Mortgages
Providing whole of market Independent Mortgage Advice; that is individual, tailored and unique to your specific circumstances and needs.
Independent Mortgage Advisors
As Independent Mortgage Advisers we are able to select from all the products available in the marketplace – ensuring that we can find you a mortgage that best fits your needs. It is our job to research and recommend the most appropriate mortgage and protection solutions for you.
We will ask you a range of questions about your circumstances, your attitude to risk and then offer a solution that is perfectly fitted for you!
With access to every product on the market, you can be sure that you will get the right deal for you with the most competitive rate available.
All of our staff hold industry standard qualifications and above for their roles, so you can be sure that you are talking to someone who knows what they are talking about!
We can offer appointments face to face in our offices, your office, or even in your home if you prefer.
Lenders are difficult to deal with, that’s why we have dedicated contact points with the lenders and the expertise, so you don’t have to deal with the frustration that comes with a call centre or local branch.
Buying a Home
Providing whole of market Independent Mortgage Advice; that is individual, tailored and unique to your specific circumstances and needs
Are you looking to move home?
When moving home finding the right mortgage and arranging it quickly is essential. Our expert advisers can help you get the best rates and lender schemes that are right for you and also help you with the following:
- Discover how much you could afford to borrow and the fees you will pay
- Source the best options from the whole market not just your current lender
- How much your monthly mortgage payments are likely to be
Don’t forget the importance of impartial advice!
You may be tempted to go back to your existing lender, however, it is important to remember they will only be able to tell you about their mortgage products. There could be a better option for you with another lender potentially saving you money.
Call us today to find out more.
First Time Buyer
Providing individual mortgage advice; unique to you
To help you to make the right decision we have put together our Top Tips for first time buyers:
- How much can I borrow?
It is important to be realistic when working out how much you can spend on your new home. A budget planner will help to ensure your mortgage is affordable. - How much deposit will I need to put down?
When choosing a mortgage, you can see which deals you might qualify for based on the size of the deposit you have by looking at what is known as the mortgage ‘loan to value’ (LTV). For example if you are looking to buy a property valued at £100,000 and have a £5,000 deposit you will be looking to borrow 95% of the property value. Typically the more deposit you have to put down the better the mortgage rates will be. - Have you considered any extra costs?
Even a newly built house will require some sort of furnishings, whereas older properties may require extensive work, such as re-flooring, tiling or renewing the wiring. These should be considered alongside the purchase price, and fees such as conveyancing and stamp duty. - Know what to look for when viewing properties
Always take an experienced home buyer with you when viewing properties as there may be important details you could be missing out on. - Household Budgets
If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs. - Council Tax Charges
Make sure you know what the likely council tax charge will be in your new property. The selling agent should be able to tell you what tax band the house you are interested in buying is in, and how the charges are levied by your local authority.
Remember a mortgage is a long term commitment and there are lots of different products available, so it is important you get the right solution for you.
Call our experts today for more information.
Remortgage
Save on Monthly Payments and Achieve Your Financial Goals
Don’t fall into the trap of paying a higher interest rate and monthly payments than you need to! We can arrange a new mortgage for you up to seven months before your existing mortgage rate expires.
Your existing mortgage deal may be coming to an end and you’re about to move onto the lender’s standard variable rate which could result in an increase in your monthly mortgage payments.
Remortgaging before your term ends could potentially save you money by switching to another deal or another lender. There are plenty of reasons why you might want to consider a remortgage, perhaps you want to cover the cost of home improvements or pay off more expensive debts.
Whatever your requirements we are here to help.
What is remortgaging?
Remortgaging is when you move your mortgage on your existing property, from one lender to another. Your new mortgage will then replace your old one.
You may want to remortgage if you’re:
- Coming to the end of your existing mortgage deal
- Searching for a deal that better suits your needs
- Planning to borrow more money against your property
How does remortgaging work?
There are many mortgage deals on the market, and it can help to shop around to find the right one. This includes asking your current lender what rates they can offer.
Consider remortgaging costs. There may be costs when moving your mortgage to a new lender.
These costs can include:
- Booking or completion fees charged by a new lender
- Early repayment charges (ERC) or exit fees charged by your current lender
Get a Decision in Principle
A Decision in Principle – also known as an Agreement in Principle – gives you a clear idea of how much you could borrow an pre-approval based on your circumstances
Getting a Decision in Principle doesn’t commit you to anything. And it’s not a guarantee that your mortgage application will be accepted. We always obtain a DIP/AIP before applying for a new mortgage and we take care not to leave a ‘footprint’ on your credit file! As this can affect you being approved!
