Products & Services

Residential Mortgages & Re-Mortgages

There are over 3000 different mortgage options available on the open market including Variable Rate, Fixed Rate, Flexible, Offset, Capped Rate, Discounted Rate, Stepped Rate and Cash Back. Lenders are in competition for your valuable business. It is easy to become deceived by opting for the lowest headline rate of interest, when booking and arrangement fees, conditional insurances, tie ins and early redemption charges may apply.

MRP Solutions take into consideration all factors that make up a mortgage when making a recommendation. We explain how they affect your unique circumstances.

MRP Solutions can relieve the pressure of trying to find the most suitable mortgage by sourcing the best deals from the open market, as well as being able to get you exclusive deals from some providers which are not available from the lenders directly.

We will oversee the underwriting process, to ensure that the finance is in place for all parties (lawyers, lender and yourself) and that the correct documentation is to hand at the right time. Our role is to ensure that this often stressful process is dealt with as smoothly as possible.

Mortgage Advice

Buying a property can be the most substantial single purchase you make in your lifetime and can have a dramatic impact on your financial situation. It is vital to make the right choice in terms of a mortgage provider and product type as you could save thousands of pounds over the long term.

There are over 150 independent lenders in the UK and competition is fierce in the mortgage market place. Increased competition means there are more providers and products than ever before. 

MRP Solutions can help by:

• Offering completely independent mortgage advice for residential, commercial, non standard, guarantor mortgages, overseas mortgages, buy to let mortgages and foreign currency mortgages

• Conducting affordability assessments & sourcing deals from the whole mortgage market taking into account ever changing complex lender affordability models and lender criteria to best meet your circumstances and requirements.

• Arranging a trouble free re-mortgage for you if you need additional capital or to save money

MRP Solutions can help you determine the features that best suit your requirements and make sure you have the right kind of mortgage, with the most competitive rates available.

Also, if you have had financial problems in the past, been turned down by a lender or are unable to provide full income details contact us today.

Whether you are buying a property, looking to reduce your monthly repayments or aiming to raise additional capital, we can help you make an informed decision.

Buy to Let Mortgages & Re-Mortgages Including Consumer BTL

A buy-to-let mortgage (also known as an investment mortgage) is designed for borrowers who want to let their property out to a third party (i.e. tenants).

More and more people are investing in property as a long-term opportunity to make profitable returns, and as a way of securing finance for their retirement.

There are now plenty of competitive buy to let mortgage deals around that are specifically aimed at the buy-to-let market, ranging from special offer buy to let mortgage deals to fixed and variable rate options.

In addition, mortgage lenders will often assess buy-to-let mortgages on the earning potential of the property (i.e. the rental income) as well as normal income.

Are you ready for a Buy-to-Let mortgage?

When you take out a buy-to-let mortgage, you will be expected to meet certain criteria:

Buy-to-Let Deposit

You will be required to put down a deposit for buy to let mortgages and this will be typically larger than for a standard residential mortgage - it will likely be at least 25% of the property's value.

Loan Parameters

Your expected rental income must exceed your buy to let mortgage repayments by a certain percentage - for example, your the mortgage lender may take into account;

- Rental income stress test

- Take into consideration your personal tax band

- How many BTL properties the client currently owns

- If you own over a certain amount of BTL properties you will be classified as a

   portfolio  landlord and more stringent stress testing will apply.

- Lender may take into account surplus personal income by using top slicing.

All these factors may play a role on determining  the initial deposit required.

Investment Potential

Your buy to let mortgage lender will also want to establish whether the property you are buying is a good long-term investment, ultimately the risk will always be down to you as the BTL property investor.

Your role as a landlord

Owning a Buy to Let property and becoming a landlord is a commercial
transaction which carries an element of risk, and we think it’s important
that you understand and consider your responsibilities and obligations as a
landlord, before you commit to a Buy to Let property and mortgage. We’ve
highlighted some of the key points for consideration in this leaflet.

