FAQs

When considering buy-to-let investments through a limited company, it’s essential to understand the advantages and implications of this approach. Utilising a limited company can offer tax benefits, including the ability to offset mortgage interest against rental income, which can result in a more tax-efficient strategy. Additionally, it can provide a level of personal asset protection since the limited company is a separate legal entity. However, it comes with administrative costs and specific mortgage requirements that may differ from individual investors. Our expert mortgage advisers work to help you navigate this complex landscape, who can help you make informed decisions aligned with your investment goals and financial circumstances.

Getting a mortgage while on a zero-hour contract and moving home can be more challenging compared to traditional employment arrangements. Lenders often prefer borrowers with stable and predictable income sources. However, it’s far from impossible to obtain a mortgage in this situation. Many lenders will consider your application if you can demonstrate a consistent history of income from your zero-hour contract. They may request several months’ worth of payslips and bank statements to assess your income stability. Additionally, having a good credit score can strengthen your mortgage application.

Yes, you can get a mortgage on a House of Multiple Occupancy (HMO), but it’s important to note that HMO mortgages are a specialised type of lending. HMO properties are those rented out to multiple tenants who are not from the same household, and they come with specific regulations and requirements. To secure an HMO mortgage, you’ll need to work with lenders who specialise in this area. They will assess factors such as the property’s size, location, and rental income potential. Additionally, you may need to meet stricter eligibility criteria compared to standard buy-to-let mortgages. Our team of experts can assist you by connecting you with lenders who offer HMO-specific mortgage products and guide you through the application process. We understand the unique complexities of HMO investments and can help you find a suitable mortgage solution tailored to your specific property and financial circumstances.

Yes, you can secure a mortgage for an Airbnb or serviced accommodation property, but these niche mortgage types have specific criteria. Lenders evaluate factors like location, rental income potential, and your hosting experience. Our experienced team can connect you with lenders who understand short-term rentals, simplifying the application process. We navigate the unique challenges and opportunities of these investments, ensuring you find a tailored mortgage solution for your property and finances.

In most instances yes, you have the option to transfer your existing mortgage to a new property, a process known as mortgage porting, but this is not an automatic process and requires agreement from the lender. Porting may mean you can maintain your current mortgage deal, including its interest rate, when you relocate to a new home which may be favourable dependant on circumstance. Our experienced team will assist you in comprehending the terms and conditions of your current mortgage and their relevance to your new property. We collaborate closely with your lender to streamline the porting procedure, ensuring it’s hassle-free and efficient. With OpenDoor Mortgages, you can leverage this flexible option to secure favourable terms for your new home confidently.

Securing a remortgage while on a zero-hour contract is far from impossible. Many lenders may consider your application if you can demonstrate a consistent history of income from your zero-hour contract. They may request several months’ worth of payslips and bank statements to assess your income stability. Additionally, having a good credit score and a substantial deposit can strengthen your remortgage application. At OpenDoor Mortgages, our experienced team can assist you in navigating this process, connecting you with lenders who may be open to considering your unique income situation.

Remortgaging while on maternity or parental leave is possible, but it may present some challenges. Lenders typically assess mortgage applications based on your current financial situation, including your income. During maternity or parental leave, your income may temporarily decrease, which can affect your ability to meet the affordability criteria set by lenders. However, many lenders can be more understanding of this situation and consider your application if you can demonstrate a strong financial standing and a clear plan for managing your mortgage payments during your leave & beyond. We have extensive experience working with these scenarios and can help you explore remortgage options that align with your specific circumstances, ensuring you receive expert guidance and support during this transitional period.

Yes, you can stay with your current lender and in the majority of instances switch to a new product with them. This is known as a product transfer or a retention mortgage. It involves switching to a new mortgage deal with your existing lender rather than moving to a different lender. It can be a convenient option, but it’s essential to compare the terms and rates offered by your current lender with those that may be available from other lenders to ensure you’re getting the the most suitable deal. Additionally, once a product is secured it is important we monitor this for any improvements prior to the new rate taking effect to ensure by the time it does you have the very a great product for you, the lender will not do this for you but we will. Our experienced team can assist you in evaluating your options and making an informed decision about whether to stay with your current lender, and if so on which product and terms or whether it is more lucrative to explore alternative options.

Benefit income can be a key part of your mortgage application. Lenders assess its stability and longevity, and each has their own criteria for inclusion. At OpenDoor Mortgages, we specialise in integrating benefits into your financial profile, demonstrating their regularity and reliability. Our role is to expertly navigate through lender criteria, ensuring your benefit income is properly valued in your application, contributing to a stable financial base. We aim to secure mortgage solutions that recognize and accommodate your benefit income, making homeownership more accessible.

Using benefit income when moving home can be a bit more complex than traditional income sources. Many lenders consider certain benefit income, such as Child Benefit, Universal Credit, Disability Living Allowance (DLA) or Personal Independence Payment (PIP), when assessing your affordability. However, eligibility criteria will vary among lenders, and not all benefit income may be accepted. Our team of expert mortgage brokers can help you navigate this process, working with lenders who may consider your benefit income, ensuring you have a great chance of securing a mortgage that suits your needs when moving home.