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Frequently Asked Questions?

Please see some of our most common questions asked from our clients. 

es, it is possible to get a mortgage with adverse credit. Specialist lenders offer mortgage options for individuals with poor credit, although interest rates may be higher.

Generally, first-time buyers need at least 5-10% of the property’s value, though some schemes may offer lower deposit options.

Yes, though it may limit your options. Some lenders specialize in first-time buyers with poor credit, but you may face higher interest rates.

Most healthcare professionals, including doctors, nurses, and other staff employed by the NHS, are eligible for these mortgages. Yes, we can consider your bank hours based on the continuity and most recent 3 months. 

Yes, foreign nationals on a Tier 2 visa can obtain a mortgage in the UK.

Deposit amount depends on length of residency in the UK, credit score and income profile. We can look at Tier 2 Visa applicants with as little as 5% deposit subject to credit score and lender’s criteria.

Shared ownership allows you to buy a portion of a property (typically 25-75%) and pay rent on the remaining share, with the option to buy more of the property over time.

Shared ownership is aimed at first-time buyers, people who have previously owned a home but can’t afford to buy one now, and those with household incomes below £80,000 (or £90,000 in London). Dated: Sep 2024.

Yes, you can apply with a different lender. However, it’s important to understand the reason for your refusal and address any potential issues before submitting a new application to avoid further rejections.

Review the reason for refusal, check your credit report for any errors, and consult with a mortgage broker who specializes in complex situations. They can help you find alternative lenders who may be more flexible with your financial circumstances.

Yes, it is possible to get a mortgage with a CCJ (County Court Judgment).  Lenders will assess your credit history and risk level. There are specialist lenders that cater to people with adverse credit. It’s highly recommended to work with a specialist mortgage broker if you have a CCJ. They have access to a wider range of lenders and can help find the best mortgage deals tailored to your specific situation

Yes, you can get a mortgage if you have a spouse visa. A spouse visa allows the partner of a UK citizen or permanent resident to live in the UK. Not all lenders offer mortgages to those with a spouse visa. However, many high street and specialist lenders are open to visa applicants, especially if you meet other key requirements like having a stable income and good credit. Working with a mortgage broker can help you find a lender who is more likely to approve your application.

Adverse credit refers to negative marks on your credit file, such as missed payments, defaults, County Court Judgments (CCJs), or bankruptcy. These factors can affect your ability to secure a traditional mortgage.

Yes, foreign nationals can get a mortgage with Tier 2, Spouse, Dependant and other Leave to Remain category. 

A commercial mortgage is used to buy property or land for business purposes. These loans are tailored for businesses, including office spaces, retail outlets, or investment properties.

Typically, a 25-35% deposit is required for a commercial mortgage, depending on the lender and the type of  property transaction.

A debt consolidation mortgage allows you to consolidate multiple debts into your mortgage, using the equity in your home to pay off unsecured debts like credit cards and personal loans.

A bridging loan is a short-term loan designed to provide immediate capital while you wait for long-term financing or the sale of a property. It’s commonly used to purchase property quickly or in cases where there’s a gap between buying a new property and selling an old one.

Bridging loans are typically short-term, ranging from a few months to a maximum of two years.

Yes, you need to have sufficient equity in your property to cover the debts you wish to consolidate.

Development finance is a type of short-term loan used to fund property development projects. It’s designed for developers who are building new properties, renovating existing ones, or undertaking large-scale refurbishment projects.

The amount you can borrow depends on the project’s total cost and your financial profile. Typically, lenders offer up to 70-80% of the land or property purchase price and 100% of the build costs.

Development finance can be used for new builds, major renovations, conversions, and residential or commercial property developments. It is suitable for projects ranging from single homes to large-scale developments.

A default indicates that you’ve failed to repay a debt, which can significantly lower your credit score. The number of defaults you have will affect your mortgage options. Some lenders may accept one or two defaults, while others may be more restrictive. The type, size, and recency of the default also play a role. Working with a mortgage broker can help you find lenders that are more flexible with your situation

Yes, it is possible to get a mortgage if part or all of your income comes from benefits, but not all lenders will accept benefit income as part of the affordability assessment. Some lenders will consider certain types of benefits, especially if they are long-term or stable, alongside other income sources.

Types of benefits considered.

  • Child Tax Credits
  • Child Benefit
  • Disability Living Allowance (DLA) or Personal Independence Payment (PIP)
  • Carer’s Allowance
  • Pension Credits or State Pension
  • Universal Credit (if it’s combined with other income sources)

It’s important to check with the lender or consult a mortgage broker for specific criteria.

With Goodnews Mortgages, Its Simple & Stress Free

With Goodnews Mortgage, securing a mortgage is simple and stress-free. Our expert team handles the complexities, so you can focus on your new home. Contact us today to get started!

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Goodnews Mortgages Ltd is an appointed representative of CityPlus Network Ltd, authorised and regulated by the Financial Conduct Authority (FRN 787508 – https://register.fca.org.uk/).

YOUR PROPERTY MAY BE REPOSESSED IF YOU DO NOT KEEP UP WITH THE MORTGAGE PAYMENTS. MOST BUY-TO-LET MORTGAGES ARE NOT REGULATED.

You may be entitled to refer to the Financial Ombudsman Service if you have a complaint about us. Ways to complaints are explained on their website www.financial-ombudsman.org.uk. Their support team can be contacted on 0800 023 4567. The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

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