Complete the legal work
Even though you’re not buying a new property, remortgaging does involve some legal work. Some lenders will appoint a solicitor or licensed conveyancer for you, or you may be able to choose your own.
A solicitor or licensed conveyancer will manage the paperwork and any transfer of funds. They’ll check that your new mortgage amount is enough to pay off your existing lender and send you the legal documents to read and accept.
Your new lender will need to arrange a valuation of your property to check that it’s suitable for mortgage purposes. Once this is completed and your lender has approved your application, they’ll send you an offer for you to review and accept.
The final step
When your new mortgage is set up and the legal work has been done, you’re ready for completion. The completion date is when your new mortgage starts, and your old mortgage is repaid. Your new lender will then let you know the date and amount of your first new mortgage payment.
How long does the remortgage process take?
Remortgaging your home typically takes 4 to 8 weeks after applying. The amount of time needed will depend on your circumstances and remortgage needs.
Providing clear, accurate, and relevant documents when needed (such as proof of earnings) can speed up the process.
When should you remortgage?
You can remortgage anytime. However, to avoid potential early repayment charges, people tend to consider remortgaging towards the end of their existing mortgage deal.
If you choose not to review your mortgage rate before it ends, you’ll likely move onto your lender’s standard variable rate (SVR) and potentially pay more. The SVR is usually higher than your previous rate.
If you’re not coming to the end of your existing mortgage rate, you’ll need to check whether there’s an early repayment charge or fee for exiting your current mortgage.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Buy to Let
Providing individual mortgage advice; unique to you
Whether you’re becoming a landlord for the first time or you’re looking to expand an existing portfolio you will need to take out a buy to let mortgage rather than a standard residential mortgage. A buy to let mortgage is specifically for people who are buying a property to rent out to a tenant or tenants.
What is a buy-to-let mortgage?
A buy-to-let mortgage is a way to borrow money when you are buying property as an investment, e.g. to rent out. That’s because you won’t be able to fund your purchase with a normal residential mortgage.
The good news is that there are deals out there for first-time landlords, ‘accidental’ landlords and experienced investors with large portfolios.
The bad news, however, is that the rules around buy-to-let mortgages can be a bit of a minefield.
How much deposit do I need for a buy-to-let mortgage?
To get a mortgage on an investment property, you’ll generally need a deposit of at least 20-25% of the value of the home.
As with standard residential mortgages, the bigger the deposit you put down, the better the rate you’ll be able to get. The best buy-to-let deals are usually available to investors with deposits of 40% and above.
When assessing your affordability, lenders will consider your current portfolio (more on this later) and any previous history of obtaining and paying off buy-to-let finance.
Mortgages for buy-to-let companies
Cuts to mortgage interest tax relief and wear and tear allowance have resulted in some landlords setting up company structures for their buy-to-let portfolios.
Company buy-to-let mortgages make up a relatively small percentage of the market, but numbers have been on the rise.
Moving to a company structure isn’t the right decision for everyone, however, as the interest rates on these deals tend to be significantly higher than those available to individual borrowers.
If you’re considering setting up a company for your buy-to-let portfolio, consider getting specialist advice on the pros and cons first.
How to compare buy-to-let mortgages
When comparing mortgage deals, it’s important to assess the overall cost of the loan, as a cheap initial rate can sometimes be outweighed by high fees.
Upfront fees on buy-to-let mortgages tend to be significantly higher than those on standard residential deals, with figures of around £2,000 common.
Some lenders charge set fees, while others charge a percentage of the amount borrowed – for example 2% of the loan.
Affordability rules for landlords
There are enticing mortgage offers out there for landlords, but you’ll need to prepare yourself for strict affordability tests.
In recent years, the Bank of England has looked to cool what it considered to be an overheating buy-to-let market by imposing tougher lending restrictions.
Interest cover ratios on buy-to-let mortgages
As part of their affordability assessments, lenders use interest cover ratios (ICRs) to calculate how much profit a landlord is likely to make.
- A lender’s ICR is the ratio to which a property’s rental income must cover the landlord’s mortgage payments, tested at a representative interest rate.
- Lenders are required to test at 125%, meaning the projected rental income must be at least 125% of the landlord’s mortgage payments. However, many impose higher levels of around 145%.
