Whether you’re a first time buyer with little experience, looking to get onto the property ladder, or a seasoned portfolio landlord with multiple buy-to-let properties, we can help.
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This is the most popular and most widely-available option, where you make monthly repayments for an agreed period of time until you’ve paid back both the mortgage and the interest.
With a repayment mortgage, or capital repayment mortgage to give it its full name, you pay back part of the mortgage capital and the monthly interest each month. At the outset, most of your monthly payments will comprise of interest; over time, more of your monthly payment will be repaying the capital.
With a repayment mortgage, you are guaranteed to repay the full mortgage by the end of your mortgage term, provided you make your repayments in full each month.
Fixed rate mortgages
Here, the interest rate you pay remains the same for a set period of time, so your mortgage repayments will remain the same, even if interest rates rise. This type of mortgage is often available as two, three or five-year deal, and gives you the peace of mind of knowing what your repayments will be for the duration of the fixed term.
If you choose a fixed-rate mortgage, you will need to think about arranging your next mortgage deal a few months before it ends, as when it does, you’ll be moved onto your lender’s Standard Variable Rate (SVR), which generally means you’ll be charged a higher rate.
Discount rate mortgages
A type of variable rate mortgage where the interest rate is set at a discount below a rate of interest, typically the lender’s Standard Variable Rate (SVR) for an initial period of time, typically two or three years.
The obvious benefit here is that the rate is lower, so your repayments will be cheaper. However, if interest rates rise, you can expect your repayments to increase too. You also need to be aware that lenders have differing SVRs, so you may need help in working out which discount deal is most suitable and most cost-effective option for you.
This mortgage comes with a cash sum that’s paid to you once your purchase or remortgage has been completed and your mortgage is in place. This type of mortgage can look attractive as it provides money back to help you settle into your new home for example.
The amount you receive is normally expressed as a percentage of the amount you have borrowed although it can be a fixed amount.
However, it’s important to be aware that this type of mortgage may not be offered at a competitive rate, and might mean that you’ll be paying higher monthly payments as a result.
Interest only mortgages
Here, each month you only pay the interest outstanding on the mortgage, meaning that the capital sum remains the same throughout the period of the mortgage. You don’t pay off any of the capital until the end of the mortgage term.
This means that you will need to make other arrangements for paying back the capital sum. These mortgages are not as widely available as they once were. Lenders will now only lend money in this way if the borrower can clearly demonstrate how they propose to repay the capital sum at the end of the mortgage term.
Variable rate mortgages
The interest rate used here is the lender’s default rate, their Standard Variable Rate (SVR). As the name suggests, the rate applied can change at any time, meaning that your monthly repayments could do so too.
With this type of product there isn’t usually an early repayment charge with your lender, so you can move to another type of mortgage at any time, and can potentially overpay your mortgage to pay it off faster and shorten the term. However, variable rate mortgages can potentially change if the bank of England base rate rises or falls, making it harder to budget for your repayments. There can often be better and more cost-effective deals available in the marketplace, why not ask us for our recommendations?
Capped rate mortgages
A type of variable rate mortgage, but they have an interest rate ceiling, or cap, beyond which your payments can’t rise.
The interest rate is often higher than that available on other variable and fixed rate mortgages, and the cap can be set quite high. However, it provides the certainty that your payments will not rise above a certain level.
A capped rate is normally only available for an introductory period, which can typically be from two to five years.
This type of mortgage may also have a minimum rate of interest that the lender will charge for a specified period. This is referred to as a ‘collar’.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments
A tracker mortgage is a type of variable rate mortgage which tracks a nominated interest rate, usually the Bank of England base rate. The actual mortgage rate you pay will be a set interest rate above or below the rate tracked. When rate tracked goes up, your mortgage rate will go up by the same amount. And it’ll come down when rate tracked comes down.
Buying your first home can be both an exciting and nerve-racking experience. The exciting bit is having your own front door and space to call your own; the nerve-racking part can be finding somewhere you can afford, saving enough for the deposit, and getting a mortgage product that’s right for your financial circumstances.
Before you start looking for a property to buy, it makes sense to take advice. We can help you work out how much you’re likely to be able to borrow, and give you useful hints and tips that will help you prepare for the mortgage application process. We know what’s happening in the market, so we can help you make your mortgage application to the most appropriate lender when the time is right.