Buy to Let tax changes
Previously when you, as landlord, paid tax on your rental profits, you could
deduct the costs of mortgage interest and other finance costs before
arriving at a taxable profit. However, from 2017/18, the tax is calculated
based on turnover rather than profit. The deduction of mortgage interest
(and finance costs) from your taxable profit will be gradually replaced with a
tax relief allowance. This will be at the basic rate of tax and will partly offset
the tax due on your rental profit. The amount of tax relief that applies is
being phased in over four years from April 2017, as follows:
2016/17 2017/18 2018/19 2019/20 2020/21
Mortgage interest* deduction
100% 75% 50% 25%
Tax relief allowance on mortgage interest* (at the basic rate of tax)
25% 50% 75% 100% and other finance costs
Overall the amount of tax you pay depends on all of your sources of income,
including rental profits, employment, pensions, etc.
These changes will mostly affect higher and additional rate tax payers, as
they effectively reduce the rate of relief on interest costs from the marginal
rate to the basic rate.
However, due to the changes shown it’s possible that you could move
between tax bands and become a higher or additional rate tax payer.
This information should not be taken as tax advice, for more details on how
this will affect your circumstances you should consult with an independent
tax advisor and/or your financial advisor. You also have the option to contact
your local tax office, or visit www.gov.uk for more information.
Shortfall in rental income and/or increased costs
You need to take into account how you’ll pay your mortgage if there’s a
shortfall in rental income or if your outgoing costs increase, for example,
due to interest rate increases or changes in maintenance costs. What if…
• The property is empty? The property may require maintenance work and
can’t be let, or there could be void periods where the property is empty
in-between tenants.
• The tenants are in arrears? Some disputes may take several months
to resolve, which could have a serious impact on your finances and could
lead to the eviction of your tenant. For more information visit
www.gov.uk/private-renting-evictions
• The rental income is lower than expected? Market changes may mean
there are occasions where you need to reduce rent, perhaps to attract
prospective tenants.
• Interest rates increase? An increase in interest rates could increase
your monthly mortgage payment. For more information on how this could
affect you, check your mortgage illustration.
• Maintenance costs increase? This could be one-off emergency property
repairs or ongoing maintenance charge increases – these scenarios can
prove costly and may be unplanned additional costs.

In line with the terms and conditions of your mortgage you will need to
cover your monthly mortgage payments. It may be beneficial having a
savings plan in place or some contingency to ensure you can make your
payments in case of a shortfall.

Affordability
Lenders will assess the affordability of the mortgage based on the
expected monthly income generated from letting the property to a tenant.
The actual income generated may be different and changes in the rental
market could influence this over time. You will remain responsible for
meeting the costs of the mortgage and the additional costs associated with
letting property for the duration of the ownership.
If you have an interest-only Buy to Let mortgage, you will also need to repay
the total amount borrowed at the end of the term.
Your rental property may be repossessed if you don’t keep up repayments
on your Buy to Let mortgage, and we may appoint a receiver of rent. Any
shortfall after the property is sold would remain your responsibility.

Landlord responsibilities
You must treat your tenant fairly and equally and, as a landlord, there are
important legal and financial obligations you must meet, for example,
you must only use your property as a rental let. We’ve listed some of the
responsibilities that you should be aware of below, but it’s also advisable to
seek professional advice.
Tenancy agreements
For every tenancy you’ll need a tenancy agreement. This is a legally
binding contract between you and your tenant. The most common forms of
tenancy agreement are Assured Shorthold Tenancies in England and Wales,
Private Tenancies in Northern Ireland and Private Residential Tenancies
in Scotland. Most landlords offer a minimum contract of six months. The
tenancy should confirm:
• The duration of the tenancy (if applicable)
• The date the tenancy began
• Details of the tenant, landlord and all parties involved
• The deposit amount the tenant needs to pay and how this will be
protected
• The monthly rent amount, when it’s due and how it will be paid
• If applicable, the length of notice both you (the landlord) and the tenant
need to give to end the tenancy agreement
• The tenant’s obligations while renting the property, with exceptions that
they are not liable for wear and tear.
Both you (as landlord) and your tenant must sign the agreement. For further
information visit www.direct.gov.uk and read the ‘private renting’ pages.
Tenant deposits and references
To secure the property and protect it against minor damage, request
a deposit (or bond) from your tenant before the start of their tenancy.
You should also request references from previous landlords or current
employers as a condition of the tenancy.
Deposit protection schemes
Landlords are legally obliged to protect tenant deposits. To do this you must
pay into a Tenancy Deposit Scheme (TDP). There are two types to consider:
• Insurance-based – this is where the landlord or letting agent holds the
tenant’s deposit and pays a fee to insure it.
• Custodial – this is a free scheme for landlords and letting agents which
simply holds the tenant’s deposit in a bank account and returns it to them
at the end of their tenancy, such as the Deposit Protection Service.
Both schemes guarantee the tenant will receive their deposit back at the
end of their tenancy (provided they have met the terms of their tenancy
agreement). As the landlord you must return the deposit to your tenant no
later than 10 days after they’ve moved out of the rental property.
7Legal obligations
You have a legal responsibility to maintain your property inside and out,
ensuring that it (and, if furnished, any contents supplied) complies with
recommended safety standards. If your property is leasehold you should
ensure that you adhere to reasonable requests from the freeholder or
managing agent and that ground rent is paid.
From 1 April 2018, for England and Wales, it is your responsibility to ensure
that your property meets the Minimum Energy Efficiency Standard (MEES).
For more information go to www.gov.uk/government/publications/
the-private-rented-property-minimum-standard-landlord-guidancedocuments
To familiarise yourself with relevant regulations you can view details at
www.gov.uk/browse/housing-local-services/owning-renting-property

