Providing individual mortgage advice unique to you through Advanced Mortgage Advice certified representatives
To ensure you receive the best advice and guidance all recommendations/ potential solutions are provided through CeMAP® Diploma/ Advanced Mortgage Advice qualified representatives.
Buying a property can be the biggest decision made in our lives. It is for this very reason that impartial advice is critical from competent and qualified advisers.
We'll look to ensure we use income from all acceptable sources such as for the employed: basic, overtime, bonuses, shift pay, travel expenses etc. and dividends; plus unearned income such as investment, pension, tax credits and maintenance.
We offer free no obligation guidance and an illustration tailored to your requirements.
As a first time buyer, home-mover, second property purchase, buy to let, let to buy, commercial purchase or re-finance project; we'll look to gain approval from the lender prior to full submission helping you save time, money and inconvenience...
Most residential mortgage lenders offer an initial incentive such as free valuation and low setting up fees plus a reduced interest rate or fixed rate for a specific length of time (say 2, 3 or 5 years). The size of the initial down payment (deposit) often reflects the interest rate charged and monthly mortgage payment. So generally the larger the initial deposit the lower the interest rate.
Other major factors a lender will consider include the repayment term, income and commitments; some lenders will take all or a percentage of income from overtime, second and third jobs, state benefits, investment income and maintenance. Credit commitments and essential expenditure such as utility bills reduce affordability and these are deducted prior to the maximum loan calculation. Other expenses considered by lenders include: council tax payments, pensions, dependants and essential travel all reduce the maximum loan available.
For the self employed and shareholders of limited companies, a few lenders will consider net profits or operating profits plus salary when considering affordability - if the business has been established long enough and a few lenders can sometimes work off accountant's projections
A poor credit rating due to missed payments on a credit card or loan can often lead to a higher interest rate being charged or the application being declined. But some lenders will consider bankruptcies and repossessions however, once again the interest rate charged reflects the risk the lender is taking on...
If you already own your home we'll help you research a further advance with your current lender or a second charge through an alternative so you could retain you existing low interest rate first charge mortgage or avoid paying early repayment charges. Second charges often have higher interest rates than first charges but can be a worthwhile alternative to paying early repayment charges on your existing mortgage. Second charges may be available at higher income multiples
Equity release and lifetime mortgages can enable a customer to remain in their property releasing equity to pay off a first charge mortgage or make essential home improvements. Some schemes allow payments to be made rather than interest rolled up as a charge against the property. We recommend a customer always asks for a personal illustration reflecting their needs and seeks independent legal advice. This is a lifetime mortgage, to understand the features and risks, ask for a personalised illustration. Equity Release may impact the size of your estate, and could also affect your entitlement to current and future means-tested benefits.
Typical bridging loan examples include properties purchased at auction and renovated in a short period to a suitable standard to be converted to a first charge mortgage with a high street lender; or a customer looking to secure another property with a definite exit strategy - such as the sale of another property within a specific timeline (usually 12 months). Interest is rolled up (no monthly interest payments) but the charge against the property increase the longer the charge remains outstanding. Valuation and arrangement fees are charged and you will also pay solicitor fees. The loan can be repaid at any time (subject to notice given to the lender).
Be reassured that our style is to guarantee reliable mortgage advice appropriate to any individual that makes contact with us.