Buying a new property or wanting a better mortgage deal?
Our aim is to provide a comprehensive mortgage service whether you are a first-time buyer, remortgaging your home, moving property or purchasing an investment property.
Mortgages can be complicated, but you do not have to figure it all out by yourself. Not only do we find the best mortgage deal for your situation, we also explain the different mortgage options available to you and assist you at every stage of the process.
First time buyers
Buying your first home should be a fun experience – not a frightening one. However, with all the banking jargon and endless mortgage options available to you, it is easy to see why some people can feel overwhelmed. How do you decide what deal is best for you?
Luckily, with our help and guidance, applying for your first mortgage can be a straightforward process.
Remortgaging allows you to switch to a different mortgage provider to take advantage of new rates and more cost-effective products. It also enables the homeowner to make changes to their existing loan i.e., increasing/decreasing the loan or term, to raise capital or to consolidate debts.
As a whole of market broker, we have access to thousands of mortgage deals to help you find the best one to suit your needs.
Equity release & lifetime mortgages
As you enter later life, you may want to release some of the equity in your home. Equity release schemes are becoming an important part of retirement planning This is a big step to take so important you seek the right advice.
Buy to let mortgages
A buy to let mortgage is designed specifically for properties that are owned or purchased with the intention of renting them out. How these types are deals are assessed depends on your experience as a landlord, the type of property you are looking to buy, and the likely rental income received.
Whether you are looking to invest in buy to let properties for the potential income, or more for potential capital appreciation, we can advise you on the best products to choose.
Moving home can be an exciting time – viewing houses, exploring new areas, choosing new furniture, but it can be overshadowed by the more stressful parts of the process like obtaining a mortgage. Can you afford to take the next step on the property ladder? Is it better to obtain a new deal from a new lender or port your existing mortgage across to the new property?
We will guide you through the process, detailing all the options available to you.
FIRST TIME BUYERS
Buying your first home is one of the biggest steps you will take in life…
Whilst its incredibly exciting, it can also be pretty scary, which is why we at Financial Resolutions Mortgage Brokers want to be there to assist you from the very beginning of the process.
It is a good idea to talk to us about your mortgage requirements as early as possible. You are not under any time pressure to make a decision and being prepared means you can move quickly once you find the right property and have an offer accepted.
We will look to arrange an initial meeting. A chance to introduce ourselves and to talk through your requirements in more detail. Once we have all the information necessary, we will come away and research the market for you, to explore the best deal and lender to suit your circumstances. A follow up meeting will be arranged to run through our findings and talk you through the process further.
Once you are happy with our recommendations, we can carry out a DIP (Decision in Principle) – a credit check with the chosen lender to determine affordability subject to a full application being submitted. Estate agents will often request a DIP as confirmation of affordability. Once an offer on a property has been accepted, we are then able to proceed to a full application.
Our advice and guidance will make you feel at ease and give you a clear understanding of the process. We are with you every step of the way, submitting the mortgage application on your behalf, liaising with the estate agents, solicitors, accountants, and surveyors involved, to ensure the whole transaction proceeds as smoothly as possible. We will also be on the end of the telephone at any time if you have any questions along the way.
There are a number of reasons why a remortgage might suit you;
- The introductory deal on your current mortgage is due to end soon and you would like to avoid being transferred on to the lenders standard variable rate (SVR).
- The rates being offered to remain with your current lender are uncompetitive, compared to others on the market.
- You may wish raise money to fund home improvements or to consolidate debts, loans, or other personal credit agreements.
- To make alterations to the existing term or repayment type of the mortgage.
- To help fund a large upcoming expense such as, the purchase of a second property or holiday home, to help finance a wedding or schools fees, or to assist your children with a deposit to buy a home of their own.
Our expert advice and guidance will give you a clear understanding of the options available and help you find the right remortgage deal for you.
It’s important to review your mortgage regularly to avoid being charged higher rates….
If your initial mortgage term is coming to the end of its tie in period, and reverting to the banks standard variable rate, a remortgage is an ideal opportunity to review the market and obtain the best deal possible.
Remortgaging is where you take out a new loan with a new lender on a property you already own and have a mortgage on. The new mortgage replaces the deal you already have.
For existing Financial Resolutions Mortgage Brokers clients, we make contact 3 to 4 months before your current mortgage deal expires to arrange a review and to advise you on the mortgage options available. We will guide you on the rates/deals being offered by your current lender and compare them to the rest of the market.