Selective licensing
You will need to check whether the property is subject to a selective license,
and if it is, you will need to notify us. If a Local Authority has licensed a
designated area you may be affected and will need a licence to privately rent
your property. Visit www.rla.org.uk and search for selective licensing for
more information.
Protecting your investment
Your tenant is responsible for insuring their own possessions throughout
their tenancy, however, as a landlord you will still need your own insurance.
In line with the terms and conditions of the mortgage you must ensure
there is buildings cover in place at completion and throughout the term of
the mortgage. In addition to this specialist landlord insurance could also
provide you with:
• Legal cover – to help with disputes/complicated tenancies
• Rent guarantee cover – to protect you if the unexpected happens (and
letting your property is impossible) and against a tenant failing to pay rent
• Landlord liability cover – to protect you from a compensation claim
caused by any defect in your property
• Landlord contents insurance – to cover your fixtures and fittings such
as: carpets, flooring, kitchens, bathrooms, white goods, light fittings and
curtains. If you’re letting a furnished property you’ll need a policy that
covers your furniture too
• Landlord boiler cover – saving the expense of replacing a new boiler and
covering safety certification
• Landlord emergency cover – covers the cost of contractors’ emergency
call out, labour, parts and materials following an insured event, for
example, broken central heating, gas/electricity or burst pipes/drainage.
This may also cover security risks to the property including broken
windows or doors.
Ending a tenancy/notice period
We advise you to take legal advice if you wish to bring a tenancy to an end.
Keeping your investment in retirement
If you’re extending your Buy To Let mortgage past your retirement age there
are some additional factors to consider:
Retirement income - your income is likely to be less than when you were
working and your tax status may have changed, so:
• Will a Buy to Let investment still be profitable for you?
• Could there be additional outgoings in retirement that you’ll have to pay?
Retirement planning - the value of your property could decrease over
time, which could have an impact if you are planning to sell the property.
In addition, your rental income could go down, which would affect you if
you were dependent on it as a source of retirement income.
• What would this mean for your retirement income?
• Do you have other sources of retirement income, for example private
pensions or savings that could supplement this?

Maintaining a property - as we know, the older we get, the more likely we
are to suffer from ill health:
• Will you be able to continue to physically maintain a property and manage
tenants?
• Who could manage the property for you if you weren’t able to?
Estate planning - a Buy to Let investment is an asset which should be taken
into account when planning your estate. We recommend that you consult
with a legal advisor, who will help you consider whether you need to make
a will or update your existing will, and whether there are inheritance tax
implications associated with your property.

Commercial Finance

MRP Solutions Commercial finance experience spans across all sectors.

We have specialist credit facilities with lending institutions both here and overseas and structure credit applications to meet the requirements of both lenders and borrowers on an individual basis.

Finance can be arranged with lending up to 100% of the purchase price/valuation whether it be by way of senior debt, mezzanine finance and/or equity finance and includes the following areas:

Property Development Funding for both residential and commercial property.
• Investment property funding
• Nursing Home and medical care finance
• Owner occupier finance
• Buy to Let properties
• Lending to high net worth individuals
• Lending requirements for overseas property purchases


We can also assist in other specialist areas including
• Venture capital
• Asset finance
• Invoice discounting and factoring
• Investment and development property purchases
• Debt and write off negotiation and finance restructure


Whether your requirement is one of a short or long term, fixed or variable rate or even one where you prefer to borrow in a foreign currency we aim to assist you with your preferred requirement.


Mortgage Related Insurance

As taking out a mortgage on a residential property is such a major transaction probably the biggest you will undertake in your lifetime, you should always consider effecting insurance to protect your asset. Protection in the event of death or contracting a serious illness is usually recommended as well as ensuring that your mortgage payments can be maintained in the event of long term sickness. See our protection section for the products available.

