Independent Mortgage Advice
Our experienced and friendly team will look after you and seek out the best deal. We will also help you remortgage by finding the best mortgage when your current rate ends. We can provide a full range of services in relation to buying or selling your home or other property through trusted partnerships built up over many years in the financial services industry.
Mortgages
Choosing a mortgage is probably the biggest financial decision you will make. However with thousands of mortgages to choose from it can be a daunting task to try and source the most suitable mortgage to suit your individual circumstance.
There are many types of mortgages and there will be one out there that best suits your requirements. If you are going to make the most of your mortgage, you need to minimise the amount of interest that you pay. Over the typical life of a mortgage this can result in significant savings.
We can find a mortgage product to suit your own individual requirements. Whether you are a first time buyer or wish to re-mortgage, we will endeavour to recommend a product to suit your needs. A mortgage is potentially the largest financial commitment of your life and, therefore, every enquiry is treated with the respect that it deserves.
For further information on different types of mortgage, such as First Time Buyers, Re-mortgaging or moving home see our related pages.
First Time Buyers
As a first time buyer you may find buying your first home quite daunting. There are many things to consider such as finding a property, choosing the right mortgage, selecting a solicitor and making sure the whole process runs smoothly, you may find the information below useful to help you get on the property ladder.
The first thing you need to do is to contact us and we will advise you on the mortgage options available to you. It is best to do this before you start looking at properties so you know how much you can borrow and realistically afford.
In the meantime we’ve outlined below some background information on mortgages for first time buyers that we hope you’ll find useful.
How much can you borrow?
The amount a lender will lend you depends on your income & credit commitments. Historically, lenders would use a simple multiple of your income. Nowadays the majority use complex affordability models to determine the size of the loan. These models usually consider the following:
• Your income & how guaranteed it is
• Your outgoings such as loans & credit cards,
• How many children you have
• How many years you want to borrow the money for
• Your credit score
As a rough guide, a typical multiple is four times your income, however if you want to borrow £100,000 with a £25,000 income but have 4 children you are less likely to be approved.
What other costs do you need to be aware of?
When buying your first home there are other fees as well as your deposit that you will be expected to pay. You may have to pay stamp duty along with survey or valuation of the property. There is also legal work that needs to be undertaken when purchasing a property. This is known as conveyancing and the cost of this is also relative to the value of the property.
Your lender may also charge an arrangement/booking fee for your mortgage. Contact us to find out how much these fees may be.
Moving Home
As a home owner you’ve been there and done that when it comes to buying property. However a combined sale & purchase can be far more stressful than buying as a first time buyer so we’ve put together this page to help guide you through the process.
The first thing you need to do is work out whether or not you can actually move home. The most important thing to a lender is the size of the deposit you can provide.
Your deposit will need to be at least 10% (5% in some areas of the country) of the value of the home you wish to buy.
Provided you have sufficient funds, the next thing you need to do is to contact us using the form on this page and we will advise you on the mortgage options available to you. It is best to do this before you start looking at properties so you know how much you can borrow and realistically afford.
Re-mortgages
Most mortgages on the market today offer “Initial Benefit Periods” where the product expires after a certain date, usually 2-5 years. After this period expires your mortgage typically reverts to the lenders variable rate which is not fixed and is traditionally higher than the initial benefit, although this is not always the case.
Re-mortgaging can be a great way to save money. Paying a slightly lower rate of interest could make a noticeable difference in your monthly mortgage payments, and in the long run, could save you thousands. Alternatively you may just want the stability of knowing what your monthly payment will be for the next few years. But remember – before you switch mortgage deals, be sure to check all the figures, including fees and early repayment penalties.