BUY TO LET MORTGAGES
Whether you are investing in buy to let properties for the rental income, or for the potential capital appreciation, choosing the right mortgage is essential…
Sourcing a buy to let deal isn’t just about the cheapest rate. Never more so is specialist independent advice required. Whether you are first-time landlord, or looking to expand your existing portfolio, buy to let mortgages can be a complicated subject.
It is vital you plan appropriately and weigh up the income with the costs involved. We also strongly recommend that you seek tax advice before you start the process.
Lender assessment for buy to let deals differs greatly to residential mortgages, with the emphasis firmly on the rental income achievable. Lenders will require rental income to be between 125% and 145% of the monthly interest payments, at a stressed interest rate of between 4.5% and 5.5%. This is to ensure you can cover any fluctuations in interest rates over the duration of the mortgage term.
The interest rate charged, and associated processing costs are usually higher on buy to let deals, with larger minimum deposits of 25% required to offset the additional risk taken up by the lender.
With most lenders, personal income checks are still required to ensure you can cover periods where the property is vacant or not being let. More in-depth assessment is usually required for portfolio landlords (with more than four properties) than first time landlords or those with just one or two properties, to ensure ongoing affordability. Sound confusing? With our help it doesn’t need to be.
We are independent mortgage brokers with access to the whole of the buy to let market – including lenders that can only be accessed via intermediaries such as ourselves at Financial Resolutions Mortgage Brokers.
EQUITY RELEASE & LIFETIME MORTGAGES
Equity Release schemes are becoming an important part of retirement planning – used to make your retirement more comfortable.
Our main residence is often the single largest asset we own, and releasing the value held in the property can assist in financing a range of needs for later in life without the need to sell the home or borrow from other sources. As you get older, you may need to pay for longer care bills, alterations to your home, or perhaps for more enjoyable things like a new car, a holiday or to gift money to a family member.
Once you have retired and no longer receive a regular income from employment, it is not always easy to borrow money or put savings to one side. Releasing the equity in your home can be the ideal solution – buts its big decision and independent advice should be taken.
There are three main types of equity release product on the market today. Our experts can help you choose what is best for your specific requirements;
Home reversion plans
You sell your home (or a share of it), in return for a lump sum or monthly income (or a combination of both). Technically you become a tenant, living in your own home. When the property is sold (usually after your death), the reversion company will be paid.
Home income plans
You take out a mortgage against your home and use the money to buy an annuity. The annuity guarantees you an income for life. Interest on the mortgage is deducted from that monthly income (the capital sum is usually only repaid from the sale proceeds from your house, normally after you pass away).
You receive a lump sum or monthly income (or both) and pay nothing – the interest on that money is ‘rolled up’ into the loan. The amount borrowed plus that interest is repaid out of the proceeds from the sale of the property after you die.
How much you borrow depends on the value of your home and your age. The older you are, the higher percentage of your property value you can borrow on (up to maximum of 55% of your property value).
We work with specialist outside firms to be able to assist with all forms of equity release, ensuring that particular attention is given to the risk and suitability of entering these arrangements as we consider your needs and the legacy that you aim to leave.
Moving home can be an exciting time, but there are many things
for you to consider…
Whether you need space for a growing family or simply want to climb the property ladder, you have decided it is time to take the next step. Contacting us at Financial Resolutions Mortgage Brokers should be your first call.
Just like when you bought a property for the first time, it is a good idea to talk to us about your mortgage requirements as early as possible. We will arrange a meeting to run through the process in detail, highlighting the sale and purchase costs involved as well as your borrowing capability to ensure any new planned purchase is affordable. It’s essential you understand fully what is required in moving home before making a final decision whether to do so.
You may want to move home ‘porting’ your existing mortgage across the new property should have a particularly competitive rate that you want to keep, or if you are tied into a fixed rate and wish to avoid any lender early repayment charges. We will explore all these options available to you to ensure you’re moving home obtaining the best deal possible.
As before, we are with you every step of the way, submitting the mortgage application on your behalf, liaising with the estate agents, solicitors, accountants, and surveyors involved on both the sale and purchase side to ensure the whole transaction proceeds as smoothly as possible.
A home move is no different to applying for your first mortgage. It is a huge financial decision that requires careful thought and as always, we are here to guide you through the process.
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