Personal Protection

How much life assurance do I need is probably not a question that you often ask yourself. We have to accept that many people live for today without planning for tomorrow, until one day it is perhaps too late. It is important to live life to the full and take every day as it comes but it is equally important to think ahead to protect yourself and your family for the future.

As this is a competitive market place there are protection policies available with varying features and costs. These include life cover, critical illness and income protection. Our expertise can help identify the most important protection solutions that fit your circumstances and budget.

Life Cover

If anyone will be financially worse off in the event of your death you should consider taking out life assurance. Below are situations where life cover is recommended:
•Mortgage/loan protection - It is advisable to ensure that a major financial commitment such as a mortgage can be paid off in full in the event of your death .
•Personal Protection - If you have a spouse, partner, children or other dependents then funds could be made available to allow them to maintain their standard of living after your death.

You may already have life cover but it is always worth checking that the current level of protection is sufficient for your needs. For example, you may have increased your mortgage or inflation may have eroded the value of any personal cover you had previously effected.

Cover can be provided on a temporary or permanent basis. Term assurance is the cheapest form of life cover. It can be designed to either pay a lump sum or a regular income (known as Family Income Benefit) in the event of death. In simple terms, in exchange for paying a premium, the life office will agree to pay out a certain sum if the insured dies before a certain date. If the policyholder survives the term the policy will merely lapse.

Critical Illness Cover

Many people are surviving serious illnesses that would have been fatal a few years ago. The chances of surviving a critical illness are now much greater, thanks mainly to advances in medical science and surgical technology. Critical Illness Cover is designed to meet a separate need to life assurance. It provides a lump sum to assist you to overcome the physical, emotional and financial traumas which would result from the diagnosis of a serious illness.

A Critical Illness plan is designed to pay out a lump sum if you are unfortunate enough to suffer from any of the specified illnesses within the plan but survive for a period of time after diagnosis (normally 28 days).The lump sum could be used to pay for things like nursing care, home help, adapting your house to accommodate a disability; it could pay off your mortgage or give you a holiday to recover from treatment.

Critical illnesses usually include cancer, heart attack, kidney failure, multiple sclerosis, major organ transplant and strokes. These are known as core conditions and account for the majority of claims. Permanent Total Disability can also be included within the contract. The comprehensiveness of conditions covered varies between insurers and terms and conditions of the contract should be carefully checked. Critical Illness Cover should be viewed as a key component of your protection arrangements.

Income Protection Insurance

Also known as Permanent Health Insurance (PHI), this provides cover in the event that the insured is unable to work and therefore earn due to illness or injury.

Long term incapacity can have a devastating impact on individuals and families. Often, after any savings have been eroded there are only State Benefits to fall back on.
Have you ever wondered how your financial circumstances might change if you were unable to work and receive a regular income? It is important to consider the following questions:
•Will the family be able to maintain mortgage payments?
•What will State Benefits provide?
•How long will savings last?
•For how long will your employer pay you?

If you do not have any Income Protection cover provided by your employer or your salary will only continue for a limited period you should consider setting up your own personal cover. This type of plan is also of particular significance to the self employed who of course have no employer to pay their salary in the event of long term illness.

Income Protection Insurance gives you a monthly, tax-free income until you return to work or until the policy reaches its selected term, usually retirement age. The cost of this insurance varies depending on a number of factors including your age, smoker status, your occupation and state of health at the time. Providers offer a considerable choice of cover. The key is to choose a balance between the cover required and the monthly cost.

Mortgage Payment Protection

If you were absent from work through illness, accident or involuntary unemployment, could you find the money required each month to pay your mortgage? If so, for how long could you manage?

Mortgage Payment Protection provides a regular income to cover your mortgage payments for a specified period of time, usually for a 12 or 24 month period.


Private Medical Insurance

Medical advances now mean that doctors are able to treat many more conditions, but new procedures, drugs and technology tend to be expensive. Coping with the increased demand and expense is proving a problem for the NHS. For example, someone who 40 years ago might have had a walking stick now has a hip replacement. The length of waiting lists is a strong incentive for people to take out Private Medical Insurance (PMI). Based on government statistics, the number of people on hospital waiting lists in England as at January 2012 stands at 1,039,000.

Buying private health cover can provide a sense of security that if people need an operation or other treatment they can have the procedure done promptly and exercise a degree of choice.