If you’re unsure whether you are likely to be eligible for the mortgage you want, or whether you can afford it, please read the mortgage lending criteria FAQs below before contacting Lak and his colleagues.
Why should I use Lak Tamana & Associates?
There are several reasons...
Firstly, an experienced mortgage broker like Lak Tamana & Associates will save you a lot of time and stress by quickly sourcing the right mortgage, aswell as handling the entire mortgage application on your behalf.
Lending criteria varies enormously between mortgage providers, and Lak and his colleagues will be able to advise on which lenders and mortgage deals are appropriate for your unique circumstances.
They also have access to a comprehensive range of thousands of mortgage products, including some 'Broker-only' deals unavailable to you at your high street bank or building society. Potentially saving you thousands of pounds over the lifetime of your mortgage.
Finally, Lak has over 25 years experience in financial services, including 9 years advising clients at the Bank of England.
Founded in 1997, Lak Tamana & Associates have helped hundreds of satisfied clients across the UK achieve their mortgage and financial goals. Their friendly and knowledgeable staff look forward to helping you too.
I have a poor credit history, can you help?
Unfortunately we are unable to help if you’ve been discharged from bankruptcy or incurred any other form of bad credit on your record such as default or missed payments, CCJ's or IVA's within the past two years.
Many lenders will not accept customers with a poor credit history but we do have access to a small number of lenders who may facilitate customers with a poor credit history subject to the above criteria and an individual review on a case by case basis. However the interest rates on these products may be much higher compared to someone who has a good credit history.
How much can I borrow?
Borrowing is based on affordability assessment taking into account provable income and outgoings. Typically up to 4.5 times single income or 3.5 times joint income.
However this will vary from lender to lender.
Your income will need to be HRMC (Inland Revenue) verifiable. Overtime and bonus payments are usually not included as part of your income assessment.
How much deposit will I need?
Atleast 5% but the larger your deposit, the more mortgage products will be available to you.
I'm self-employed. How many years accounts will I need to get a mortgage?
Atleast 1 years audited accounts, but preferably two or more. You'll also need your SA302 from HMRC.
How much deposit do I need to get a Buy to Let mortgage?
Atleast 20% as a few BTL lenders will now provide 80% LTV loans. But most require atleast a 25% deposit. The best rates are available to property investors with 40% deposit or more.
How much can I borrow?
This is based on the achievable rental income (as determined by the lender) for the property you want to purchase. Typically BTL lenders require the rent to cover 125% of the monthly repayments on an interest-only mortgage.
So for example, if the interest-only mortgage repayment is £500 per month, then the rental would need to be atleast £625 per month.
My existing lender won't allow me to remortgage my current deal. I'm being forced onto their Standard Variable Rate (SVR). Can you help?
There may be options to remortgage to a different lender for a more favourable deal subject to credit history, affordability and equity in the property.