MORTGAGES

You might find that arranging a mortgage can be a daunting process, with lots of factors to consider, it can be difficult to know where to begin. At Broker Advice we give mortgage advice to help you every step of the way, from working out how much you can borrow, to when you pick up the keys to your first home.

At Broker Advice we can advise you on a range of exclusive mortgage deals from reputable lenders. We can do this as we give independent mortgage advice across the whole market, which allows you access to mortgage options that will suit almost any borrower. 

Whatever your mortgage needs, First in Mortgages are able to help.

Seven steps to buying your first home

Step 1 – Understanding how much you can borrow

The amount of mortgage you can get depends on your income. Most lenders will assess what level of monthly payments you can afford after taking into account various personal and living expenses, as well as other factors such as existing loans and other credit commitments. This is called an affordability assessment. For a more detailed analysis of how much you can borrow talk to us on 07590 519314

Step 2 – Obtain a Mortgage Agreement in Principle

Obtaining a mortgage agreement in principle means that you have your finances in place before you find a property you wish to buy. This will give you an accurate indication of how much you can borrow and implies you are a more serious purchaser to the vendor and estate agent. Contact us to obtain this for you.

Step 3 – Giving you the mortgage advice you need

After we have collected all the information we need, we will agree a time to present you with our recommendation. The recommendation will be based on your individual circumstances, making sure it is in your best interests. At this stage we will also discuss all your insurance requirements to help you protect and keep your new home, we are able to advise and recommend what products would be most appropriate including Life Insurance, Critical Illness cover and Income replacement plans. We will also be able to help you with buildings and contents cover.

Step 4 – Instruct a conveyancer or solicitor

You will need to instruct a conveyancer or solicitor who will act for you. Using someone who has been recommended to you is normally a good idea. If you need any guidance in finding a solicitor we will be pleased to help.

Step 5 – Getting the right survey

There are a number of options available to you from a simple Mortgage Valuation through to a full Building Survey and Valuation. We will be happy to discuss these options with you.

Step 6 – Your mortgage offer

When all the legal and financial checks have been completed, you’ll receive your formal mortgage offer from the recommended lender, which we will check and talk you through.

Step 7 – Exchange of contracts / completion

Towards the end of the process you will exchange contracts with the seller of the property, this is normally when any deposit monies are payed to secure the transaction. Completion will follow shortly after and you will be handed the keys to your new home!

Remortgaging is when you take out a different mortgage on a property you already own. For example, you might remortgage when your current mortgage deal is about to come to an end, to see if you can find a better rate or more suitable product. Or you might remortgage to fund some improvements to your home.

Remortgaging need not be a hassle. In fact, it’s something we should all think of regularly to make sure we’re still on the best mortgage deal.

At Broker Advice we have access to hundreds of mortgage products, including some exclusive options not available on the high street. We can do this because Broker Advice is an independent mortgage broker that compares products from across the whole market. We will give you the right mortgage advice to help you switch your mortgage to a more favourable product, potentially saving you money each month or reducing the term of your mortgage and therefore the total amount paid back over the entire term.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Whether you are a first time landlord or an experienced property professional, whether you are looking to purchase a new buy to let property or remortgage an existing one, no matter how complex your property needs, at Broker Advice we are here to help you every step of the way.

If you are looking to make your first purchase it is worth noting that lenders will generally require 20% to 25% deposit, with the new loan amount being supported by the expected rental income for the property, typically representing 125% of the monthly mortgage interest payment.

We are here to help – Contact us today!

Your property may be repossessed if you do not keep up repayments on your mortgage.

Moving home should be an exciting time in your life. But to make your dream home a reality and to ensure it’s affordable once you get there, it’s crucial that you get the right mortgage advice.

The mortgage market has gone through considerable change over the last few years and following the Financial Conduct Authority’s Mortgage Market Review, you may find that your existing lender will be unable to offer you the amount that you need to buy your new home.

This is where Broker Advice can step in and give you the mortgage advice and support you need. Because we are independent we can access hundreds of mortgages throughout the whole mortgage market, ensuring you get the best available deal to suit your needs.

Generally, you’ll need to have at least 5% or 10% of the purchase price to put down as a deposit on your new home, which you’ll hopefully be able to raise through the sale of your existing property. However, if you’ve not got much equity in your property, you may need to top up with your savings to secure the mortgage you need.

Talk to us today on 07590 51931.