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We are often asked the above question so we thought it would be useful to post about it. Good news is that lenders are becoming more flexible with age limits, especially for those nearing retirement. They need to acknowledging the changing landscape of retirement and customers' finances. One of the options for older applicants could be the Retirement Interest-Only Mortgage, allowing payments for the duration of their life or until they move into care. For younger borrowers, many lenders offer terms of as long as 40 years, providing manageable monthly payments. If you're over 40 and thinking about a mortgage, don't worry too much—it often depends more on the loan amount than your age. Regardless of age, it's important to plan your mortgage term wisely. Think about your retirement age and ensure you can afford payments comfortably. Whether you're buying your first home or remortgaging, evaluate your goals and consult with a mortgage adviser. A smartly planned mortgage sets you up for a secure future! GRN Financial Services Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR

Are you wondering if it's possible to buy a house without a deposit?  The good news is that it can be done in the UK! Here are a few situations where you might not need a physical deposit: Buying from the Council or Housing Association : If you purchase a home from your local council or a housing association, any discount you receive can count as your deposit. Gifts from Landlords or Sellers : If your landlord or the seller gifts you equity (offers you for a discounted value) in the property, this can be treated as a deposit. This is known as a concessionary purchase. No Deposit Mortgages : There is a lender that allows you to buy a house with no deposit if you can prove you've paid rent and bills for 12 consecutive months. (other criteria apply) Using Sale Proceeds : If you’re selling a property to buy another, the money from your sale can be used as your deposit. No matter your situation, it's a great idea to talk to an adviser to explore your options! GRN Financial Services Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

If you’re buying your first home or moving in 2025, be aware of upcoming changes to Stamp Duty Land Tax (SDLT) What is Stamp Duty? Stamp Duty Land Tax (SDLT), is a government tax that buyers must pay when purchasing property or land above certain price brackets. The amount you owe depends on various factors, including your residency status and whether you are a first-time buyer. How is Stamp Duty Changing? From April 1, 2025: • The threshold for not paying any stamp duty will decrease from £250,000 to £125,000. This means that buyers will have to start paying tax on homes priced above £125,000. This is for those who used to own in the past or who are selling their current home and buying a new one. • For first-time buyers, the threshold will drop from £425,000 to £300,000. This means that if a first-time buyer buys a home costing more than £300,000, they will need to pay £6,250 in stamp duty. • The maximum price for first-time buyers to claim a reduced rate will decrease from £625,000 to £500,000. Impact on First-Time Buyers Many first-time buyers will now face stamp duty costs where they wouldn’t have previously, affecting their finances and affordability. Calculate Your Costs with Our Stamp Duty Calculator 2025 To calculate your costs, you may use https://shorturl.at/leMGw Take Action Now If you’re planning to buy or move in 2025, it’s time to explore your mortgage options and budget accordingly. Reach out to us for personalised mortgage advice—we're here to help you navigate the process and achieve your home buying goals. Contact us today for assistance on your home buying journey! *This is not tax advice. To obtain one, please contact HMRC. GRN Financial Services Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

As property prices rise, shared ownership scheme offers a solution for those unable to buy a home outright. The programme enables buyers to purchase a portion of a property, typically between 10% and 75%, and pay rent on the remaining share. Over time, they can buy additional shares, eventually owning the home fully. How It Works? Aimed at first-time buyers or those with a household income below £80,000 (£90,000 in London). Buyers secure a mortgage for their share and pay a smaller deposit calculated on the price of the share bought. Reduced rent is paid on the unsold share, lowering monthly costs. Buyers can purchase more shares as their finances improve in future. This is called Staircasing. Benefits Lower Costs: Smaller deposit and mortgage reduce the initial financial burden. Path to Full Ownership: Provides a structured way to own a home outright. Security: More stability compared to private renting. Flexibility: Buyers can increase their ownership stake over time. Considerations Charges: Buyers may need to pay 100% of service charges and ground rent. Valuation Costs: Staircasing and resale involve valuation fees. Restrictions: Criteria for buying more shares or selling can limit flexibility. Shared ownership programmes can help turn the dream of homeownership into reality by making it more accessible and affordable. If you would like to ask us about a Shared Onwership Mortgage - give us a call or email us. GRN Financial Services Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Did you know that a Buy Now Pay Later (BNPL) activity could affect your mortgage decision. Why? This is a financial committment that gets reported on your credit file. Make sure it is set up as a direct debit and do not miss any repayments. Relying on BNPL may be seen by mortgage lenders as not managing your finances too well, especially if there are multiple BNPL activities on your account. Only use it when you are absolutely sure you can pay it off Every now and then, monitor your credit report to check that no errors have been marked against your account. If you have used BNPL and would like to check your mortgage readiness, do get in touch with us.

