Mortgages
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Hertfordshire Mortgage Advisors
Whatever Your Mortgage Circumstances, We Will Try To Help You
We offer a comprehensive range of mortgage products from across the market for first charge mortgages only. We do not offer deals that you can only obtain by going direct to a lender. The lenders we offer mortgages from are available as an appendix which we attach with our Important Information About Our Services document, which will be provided at the first meeting.
Contact us when you’re ready to make your next step towards securing the mortgage you need.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Home Loan Advice
Mortgage Advice
We will not charge you a fee. We accept commission from mortgage lenders and insurance providers for arranging mortgages and protection policies on behalf of our clients. Other mortgage brokers also receive this commission, but charge an additional ‘broker fee’. We do not do this. We provide a service. Contact us to find out more.
First Time Buyers
You may find idea of embarking on the process of buying your first home somewhat intimidating. There are a number of stages to the process: finding your first property; choosing the right mortgage; selecting a solicitor and arranging the appropriate insurance. Our role is to support and guide you through each stage of the process. We will be continuously available to you to help with any issue that arises.
Remortgaging
There are a number of reasons why you might be considering remortgaging your current property. A common reason is to save money when a current mortgage rate is coming to an end as in this circumstance another lender may offer a more favourable rate. Another reason is to raise additional funds, which can be used for a variety of reasons. Popular reasons for remortgaging include to raise funds for home improvement, to pay off debts or to raise funds for investment into buy-to-let properties.
If you are thinking about remortgaging, please contact us. We will talk you through your options and work out with you whether remortgaging is the best way to achieve your objectives. If remortgaging is the best route forward for you it is important to realise that you will be effectively applying for a new mortgage. We will identify the best lender to meet your needs, ensure that you will meet their lending criteria, and undertake the application process on your behalf.
Remortgaging may not be the best option for you. A transfer to a new mortgage product with your existing lender may be the best way forward for you in your circumstances. If this is the most appropriate solution, we can also organise the transfer for you.
YOU MAY NEED TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE
Moving House
Moving house is considered to be one of the most stressful processes for many adults. We will help take the stress out of the financial process involved in moving, so that you can concentrate on the other aspects, such as finding your new home.
There are a number of issues that will need to be considered, including the benefits of moving your current mortgage with you as you move, whether you will need to borrow more money, whether your current lender will agree to you borrowing more money, and the possibility that you could save money by changing to a new lender.
We recommend an initial consultation with us, in order to review your options. We will confirm the fees associated with moving house, help establish what you have available as a deposit, and taking into consideration your monthly budget, what mortgage lenders might allow you to borrow.
Buy To Let
If you are planning to invest in residential rental property we will be able to support you through this process. You will normally, as a starting point, need to have a deposit of typically 25% of the property value. If this is the position you are in, and you meet their other lending criteria, then there are many lenders who offer competitive rates, often similar to rates offered on a standard mortgage. Landlords also have a choice between interest only and repayment mortgages. When lenders are considering approving a buy to let loan, they generally base their decision on the likely rental income from the property and not necessarily the applicants’ income.
There a range of issues for prospective landlords to consider, including the stamp duty charged on second properties. Similarly buyers need to be aware that lenders assess the rental income that will be generated by the property as part of the lending process. Buy-to-Let investments are long term investments which you hope will generate income along the way and a profit when you sell the property, but bear in mind that if you need access to some cash a property can take time to sell or re-mortgage. If house prices fall, you might not be able to sell for as much as you had hoped. You would have to make up the difference if the property sold for less than you owe 0 a risk that increases, the higher percentage you borrow. If you sell for a profit, you may have to pay capital gains tax. Don’t forget that with a variable interest rate mortgage, your costs will rise if interest rates go up, This would eat into, or even wipe out, your income and profit.
From 21 March 2016, due to the Mortgage Credit Directive (MCD) a Buy-to-let Mortgage falls into one of the following categories: Regulated mortgage contract; Consumer Buy-To-Let (CBTL);‘Business’ Buy-to-Let (Unregulated).
Most Buy-to-Let mortgages are not regulated by the Financial Conduct Authority
Shared Ownership
If you can’t afford to buy a property outright, shared-ownership is an alternative way into home ownership. You can part buy/part rent your home. You might buy a 25%, 50% or 75% share and pay rent on the remaining share. The bigger the share that you purchase, the less rent you have to pay. When you can afford to do so, you can buy more shares until you own your home outright. This is known as ‘staircasing’. The share you don’t own and what you pay rent for, is usually owned by a housing association. This information applies in England only. Shared ownership rules differ in Northern Ireland, Scotland and Wales. Please let us know if you would like to discuss this option.
First Homes
First Homes is a new scheme designed to help first time buyers and key workers onto the property ladder, by offering homes at a discount of 30% compared to the market price. In some areas the discount could be as high as 50%, providing even greater savings.
The discounts will apply to the homes forever. This is intended to ensure that new buyers and the local community will continue to benefit from the discount every time the property is sold.
The eligibility criteria are as follows:
- All applicants must be a First Time Buyer. Local Authorities may prioritise key workers, local residents and service personnel
- In England only
- New Build properties only
- Maximum purchase price, after discount, is £250,000 (£420,000 in London)
- Discount typically 30% but Local Authorities can increase up to 50%
- Customer maximum income of £80,000 (£90,000 in London)
This is a new scheme and not every lender are offering mortgages on properties purchased through the First Homes scheme, as yet. We advise that you contact a mortgage broker to discuss this option and to help you identify the most appropriate lender for your situation. Our experienced brokers are here to help, if you would like to discuss First Homes.
