Whether you are a First Time Buyer, looking to Move Homes, seeking a Remortgage or Buy To Let options, we help you find the right mortgage for your budget, unique circumstances and needs while providing expert unbiased advice and guidance through the process.

It is difficult to choose the right mortgage with thousands of different options available and each lender having different requirements and criteria, we provide you with different options to make sure you can still afford your monthly mortgage payments in case rates start to increase.

First Time Buyer:

A First-time buyer is someone who has never owned a residential home of their own, however this excludes ownership of Commercial properties. One of the first boxes that needs to be ticked by a first-time buyer is the amount of deposit they are going to put down, as this will establish the amount of borrowing required from a mortgage lender.

The loan to value popularly known as LTV varies from lender-to-lender and hinges on the amount of deposit the borrower is willing to put down. The higher the deposit, the more options there are available, in terms of interest rates.

As part of the First-time buyer mortgage application process, the mortgage lender will look at several aspects pertaining to the applicant and the property including affordability criteria credit history, property valuation and conveyancing.  Once satisfied the lender would make an offer and if successful this would proceed to completion.

Conveyancing is not regulated by the FCA.

Remortgages:

Remortgaging is a process when you change the mortgage you have currently on to a new deal, this can be done with the current lender or you can look to move the mortgage to another lender. At the outset, a mortgage lender would offer a 2 year or 5-year deal at the end of which the rate of interest would usually revert to a higher standard variable rate. Going on to the Standard Variable Rate results in higher monthly repayments, hence one of the primary reasons for people to Remortgage, is to save money.

Some of the types of Remortgages that are available are:

• Fixed Rate: With a fixed rate mortgage, the repayments remain constant for the entire deal period, which is usually 2 years or 5 years. At the end of the deal period the fixed rate automatically switches to the lender’s standard variable rate if not remortgaged.
• Standard Variable Rate: The said rate is what the customer reverts to when their existing rate has ended. The Standard Variable rate is usually higher than other competitive remortgage rates available in the market.
• Tracker Rate: With the tracker rates, the interest rate is linked to the Bank of England base rate which means the applicable interest rate could be either the same, above or lower than the base rate. These are popular and beneficial, as when the Bank of England base rate drops the interest rates linked to this will also reduce, which in effect can save customers money.

Buy to Let Mortgages:

A Buy to Let mortgage is essentially an investment made by the borrower where the objective is to rent the property rather than reside in it as their primary home. Buy to Let mortgages are generally more expensive, than a standard residential mortgage with lenders expecting higher deposit amounts to be put down by the borrower and the interest rates can be higher too.

In most cases, a Buy to Let mortgage will be taken out on an Interest only basis, rather than Capital repayment basis. On an Interest only the borrower would repay only the interest component to the lender, while the capital would still be outstanding at the end of the mortgage term. To ensure that the customer will be able to repay the capital at the end of the term, the lender may require details of the proposed repayment vehicle.

The eligibility of a Buy to Let mortgage is assessed by lenders differently to the way they would assess a Residential Mortgage. For a Buy to Let mortgage, the lender will expect the rental income on the said property to be higher than the expected repayment on the mortgage.  

Some forms of Buy to let mortgages are not regulated by the FCA.

The quickest way to discover the maximum you can comfortably borrow is by speaking to an experienced residential mortgage broker, such as ourselves, to check the mortgage deals available, that way you can be sure you get the right deal.

Contact us now to get your home move moving!