MORTGAGES
PLEASE FIND BELOW A LIST OF THE MORTGAGE SERVICES WE PROVIDE AND A BRIEF INTRODUCTION TO EACH PRODUCT AREA. WE WOULD BE HAPPY TO DISCUSS YOUR REQUIREMENTS SO PLEASE DO CONTACT US FOR AN INFORMAL DISCUSSION TO SEE HOW WE MIGHT BE ABLE TO HELP YOU.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
MOST FORMS OF BUY TO LET MORTGAGE ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
FIRST TIME BUYER
The prospect of buying your first home could be both daunting and confusing. Our aim is to guide you through the transaction from start to finish so that you understand exactly what the purchase entails and how much it will cost. We can recommend the services of local solicitors to assist in this process. This maybe the largest financial transaction you are ever likely to make so it must be done with clarity.
Moving Home
Many homeowners think that if they are currently tied into their existing mortgage product, they can only approach their existing lender directly. This isn’t the case, we can still assist you with this application even if remaining with your existing lender is the most suitable option for your circumstances. Using our services for your next property move ensures you still receive advice and guidance throughout the whole process, helping the move complete as smoothly as possible.
Remortgaging
Remortgaging is the process of switching your existing mortgage to another mortgage lender, to ensure you're obtaining a competitive rate that’s suitable to your circumstances.
You are not obliged to stick with your original lender for the full mortgage term, and you can move to another lender at any time to get a lower interest rate - you don't have to be buying a new home. Remortgaging could save you hundreds or even thousands of pounds over the term of the mortgage. It is important to note that early repayment charges may be applied by the existing lender.
We will be pleased to help and advise you further on how to switch and save.
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YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
Buy-to-Let
Mortgages
Buy-to-let mortgages are specifically for individuals who wish to buy residential property which they intend renting to tenants. Although a buy-to-let mortgage is similar in a number of respects to a standard residential mortgage, there are some significant differences between the two.​
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NOT ALL BUY TO LET MORTGAGES ARE REGULATED BY THE FINANCIAL CONDUCT AUTHORITY
Repayment Methods
for your Mortgage
Once their mortgage application has been accepted in principal, the borrower may have the option of deciding how he or she repays their loan: on a ‘capital and interest’ basis, or on an ‘interest only’ basis.
Capital and Interest Mortgages
An arrangement where part of the monthly repayment is used to pay the interest and the remainder is used to reduce the original amount of the loan. In the early years of the mortgage, most of the monthly repayment goes towards paying the interest; in later years, the interest charges diminish and more of the repayment is available to reduce the loan amount.
Interest-only Mortgages
Interest only mortgages are a type of mortgage where only the interest is repaid. The full capital amount remains outstanding during the mortgage term and is repaid in one lump sum at the end of the term.
Lenders require evidence that a customer will have in place a clear credible repayment strategy and that the repayment strategy has the potential to repay the capital borrowed.
Repayment strategies may include deposits or investment product(s), pension(s), periodic repayment of capital from irregular sources of income (i.e. bonuses), the sale of another property or other land or other acceptable methods which meet lending criteria.
This means that the mortgage payments each month will be lower than those of a repayment mortgage for a similar loan and term. Where the repayment of capital is an investment the investment runs alongside the mortgage but is separate from it; the cost should be taken into account when calculating the overall costs of the mortgage arrangement.
Every month, you then pay this interest to the lender for the duration of the loan. The lender calculates your monthly repayments depending upon how the rate you have chosen is set. The monthly interest payments may vary dependent on whether the interest rate is fixed or variable. At the end of the loan period, the lender will expect the initial capital they lend you to be repaid in full by whatever means you have arranged.
Having decided on the loan repayment method, the borrower then needs to consider what kind of mortgage they want. The main options, some of which may or may not be available depending on the mortgage market and general economic conditions prevailing at the time, are described below.
There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be £195.