Residential Mortgages.
If you’re looking to buy a new home, or perhaps even your first home, you’ll need a residential mortgage.
If you’re coming to the end of your existing mortgage product and not sure if staying with your current lender is the right thing to do.
We can help.
What mortgage do I need?
The market for residential mortgages in the UK is complex and ever changing with interest rates being the tip of the proverbial iceberg. Lending criteria and a variety of different fees charged all mean that it is difficult to know if you have chosen the most suitable mortgage for your circumstances
As a whole of market residential mortgage broker, we are able access thousands of products and recommend the most suitable option. We have access to exclusive rates as well as underwriters with whom we can discuss more complex cases, giving peace of mind.
First Time Buyers
Buying your first property can seem daunting. As your personal mortgage broker, we will advise you every step of the way and liaise with other professional parties to make sure that the financial side of things is not something you have to worry about.
Contractor Mortgages
Contractors who bill a daily rate through their limited company are often frustrated by lenders applying a traditional self-employed policy when assessing income. We have vast experience working with contractors and can place applications using the value of the contract rather than relying on limited company returns.
Next Time Buyers
Whilst you may already have a mortgage, do you know if it is still the most suitable one for your needs? We can advise you on other products available in the market place and compare it to your current deal. If staying with the same product is best, we can arrange for the transfer across to the new property for you. Best of both worlds, as they say.
Offset Mortgages
Offsetting savings against your mortgage can be an excellent way to reduce the amount of interest you pay. It is possible to reduce the monthly payment or the overall term whilst maintaining access to your funds and can be particularly useful for certain professionals.
Self-Employed
Whether a sole trader, partnership or limited company, lenders assess the self-employed in many different ways. The varying ways in which income can be assessed can mean large variances between loan sizes offered. After understanding your business, we will make a recommendation that allows you to obtain the mortgage you need with the minimum fuss.
High Value Mortgages
We have extensive experience with high value mortgages and understand that the high street may not always be able to help. With access to specialist underwriters , as well as private banks, we will make sure that you obtain the best terms for your mortgage regardless of loan size.
Help, I'm buying a property!
Purchasing property is not something that most of us do regularly and, as a result, it is easy to forget when to do what and with whom. The order of speaking to estate agents, financial advisers, solicitors etc is left to best guess and the whole thing can seem a bit overwhelming.
We can’t deny that any property transaction can be stressful – it’s a major fight between the heart and the head in most instances! However, with a bit of planning and preparation for the different stages, you can minimise the angst and try and enjoy the experience.
Having been helping people purchase property for a number of years we thought we would write an easy to read guide that covers off some of the major steps and processes associated with buying a house in England & Wales.
If you pop your email into the box below, we will send a copy straight over.
We hope you like it and find it useful!
Insurance?
We can’t predict the future. We don’t know what is around the corner.
The world is full of heartbreaking stories of people dying prematurely, becoming ill or having serious accidents. Should this happen to you it is likely that you would want to minimise the financial stress that unfortunately accompanies such events.
We will discuss with you the various ways and means you can protect yourself from losing your home should the worst happen. We appreciate it is not an uplifting conversation to have however not addressing these risks could make a terrible situation even worse.
We will advise on how to protect yourself and your family in the event of death, loss of income and serious illness and will tailor our advice to your individual circumstances.
As with all insurance policies, conditions and exclusions will apply
Let us help with all your residential mortgage queries
Check out our Frequently Asked Questions below to find answers on some of the most common questions that we get asked.
How do I get a mortgage?
You need to start by knowing you can afford to borrow. Contact a reputable mortgage advisor who can search the whole market to find you the best deal (it’s how the majority of mortgages in the UK are arranged) and ensure that you have all the necessary documents to hand. For a handy guide that will help you get your head around the mortgage process, click here.
What is “mortgage affordability”?
Mortgage affordability is the term used by lenders to assess a person’s financial position in order to ascertain how much they can reasonably afford to spend on a mortgage each month. Every lender will have their own criteria for this calculation and will stress test the results at varying levels.
Find out more about mortgage affordability.
Try out mortgage calculator
What is “Loan to Value”?
Loan to Value (LTV) is the amount you are borrowing expressed as a % against the overall value of the property. For example, if you are buying a property for £100,000 and you are borrowing £90,000. The loan to value will be 90% meaning you require a deposit of £10,000.
What is a “Mortgage in Principle”?
Also known as an ‘agreement in principle (AIP) ’ or a ‘decision in principle (DIP)’, these are non-binding certificates issued by a lender following a credit check. They confirm that ‘in principle’ a mortgage may be offered. This agreement is not final and does not relate to a specific property. It is based on a surface-level assessment of a candidate’s affordability and credit history at the time it is run. A full application would still need to be made in order to achieve a formal mortgage offer.
What is an interest only mortgage?
Rather than pay off your mortgage as you go along, with an Interest Only mortgage you will only be paying the interest. This can work out to be a cheaper monthly payment but means that at the end of the term you will not own the property and will therefore need to pay off the mortgage with a lump sum or switch to a repayment mortgage.
How do I get a Residential Mortgage?
Most banks and building societies offer residential mortgages. Application requirements and interest rates will vary. You can either research the various mortgage products yourself or find an experienced mortgage advisor to do it for you.
What is a Buy-to-Let Mortgage?
A buy-to-let mortgage is required for a property that you do not intend to live in but instead will rent out in order to make a profit.
How much can I borrow?
How much you can borrow will depend on your income, whether you have any financial dependents, your monthly financial commitments, your age and the property you are looking to buy. There may also be additional considerations depending on which lender you are borrowing from.
How much deposit do I need to buy a house?
Depending on your circumstances, you will need a minimum of 5% of the value of the property.
Watch this video about deposits for buying a home
Can I get a mortgage if I’m self-employed?
Of course! It is possible to get a mortgage if you are self-employed. Most lenders will need to see proof of 2-3 years of income. However there are lenders who can work with just 1 year of earnings.
Can I get a mortgage if I’ve been self-employed for less than 3 years?
Yep! The longer you have been self-employed the easier it will be to prove your income. Ideally you will need to show 2-3 years of accounts or tax year overviews but if you have less, there are still lenders who will be willing to lend to you. Just give us a call.
Find out more about getting a mortgage if you haven’t been self-employed for long.
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