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The Hudson Rose Blog

Hudson Rose office front in Nailsworth

Buy-to-Let Mortgages: Affordability and Deposits

By Jessica Mitchell | March 17, 2022

A Buy-to-Let mortgage is what you will need if you are planning on renting out the property that you are buying. Or perhaps you already own a property and you now want to rent it out whilst you live somewhere else. There is a lot of information that you will need to get your head around because buy-to-let mortgages do differ a fair bit from your usual run-of-the-mill residential mortgages. Now there is an awful lot we could talk about in relation to buy-to-let mortgages. Hopefully you already have a cup of tea in hand, but we’d be here all day if we tried to cover everything. So […]

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View of houses in Cirencester old town

What is ‘Loan to Value’?

By Jessica Mitchell | March 2, 2022

So you’re starting out on your journey towards buying a home in Cirencester. You know you need a mortgage but you keep hearing various snippets of mortgage jargon and, just when you think you’ve got your head around it all, your broker says something that makes you go ‘eh?’   That’s where we come in. We’re making it our mission to take all the mystery out of the mortgage application process by explaining each step in plain old English (we would explain in other languages too but I’m afraid we’re not that clever!)   A good place to start is ‘Loan to Value’ This is a term that […]

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Graham Taylor in Hudson Rose Taxi

Getting a Mortgage on a Property That Has an Annexe

By Jessica Mitchell | February 14, 2022

Multigenerational living is all the rage these days. Lots of people are keen to join forces with family members in order to benefit from a larger property, and/or moving in a family member can make it easier to look after them as they get older.  Of course, an annexe can also be appealing as a potential source of income. But what does it all mean in terms of mortgages?   Well to start with, let’s go back to basics…       What is an annexe? An annexe is an outbuilding which is associated with the main home. Sometimes it is physically joined on to the main property, […]

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Working inside the Hudson Rose Nailsworth office

Tips for Getting a Mortgage if You’re Self-employed

By Jessica Mitchell | January 24, 2022

One of the hardest things to do in life is to get onto the property ladder. It’s not as easy as just asking the bank for a mortgage. You have to prove that you can afford it – and the years you have spent renting and paying that rent on time isn’t proof (unfortunately!). If you are looking to buy your first home, you need to know exactly how to do it – but if you’re a self-employed individual, you’re about to walk into a whole new world of research you didn’t know you needed to do! Buying a property as a self-employed person is hard. You might […]

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Staff inside the Cirencester Hudson Rose office

Should I use an online mortgage calculator?

By Jessica Mitchell | January 12, 2022

So, you’re thinking about getting onto the property ladder? It’s a big step and very likely the most expensive purchase you will ever make. But don’t panic! Just make sure that you don’t bite off more (debt) than you can chew.   First step is to work out how much you can afford to borrow. It’s a great idea to make a budget planner  to give you an accurate idea of exactly how much you are committed to spending each month on things like council tax, utilities and groceries. Once you’ve worked that out, check your recent pay slips to calculate exactly how much you are earning after […]

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Graham in Nailsworth Hudson Rose office

It’s all about that Base (rate)…

By Jessica Mitchell | November 10, 2021

As I write this, almost a week has passed since the anticlimactic event that was the Monetary Policy Committee (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 […]

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Neon Sign in Nailsworth office saying Your Mortgage Our Problem

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

By Jessica Mitchell | September 27, 2021

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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Graham on phone in Cirencester office

Rate war – we know the score

By Jessica Mitchell | August 4, 2021

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 for more space, […]

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Graham Taylor in striped T-shirt in front of neon sign that says 'Your mortgage our problem'

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

By Jessica Mitchell | April 27, 2021

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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Mortgage Guarantee Scheme diagram

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

By Jessica Mitchell | March 8, 2021

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?  What’s it all about? 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 […]

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