If you have been offered an insurance policy for unusually low premium monthly, you may have fallen a victim of a GHOST INSURANCE BROKER. Did you know that there are firms calling round and manipulating clients’ personal and medical information to lower the potential cost of insurance policy? They set it up for a customer and then they disappear... Client normally finds out that his insurance won’t pay out at the worst time – when they need to claim…. Their broker turns to be nowhere around then and there is no payout possible. A typical ghost broker method is to declare incorrect medical information at the time of application (smoker status, medical history or weight) so insurance provider offers the policy cheaper but then, when client needs to claim, their full medical records are checked and claim gets rejected. Make sure you speak to a qualified adviser, don’t be shy to ask for their FCA registration reference to check their records. It’s also important to read the application summary when it is posted to you at the application stage as you will be able to detect any inconsistencies then. Be vigilant! if something seems too good to be true, it's likely it's manipulated. If you did buy a ‘cheap’ looking policy, get in touch with us for a full audit of the case. We review your policy free of charge and for your peace of mind. #ScamAlert #insurance #fraudprotection

YES, IT IS POSSIBLE. TODAY A NEW PRODUCT HAS BEEN INTRODUCED FOR A 100% MORTGAGE FOR FIRST TIME BUYERS This, however, is not a product for everyone… Main criteria: each applicant must be a first time buyer each applicant must be 21 years old or older the same people who are and have been renting in the last 12 months must go on the mortgage application applicants must have proof of paying rent for at least 12 months out of the last 18 months applicants must also have been paying the household bills in the 12 months out of the last 18 months each applicant must have good credit history with no missed payments/direct debit commitments in the last 6 months the monthly cost of mortgage must be equal or less than average of the last 6 months rental cost deposit must be less than 5% - can be £0! maximum loan size must be £600000 not available on new build flats applicants must pass lender's affordability test and credit score check This product may be a great help for many first time buyers but any buyers who want to check if they qualify, should first speak to a mortgage adviser before making offers on properties Buying a house requires planning ahead and strategy and a good mortgage adviser will help you prepare for this step Contact us if you are planning to buy your first home.

What mortgage options do you have if you are moving to a different place in the UK? To get a mortgage you must evidence that you will have income in new place so you can service your mortgage payments. Your employer may give you a letter of relocation to another branch. This will give lender the confidence that your income will continue. If your job involves working from home, lender will accept this as, naturally, your income won’t be affected by the move. You could also find a completely new job and as long as new employment contract shows start date within the next 3 months, state the job role, confirm job is permanent (or in some cases fixed term too) and show salary details, some lenders will be ok with that. Why is this important? You wouldn’t lend someone thousands of £s without knowing that they will have income to be able to fully repay you, would you? That is why some evidence that you will have a job that is acceptable by mortgage lender is required when you are relocating. Sometimes, depending on a job role, some lenders can accept that you will be travelling to and from other work locations, but this is assessed on a case by case basis. Should you have any questions, do get in touch and we will be happy to help.

Is your mortgage deal ending in the next few months? Are you planning to buy your first home or move to another property in the next 12 months? When is the last time you have reviewed your insurance policies? Are you certain they meet your needs? Are your insurance policies in trust? Has anything changed since you last got your insurance? Got a new child, partner, or one of your children turned 18? Maybe you got married or got divorced? When is the last time you have reviewed your will? Or maybe you still don’t have one?! Just like doing a spring-clean to our homes, it’s good to sort out our financial matters from time to time. Make it a goal to have everything you need in place for the peace of mind of yourself and your family.

Increased house prices and cost of living crisis have made it difficult for First Time Buyers recently. That is why the Mortgage Guarantee Scheme which was to close in December has been extended to December 2023. How can this scheme help First Time Buyers? With challenges to save up for deposit for their first home, many buyers can barely get the minimum 5% deposit needed to obtain a mortgage. The scheme gives financial guarantees to lenders that in turn make more products available for customers with as little as 5% deposit. It only applies to properties worth up to £600000. There may be other conditions to be met, dictated by lenders too. If you are a first-time buyer planning your first move, speak to a qualified broker. They will help you with affordability assessment, decision in principle and the rest of your application process as well as with other aspects of house purchase. They will hold your hand throughout the house buying process step by step.

You may have seen a number of headlines over the past weeks around mortgages and interest rates. Despite the headlines about rate rises and shortage of mortgages, there are a significant number of mortgage products available and more and more products are being brought back to the market albeit the pricing may look different. All this is because lenders are repricing their products in line with the changing interest rate. There are also changes in they way they calculate how much you could borrow. This is something that happens continuously in the mortgage market, and it means we’re well placed to support you with all your financial advice requirements during these ever-changing circumstances. Martin Lewis* shared some useful advice about what mortgage customers should do next: “If you're serious, speak to a broker - they're currently more important than ever. Lenders' acceptance criteria differ from one to the next, plus they're subject to change - something that's been done at short notice in reaction to the cost of living crisis. For example, one lender might include overtime or commission in your income assessment, and another might only count your base salary. To navigate the maze , we strongly suggest you use a mortgage broker. They do the 'finding a deal' work for you and have details of most lenders' acceptance criteria, which aren't easily obtainable by the public, plus many deals (even some product transfers) that can only be accessed via brokers.” As always, we are available should you need any support or advice on your finances and insurance. If you would like to talk with one of our advisers, contact us on 01538807101 or office@grnfinancialservices.co.uk *Source – Money Saving Expert’s Weekly Money Tips dated 28 September 2022 Information contained within the blogs was correct at time of publication but is subject to change. Your home may be repossessed if you do not keep up repayments on your mortgage.

The Chancellor has announced support for Home Buyers! In the recent Mini Budget, Lord Chancellor announced a cut to Stamp Duty Land Tax, which is a tax paid on property purchase. The cut raises the threshold of how much a property has to cost before stamp duty is paid to £250,000. First time buyers will have no tax to pay for properties priced up to £425000. They will be able to claim relief on properties worth up to £625000. This change will help many home buyers across the country If you need help with house buying process, contact us and we will be happy to assist you. Information contained within the blogs was correct at time of publication but is subject to change. Your home may be repossessed if you do not keep up repayments on your mortgage.