Mortgages
First Time Buyers
You might find that arranging a mortgage can be a daunting process, with lots of factors to consider, it can be difficult to know where to begin. At Broker Advice we give mortgage advice to help you every step of the way, from working out how much you can borrow, to when you pick up the keys to your first home.
At Broker Advice we can advise you on a range of exclusive mortgage deals from reputable lenders. We can do this as we give independent mortgage advice across the whole market, which allows you access to mortgage options that will suit almost any borrower.
Whatever your mortgage needs, First in Mortgages are able to help.
Seven steps to buying your first home
Step 1 – Understanding how much you can borrow
The amount of mortgage you can get depends on your income. Most lenders will assess what level of monthly payments you can afford after taking into account various personal and living expenses, as well as other factors such as existing loans and other credit commitments. This is called an affordability assessment. For a more detailed analysis of how much you can borrow talk to us on 07590 519314
Step 2 – Obtain a Mortgage Agreement in Principle
Obtaining a mortgage agreement in principle means that you have your finances in place before you find a property you wish to buy. This will give you an accurate indication of how much you can borrow and implies you are a more serious purchaser to the vendor and estate agent. Contact us to obtain this for you.
Step 3 – Giving you the mortgage advice you need
After we have collected all the information we need, we will agree a time to present you with our recommendation. The recommendation will be based on your individual circumstances, making sure it is in your best interests. At this stage we will also discuss all your insurance requirements to help you protect and keep your new home, we are able to advise and recommend what products would be most appropriate including Life Insurance, Critical Illness cover and Income replacement plans. We will also be able to help you with buildings and contents cover.
Step 4 – Instruct a conveyancer or solicitor
You will need to instruct a conveyancer or solicitor who will act for you. Using someone who has been recommended to you is normally a good idea. If you need any guidance in finding a solicitor we will be pleased to help.
Step 5 – Getting the right survey
There are a number of options available to you from a simple Mortgage Valuation through to a full Building Survey and Valuation. We will be happy to discuss these options with you.
Step 6 – Your mortgage offer
When all the legal and financial checks have been completed, you’ll receive your formal mortgage offer from the recommended lender, which we will check and talk you through.
Step 7 – Exchange of contracts / completion
Towards the end of the process you will exchange contracts with the seller of the property, this is normally when any deposit monies are payed to secure the transaction. Completion will follow shortly after and you will be handed the keys to your new home!Remortgages
Remortgaging is when you take out a different mortgage on a property you already own. For example, you might remortgage when your current mortgage deal is about to come to an end, to see if you can find a better rate or more suitable product. Or you might remortgage to fund some improvements to your home.
Remortgaging need not be a hassle. In fact, it’s something we should all think of regularly to make sure we’re still on the best mortgage deal.
At Broker Advice we have access to hundreds of mortgage products, including some exclusive options not available on the high street. We can do this because Broker Advice is an independent mortgage broker that compares products from across the whole market. We will give you the right mortgage advice to help you switch your mortgage to a more favourable product, potentially saving you money each month or reducing the term of your mortgage and therefore the total amount paid back over the entire term.
You may have to pay an early repayment charge to your existing lender if you remortgage.Moving Home
Home Mover Mortgages
You may want to move house for various reasons; maybe it is time to extend your family, or you want more space for the kids to run around. Maybe you simply want to secure your family’s future in the home of your dreams. No matter what your goal is in moving house, we can help you achieve it. Broker Advice Limited will endeavour to find you the perfect type and length of loan to suit your property valuation and budget – we will only ever lend you as much as you need, to ensure the process of moving home works best for you. We will explain everything involved in moving in easy to understand language, so you are informed every step of the way and always know which step you are taking on your journey.Buy-to-Let
Whether you are a first time landlord or an experienced property professional, whether you are looking to purchase a new buy to let property or remortgage an existing one, no matter how complex your property needs, at Broker Advice we are here to help you every step of the way.
If you are looking to make your first purchase it is worth noting that lenders will generally require 20% to 25% deposit, with the new loan amount being supported by the expected rental income for the property, typically representing 125% of the monthly mortgage interest payment.
Buy-to-let mortgages work in much the same way as a standard domestic mortgage. However interest rates are typically higher than a standard rate and the deposit required and mortgage fees will also most likely be more (not always though). Our expertise in the market however enables us to source very competitive rates and even fee free deals. The amount you can borrow when applying for a buy-to-let mortgage loan will essentially be linked to the amount of rental income the surveyor, appointed by the lender, thinks you could earn rather than your own income and expenditure. In recent months a lot of lenders have increased the rental income required to support a mortgage, however we have access to lenders that accept lower rental income. Despite these differences you should never opt for a standard domestic mortgage if you intend to rent out a property; this is considered mortgage fraud.We are here to help – Contact us today!
Your property may be repossessed if you do not keep up repayments on your mortgage.Poor Credit
What is Poor credit?
Credit record of your financial history that lenders can check - if you apply for credit like a mortgage, credit card or loan.
If your credit record includes missed payments, too much debt, defaults or other problems like CCJs and bankruptcy, this is known as bad or poor credit.
Don’t have a credit history?
If you never borrowed money or used any form of credit, your credit record will not give lenders any idea of how well you can handle repaying a mortgage. Borrowing money and paying it off in full when it is due can improve this.
How can you improve your credit report
If you are currently unable to get a mortgage, we advise that you wait for 3 to 6 months before you apply again.In that time you will have chance to improve your credit report. Here are some tips:
Stay in your credit limit or overdraft limit
Keep your name and address details up to date
Avoid applying for too much credit
Make sure to register in electoral register
Always make your repayments in time
How we can help.
There aren’t many lenders that are happy to provide mortgages to people with poor credit, which means there is a smaller range of mortgages to choose from. Those mortgages that are available tend to be more expensive as lenders charge significantly higher interest rates to cover the additional risk. In addition, you may need a larger deposit.
At Broker Advice Limited, we have a network of lenders who we work with. We understand their lending criteria, which combined with our expertise, means can help you improve your chances of getting the best mortgage for your personal circumstances.
We’ll advise you as quickly as possible if you can get a mortgage with the aim to achieve the most competitive mortgage deal for you.
Right To Buy
Can I get a Right to Buy Mortgage?
Right to Buy Mortgages work in the same way as typical residential mortgages. In fact, anyone purchasing their council house through a Right to Buy scheme has access to the same mortgage deals as anyone else.
The amount you can borrow will depend on the market value of the property, the size of your deposit, and various affordability criteria such as your income and credit history.
Looking to buy your council house or flat? We can help.
What is the Right To Buy scheme?
Right to Buy is a scheme that allows existing tenants of public-sector homes in England to buy the property they currently rent, at a price discounted below the market value.
While changes in government policy reduced discounts and changed who could make use of Right to Buy, further changes to the scheme in 2015 have made Right to Buy both more attractive and more widely available to public-sector tenants in England. The recent changes extended the scheme to make it available to housing association as well as council tenants.
The government has also reduced the qualifying tenancy period – you now only need to have been a public-sector tenant for three years, rather than the previous five – and increased the maximum Right to Buy discount.