Personal Mortgage

Bursting with ideas and raring to move in?
We help you get one step closer to buying your new home...

Are you ready to buy your first property?

There is no denying that this is an exciting time in anyone’s life, yet it can also be a bit daunting and overwhelming as well. This is why it is imperative to seek expert assistance to ensure that everything goes smoothly. This is especially the case as there is a lot of misinformation online and myths about securing a mortgage.

At present, a minimum of five per cent deposit will be required before you can be considered for a mortgage for a first-time buyer. Nevertheless, a deposit between 10 or 15 per cent is advisable, as you will secure a lower rate.

First-time buyers should also consider the second help to buy mortgage guarantee scheme. We can help you determine whether you qualify for this scheme, which gives you the ability to secure a home with a five per cent deposit. To do this, you cannot own another property in the UK or overseas, nor can you intend to rent the property out. The house should not cost more than £600,000, and you must be a first-time buyer. You must also have an income.

We can help you to determine whether this scheme is right for you, as well as other options you have available. Each building society and bank will have different rules and levels of affordability when evaluating your expenditure and income, so while one bank may be right for you, another may be right for someone else.

Moreover, things have been complicated by the new MMR rules that came into place in 2014. These rules mean that banks now need to acquire a greater deal of information regarding your spending habits than they did before. They will take a look at everything from student loans and pension deductions to childcare costs and loan payments. They will also factor in how much credit you have, even if you have paid off all your debts. It is important for them to make sure you have a cushion so that you can accommodate any increase in mortgage rates.

We will also help you to determine whether you should take a fixed rate mortgage or a variable tracker. In most cases, first-time buyers will choose a mortgage whereby they have a fixed scheme for between two and five years, as this gives them the stability of knowing they are going to be paying a set amount every month for this period. Nevertheless, we will help you to determine the right solution for your situation.

The buying process

Unfortunately, getting a mortgage deal is only the first step of the process when buying a home. But, don’t stress, as one of our mortgage advisors will help you every step of the way, from making an offer to moving in.

We believe that moving home should be enjoyable, which is why we always aim to ensure the move is as stress-free as possible. We will take your unique circumstances, including your outgoings, incomings, savings, and future plans, into account. This ensures we are able to recommend the ideal solutions for you, and with our advanced technology we have access to a database of thousands of products.

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

Steps to take when buying a property

  • Determine the amount you can borrow. This is something we will assist you with.
  • Look for the perfect property for you.
  • Make your offer.
  • One of our team will then arrange your mortgage.
  • A survey will be undertaken.
  • Contracts are exchanged.
  • All legalities are dealt with.
  • You receive the keys and move into your new place!

New build

Have you considered a new build? This is one of the easier ways to get onto the property ladder. This is because of the government’s first help to buy scheme. Under this scheme, you will need to provide a five per cent deposit, the mortgage lender will supply 75 per cent, and then the government will give you 20 per cent, which you need to pay back after time. This is only available on new builds. For further information, please do not hesitate to get in touch.

 

“Thank you Geoff, for organizing my mortgage.”

- Pauline

“To Teresa, Thanks for all your help and support. Many thanks”

- Jane

Mortgage Calculator

How much could I borrow?

Our calculator gives only an indication of what you might be able to borrow. Each bank and building society has it’s own affordability calculator and different rates when assessing your income and expenditure. Our aim is to make this process easier and clearer for you.

Do you have a deposit?

Most lenders will offer you the best rate if you can put down a bigger deposit, typically 25%. However, the rates will increase usually in 5% steps until you reach 95% loan to value. Due to the credit crunch in 2008 and the difficulties the lenders faced, they now no longer offer 100% mortgages. The reason lenders offer better rates for customers with bigger deposits is there is less risk to them in the event of house prices falling in the future.

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