Mortgages – Assisting Your Next Move
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.
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 Brokers for First Time Buyers.
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.
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.
