Mortgages

Unlike high street banks and building societies we have the knowledge, experience, and technology to review the whole market enabling us to secure the most competitive and suitable mortgage for your needs and circumstances.

Unlike high street banks and building societies we have the knowledge, experience, and technology to review the whole market enabling us to secure the most competitive and suitable mortgage for your needs and circumstances.

Purchase & First Time Buyers

What you need to know
  • A mortgage is a loan secured on the property arranged over a term normally between 5 and 40 years
  • You will require a minimum 5% deposit.
  • The amount you can borrow is worked out as a multiple of your income which can vary from lender to lender. As a first-time buyer some lenders offer enhanced income multiples and incentives such as cashbacks.
  • The loan is normally arranged on a capital and interest repayment method ensuring that the debt is repaid in full at the end of the term.
  • Interest rates can be arranged on a fixed or variable rate basis. A fixed rate will ensure that your monthly payments do not change over a set period whereas with a variable rate payments can move up or down, but can offer more flexibility should you wish to make overpayments or repay the loan early.
  • You will need to consider the cost of purchase in addition to any deposit. Typically, these will be legal fees, stamp duty, survey fees and moving costs.  Stamp duty tax relief is available for purchases up to £500,000 or less.
  • As a first-time buyer you may be eligible for the government Help to Buy or First Homes schemes.
  • There is no set timescale for the buying process, but it is typically between 12-16 weeks.

Remortgage

What you need to know
  • A remortgage is where you move your mortgage from your current lender to a new lender, normally to secure a more competitive interest rate or scheme.
  • You can raise additional capital (subject to status) at the point of remortgage in order to fund most events – home improvements, school/student fees, gifts, estate planning etc.
  • The lender normally covers the legal and valuation costs so the process can be fee free. You may incur a product fee depending on the scheme.
  • At the point of remortgage you may be able to increase or decrease the remaining term of the loan.
  • Interest rates can vary greatly between lenders so it is prudent to shop around before you accept a new deal from your current lender.
  • You need to start planning your remortgage at least 4 months before your existing deal comes to an end.
  • You can remortgage an unencumbered property to release the equity.

Equity Release & Later Life Lending

What you need to know

Equity Release – Lifetime Mortgage

  • You must usually be aged between 55 and 90 at the point of application.
  • You can release up to 60% of your property value, subject to age.
  • No income is required as the loan amount available is based on your age and property value.
  • You can remain in your home indefinitely and retain full ownership.
  • You do not have to make any monthly payments but you can have the option to do so.
  • The mortgage is usually repaid when the last borrower moves into full time care or dies.
  • You will never owe more than the property value.
  • Equity can be released for most purposes.
  • A lifetime mortgage can be used to purchase a property not just release equity.
  • Lifetime mortgages are fully regulated and we are members of the equity release council.
  • We can access most equity release products in the market and we are not tied or associated with any lenders.

To understand the features and risks, ask for a personalised illustration. Releasing equity from your property can reduce the value of your estate & impact any welfare benefits you receive.

Retirement Interest Only Mortgages (RIO)

  • You must be aged 55 or over.
  • This is an interest only mortgage with an open-ended term.
  • The loan needs to be repaid if you move into long term care or die.
  • You will make monthly interest payments and therefore, unlike an equity release lifetime mortgage, your debt will not increase.
  • You will need sufficient retirement income or investments to meet eligibility.
  • The mortgage can be repaid at anytime however you may incur an early repayment charge.
  • You can still move home
  • Overpayments are permitted
  • Use the money however you wish
  • You retain full ownership of your property

Buy To Let & Holiday Homes

What you need to know
  • Loans available up to 85% of the property value.
  • Special Purpose Vehicles (SPV) and Trading Companies accepted.
  • No minimum income requirement subject to rental coverage.
  • First Time Buyers/First Time Landlords accepted subject to status.
  • Licensed houses of multiple occupation (HMO).
  • Overseas and Expat residents accepted (subject to country).
  • Houses of multiple self-contained units under one freehold title.
  • Interest only or capital and interest repayment methods available.

Home Buying Schemes

What you need to know

Help to Buy – Equity Loan

  • New build homes only.
  • 5% deposit required.
  • Government Equity loan of up to 20% (40% in London).
  • You must be a first-time buyer.
  • Regional price caps apply (max £600,000).
  • Scheme will run until March 2023.

First Homes

  • Available to local first-time buyers and key workers.
  • Purchase price is discounted by 30%-50%.
  • Minimum 5% personal deposit required.
  • Discounts stay with the property not the homeowner.
  • Maximum salary £80,000 (£90,000 in London).
  • Price caps apply depending on region.
  • The scheme is only available in England.

Right to Buy

  • Gives eligible social housing tenants the right to buy their home
  • Maximum discounts of up to 70% or maximum £84,600 (£112,800 in London)
  • You must be a secured tenant for at least 3 years
  • The property must be your main home
  • Up to 3 family members can buy with you if they have lived at the property for the last 12 months but it must be their main home.

Shared Ownership

  • Purchase a share of your home between 10% and 75%
  • Rent is paid on the remaining share
  • You can purchase a bigger share over time up to 100% (staircasing)
  • Your household must earn below £80,000 (£90,000 in London)
  • Applicable to both selected new build and pre-owned properties
  • Older peoples scheme available on any property for those aged 55 or over.
  • Maximum share is 75% for older borrowers

Specialist Lending

What you need to know

Secured Second Mortgage Loan

A second charge loan sits on top of your current mortgage with your existing mortgage lender. These types of loans are generally arranged if your lender is unable to offer you additional borrowing, but you want to keep your existing deal due to its low interest rate or to avoid early repayment charges.  Loans can normally be arranged for any legal purpose and operate in the same way as your primary mortgage.

Bridging Loan

A bridging loan is a relatively quick method of borrowing money for a short period of time to help bridge a finance gap. Interest is normally rolled up on a monthly basis or retained onto the loan thereby avoiding the need for any monthly payments. Bridging loans are commonly used to purchase property at auction, break a chain or secure an uninhabitable property which is not suitable for a standard mortgage.