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Why is it important to get professional advice?

It is important to get professional advice so that you are given the option of being able to consider a wide range of lenders and all the mortgage options available to you.

As we are not tied to any bank or building society and give totally professional advice, we can work with you to get the right mortgage to suit your unique personal circumstances.

If you need any more information, then simply speak to an expert today.

How do I go about buying my first property?

Buying your first property and choosing the right mortgage can be rather daunting, so contact us and we’ll advise you on the mortgage options available to you.

But in the meantime, we hope you find the following information useful.

The amount of mortgage you can get depends on your income.

Income multiples do vary. As a rough guide, a typical multiple is four times your income. This figure could be higher or lower depending upon your individual circumstances and different lenders’ criteria. Some lenders do not use income multiples at all and will lend based on affordability.

Once you add to this the amount that you can afford to pay as a deposit, you have the amount you can pay for your first property.

It is also worth remembering the additional costs, on top of your deposit and mortgage that you will be expected to pay.

We may charge a fee for our services which we will ensure is clearly explained to you before you agree to proceed.

For example, you will have to pay stamp duty at the rates below;

 Stamp duty rates
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

Plus you will have to pay for the survey/valuation on the property, plus solicitor’s fees.

You may also have to pay an arrangement fee to the bank for the mortgage but the adviser would explain this.

If you need any more information, then simply speak to an expert today.

How much can I borrow?

How much you can borrow will depend on your income and whether or not you have any other financial commitments, i.e. loans, credit cards, maintenance payments. It will also depend on how much deposit you have to put down as an initial down-payment on your property.

To find out exactly how much you can borrow, contact us today and we will advise you on your mortgage options.

If you need any more information, then simply speak to an expert today.

How much will my monthly payments be?

Your mortgage payments will depend on the following factors:

  • the actual amount of the mortgage
  • the interest rate applicable to the mortgage
  • the term of the mortgage (years over which the mortgage will be repaid)
  • whether the mortgage is a repayment or interest only mortgage

 

A Key Facts Illustration/ESIS detailing monthly payments will be provided once you have discussed all of the above with us.

It is also worth bearing in mind that there will be additional costs involved that you will need to factor in when budgeting for your mortgage. Such as:

 

  • valuation fee, which will be paid via the lender to an approved surveyor who has carried out an independent assessment of the value of the property you intend to buy
  • arrangement fee, this is charged by your lender, i.e. bank or building society, when arranging the mortgage
  • solicitor’s fees for carrying out the conveyancing work on your property
  • Life Assurance and Buildings and Contents Insurance

 

If you need any more information, then simply speak to an expert today.

I would like to raise additional capital

With the significant increase in house prices over the past few years, many home owners today would like to release some of the equity in their home by remortgaging. But where do you start?

The first step is to contact us and we can advise you on the best remortgaging options.

We will work with you to check the terms and conditions of your existing mortgage. These will tell if you are tied-in to your mortgage deal or if there are any early repayment charges. You can then decide if it is worth switching to a different rate or stay put until the penalties have expired.

We will then talk you through the types of deals on offer and which will suit you best. These are:

  • Fixed rate schemes – ideal for people who want certainty and must be able to regulate how much they will be spending each month.
  • Discounted loans – offer a reduction off the standard variable rate for a set period. If rates fall, the rate you will pay will go down but if rates rise, so do your payments.
  • A capped-rate loan – sets a limit on the rate you will pay. If rates rise, your payments will not go above that level but if rates fall below the cap so will your repayments.
  • Flexible mortgages – allow you to overpay and underpay when you choose, without penalty. This is ideal for people who have fluctuating incomes or who want to clear their mortgage early.

We will of course guide you through the whole remortgaging process, but would need all the information below before we can apply:

  • An ‘early repayment statement’ will be obtained from your existing lender telling them how much you owe.
  • An application form from your new lender will need to be completed, along with details of your income and proof of your identity. Generally income verification is required, such as payslips and P60 if you are employed or audited accounts, an accountant’s reference or Inland Revenue produced tax assessments if you are self-employed. Some lenders may also require bank statements and a mortgage statement from your current lender. In some situations a completed mortgage application and proof of identity are the only requirements.
  • Your new lender values your home.
  • Subject to all the paperwork being satisfactory, the lender will issue a mortgage offer which will contain the amount of the mortgage and the terms that they will offer you.
  • Solicitors will need to be instructed at this point to arrange the legal documentation, leading through to completion of the loan.

