Residential Mortgages
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Do you own a rental property? From 1 May, the new Renters’ Rights Act came into force, bringing major changes to how landlords manage tenancies and recover possession of their properties. One of the biggest changes is the removal of Section 21 ‘no-fault’ evictions, meaning landlords must rely on specific grounds when seeking possession. We are here to offer support for you if you are facing a tenant you can’t evict, even when they aren’t paying rent. Have you heard of rent guarantee insurance?
What does rent guarantee insurance do?
Rent guarantee insurance is designed to help protect landlords if a tenant stops paying their rent. Depending on the policy, it can also cover legal expenses to help with the costs of pursuing possession. This could become increasingly valuable if recovering possession takes longer. Average possession times have already reached 27 weeks, and landlords may face several months without rental income before Section 8 proceedings can begin. (Source: Mortgage Solutions)
Is it worth considering?
There isn’t a one-size-fits-all answer. For some landlords, having enough savings to cover several months of lost rental income may provide a sufficient safety net. For others, particularly those relying on rental income to meet their mortgage commitments, rent guarantee insurance could provide valuable additional protection.
Of course, the cheapest policy isn’t necessarily the most suitable. Before deciding, look carefully at the level of cover, excess, exclusions, and how claims are handled.
Don’t wait until there’s a problem
Landlords are already navigating a changing regulatory environment, and it’s understandable if you’re unsure what the latest changes mean for your property and finances. Now is the time to review your mortgage, rental income, and protection arrangements together. If you’d like to talk through your options, get in touch. We’re happy to help you understand what’s available and find a solution that works for your circumstances.
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Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
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Put simply, the more deposit you have, the better, as a higher deposit will generally attract a lower mortgage rate. But, because mortgage products change all the time, do give us a call, as the percentage deposit you need will vary.
Mortgage lenders will have a maximum LTV (loan to value) that they’re prepared to offer you. For example, if you’re looking at a property with a value of £250,000 and the lender offers you £212,500, this means your LTV is 85%, so your deposit would be £37,500 which equates to 15%.
When buying a property, or re-mortgaging, rather than take your word for it, the lender will need a valuation of your intended property purchase, to ensure that what you’re asking to borrow, coincides with the property’s value. In fact, they’ll insist upon it.
It’s well worth investing in a survey too. This will tell you about the general condition of the property. If you’re investing in a property that’s older, or in a general state of disrepair, it would be well worth investing a little extra in a structural survey.
When saving for your deposit, don’t forget to save extra for things like solicitor fees, surveys, stamp duty, home insurance, removal costs, mortgage arrangement fees, etc.
To assess whether or not you can afford a mortgage, lenders will look in detail at things like your salary, any other income you receive. Plus, they will also need to know about any other outgoings such as car loans, credit card debt, personal loans, utility bills, childcare, general living costs. All this is taken into consideration when applying for a mortgage.
Also, be aware that lenders will look at your credit score too. They need to be confident that you can pay back your mortgage and that you pay back any other credit, essentially to make sure that you are a reliable borrower.
We’ve been in the property industry for a number of years now and as such, only work with trusted partners, such as conveyancing solicitors, etc. So if you need help, then do not hesitate to ask and we will put you in touch.
Comparison sites serve their purpose, but, because they don’t have access to the whole of market, the results you will see will be limited. Comparison sites will only show the results of the lenders who have paid to advertise on their site.
At Steeples Mortgages, we’re more than happy to chat things through with you, we much prefer the personal touch, be that by telephone, Zoom or in person.
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Steeples Mortgages is a trusted and respected independent mortgage and financial solutions business based from our high-street office in Brighouse, West Yorkshire. We’ve built our reputation on friendly, client-focused, transparent advice.
As a member of The Equity Release Council and certified in Mortgage Advice and Practice, Steeples Mortgages is all about doing the right thing. We want each and every client to be a lifelong client and as such, we provide the very best customer service, coupled with the most suitable advice all underpinned by honesty, integrity and trust.
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Meet The People Behind Steeples
A dedicated team committed to giving you the best mortgage and protection advice.
Aaron Steeples
Founder & Managing Director
Founded Steeples Mortgages in 2017. Two decades in finance with a client-first approach built on honest, transparent advice.
Kylie Waite
Client Completion & Office Manager
Oversees every client’s journey from application to completion, ensuring a smooth and stress-free experience.
Duncan Schofield
Mortgage & Protection Advisor
40 years in financial services. Specialist knowledge with self-employed clients and complex mortgage cases.
Adnan Ahmed
Mortgage & Protection Advisor
Dedicated to helping clients find the right products with clarity and care, from first-time buyers to remortgages.
Cheryl Whitehead
Mortgage Administrator
Cheryl has been working in the mortgage industry for over three years now and has built up valuable experience.