MORTGAGES 

Helping find the right mortgage for you

We offer a comprehensive range of mortgage products from across the market for first charge mortgages only. We do not offer deals that you can only obtain by going direct to a lender. The lenders we offer mortgages from are available as an appendix which we attach with our Important Information About Our Services document which will be provided at the first meeting. One advantage for our clients is that we do not charge them fees; we accept commission from mortgage lenders or insurance providers for arranging mortgage and protection arrangements on your behalf. Many other mortgage brokers charge direct fees.

There are many things to consider in relationship to any mortgage application and some of the issues to be considered are outlined here.  The process can appear to be daunting but our role is to take the strain out of this process and support you from the earliest stage until completion.

The first step is to contact us for an initial discussion. We will be able to discuss your circumstances, help identify your needs, explain the steps you need to take and how we will support you through the process.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Please look at our guide below to help you understand your current circumstances. Please contact us as soon as you are ready to make your next step towards securing the mortgage you need.

IF YOU ARE A FIRST TIME BUYER

You may find idea of embarking on the process of buying your first home somewhat intimidating. There are a number of stages to the process: finding your first property; choosing the right mortgage; selecting a solicitor and arranging the appropriate insurance. Our role is to support and guide you through each stage of the process. We will be continuously available to you to help with any issue that arises.

IF YOU ARE LOOKING TO REMORTGAGE

There are a number of reasons why you might be considering remortgaging your current property. A common reason is to save money when a current mortgage rate is coming to an end as in this circumstance another lender may offer a more favourable rate. Another reason is to raise additional funds, which can be used for a variety of reasons. Popular reasons for remortgaging include to raise funds for home improvement, to pay off debts or to raise funds for investment into buy-to-let properties.

If you are thinking about remortgaging, please contact us. We will talk you through your options and work out with you whether remortgaging is the best way to achieve your objectives. If remortgaging is the best route forward for you it is important to realise that you will be effectively applying for a new mortgage. We will identify the best lender to meet your needs, ensure that you will meet their lending criteria, and undertake the application process on your behalf

Remortgaging may not be the best option for you. A transfer to a new mortgage product with your existing lender may be the best way forward for you in your circumstances.  If this is the most appropriate solution, we can also organise the transfer for you.

YOU MAY NEED TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE

IF YOU ARE PLANNING TO MOVE HOUSE

Moving house is considered to be one of the most stressful processes for many adults. We will help take the stress out of the financial process involved in moving, so that you can concentrate on the other aspects, such as finding your new home.

There are a number of issues that will need to be considered, including the benefits of moving your current mortgage with you as you move, whether you will need to borrow more money, whether your current lender will agree to you borrowing more money, and the possibility that you could save money by changing to a new lender.

We recommend an initial consultation with us, in order to review your options. We will confirm the fees associated with moving house, help establish what you have available as a deposit, and taking into consideration your monthly budget, what mortgage lenders might allow you to borrow.

IF YOU ARE PLANNING TO BUY TO LET

If you are planning to invest in residential rental property we will be able to support you through this process. You will normally, as a starting point, need to have a deposit of typically 25% of the property value. If this is the position you are in, and you meet their other lending criteria, then there are many lenders who offer competitive rates, often similar to rates offered on a standard mortgage. Landlords also have a choice between interest only and repayment mortgages. When lenders are considering approving a buy to let loan, they generally base their decision on the likely rental income from the property and not necessarily the applicants’ income.

There a range of issues for prospective landlords to consider, including the stamp duty charged on second properties. Similarly buyers need to be aware that lenders assess the rental income that will be generated by the property as part of the lending process. Buy-to-Let investments are long term investments which you hope will generate income along the way and a profit when you sell the property, but bear in mind that if you need access to some cash a property can take time to sell or re-mortgage. If house prices fall, you might not be able to sell for as much as you had hoped. You would have to make up the difference if the property sold for less than you owe 0 a risk that increases, the higher percentage you borrow. If you sell for a profit, you may have to pay capital gains tax. Don’t forget that with a variable interest rate mortgage, your costs will rise if interest rates go up, This would eat into, or even wipe out, your income and profit.

From 21 March 2016, due to the Mortgage Credit Directive (MCD) a Buy-to-let Mortgage falls into one of the following categories: Regulated mortgage contract; Consumer Buy-To-Let (CBTL);‘Business’ Buy-to-Let (Unregulated).

THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST FORMS OF BUY TO LET MORTGAGE

GOVERNMENT BACKED SCHEMES TO HELP YOU BUY

 

As a result of rising house prices, in recent years governments have launched various schemes to help people buy a home. There are different schemes depending on what stage of the buying process you are at. If you are interested in any of these schemes, please let us know and we can talk you through your options.

HELPING YOU TO SAVE FOR A DEPOSIT – THE HELP TO BUY: ISA

For your information, if you are saving to buy your first home, you can save money into a Help to Buy: ISA. If you do, the Government will boost your savings by 25%. For every £200 you save, therefore, you receive a government bonus of £50. The maximum government bonus you can receive is £3,000. We do not offer this service but if you are interested in this scheme, please give us a ring and we can let you know where you can find out more information about the scheme.

The value of investments and income from them can go down. You may not get back the original amount invested.

This scheme is available in England only. The Scottish Government, Welsh Government and Northern Ireland Housing Executive run similar schemes – please check out their websites for further information.

EQUITY LOAN SCHEME

With a Help to Buy: Equity Loan, the Government lends you up to 20% of the cost of a newly built home, if you are looking to buy outside of the M25, and 40% of the cost inside the M25 so you’ll only need a 5% cash deposit and, depending on where you live, either a 55% or 75% commercial mortgage to make up the rest.

You won’t be charged loan fees on the loan for the first five years of owning your home. From year 6 you will be charged interest at 1.75%, which rises in line with inflation each year thereafter, plus 1%. The loan itself is repayable after 25 years, or on the sale of the property, whichever is earliest.

This scheme helps where people have not been able to save a sufficiently large deposit to afford the home that they would like to buy. For more details about how the scheme operates, please contact us and we can start exploring this option with you.

This scheme is available in England only. The Scottish Government, Welsh Government and Northern Ireland Housing Executive run similar schemes – please check out their websites for further information.

SHARED OWNERSHIP

If you can’t afford to buy a property outright, shared-ownership is an alternative way into home ownership. You can part buy/part rent your home. You might buy a 25%, 50% or 75% share and pay rent on the remaining share. The bigger the share that you purchase, the less rent you have to pay. When you can afford to do so, you can buy more shares until you own your home outright. This is known as ‘staircasing’. The share you don’t own and what you pay rent for, is usually owned by a housing association. Please let us know if you would like to discuss this option.

Mortgages specialised for contractors