Therefore it makes sense to ensure you obtain the right one for your circumstances.
Repayment, Interest Only, Fixed, Discounted, Tracker. The list seems endless, and it can often prove difficult or confusing for borrowers when trying to reach the right conclusions.
This is where a competent & experienced Mortgage Adviser can help smooth the path to finding the right solution for you.
Many of us are looking for a better mortgage deal, or would like to release some of the equity in our home but the process is often not as easy as it first appears.
So what do you need to know before you seriously consider remortgaging?
The first step is to contact us and we can advise you on the best remortgaging options.
We will work with you to check the terms and conditions of your existing mortgage. These will tell if you are tied-in to your mortgage deal or if there are any early repayment charges. You can then decide if it is worth switching to a different rate or stay put until the penalties have expired.
We assist experienced ‘Home Owners’ to raise funds to purchase their next property. In the majority of cases, the applicant will require a minimum 5% deposit to access the lender’s products.
Some ‘Home Movers’ have redemption penalties on their existing mortgages and in most cases move (port) their existing mortgage to their new property. This process involves a new mortgage application with your existing lender, together with a check by the lender to make sure you meet their existing lending criteria. If you require additional borrowing, another mortgage is run along the side of the existing one. Most applicants do not take any advice at this stage. This can result in the applicant having redemption penalties on the 2 products which expire at different times, and in some cases a couple of years apart. This can result in the applicant being restricted or prevented from remortgaging when the first product expires.
We will give advice to all ‘Home Movers’ on the full choice of products available to them by their existing lender if they have to port their existing product. In addition we offer an ‘Application Service’ to these applicants. We will complete and submit your mortgage application to your existing lender together with any supporting documents required. We will then chase the lender on your behalf until a mortgage offer is issued and then assist you until your purchase completes.
If you’re thinking about buying your first home you’re probably finding the whole process of choosing the right mortgage and actually buying your ideal home rather daunting? So what do you need to know to get on to the first rung of the property ladder?
The first step is to contact us and we will advise you on the mortgage options available to you.
In the meantime we’ve outlined below some background information on mortgages for first time buyers that we hope you’ll find useful.
We use sophisticated mortgage sourcing products, combined with a full appreciation of our clients requirements and current market conditions. We provide mortgage solutions from the whole of the market. This includes both ‘Intermediary’ and ‘direct to lender’ deals.
Additional costs are dependent on your situation and the value of the property.
For example, stamp duty only applies to properties over £250,000 and First Time Buyers have no stamp duty to pay up to the value of £425,000.
If you click this link the gov website offers an easy to use calculator and explains eligibility for all categories.
The amount of mortgage you can get depends on your income. Income multiples do vary. As a rough guide, a typical multiple is four times your income. This figure could be higher or lower depending upon your individual circumstances and different lenders’ criteria.
From April 2014 all lenders are required to lend based on your affordability.
Once you add to this the amount that you can afford to pay as a deposit, you have the amount you can pay for your first property.
Some lenders offer very good deals for first time buyers, so it always worth asking us to research the market on your behalf.
Your home is at risk if you fail to keep up payments on your mortgage or any other loans secured against it. Buy to Let mortgages and Commercial Lending are not usually regulated by the Financial Conduct Authority. Equity release may involve a lifetime mortgage which is secured against your property or a home reversion plan which requires the sale of property for a discounted price. To understand the features and risks, ask for a personalised illustration. You only continue to own your own home with a lifetime mortgage.
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Dittons Business Park
Dittons Road, Polegate
East Sussex BN26 6HY
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S H Mortgage Services Ltd is an Appointed Representative of New Leaf Distribution Ltd which is authorised and regulated by the Financial Conduct Authority.
FCA number 460421 | Registered Office : 165 – 167 High Street, Rayleigh, Essex, SS6 7QA
The guidance and or advice contained within this website is subject to the UK regulatory regime, and it is therefore targeted at consumers based in the UK.