Mortgages for portfolio landlords
Professional landlords with four or more properties are often described as ‘portfolio landlords’.
This is an important distinction, as rules introduced by the Bank of England some years ago made it harder for these investors to access additional finance.
Portfolio landlord stress-testing
Once, portfolio landlords could provide their overall profit/loss figures when applying to borrow more money or remortgage a home in their portfolio, but this has changed.
Now, you’ll need to show mortgage details, cash flow projections and business models for every property you own when applying for finance.
If you have a heavily mortgaged portfolio, you may find that these regulations make it more difficult for you to obtain extra funds.
Maximum portfolio size and ICR increases
Portfolio landlords also face some other restrictions, which vary from lender to lender.
For example, some lenders will set a maximum number of properties you’re allowed to have in your portfolio (up to 10 being common) and others use different ICRs and representative interest rates depending on how many properties you have.
Other rules imposed by individual lenders include limits on maximum loan-to-value (LTV) ratios across a portfolio (for example, your overall portfolio must be at 65% LTV or lower), or the stipulation that the ICR from every property in your portfolio must be above 100%.
Buy-to-let mortgages for first-time buyers
If you’re struggling to get on to the property ladder in your area, you might be considering buying an investment property elsewhere and letting it out.
The good news is that it is possible to get a buy-to-let mortgage as a first-time buyer – but it’s not necessarily easy.
For example, you might need a bigger deposit than other investors to get a good deal, as the number of mortgages available to you will be significantly smaller.
You’ll also be giving up on some benefits available to first-time buyers – especially when it comes to stamp duty. This is because, if your first property isn’t one that you will live in yourself, you won’t qualify for stamp duty relief.
Equity Release
Unlock Property Value with Equity Release: A Flexible Option for Homeowners Over 55
Equity release is an option for homeowners over the age of 55 to unlock some of the value tied up in their home.
If you take out an Equity Release mortgage, you are taking out a loan secured on your home which does not need to be repaid until you die or move into long-term care.
Unlike other types of Equity Release schemes, your home still belongs to you but you are obliged to repay the loan when certain conditions are met – death, moving into long-term care or if the terms of the mortgage are broken.
The lender can give you a lump sum or you can withdraw funds in stages. Interest is paid on this amount on an ongoing basis, or the interest can be ‘rolled up’ and paid together when the loan is repaid.
The loan is repaid from the proceeds of your home when sold. If there is any surplus from the sale it would be available to your beneficiaries or estate. If the value of the property is lower than the loan and interest which has accrued it is usual to have agreed to a ‘no-negative-equity’ guarantee with the lender so that you would not have to pay back the value of your home.
As with all Equity Release schemes, it is very important to get advice on whether the scheme is right for you. Please talk to us to find out more and ensure you get the advice you need.
To fully understand the features and risks of Lifetime mortgages please ask for a personalised illustration.
Commercial Mortgages
Flexible Financing for Business Property and Expansion
A commercial mortgage is probably the best way to finance the purchase of buildings and land for business purposes, it provides the most flexible and affordable finance solution.
Commercial mortgages are specialised due to the fact that the lender has a legal claim over the property until the loan has been repaid in full.
Mortgage loans of this type are tailor-made for purchasing any commercial property used for business purposes including shops, factories, offices and warehouses. Commercial mortgages can also be used for taking over an existing business, purchasing a brand new building or buying land.
Although they often come with higher interest rates and more variables than residential mortgages, commercial mortgages are more flexible and can carry extra incentives for borrowers. With commercial mortgages, the lender has a legal claim over the property until the loan has been fully repaid.
Secured Loans
Flexible Funding Options with Your Property as Security
A secured loan involves borrowing money against an asset you own, like your home.
This type of loan can offer lower interest rates and higher borrowing limits.
How do secured loans work?
Secured loans allow you to borrow or ‘secure’ money against an asset you own – usually a property. A secured loan means a lender can sell (repossess) your home if you’re unable to keep up with the repayments.
Secured loans can be useful if you need to borrow a large sum of money. The interest rate available will depend on how much you borrow against the value of the property – it may be fixed or variable depending on the type of rate you choose.
A home loan is a common type of secured loan, which allows you to borrow money against the equity in your home. A home loan could be your only form of secured borrowing, or on top of an existing mortgage. You may consider taking out a home loan to help pay for home improvements, for example.
