I always recommend speaking with a Professional Mortgage Adviser to help you navigate through the thousands of mortgage deals available. This will enable you to have access to a comprehensive range of mortgages from across the market, therefore ensuring you get the most suitable deal given your individual circumstances. I can help you with the following:
• Working out how much you can borrow and what fees you will have to pay
• Researching the market and finding the most suitable deals available
• Showing you what your monthly mortgage payments are likely to be
You may be tempted to go back to your existing lender, however it is important to remember they will only be able to tell you about their mortgage products. There could be a better option for you with another lender, potentially saving you money.
Don’t forget the importance of impartial advice!
Whether you are upgrading or downsizing, moving home can be a busy and stressful time, especially if you are forming part of a lengthy chain. With everything that’s going on, there’s one thing you don’t want to be worrying about – your mortgage. I will review your current mortgage and update you on what options are available.
Whether you’re simply porting your current mortgage across, taking out a further advance (top-up) or finding it beneficial to switch lender, I will work out the mortgage costs involved and advise you accordingly. I will walk you through every step of the way, handling all the paperwork and communications on your behalf.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Buying a house for the first time can be one of the most stressful yet rewarding times in your life. I will support you through this process by finding the most suitable mortgage deal to suit your individual needs as well as dealing with the lender on your behalf. Below are a few things to consider as a first-time buyer:
Using a monthly budget planner will help work out how much you can spend on your new home and ensure your mortgage is affordable.
The size of your deposit will have an impact on which mortgage deals you might qualify for, as well as what mortgage rates would be on offer. You will hear a lot about ‘Loan to Value’ (LTV). The size of your deposit compared to the size of the mortgage will give you your ‘loan to value’ (LTV). For example, if you are looking to buy a property valued at £500,000 and have a £25,000 deposit you will be looking to borrow 95% of the property value. Typically, the more deposit you put down the better the mortgage rates will be.
If you buy an older property, it may require extensive work, such as re-flooring, tiling, or renewing the wiring. These should be considered alongside the purchase price and fees such as conveyancing (solicitor) and stamp duty.
Where possible, try and take an experienced home buyer with you when viewing properties. Experienced home buyers or ‘builder friends’ are more likely to notice important details that you could be missing.
Owning your own property will come with expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs. Using our budget planner will help us make sure you are prepared for these outgoings and that you have budgeted accordingly.
It is very important to make sure that you know what your council tax charge will be in your new property. The selling agent should be able to provide you with the relevant tax band and monthly cost. Always find out how the charges are levied by your local authority.
A mortgage is a long-term commitment and with so many different products available, it’s important you get the right solution for you.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Should I Remortgage?
With high interest rates, it can be difficult to know what to do when you come to the end of your fixed term. Should you remortgage with the same lender or switch to a new lender altogether? Or should you consider different options such as capital raising or an offset mortgage? Your existing mortgage deal might be coming to an end. For many people, this would mean moving on to the lender’s standard variable rate. The standard variable rate (SVR) is normally a higher rate resulting in an increase in your monthly mortgage payments. In the above scenario, remortgaging before your term ends could potentially save you money by switching to another deal or another lender. Other reasons for considering a remortgage are perhaps if you want to cover the cost of home improvements, pay off more expensive debts or provide a gift to a family member. With the current state of the market, high-interest rates and an increase in the cost of living, it’s never been more important to take advice on finding the most suitable remortgage solution.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Whether you’re becoming a first-time landlord or you’re an experienced landlord with an existing portfolio, you will need to take out a buy to let mortgage. A buy to let mortgage is different from a standard residential mortgage; it’s specifically designed for people who are buying a property to rent out to tenants.
Differences between a buy to let mortgage and a residential mortgage
The FCA does not regulate some forms of buy-to-let mortgages.
Your property may be repossessed if you do not keep up repayments on your mortgage.
As a self-employed person myself, this section resonates with me. High street lenders tend not to offer mortgages to the self-employed, contractors or freelancers without considerable paperwork and potential delays. Depending on your business set up – whether it be a Limited Company or Sole Trader – finding the right mortgage and lender for your circumstances can be daunting as different lenders will request different documentation.
As a mortgage broker, I have strong relationships with the key lenders in the UK mortgage market, including those private banks who do not have a high-street presence. I can arrange bespoke mortgage solutions for our self-employed clients, providing a tailored one-to-one advisory service that can be delivered face-to-face or remotely, depending on what suits you.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Years ago, interest-only mortgages were very popular because of their lower monthly repayments and the flexibility of using various repayment vehicles to pay off the capital. Since the financial crash in 2008/9, fewer lenders offer interest-only mortgages. Saying this, there are still lenders that are prepared to lend on this basis as long as certain criteria are met and these will vary from lender to lender. Some will also offer a part interest-only and part repayment mortgage solution.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Retirement Interest Only Mortgages / Later Life Lending Options:
Do you have an interest-only mortgage that will be coming to an end?
Are you concerned that you will need to sell your home to pay off the mortgage or have to downsize?
The mortgage market is always adapting and keeping up with clients’ needs. There are mortgage options available for those aged 55 +. You could consider a Retirement Interest Only Mortgage (RIO). Firstly you don’t need to be retired to qualify, you only need to be aged 55+ and be able to pay the monthly interest. This is an interest-only mortgage with no fixed end date. There is also an option for people aged 50+ but this would be based on a fixed term, also known as Term Interest Only Mortgage (TIO).
Your property may be repossessed if you do not keep up repayments on your mortgage.
This firm does not charge a fee for the mortgage advice. However there may be other costs or fees attributed to the mortgage, which will be discussed with you before proceeding.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK
Registered Address: Unit 2 | Beverley Court | 26 Elmtree Road | Teddington | TW11 8ST
Marius Spies Ltd registered in England and Wales 13249058
Marius Spies Ltd is an Appointed Representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority
Contact us
