Residential

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Remortgage

There are a few reasons you may be looking to remortgage. Most commonly, it’s because your existing mortgage deal is coming to an end, and you’d like to secure a new rate for your mortgage. Others may be if you’re looking to release some equity from your property for home improvements, consolidating your debt, school fees – the list goes on! You can also use a remortgage in order to add or remove someone to the title of the property. A remortgage is whereby a new mortgage lender will take over your existing mortgage, and putting you onto a new mortgage deal. For example, your existing mortgage with Halifax expires in the next 4 months, you may secure a new fixed rate with Santander to complete when your existing product ends.

Moving Home

You’re looking to move to a new property, great news! If you have an existing mortgaged property, you have a few different routes you can take. Most commonly, you’ll sell your existing home and take out a new mortgage for the new purchase. Alternatively, you may want to port your existing mortgage to the new property with you, especially if you’re currently tied into your existing mortgage with early repayment charges. We can arrange for the mortgage to be ported to the new property, with any additional top up you may need simultaneously (subject to your existing product restrictions). More frequently, people are applying for something called a Let to Buy. This is whereby you keep your existing property, but instead of selling, turn this into an income generating buy to let property. You will simply do a new purchase or port application to the new home, and simultaneously carry out a remortgage on your existing property to allow you to let the property out. 

Second Home

A second home loan is exactly what it says on the tin. You want to buy a second home, maybe a place by the coast to get away to, or a place in the city, wherever it may be you want to be able to go to at your own leisure. Generally you may have to put in more of a deposit for the second home than you would on your main residence, but often there is more flexibility around criteria for an interest only option for the mortgage payments if you wish. This route can also be used if you’re wanting to buy somewhere for a family member to live.

Poor Credit

Many people think they won’t be able to get a mortgage with a history of adverse credit, but in reality it can often be much more achievable than you may think. Unfortunately, we aren’t able to help everyone, and if we can’t help, we can advise you on the steps you need to take to get yourself to a position whereby you’d be eligible for a mortgage. It depends on the severity of the adverse credit, and the time that has passed since it was registered. We have so many lenders available who have specialist products for different areas of adverse credit. Dependant on each individual circumstance, you may pay a slightly inflated rate, but we will always look at how long you’d need to be on this rate before being eligible for a market average product so we can do our best to get you off the higher rate as quick as possible!

RIO (Retirement Interest Only)

A retirement interest only mortgage is perfect for those later life borrowers who don’t want to go down the equity release route to get their dream home, or to keep their home! A retirement interest only mortgage works very much the same as a conventional mortgage. This route enables people aged 55+ to purchase or remortgage their home, knowing they will be able to remain in there for life. The mortgage will be on an interest only basis, so the capital does not reduce, but your mortgage payments will be lower and more manageable. The mortgage term is generally 40 years. The mortgage is repaid by way of the property being sold after the passing of the applicants, with all the equity still remaining and only the original mortgage amount being repaid to the lender.

Guarantor

Historically, and more commonly known as, a guarantor mortgage is now called a joint borrower, sole proprietor mortgage. This is usually used for parents helping their child onto the property ladder who may not yet have the income required for a standard mortgage. This is a beneficial way of helping your children buy a property, you are able to be on the mortgage with them, with your income being used towards the affordability element, but only the child being named on the deeds. Hence the name joint borrower, sole proprietor. This means the parents, or any joint borrower will not be impacted in any way by having another property in their name, but they will still be jointly liable for the mortgage. In the future, the sole proprietor can remove the joint borrower from the mortgage when they have the required income, without any additional costs for removing someone from the title deeds.

Shared Ownership

This is a government incentive bought into place to assist people in buying a property a place of their own. To break this down, the shared ownership option is only available through certain housing associations – they will make it clear on the property advert that it is a shared ownership scheme. You will purchase a share of the property, lets say for example 40%, and the housing association will own the remaining 60% which you’ll pay rent for. Normally, you are able to increase your ownership share in the future as and when you’re able to by way of a remortgage and simultaneously purchasing more of the share from the housing association – this is called staircasing. This means generally you’re able to buy a bigger place than you would have been able to, but the loan, deposit and purchase price will be focused on just the share of the property you are buying.

Help to buy

This is another government incentive which is to assist first time buyers only to get on the property ladder. The government will lend you 20% of the purchase price towards the deposit (40% in London) and you’ll have to put a minimum of a 5% deposit down in addition. This enables you to firstly get a better interest rate, and also the loan you’re eligible for doesn’t need to be quite so high. This loan is repayable to the government, but will remain interest free for the first 5 years. The property must be a new build home, and the maximum purchase price will depend on what part of the country you are purchasing in, please see the following link to see your maximum house price- New Help to Buy scheme open for business – GOV.UK (www.gov.uk) 

Contractors

Contractors have historically had a difficult time obtaining a mortgage, or at least for the amount they should be eligible for. A limited company contractor will often have a daily or hourly rate at which they work, with the limited company being in contract with the end client, and of course the individual will be the one who carries out the work. Often the amount taken as personal salary and dividends at the end of each financial year are much lower than the daily rate. We have lenders available who are able to annualise your daily rate, and use this figure as the definition of your income, which in turn of course increases the lending amount.

Frequently Asked Questions

How soon can I apply for a remortgage?

Not many people realise, you can apply and secure a new product up to 6 months before your existing product expires. It will not complete until your existing product ends in order to avoid paying any early repayment penalties.

I like my existing provider, can I stay with them?

With a majority of lenders, yes you can. It’s always best to speak with a mortgage broker as we do sometimes get lower interest rates than you can do direct. By staying with your existing lender, there is no new application form, no credit checks or underwriting. This method is called a product switch.

I want to release some money from my home, am I able to do this?

Yes, subject to meeting affordability and criteria you are able to remortgage and take out some extra money at the same time. People often will do this for many reasons. To give you an idea, we have had people release money for home improvements, consolidating your debt into one manageable payment, weddings, school fees, holidays, new cars, to purchase another property, to gift to their family, almost every reason you can think of – although lenders don’t like it when it’s to pay a tax bill.

Can I get a mortgage with poor credit?

Yes, depending on the adverse this is still an option.  You wont be able to get high street lenders however there are lenders willing considering especially if there is a reason for the adverse.  We advice you download your credit report (enter credit report link) and call our team to discuss.

Can I go on the mortgage to help my children?

Yes this is still possible and is called “joint borrower, sole proprietor mortgage” Call our team to discuss if this is an option for you

Whish is better shared ownership or full ownership?

Shared ownership is an alternative to renting or full ownership.  It is suitable for people with a regular income who want to own their own home but cannot afford to or have the deposit.  Shared ownership you buy a share of your home and pay rent on the remainder.

What does staircasing mean?

Staircasing is the process of buying more shares in the property when your on shared ownership scheme.  It’s a go way of working your way up to own the property.

I have only been contracting for less than a year can I get a mortgage?

Yes, there are lenders willing to consider a new contractors.  This does depend on your circumstances so its best to give us a call to discuss

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