What are the benefits of secured loans?
You can usually borrow a larger amount.
You can generally borrow more on a secured loan than an unsecured loan. Although the amount you’re able to borrow will depend on your individual circumstances, including:
- Your income
- Your credit score
- Any other debts you have
The maximum amount you can borrow may also depend on your loan-to-value (LTV) ratio – the size of the loan as a proportion of the value of your home.
Our mortgage calculator can give you an idea of how much you could borrow based on your income.
Interest rates tend to be lower.
Typically, secured loans will offer a lower rate of interest than unsecured loans because the bank has the guarantee of the secured asset. However, factors such as the size of the loan, the equity you have in your property and your credit score can determine the interest rate a lender is willing to offer.
Secured loans are less influenced by credit scores
If you have a low credit score, some lenders may be more open to offering you a loan if it’s secured against your home, compared to an unsecured loan. However, if the lender believes you’ll struggle to keep up with the repayments, you may not be offered a loan.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Mortgage Tools
Use our helpful tools to help you budget and find your ideal mortgage.
Calculator
Calculate your mortgage and stamp duty fees.
Tables
Compare and sort all the current mortgage deals.
Finder
View and filter different mortgage options.
related Services
Here are some other mortgage services that may be of interest.
Life Insurance
Offering expert guidance on life insurance options to protect loved ones financially if the unexpected happens.
Details
- Mortgage Life Insurance also known as Mortgage Protection
- Level Term Assurance – Interest Only Mortgage
- Decreasing Term Assurance – Repayment Mortgage
- Family Income Benefit – Provides lump sum or monthly income
- Cost Based on Health, Age, Amount & Term
Critical Illness Cover
Providing critical illness cover advice to safeguard your finances during serious health challenges and recovery periods.
Details
Critical illness insurance provides you with a lump sum of money if you are diagnosed with certain illnesses or disabilities.
Core conditions:
- Cancer
- Heart attacks
- Strokes
Conditions not covered:
- Pre-existing conditions
- Hereditary illnesses
- Chronic conditions
- Temporary illnesses
Income Protection
Guiding you through income protection options to ensure financial stability if illness impacts your earnings.
Details
- provides regular payments that replace part of your income if you’re unable to work due to illness or an accident
- pays out until you can start working again – or until you retire, die or reach the end of the policy term – whichever is sooner
- typically pays out between 50% and 65% of your income if you’re unable to work
- covers most illnesses that leave you unable to work – either in the short or long term (depending on the type of policy and its definition of incapacity)
- can be claimed as many times as you need to while the policy lasts
Business Protection
Expert advice on business protection to secure your company’s financial future against unforeseen events and loss.
Details
- Life insurance policy designed for businesses
- To protect business ownership and maintain control (shareholder protection)
- To protect profits (key man insurance)
- To pay off business debts (business loan insurance)
Buildings Insurance
If you have a mortgage, your lender will insist that your property is protected by buildings insurance.
Details
- Compulsory if you have a mortgage
- Covers the cost of rebuilding your home if it's damaged or destroyed
- Covers accidental damage, acts of god, fire, explosion, flood, storm
- Level of cover must cover the full cost of fully rebuilding your house
- Also covers garage, outbuildings, pipes, cables & drains
Contents insurance
Offering guidance on contents insurance to safeguard your belongings against theft, damage, and unforeseen events.
Details
Benefits can include:
- Accidental Damage Cover
- Stains & Spillages
- Money & Credit Card Misuse
- Domestic outbuilding contents
- Door lock replacement
- Freezer contents
- Jewellery and Paintings
- TV’s, Computers, Tables & Mobiles
Health insurance
It's when you need to make a claim that you realise just how wise investing in health and medical insurance is.
Details
Health insurance offers:
- A choice of private hospitals and clinics.
- A choice of which specialists you see.
- Flexibility, so you can get the help you need in a way that works for you.
Covered by most health insurance policies:
- Physiotherapy
- Mental health
- Cancer
- Acute conditions. This includes any illness or injury that you can recover from.
Landlord's insurance
Helping landlords protect property investments with tailored insurance solutions against risks and unexpected damages.
Details
Landlord Insurance policies can cover against:
- Damage to your property (by the tenant)
- Lost rent and re-letting costs
- Re-letting costs - whilst the property is uninhabitable
- Emergency repairs
- Liability for injury or loss related to your rental property brought by third parties such as tenants, visitors or cleaners.