Mortgages

There’s no getting away from it, buying a home is a major financial transaction. It’s not just the size of the debt you’re taking on that can make it an anxious time, it’s all the other decisions you need to take, like which lender to approach, how to choose a solicitor, what type of survey to have done – the list can seem endless.

So, if you’re a first-time buyer or a second-stepper, or if you’re looking to remortgage or release equity from your property, then you’ll find we have the professional advice you need to help you take the right decisions, making the process far less stressful and more straightforward. You’ll also have the satisfaction of knowing that our advisers will be there from start to finish to help you reach your housing goal.

The types of mortgages available

Whether you’re new to the mortgage market or making your second or subsequent property move, you’ll find there is a wide range of mortgage deals on offer to choose from. This is where taking advice can really help. We will assess your financial circumstances and recommend the right deal for you, saving you time, money and stress.

Like properties, mortgages come in all shapes and sizes. Here are just a few of the types of mortgage we deal with on behalf of our clients:

  • Repayment
  • Interest only
  • Fixed rate
  • Variable rate
  • Tracker rate
  • Discount rate
  • Offset
  • Lifetime

First-time buyers

If you’re buying for the first time, there is a lot to think about and get to grips with. At a time like this, working with a professional adviser can really help you make a success of your move.

There are literally hundreds of mortgages on the market, and on your own, the choice can seem bewildering. We can offer advice on the right type of mortgage for your circumstances and help you make your application to the most appropriate lender.

Remortgages

Remortgaging is the process of moving your mortgage to another deal, either with your current lender or with a new one, to get better terms. Mortgage repayments can be your biggest monthly outgoing, so it pays to check if your mortgage deal still represents the best option for you. In some cases, homeowners can save hundreds of pounds a year by moving their mortgage to a more attractive rate with a different lender.

If your current mortgage deal is coming to an end, or if you’ve been with your existing lender for a while, this could be a very good time to think about switching to get a better, more cost-effective deal.

Remortgaging can also work if your property has increased in value and you want to free up some cash from the equity tied up in your home, or if you want to make higher repayments to shorten your mortgage term.

What to do if your current deal is about to end

When your mortgage deal ends, your lender may automatically move your mortgage to their Standard Variable Rate, which normally rises and falls in line with the Bank of England base rate. Whilst this might be suitable for your circumstances, there could be better deals available.

We’ll explain the process and the costs involved in remortgaging, and help you decide which deal is right for you.

Buy-to-let mortgages

Rising property values and a strong lettings market have meant that many lenders have developed mortgage deals tailored to the needs of would-be landlords. For investor’s seeking rental yield or capital growth, property has proved a good investment at a time when returns on other types of asset have been comparatively low.

However, would-be landlords need to bear in mind that house prices aren’t guaranteed to rise, the tax rules on rental income have changed, and a new rate of stamp duty now applies to the purchase of second homes.

Buy-to-let mortgages are usually granted based on the rent that the mortgaged property is likely to yield. The deposit required is typically around 20 to 25 per cent of the property value, and the rate of interest you will be charged will be slightly higher than other types of mortgage.

The Financial Conduct Authority does not regulate Buy to Let Mortgages.

 

Equity Release

There are many hundreds of thousands of people in the UK over the age of 55 who could potentially unlock the value in their homes by using Equity Release products. From additional income generation, addressing inadequate retirement provision or wanting to assist family the reasons for exploring Equity Release are many and varied. There are however reasons when it may not be an appropriate solution i.e. reduction in inheritance or the potential to affect state benefits. For this reason we recommend advice is sought before entering in to an Equity Release Mortgage.

Our fully qualified advisors can assist in helping you to consider all options available to you and help you to make the right decision.

Client Agreement- Equity Release

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. 

Buildings and Contents insurance

Mortgages and buildings insurance go together. As your home is their security for your loan, your mortgage lender will normally insist you have a buildings insurance policy in place as a condition of granting you your mortgage.

Policies provide cover for the cost of repairing or rebuilding your home if it’s damaged by events like storms and floods, falling trees, vandalism, or water damage from leaking pipes. Policies also include cover for the permanent fixtures of a property, including kitchens and bathrooms.

Home insurance for contents protects millions of families each year from unexpected and unwelcome events, like burglary, fire and flood. It covers all the things kept in a home such as TVs, furniture and carpets and personal belongings. Many policies offer new for old cover, meaning you will get the full replacement value if they are lost, stolen or damaged.

How much cover will I need?

You will need to insure the rebuild cost, the amount of money you would need to completely rebuild your home from scratch.

The cost of rebuilding your home isn’t the same as its market value and is usually less. That’s because the market value takes account of other factors, such as location, local amenities, and supply and demand.

You can add a variety of additional types of cover for greater peace of mind, including things like Home Emergency cover or legal expenses. We can help you choose the right and most cost-effective policy for your needs.