For the vast majority of us a house is the biggest and most expensive purchase we will ever make so it is obviously vital to ensure that the finances and figures are right for you and your situation. This often mean much more than simply taking the lowest rate. There are many factors and features to consider within a mortgage that can make a certain product or provider the most suitable option for you.
We take into account all of your circumstances when recommending a product in order to ensure you find yourself in the best possible position to proceed. We can compare hundreds of different products and lenders to ensure that you receive the most suitable option. From the major high street banks and building societies to the smallest and more specialist challenger banks and lenders we are often able to find a solution for the most complicated case!
Due to recent changes in regulation there have been many changes to the way lenders view an application and the criteria for assessing a mortgage varies greatly from one lender to another meaning it can often be the case that an application that cannot proceed with one lender fits with another lender. However the concern and stress it can generate to be turned down should not be underestimated.
One of the main factors in obtaining a mortgage is your credit status, just 1 late payment several years ago will prevent some lenders from even considering your case. However if you have had previous issues then there are still options available depending on your circumstances but we can consider applications involving county court judgements (ccj’s), defaults, late payments, arrears, arrangements, bankruptcy, past repossessions and even ongoing IVA’s and debt management plans.
Many lenders have different affordability models that mean you can often borrow more with one lender than with another. Also some lenders will accept different forms of income at differing levels. Some common examples are with regards to tax credits, overtime, bonuses, self employed income, 1 years self employed income, contractors and so on.
Age can also be a factor for some lenders and with recent pension changes getting a mortgage that approaches or enters retirement can be a challenge but again there are lenders available who will consider this. We are able to provide advice on both standard products as well as more complicated lifetime mortgages and equity release mortgages.
Saving a deposit can also be difficult these days with increasing rents and other costs. We have access to a range of solutions including low deposits of 5% as well as other schemes such as family assisted mortgages either by guarantor or by other means such as a discounted or concessionary purchase, protected deposits and other innovative products designed to help both first time buyers and home movers. We can also assist with the recent government schemes such as the Help to Buy initiatives as well as other schemes such as Right to Buy, Shared Equity and Shared Ownership.
It may be that you are looking to raise some money against your existing property either for home improvements, consolidate debts such as loans or credit cards, raise funds for another property purchase or even to pay for your dream car or once in a lifetime holiday. A mortgage often represents the lowest rate available to obtain these funds but care must be taken to ensure that the cost does not become excessive over the longer term.
As a fully independent company we can also advise on secured loans in addition to your mortgage, known also as second and possibly third charges. This can be beneficial if you have a very good main rate, if you are tied into a product with early repayment charges or if your circumstances have changed.
There have also been many recent changes to buy to let mortgages with the introduction of additional stamp duty, changes to income tax relief and also the regulation of certain types of buy to let mortgage (now known as consumer buy to let). Some lenders will work purely on the basis of the rental income for affordability while many other lenders have minimum income requirements. If you require the maximum available loan amount it will be vital to use a lender with the highest rental calculator. Given the recent changes there has been an increase in clients setting up a limited company to deal with a large portfolio and again we can assist with this situation. Whether you are buying your first buy to let property or have your own portfolio we can provide
Knowing the most appropriate lender to approach can therefore make a big difference not only to a successful final outcome but also in avoiding unnecessary problems along the way. So whether you simply want to switch lender to a better rate or want to do something that is more complicated then please get in contact with us and let us help you.
As well as organising the mortgage we can help you with dealing with other parties involved in a purchase such as estate agents, solicitors and accountants as part of our service to you.