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    Questions we have answered before

    How big a deposit do I need?

    This depends on what support you can count on.

    Standalone, with your own salary making the mortgage affordable the current maximum loan to value available in Scotland is 90%.

    If you have a guarantor then this can be 95%, if you are buying in England you can get a 100% mortgage through a guarantor scheme with 1 lender.

    How long is it before I can get a 'high street' lender's mortgage - I have recently had a number of defaults registered?

    The number and size of the defaults matter most, if they are small and there are only a couple then there are lenders that will look at these now and dependant on credit score you could still get some well known lenders to look.

    Our advice would be to get a credit check done via one of the main agencies (Callcredit, Experian, Equifax – a link to one of these services is at the bottom of the home page) and then talk to us about what this means for you.

    The good news is that this market sector is significantly better than it was only 12-18 months ago and even people with significant credit issues can get or will be able to know when the should be able to look at a new mortgage. 


    I want to let out my house that hasn't sold, do I have to change it to buy to let?

    Not necessarily – most lenders will give you something called permission to let or consent to lease and with each lender this can mean differnet things, for instance with Halifax they currently have a range of products that you go onto that are very similar to buy to let products, others can just charge a small admin fee and note your account.

    Firstly I would call your lender and ask about this.
    You should always tell your lender adn get permission becuase the original mortgage you agreed to was a residential loan not a buy to let, so you nwat to change the terms of your agreement.

    One last point is regarding any future purchase, do you need to change to buy to let in order to release funds to act as a deposit for your next purchase, this might be the reason for the buy to application.

    My brother and I are looking to buy a bungalow on buy to let for our mother to live in. I know there are issues with a relative occupying on BTL mortgages - can you tell me who may give approval?

    You are right about it being more difficult. This is because you are letting it to a member of close family meaning it becomes a mortgage under the FSA regulation and a number of buy to let lenders will not look at these, however 2 of the largest will and there are several others besides. The larger ones are part of Nationwide Building society (the Mortgage Works) and Lloyds Banking group (Birmingham Midshires) both of whom are happy to take deals on this basis.

    What does BTL stand for?

    BTL is Buy to Let – in the mortgage industry this means a property that is let out to a 3rd party. This is a sector where property investors can build a portfolio of holdings, they have their own mortgage types and we offer advice on these and buildings insurnace that is designed for Landlord’s properties.