The amount you can borrow is based on a number of factors including your age, income, current financial commitments and the amount of deposit you have. Mortgage lenders have differences in terms of the maximum they can offer you. We can fast track this journey for you and know the best lenders for your circumstances and the amount that you need to borrow.
The minimum deposit can be as low as 5% of the purchase price. The lower the deposit you have, the higher the mortgage interest rate available to you. This is why many choose to save up a larger deposit.
Yes it can be more difficult if you are self employed primarily because of the length of time you have been self employed and how your income is shown on your end of year returns. Whether you are a Limited Company Director, earning salary and dividends or a Sole Trader where your net profit figure is key, we specialise in finding the right solutions in the quickest possible time so that you don’t have to do the hard work. We have lots of experience also with Contractors, Agency Workers and CIS workers and getting great outcomes for our clients when their circumstances might seem complex.
Yes there are many options available to business owners for financing plans you have. If you are looking to buy premises for your business as opposed to renting, a commercial mortgage might be a great option for you. Commercial mortgages can be more difficult to obtain than residential mortgages and are assessed based on factors including profit in your business and your personal and business assets and liabilities. Our expertise can help you to navigate this process smoother and quicker and secure a great deal that might not otherwise have been available to you while you focus on your business.
Buying a home with a mortgage is probably the biggest financial commitment you’ll ever make and it’s not always easy to navigate the process and compare different mortgage deals. If you go straight to a lender (such as a bank), they will only advise on their own mortgage products. If you come to us you can rely on our experience and we have access to the entire market of mortgage lenders, plus you are more likely to be accepted. Over 80% of mortgage applications made through a broker are accepted (source – unbiased.co.uk). Overall you can be confident that dealing with us, will get you better and quicker outcomes, saving you time and money along the way. Our customers give us excellent reviews based on our service as featured in Vouched For and The Times 2019 & 2020.
We can do this for you on the same day that you need us to. What we like to do is first make sure that the lender we are applying to is going to be right for you when you need the mortgage as mortgage agreements in principle are not an offer for a mortgage and only give an indication that you may be considered for one. We help our clients by being thorough in our research and giving you the confidence to handle the negotiation of buying a property and then adding credibility to any offer that you make by speaking with the selling agent on your behalf confirming your position to proceed. We submit mortgage applications usually within 24 hours of having all of the information requested by the mortgage lender, helping you to secure the property quickly and a formal mortgage offer soon after.
Usually the difference between shorter and longer fixed rates is shorter fixed rates can be lower than longer fixed rates though the difference can be marginal. Another advantage of a 2 year fixed rate could include being free to review your mortgage in 2 years if your circumstances were likely to change. 5 year fixed rates are popular as they offer peace of mind to be able to plan and budget for longer without worrying about future interest rate rises. There are other things to consider with regards to the length of fixed rate or type of rate available to you which is where we can really help you to make sense of the differences and we would recommend the right product for you.
It is possible to get a mortgage if you have had credit problems, whether you have missed payments on credit agreements previously or other more serious issues such as county court judgements or defaults. It does make it more difficult for you to get a mortgage and a good interest rate. We will quickly be able to ascertain if the nature of your credit history will get in the way of you getting a mortgage and where required, we have access to specialist lenders that can help people like you.
If you are concerned about interest rates increasing and your monthly mortgage rising, we can look at a fixed rate of interest, ordinarily this will be for 2, 3, 5 years or sometimes longer, giving you stability of repayments. Whether it’s with your current mortgage lender or a new mortgage lender if there are better rates available to you, we will be sure to find the best deal for your circumstances.
What is a lifetime mortgage?
They are similar to any ordinary mortgage you may have had in the past but there are some important differences including no maximum age limit and no end date. The money owed will only need to be finally repaid when you (or the last one in joint applications) die or go into care.
Lifetime mortgages are a way to release equity from your home for any number of reasons whether it’s to improve your lifestyle, repay a mortgage, improve your home or help family members financially if they need it.
Please get in touch to discuss and understand Lifetime mortgages or releasing equity from your home.
Equity Release can help to solve some challenges in later life, whether that’s paying off a remaining mortgage or debts, enabling you to stay where you are and reduce your outgoings or enjoying your leisure time more, possibly travelling the world or buying a holiday home.
However, equity release is not necessarily right for everyone. We are members of the Equity Release Council which exists to promote high standards of conduct and practice for advisers like us, To help you assess whether it might be something you wish consider, please get in contact and we will talk it through with you in a way that helps you to feel confident about whether or not equity release is right for you.
Equity Release can be expensive in the long term which is why it is important to get the right advice from the outset to be sure that you understand the costs and implications. We research and advise on the best option for your circumstances giving careful consideration to your budget and future priorities. As well as explaining to you the costs that the mortgage provider will charge, the likely cost of the legal work involved, we will clearly explain our fee for acting as your adviser dependant on how complex your requirements are. We do not charge for our initial consultation.
We can help you to understand the options available to you if you need to repay your outstanding interest only mortgage that is coming to the end of its term. This can be a worrying time for you, especially if you have low income. Releasing equity through a lifetime mortgage can be an option worth exploring, but there is a lot to think about and it depends on your age, the amount of equity in your property and how much you need to release plus other factors.
Our experience in this field can give you the peace of mind to find a way forward at this difficult time, with so much to consider and sometimes not enough time to do so, we highly recommend that you get in touch with us to explore your options.