Mortgages

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

First Time Buyer


Buying a house is one of the most important purchases you will make, and buying a home for the first time will be an even more daunting prospect. Add to this the vast array of mortgage products available from a wide range of sources and you could be left with a high-stress, confusing decision. 

 

Remortgage


When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.

Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially get a new discount rate, or a lower APR, with another lender. Another example is when you may need to re-mortgage to consolidate debts.

It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APR, you must take into consideration the facts that:

  • The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.
  • If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.

Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently. 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. 

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable 

You may have to pay an early repayment charge to your existing lender if you re-mortgage. You can choose how we are paid for mortgages; pay a fee or we can accept commission from the lender, or a combination of fee and commission.

 

Buy To Let


Becoming a private landlord should not be seen as an easy way of making money. It can be riskier and more complicated. It can also be very time consuming, more than most forms of investment, and there is no guarantee that house prices will rise. That said, having a second property to let to tenants could reap considerable financial rewards over time.

There are 3 main differences in buy to let mortgages:

  • Rent Potential - the decision as to whether or not a mortgage will be offered is usually based on the rent you will earn as well as your income. In some cases your income is not ever considered.
 
  • Interest Rate - buy to let mortgages have slightly higher interest rates.
 
  • Larger Deposit - typically a minimum of 20% or 25% of the property's value is required as a deposit.

When you manage a property there are many costs involved in addition to the monthly mortgage repayments. As a guide, you should be aiming to achieve a gross rent of about 135% of the rental property's interest only mortgage repayments in order to cover your costs of maintaining and managing the property and should anything go wrong.

Your home may be repossessed if you do not keep up repayments on your mortgage(s).

The Financial Conduct Authority does not regulate some forms of buy to let.

 

Equity Release (Lifetime Mortgages & Home Reversion Plans)


More and more elderly clients are finding themselves in a position of being asset rich, but income poor. They may own a property worth a considerable sum of money, but do not wish to sell up and “downsize” to a smaller property. Equity release products can be used to provide either a lump sum or a regular income.

There are two types of equity release; Lifetime Mortgages and Home Reversion plans.  Both of these are regulated by the Financial Conduct Authority.

If you are thinking of taking out an euity release plan then you need to find out as muich as you can about your options and weigh up the advantages and disadvantages, including the effects this might have on state benefits and tax and your obligations, fully before you decide if equity release is right for you. 

All the equity release providers we recommend are members of the Equity Release Council (formerly known as Safe Home Income Plans (SHIP)). This body operates a Code of Conduct and all schemes offered by members have a no negative equity guarantee.

EQUITY RELEASE IS NOT RIGHT FOR ALL PEOPLE AT ALL TIMES.  IT IS IMPORTANT THAT YOU ENSURE YOU RECEIVE SPECIFICALLY QUALIFIED FINANCIAL AND LEGAL ADVICE, AND THAT YOU DEAL WITH REGULATED COMPANIES WHO ARE MEMBERS OF THE EQUITY RELEASE COUNCIL.

 

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