Different Types of Mortgages
First Time Buyers
Buying a home is perhaps the most important purchase you will make and doing so for the first time can be an extremely daunting prospect. There are a wide range of mortgage products, a large number of providers, a variety of types of mortgages and lots of phrases which you will not be used to. All this may leave you with a potentially stressful decision to make.
We understand that at this time you will need a professional who can work with you to explain the process involved, clarify all of the potential costs and provide solutions both to get you into your new home and also keep you there.
Remortgaging
Put simply remortgaging involves changing mortgage provider whilst remaining in your existing home. We will do all the hard work on your behalf, reviewing products available from your existing provider and also our comprehensive range of providers, with a view to finding the product which best meets your requirements.
Buy-to-Let
A Buy to Let mortgage will apply to a property which is purchased to be let to a tenant in order to generate rental income. In recent years this has been seen as a good form of investment due to rising house prices, although this is by no means guaranteed.
Our comprehensive panel includes a number of specialist Buy to Let providers who will offer a range of competitive options.
Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.
Shared Ownership
If you are unable to save for a deposit within a reasonable time, Co-Ownership may be for you. Some lenders take the Co-Ownership share instead of a deposit.
We are happy to talk you through the terms and conditions of this scheme and to establish whether or not Co-Ownership is an appropriate option for you
Self Build
If you’re building your own home, chances are you’re going to need funding. Lenders will not provide you with a standard residential mortgage in a situation like this, you will need a self build mortgage.
The biggest difference is that the lender will give you the money in stages throughout the build, rather than in one lump sum payment. This is to ensure that the money is spent as intended and you don’t run out before the build is completed.
The Mortgage Process in 5 Simple Steps
Establish your budget
We will work out your affordability calculation based on your income and expenditure and will advise you of a realistic budget for your new property, which is suited to your financial circumstances and after carrying out a fact-find we will generate a Decision in Principle for you and also provide you with an indication of what the monthly mortgage repayments and insurances will be.
Search for your new home & agree sale
When we have established your budget, you can go in search of your dream home
Apply for mortgage loan & mortgage insurance cover
Now that you’ve had your offer accepted on your property, we will provide you with various illustrations for your mortgage loan and insurance cover and when you make your final selections, we will submit your applications in full to the relevant providers. You will need to appoint a solicitor at this stage also.
Property valuation & mortgage offer
When the mortgage lender is satisfied with your evidence of income and property valuation report, then an official mortgage offer of funds will be issued. Copies will be sent out to yourself, your solicitors and ourselves.
Solictors / legal process
When your chosen solicitor receives their copy of the mortgage offer from your lender, they will complete the necessary searches, review all the legal documents, and arrange a completion date for the property to legally become your new home. This will be the date your new mortgage and your insurances commence.