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 offer free no obligation guidance and an illustration tailored to your requirements and will only charge a fee on completion once the transaction has completed.
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.
When it comes to buying a home, some lenders can take on a rather sanctimonious attitude. They want to deal only with those who have faultless credit histories, perfect work records and adequate deposits. But money problems can affect everyone. Adverse credit problems can be linked to a loan default, county court judgements or being a discharged bankrupt.
Sometimes people get into debt through no fault of their own and, even if they have been to blame, want to sort things out. Certainly no-one taking out a mortgage wants to see their property repossessed.
However, there is some good news in that some lenders are willing to provide adverse credit mortgages. Deals are unlikely to match standard mortgages; lenders in the adverse credit market - which is also sometimes described as 'sub-prime' or 'non-conforming' - will charge higher rates.
While the lenders clearly want to keep some degree of separation between their standard and adverse credit divisions, the deals they are offering are less punitive than in the past. Most lenders will also cut the interest rate if borrowers keep up a good payment record. And, after three years, it may be possible to switch to a standard loan.
Your application will be thoroughly vetted and the interest set according to the risk the lender believes you pose. You may also be subject to redemption penalties, but these should cease to apply after three years.
A mortgage may not be available in all cases, but we'll always try our best. Why not give us a call today and see how we can help you.
If you take out a lifetime mortgage, there is an option to take out the loan secured on your home which does not need to be repaid until you die or move into long-term care. Alternatively you can make monthly interest payments to reduce charges or pay off the loan up to 12.5% each year to manage interest charges or pay the loan off over a certain number of years without charge
Unlike other types of Equity Release scheme, your home still belongs to you but you are obliged to repay the loan when certain conditions are met – death, moving into long-term care or if the terms of the mortgage are broken.
The lender can give you a lump sum or you can withdraw funds in stages. Interest is paid on this amount on an on-going basis or the interest can be ‘rolled up’ and paid together when the loan is repaid.
The loan can be repaid from the proceeds of your home when sold. If there is any surplus from the sale it would be available to your beneficiaries or estate. If the value of the property is lower than the loan and interest which as accrued it is usual to have agreed a ‘no-negative-equity’ guarantee with the lender so that you would not have to pay back the value of your home.
As with all Equity Release schemes it is very important to get advice on whether the scheme is right for you. Please talk to us to find out more and ensure you get the advice you need.
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.
With this type of mortgage you are only paying interest each month to service the debt. This means that although your payments will be lower, the amount you borrow will still be outstanding at the end of the mortgage term. You'll need to make alternative arrangements to pay off the mortgage such as a pension tax free cash lump sum, downsizing and using the proceeds from the sale of the house or stocks and shares investments.
For interest only mortgages most lenders have strict criteria on minimum earnings and sufficient equity in the home to reduce the risk of negative equity in future years
A commercial mortgage is probably the best way to finance the purchase of buildings and land for business purposes, it provides the most flexible and affordable finance solution.
Commercial mortgages are specialised due to the fact that the lender has a legal claim over the property until the loan has been repaid in full.
Mortgage loans of this type are tailor made for purchasing any commercial property used for business purposes including shops, factories, offices and warehouses. Commercial mortgages can also be used for taking over an existing business, purchasing a brand new building or buying land.
Although they often come with higher interest rates and more variables than residential mortgages, commercial mortgages are more flexible and can carry extra incentives for borrowers. With commercial mortgages, the lender has a legal claim over the property until the loan has been fully repaid.
The Mortgage and Protection Partnership Ltd. works with a number of estate agents helping clients purchase or re-mortgage to achieve their objectives such as 'let and Buy'
Our Estate Agent colleagues have a great selection of flats and houses to buy or rent. We offer the highest standards of services to our clients and will maximise returns from your property.
We offer honest expert Diploma for Financial Advisers (DipFA)and CeMAP® Diploma qualified advice. Our local dedicated team make sure that your move progresses as quickly and smoothly as possible.