Arranging a mortgage is a big decision; you have enough to worry about without having to try and fathom out the ins and outs of mortgage options and how they will impact you now and in the future.
Sally has built up a wealth of experience over the years helping hundreds of clients purchase and re-mortgage. This has helped her develop her expertise and understanding of the market. She is able to recommend the most suitable and cost-effective option to you from the whole of the market.
First Time Buyer
Buying your first home can be a very exciting but daunting experience which is why it is important to get the right advice at the very start. There are many different mortgage products to choose from so it is important to get the solution that best meets your needs.
Before you start looking and falling in love with a property it is a good idea to get advice on the following:
How much can I borrow?
It is important to be realistic when working out how much you can spend on your new home.
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.
What are the 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.
Moving Home
When moving home you may be tempted to go back to your existing lender, however it is really important to remember that they can only advise you on their own mortgage products. This could mean you are missing out on far better deals elsewhere which could potentially save you money!
By gaining advice you can:
Discover how much you could afford to borrow and the fees you will pay
- Source the best options from the market, not just your current lender
- Show how much your new monthly mortgage payments are likely to be
- Review your mortgage protection needs
Remortgage
Your existing mortgage deal may be coming to an end and you’re about to move onto the lenders 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.
Buy To Let
Factors to consider
How do buy to let mortgages differ from residential mortgages?
- What deposit is required?
- What additional costs are incurred?
- How much can I borrow?
Unlike a standard mortgage, where the amount you can borrow is linked to your income, with a buy to let mortgage, the lender will instead look at how much rent you could make from the property on which the mortgage is secured.