Most Flexible UK Mortgage Lenders Listed

Despite the fact that the UK mortgage market has been considered extremely challenging in the past 2 years, most borrowers simply do not realise that different lenders offer flexible approaches to mortgages loans; borrowers just need to decide what they are looking for, and carefully research the market, just as the Times did. If the borrower is interested in… 1)    Bonuses … he or she should consider taking out a mortgage from Woolwich (Barclays), Cheltenham & Gloucester, or Halifax. These are the lenders that accept the most of borrowers’ bonuses with Woolwich accepting 100%, and Halifax and Cheltenham & Gloucester accepting 60%. Other banks and building societies, such as Nationwide Building Society, Alliance & Leicester, Abbey, and Northern Rock, typically accept around 50% of bonus income. 2)    Income multiples … he or she is best off with a mortgage from Alliance & Leicester as it offers its borrowers up to 6 times income. Other flexible lenders include Woolwich (5 times borrower’s income), Northern Rock (4.5 borrower’s income). In order to determine the maximum amount the bank is likely to lend, borrowers are encouraged to make use of affordability calculators on lenders’ websites. 3)    High LTV … he or she is recommended to contact Nationwide first. The lender recently introduced 90% LTV deals, starting from 4.63%. Other lenders offering high LTV mortgage deals are Halifax and Royal Bank of Scotland. 4)    Fast-tracking (fast mortgage approval) … he or she might apply for a mortgage at Nationwide or Woolwich, which offer fast-tracking option for mortgages of up to 70% LTV, or Northern Rock, which offers fast-tracking for 50% LTV mortgage loans. Borrowers should remember that fast-tracking always refers to mortgage rather than to application; neither borrowers, nor brokers are able to request a lender to fast-track the application.