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The Hudson Rose Blog

It’s all about that Base (rate)…

By Jessica Mitchell | November 10, 2021 | Comments Off on It’s all about that Base (rate)…

As I write this, almost a week has passed since the anticlimactic event that was the MPC meeting and potential base rate rise. In the run up to the November meeting, the press (both industry and national) was full of the news that there was to be a 0.15% increase in the Bank of England Base Rate (BOEBR) which was to be the first shift in rate since March 2020 when it fell by 15 points to it’s current record breaking low of 0.1%. But… the increase never came..! I don’t want to dwell on who on the committee voted for what and the reasons behind why they […]

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The big mistake you don’t want to make with your mortgage

By Jessica Mitchell | September 27, 2021 | Comments Off on The big mistake you don’t want to make with your mortgage

Mortgages can be scary. For most of us, buying a property will be by far the most expensive thing we purchase in our lifetime and, chances are, we will need a big mortgage to do so. In a nutshell, it’s a shed load of debt! For lots of people, the struggle to get a mortgage in the first place is very real. Lots of forms to be filled in, Pay Slips to be located, monthly spending to be analysed, credit check, ID – the list goes on. After all that initial pain, the mortgage is finally sorted. You’ve moved into the property. The mortgage payments are being paid […]

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Rate war – we know the score

By Jessica Mitchell | August 4, 2021 | Comments Off on Rate war – we know the score

Preparing For Battle Nothing gets the juices flowing like a good rate of interest, just me? OK, so our bread and butter business isn’t the most exciting subject matter in the world but, for anyone who might be needing to access funds secured against their home it is important to be aware of what is going on. So what is going on? Well, for the last 12 months or so the property market has been a bit…mental. That may not be the term you hear Andrew Bailey mutter at his meetings but it is the one I am sticking to. Fuelled by the melting pot of a desire […]

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Can you get a mortgage if you haven’t been self-employed for long?

By Jessica Mitchell | April 27, 2021 | Comments Off on Can you get a mortgage if you haven’t been self-employed for long?

The question of ‘How long do I need to have been self-employed for?’ is one we hear most frequently. Mortgage lending is a cautious activity and the last thing lenders want is to repossess your home. As such they look for a track record in running your own business and the best way to do this is to specify a minimum amount of time that you must have traded for. The majority of lenders in the UK will require you to have been running your own business for a minimum of two years, some will require three. However, don’t worry if you have not been trading for two […]

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Could the new mortgage guarantee scheme be your ticket to getting on the property ladder?

By Jessica Mitchell | March 8, 2021 | Comments Off on Could the new mortgage guarantee scheme be your ticket to getting on the property ladder?

It’s been a couple of weeks now since the government announced that they will be supporting lenders to be able to start offering 95% mortgages again. The scheme will be slowly starting to kick in over the coming weeks, so what could it mean for those who have previously struggled to get on to the property ladder?  First things first, let’s recap what the mortgage guarantee scheme is and how it will work.  A 95% mortgage means that the lender is advancing 95% of the value of the property in the form of a mortgage. The remaining 5% will be paid as a deposit by the buyer. 95% mortgages are nothing new but […]

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3 mistakes not to make when choosing Life Insurance

By Jessica Mitchell | February 17, 2021 | Comments Off on 3 mistakes not to make when choosing Life Insurance

Thinking about what would happen if you were to become seriously ill or even die is not something most of us want to give much time to. Going so far as to get your finances in order, should the worst happen, is certainly a bridge too far for many. But having the right protection in place is so important. How will you manage if you lose your income for a long period of time? How will your loved ones pay for the house, the bills and food shopping if you die? It can and does happen so why not sign yourself up for a big old dollop of […]

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What does ‘remortgage’ actually mean?

By Jessica Mitchell | January 21, 2021 | Comments Off on What does ‘remortgage’ actually mean?

This month at Hudson Rose, we’ve been focussing on remortgages and it occurred to me that sometimes the best thing is to go right back to basics. So today I wanted to explain what the term ‘remortgage’ actually means. In its simplest terms, a remortgage is either changing your mortgage from one provider to another, or changing your mortgage rate with the same provider. So, a remortgage doesn’t necessarily mean you’re taking more money out. It doesn’t even need to mean that you’re moving to another provider. You might come to the end of your current mortgage deal and your lender might turn around and say, “Oh, we […]

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Mortgages and Maternity Leave

By Jessica Mitchell | August 31, 2020 | Comments Off on Mortgages and Maternity Leave

Today I wanted to talk to you about maternity leave and how that might affect your ability to get a mortgage or how much you can borrow.   A lot of people think that by saying that they’re going on maternity leave or revealing that they are already on maternity leave means that they won’t be able to get a mortgage.   It’s important to be clear that lenders are not allowed to discriminate against people being on maternity or having children. That said, they do have to factor in any changes to your expenditure and your outgoings, and obviously having children could be a major part of […]

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5 ways your family might help you buy your first home

By Jessica Mitchell | August 10, 2020 | 0 Comments

Struggling to get on the property ladder? Here are 5 ways your family might help you buy your first home Bank of Mum and Dad- Not raided the parents (or grandparents)’ cash reserves lately? Invite them over for a roast and a few sherries and broach the subject of gifting you a deposit. You can all sign a formal written agreement on any ownership rights or repayment plans if this feels more comfortable. If Mum & Dad don’t want to say a forever goodbye to their hard-earned savings, a family offset mortgage may work. They put their savings in an account linked to your mortgage. You can’t access […]

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5 things that could slow down your mortgage application

By Jessica Mitchell | July 8, 2020 | 0 Comments

Today I want to address a question that I’ve been asked probably more than any other over the last 13 years, how long does it take to get your mortgage offer? There’s no right way to answer this question because every lender is different, but the stock answer for me is anywhere between 4 to 6 weeks. However, normally we can get the application done and the offer completed inside this time. Let’s have a look at the various factors that affect how long it will take to process your mortgage application.   Lender service levels The first thing to consider is the lender’s service levels at the […]

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