The whole process should take about a month to complete.

Once you have received a completion statement from your solicitor or new lender, the process has finished and your new mortgage is in place.

If you need any more information, then simply speak to an expert today.

I want to stay in my home and get a better rate (remortgage)

By remortgaging your house, you could reduce your monthly payments by changing the lender and rate. But where do you start?

The first step is to contact us and we will advise you on the best remortgaging options.

We will work with you to check the terms and conditions of your existing mortgage. These will tell if you are tied-in to your mortgage deal or if there are any early repayment charges. You can then decide if it is worth switching to a different rate or stay put until the penalties have expired.

We will then talk you through broadly the four types of deal on offer and which will suit you best, these are:

  • Fixed rate schemes – ideal for people who want certainty and must be able to regulate how much they will be spending each month.
  • Discounted loans – offer a reduction off the standard variable rate for a set period. If rates fall, the rate you will pay will go down but if rates rise, so do your payments.
  • A capped-rate loan – sets a limit on the rate you will pay. If rates rise, your payments will not go above that level but if rates fall below the cap so will your repayments.
  • Flexible mortgages – allow you to overpay and underpay when you choose, without penalty. This is ideal for people who have fluctuating incomes or who want to clear their mortgage early.

We will of course guide you through the whole remortgaging process, but for information this is what will happen:

  • A ‘early repayment statement’ will be needed from your existing lender telling you how much you owe.
  • An application form from your new lender will need to be completed, along with details of your income and proof of your identity. Generally income verification is required, such as payslips and P60 if you are employed or audited accounts, an accountants reference or Inland Revenue produced tax assessments if you are self-employed. Some lenders may also require bank statements and a mortgage statement from your current lender. In some situations a completed mortgage application and proof of identity are the only requirements.
  • Your new lender values your home.
  • Subject to all the paperwork being satisfactory, the lender will issue a mortgage offer which will contain the amount of the mortgage and the terms that they will offer you.
  • Solicitors will need to be instructed at this point to arrange the legal documentation, leading through to completion of the loan.

The whole process should take about a month to complete.

Once you have received a completion statement from your solicitor or new lender, the process has finished and your new mortgage is in place.

 

If you need any more information, then simply speak to an expert today.

How long will it take to get a mortgage?

The time scales can vary considerably when applying for a mortgage and are dependent upon many factors, such as whether you are purchasing a new property or remortgaging.

If you are remortgaging this can take around a month but this does depend on how quickly your solicitor acts, which can delay the process.

If you need any more information, then simply speak to an expert today.

I have had credit problems in the past

There are specialist lenders who deal with borrowers that have mortgage arrears, CCJ’s, defaults, have been bankrupt, have Individual Voluntary Agreements or have had homes repossessed.

So do contact us today and we will fully assess your financial circumstances and run through the mortgage options available to you.

If you need any more information, then simply speak to an expert today.

I am not a UK citizen or resident

The best thing to do in this situation is to contact us and we will get some more detailed information from you in order to clarify which lender would be most appropriate for your requirements.

If you need any more information, then simply speak to an expert today.

I want to purchase a property to let out

Buy-to-let has in recent years, become an increasingly popular mortgage option for those wishing to invest in residential rental property.

Like a standard mortgage, landlords have a choice between interest only and repayment mortgages. However, buy-to-let mortgages differ in several important ways from standard mortgages.

A major difference is the criteria lenders apply when considering approving a loan. Buy-to-let mortgage lenders base their decisions on whether or not to approve a loan on the likely rental income from the property and not the applicants’ income.

In order to secure finance, rental income is typically needed to be in the range of 125% – 145% of the mortgage repayment.

To find out more about buy-to-let, and the mortgages available to you, contact us today and we will work through the options available to you.

Some Buy-to-let mortgages are NOT regulated by the Financial Services Authority.

If you need any more information, then simply speak to an expert today.