at one time. Any delay in the refurbishment of a newly bought property can cause long-term disruption and loss of money to the owner.

At Central Mortgages we are built to serve clients working within the fast-paced nature of property refurbishment and development. A fluid financial process is vital to a development and once you speak to us we can provide you with the perfect bridging finance to fund your project ASAP, and get the ball rolling on realising the potential of the property.

To find out more about our property refurbishment funding sources, call Central Mortgages on 01277 630 183 or email us office@centralmortgages.net.


Critical Illness Insurance as a Safety Net for Your Future

We all hope that we go through life without suffering a life-changing illness or injury, but what if the worst case does happen? In these instances a family can be left struggling to pay bills on time, and a person could be stripped of their ability to work. It is in these cases where critical illness insurance can come to the rescue, helping a person and his or her family recalibrate for the future and build a strong foundation to move forward with.

Critical Illness Cover provides you with a financial safety net should you suffer from a specific illness listed in your particular insurance policy. There will be strict conditions, including the type of illness you are suffering from, and the severity and necessary life changes linked to it, but once released it can help you to claim a tax-free lump sum of money that will help you to:

  • Make any necessary adaptations to your home and/or transportation
  • Cover the cost of future care
  • Cover the cost of any required rehabilitation
  • Help you manage your finances at a time when you are unable to work

Types of critical illness that can be covered in an insurance policy include heart attacks and strokes, certain types of cancer diagnosis, permanent disabilities caused by an accident or illness, and debilitation conditions such as Multiple Sclerosis.

If you would like to find out more information about how Critical Illness Insurance could help you plan for the future, contact our team today at Central Mortgages. You can find us by calling 01277 630183 or by emailing office@centralmortgages.net.


Can You Get a Mortgage with Bad Credit?

If you have tried unsuccessfully to secure a mortgage through traditional high street lenders due to a bad credit score, do not worry. Here at Central Mortgages we have built a service that works towards helping all people secure funding, even if you have poor credit.

If you have bad credit you will know that it is quite difficult to secure a small personal loan, let alone a large residential mortgage. If you are looking to secure a mortgage, it shows us that you are serious borrowers and that you have the full intention of moving forward with your life and improving your credit score over time.

Why should your bad credit keep you down?

Our process is always an extensive one, looking at your unique case and searching for options that suit your specific needs and budgets. If you show us willing, we are in a position where we can help you secure a mortgage with bad credit. You deserve a chance to move into a home of your choosing and not to be stuck renting if you don’t wish to do so.

Even if you have been turned away by traditional lenders come to us here at Central Mortgages and we’ll help you put together a plan of action that helps secure bad credit mortgage funding.

To speak to a friendly member of our team call us today on 01277 630183, or you can email office@centralmortgages.net and we will call you back at a convenient time.

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