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Mortgage Types

  • First Time Buyers

    first-time buyer in the UK is someone who has never owned a property before. This includes people who are buying their first home, as well as those who are buying a second home but have never owned one before.

    There are a number of benefits to being a first-time buyer in the UK, including:

    Shared Ownership:* Shared ownership is a type of mortgage that allows you to buy a share of a property, typically between 25% and 75%. You will pay rent on the remaining share of the property to a housing association or private landlord.

    Lifetime ISA: A Lifetime ISA (LISA) is a government-backed savings account that helps first-time buyers save for a deposit. You can save up to £4,000 each year, and the government will add a 25% bonus to your savings.

    If you are a first-time buyer in the UK, it is important to be aware of the different schemes and incentives that are available to you. These can help you save money and make it easier to buy your first home.

    Tips if you are a first time buyer

    • Save as much as you can. You will need to put down a deposit and the more you put down upfront the better interest rate you can secure. You will also need money aside for additional costs such as broker and solicitor fees, moving costs and furnishing your new property
    • Improve your credit score. Make sure you pay your bills on time and keep your debt to income ratio low
      Get a decision in principle – This will give you a good idea of how much you can borrow and shows the sellers you are a serious potential buyer
    • Think about your future plans – If you are thinking about starting a family in the not so distant future, think about if the new home meets all your needs and circumstances now and at that point as it can be costly to move quickly.
    • Be patient – don’t be discouraged if you don’t get the first house that you put an offer in for. Keep looking, eventually you will find the perfect home for you.
  • Remortgaging

    Remortgaging is the process of taking out a new mortgage to replace your existing one. This can be done for a variety of reasons, such as to get a lower interest rate, to release equity from your home, or to consolidate debts.

    When you remortgage, you will need to pay off your existing mortgage and take out a new one. The new mortgage will have different terms and conditions, such as a different interest rate, repayment period, and monthly payments.

    You can remortgage with your existing lender or with a new lender. If you remortgage with a new lender, you will need to go through the mortgage application process again.

    Remortgaging can be a complex process, so it is important to get professional advice before you make a decision. A mortgage broker can help you find the best remortgage deal for your needs and circumstances.

    Some tips for remortgaging

    • Start planning your remortgage early, as the process can take several months.
    • Compare remortgage deals from different lenders to find the best rate.
    • Consider the fees and costs associated with remortgaging, such as legal fees, valuation fees, and stamp duty.
    • Make sure you have a good reason for remortgaging, such as to lower your monthly payments, raise capital, or consolidate debts.
    • Seek professional advice from a mortgage broker or financial advisor if you’re not sure whether remortgaging is right for you.
  • Debt Consolidation

    A debt consolidation mortgage is a type of mortgage that allows you to borrow money to pay off your existing debts. This can be a good option if you have a lot of debt and are struggling to make your monthly payments.

    By consolidating your debts into a single monthly payment, you can make it easier to manage your finances and pay down your debt faster. However, it is important to note that debt consolidation mortgages can come with high interest rates and fees, so it is important to do your research and compare different lenders before you decide if this option is right for you.

  • Buy To Let

    A buy-to-let mortgage is a type of mortgage that is specifically designed for people who are buying a property to rent it out to tenants.

    These mortgages typically have higher interest rates than standard residential mortgages, as they are considered to be a higher risk for the lender. This is because there is a greater chance that the borrower will default on the mortgage if the property is not rented out, or if the rent does not cover the mortgage payments.

    Buy-to-let mortgages are typically available for properties that are valued at £50,000 or more, and the borrower will usually need to put down a deposit of at least 25%. The maximum loan-to-value (LTV) ratio for a buy-to-let mortgage is typically 75%, which means that the borrower will need to borrow no more than 75% of the property’s value.

    The interest rate on a buy-to-let mortgage is typically fixed for a period of two or five years, after which it will revert to a variable rate.

    Buy-to-let mortgages can be a good way to invest in property, but it is important to understand the risks involved before taking out a mortgage. These risks include the risk of default, the risk of negative equity, and the risk of changes in the property market.