At Newbrickz, we understand the importance of finding the right financing solution for your property goals. Whether you’re a homebuyer or an investor, we have established connections with whole-of-market finance brokers who can offer tailored advice to meet your specific needs.
Through their expertise, you’ll gain access to a wide range of detailed financing options, presented to you with no obligation. To get started, try our mortgage calculator below, which will help you estimate your mortgage repayments and provide a rough guide on the amount you can borrow to support your next purchase.
When it comes to navigating the mortgage process, having a broker who truly understands your situation and budget can make all the difference. A skilled broker will gather all the necessary information from you, taking the time to ensure everything is in order.
For homebuyers, the broker may ask questions such as the type of property you’re considering, your job type, income details, and family circumstances. Investors, on the other hand, may be asked about the estimated rental income of the property, desired deposit amount, location, and whether the purchase will be made personally or through a company structure.
Once armed with this information, the broker will research available mortgage rates and analyse the market, providing you with clear and relevant information that you can confidently rely on. This way, when the time comes to make a decision, you can proceed with the assurance that you have all the necessary facts at your disposal.
Mortgage brokers are dedicated to saving you time and can increase your chances of a successful application. Throughout the application process, they will:
With their expertise and support, you can confidently navigate the mortgage process and receive the assistance you need at every step.
The availability of mortgage products depends on your individual circumstances, and several factors can influence the type of mortgage and borrowing capacity. Here are some standard mortgage products offered in the market:
These are just a few examples of the mortgage options available. To determine the best fit for your specific situation, it is advisable to consult with a mortgage advisor who can provide personalised guidance based on your needs and eligibility.
It’s a straightforward choice. You can either apply directly with a mortgage provider or enlist the assistance of a mortgage broker. If you need a recommendation, we can connect you with specialist brokers who have access to a diverse network of lenders and can handle the entire process on your behalf.
Our trusted mortgage partners have a proven track record of success in securing favorable mortgage terms for clients across various financial backgrounds. They will work diligently to ensure you receive attractive financing options tailored to your needs.
New build properties are highly sought after by first-time buyers, investors, and retirees alike. One of the significant advantages of new builds is the absence of an onward chain, reducing the risk of the transaction collapsing.
In the UK, you can apply for a mortgage as early as 6 months before the completion date. If the property you intend to purchase is still being constructed, it’s crucial to monitor the estimated completion date to ensure you have ample time to secure your financing before any notice is served.
A contract reassignment occurs when an individual purchases a property off-plan, typically an investor, with the intention to sell it before completion. To illustrate the process, let’s consider Buyer A and Buyer B:
Financing contract reassignments can be more complex than traditional purchases. While there are financing options available, the number of lenders offering this specialised product is limited. Therefore, it is advisable to work with a mortgage broker experienced in this area.
The belief that self-employed individuals face challenges in obtaining a mortgage is a common misconception. While the available options may vary, there are numerous competitive solutions to explore. It is crucial to consult with a knowledgeable mortgage adviser.
Several lenders specialise in self-employed mortgages and offer a range of options that take various criteria into account. These can include:
Are you a sole trader, director, or contractor?
The nature of your self-employed role influences how lenders evaluate your suitability. Here’s a brief overview of the main considerations:
Sole trader: Most lenders require a minimum of two years’ full trading accounts and personal HMRC tax overviews. They usually calculate the average net profit before tax over two or three years. Some lenders may consider your application with only one full trading year, depending on your circumstances. For instance, if you transitioned from employment to self-employment in the same field. In addition to tax overviews, you’ll need to provide bank statements that demonstrate your trading income. If you use a separate business account, you should be prepared to present those account statements to the lender.
Director: Lenders may classify you as employed, but typically only if your share in the company is small. The threshold varies, but if your share is 20% or more, most lenders will consider you self-employed. The lender will generally require additional documentation to demonstrate the business’s solvency, and some may take your share of profits into account, along with your salary and any dividends.
Contractor: Although contractors are often company directors, many lenders recognize that their arrangements differ from those of corporate company directors. This is reflected in tailored affordability assessments. While some lenders assess contractors using the same criteria as any other company director, there are other options available if this limits borrowing capacity. The lender can conduct an affordability assessment as if you were employed, taking your gross contract daily rate as income. This will be subject to specific conditions, including contract history and continuity.
*Please note – Lenders are constantly changing their criteria for lending and the information we have given here is just an illustration.
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