If your mortgage needs aren’t as straightforward as those described above, don’t worry, we can still potentially help you find the mortgage you need. So, if you’re looking for a self-employed mortgage or maybe you need a larger than normal mortgage, say for over £1m.
If that’s the case, then we can advise you on lenders and private banks we use which specialise in catering for larger, more complex financing deals.
Help to buy & shared ownership
Help to Buy: Equity Loan scheme
This scheme, which is currently set to operate until 2021, is designed to help those who only have a small amount available as a deposit and who want to buy a ‘new build’ property from a registered Help to Buy builder.
In England, the government will lend you up to 20% of the purchase price interest-free for the first five years, providing you can put down a deposit of at least 5%. In year six, you will be charged 1.75%, which climbs at a rate of 1% of that figure, plus any increase in inflation (measured by the Retail Prices Index), every year thereafter. In London, you can borrow up to 40% of the purchase price. This means you will need a mortgage for 75% of the purchase price (or 55% if you’re buying in London) and this must be a repayment mortgage to qualify. The scheme is available on properties with a purchase price of up to £600,000.
The scheme operates slightly differently in Scotland, where the government takes a 15% stake and the maximum value of the property depends on the year in which your application is completed (for 2017/18, it’s £200,000 if completed on or before 31 March 2018, for 2018/19 it’s £175,000 if completed by 31 March 2019). In Wales, the scheme applies on homes costing up to £300,000.
Help to Buy: Shared Ownership
This scheme helps those on lower incomes and first-time buyers who might not otherwise be able to get onto the housing ladder to purchase a property, and is a cross between buying and renting. Many of the major lenders will grant mortgages for a shared ownership home.
Under the scheme, you can buy between a quarter and three-quarters of a property, with an option to purchase a bigger share of the property at a later date. You’ll need to take out a mortgage to pay for your share of the property’s purchase price and then pay rent on the remainder. So, for example, if a property within the scheme is worth £200,000 and you bought 50% of it, you will pay rent on £100,000. If the rent charged by the housing association share is charged at 3%, then you would pay £3,000 a year in rent, as well as repaying your mortgage.
Most of the properties available under the scheme are new build, but some are properties being resold by housing associations. The rules of the scheme operate differently in England, Scotland, Wales and Northern Ireland.
Many businesses need an injection of capital to buy, to invest, develop, convert or refurbish properties, or to refinance existing mortgage loans to reduce their business operating costs.
Commercial finance requires a tailored approach, and we offer in-depth experience and expertise in this area. Commercial mortgage rates are not standardised in the same way as residential mortgages are, instead the rate offered by a lender reflects the strength of the proposal put forward, and that’s where we can offer valuable help and advice.
The cost of borrowing can be a significant cost for any business, so it’s important to get the right impartial advice, and a mortgage on the right terms and at competitive rates.
Buy to let mortgages
For investors seeking rental yield or capital growth, property has historically proved a good investment at a time when returns on other types of asset have been comparatively low.
Rising property values and a booming lettings market have meant that many lenders have developed mortgage products tailored to the needs of would-be landlords. Although the tax treatment of rental income and stamp duty has recently changed, lenders are still offering competitive mortgage products to those entering the buy-to-let market. So, if you’re looking to become a landlord, we can advise you on the right mortgage for your needs.
If you’re looking to make your next move up the housing ladder, we can help you every step of the way. Whether you’re moving because of work, need more room for your growing family, or are looking to downsize, we’ll be on hand to offer advice and make the process less stressful. We know that selling your existing property and buying another can seem like double trouble, but you’ll be pleased to know that over the years we’ve successfully helped scores of people make their next move.
Before you can make your offer on your next home, you’ll need to have an Agreement in Principle from a mortgage lender that gives an indication of how much you can borrow. We’ll explain the process, and offer advice on the appropriate level of deposit you’ll need to make sure you get the most suitable mortgage.
A remortgage is where you take out a new mortgage on the property you currently own, either to replace your existing mortgage, or to borrow additional funds against your property.
In some cases, homeowners can save hundreds of pounds a year by moving their mortgage to a more attractive rate. Remortgaging can also work if your property has increased in value and you want to release some money from the equity tied up in your home, or if you want to reduce the term of your mortgage by increasing your monthly payment.