Mortgages

Buying a home? Investing in a Buy to Let? Re-mortgaging to release funds for home improvements? Re-mortgage to release funds so that you can invest in a Buy to Let? Looking for the best deal?

All of these are possible dependant on your current situation.

The greater the deposit (or equity) that you have, the lower the rate that you will be charged – but lenders do charge product fees and some can be very substantial. It is very important to calculate the benefit of a low rate against the product fee that the lender charges. But you don’t need to worry about that aspect because it is our job to obtain the best, overall, most competitive product for you by analysing all the products available on the market at any one time. This applies not just to the product that you choose today but future products as well.

If you would like us to investigate further on your behalf then please send an email.

Equity Release

To choose Equity Release is a very big decision which should not be made in a hurry.

The benefits are often substantial but have to carefully weighed against the downside of taking a mortgage against your home. Below is a list of some of the advantages and disadvantages with Equity Release

ADVANTAGES

Pay off outstanding bills
Clear loans and credit cards
No monthly outlay (unless you choose to)
Enjoy the equity that you have built up
Buy a new car
Go on that cruise
Reduction in potential Inheritance Tax liability
DISADVANTAGES

Possibility that you could lose some state benefits
Debt builds up quickly (could double in 13 to 14 years unless you opt to make some monthly payment)
Less equity available if you want to move home
We will take you through all of the pros and cons of equity release so that the final decision that you make is the correct one. We conform to the standards of The Equity Release Council, the trade body responsible for ensuring high standards with Equity Release advice

http://www.equityreleasecouncil.com/home/

First Time Buyer Process explained

After completion of the application forms we will write to you reconfirming the details of the proposed Mortgage.

Nowadays, most mortgage applications are submitted on line either directly to the lender or, if appropriate to the packaging Company. When we are dealing with a lender that requires a paper application, then the process will take a little longer.

When your application is received, the lender/packager will carry out an on line credit search and credit score.

The credit search is to confirm that the information in relation to any loans or credit card debts that you have supplied to us is correct and to establish whether or not there is any undisclosed credit or any adverse entries such as unpaid club books, County Court judgements or defaults. The procedure is very precise and detailed. If you feel that there could be any adverse entries in your credit file then please advise us at the earliest opportunity so that we can select a lender to suit your credit profile as that will save you time and possibly money as well.

The credit score is the system used by all UK lenders to establish whether or not you fit their lending profile. The way in which a credit score is calculated varies from lender to lender. However, all of the following information is likely to affect a credit score either positively or negatively;- Age, Level of income, Occupation, Length of time bank account held, Amount of credit, Adverse information.

Once the credit search and credit score have been carried out and you have been approved, your file will be given to an underwriter for a lending decision or to request more information.

The valuation is then instructed. Once carried out the report is given to the underwriter who will then authorise the offer to be issued.

Normally, only when the mortgage is offered will the solicitors become involved unless you have instructed your solicitor differently. You would normally instruct your solicitor to start processing your purchase on day one if you needed a quicker purchase. Your solicitor will carry out the Local Search to see if there are plans to develop or change the property that you are purchasing or any nearby local changes that could affect your property. The Vendor (the person selling to you) will send, via his solicitor and yours, a completed questionnaire detailing exactly what is to be included in the sale and whether or not there any problems with the property or disputes with neighbours etc.

You will also need to make an appointment to see your solicitor just prior to exchange of contracts so that you can sign the contract and the mortgage deed and confirm that the mortgage offer is satisfactory. This is usually the time that the solicitor will ask you to pay the deposit and any fees that are due.

Please remember that your time of commitment is the exchange of contracts. If you or the other side withdraw after exchange of contracts then whoever withdraws is likely to be sued for a substantial sum of money.

The whole procedure from the signing of the forms to completing the purchase will normally take eight to ten weeks. During that time Georgie and I will be monitoring progress and will keep you informed of any developments.

On completion day the solicitors seal the mortgage deed and the property becomes yours and you can move in!

Remember a property purchase is likely to be one of your most expensive purchases in your lifetime so if at any time you have any questions please ask!