First Time Buyer

The rungs of the property ladder appear all the more distant for most first time buyers. Since the UK residential market is one of the toughest in the world, our government has realised that they need to assist first time buyers. Guidance from your mortgage professional is crucial to aid you in understanding how your loan works and in making sure that you have the right loan for you.

As a first time buyer it is essential that you take advice on all the little points that might effect your ability to purchase your first home.  Most mortgage lenders have special criteria when you are classed a first time buyer.  Your independent mortgage adviser will be able to find the best suited mortgage for your specific needs.  

 Help To Buy

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Let to Buy

A typical Let to Buy scheme is when a homeowner needs to pull equity out of his main residence in order to purchase a new home. In turn, what was the main residence becomes a Buy to Let property.

Often, the reason a Let to Buy scenario arises in the first instance is due to clients not being able to, or time restricts home movers to sell their existing home. 

The main difference between Let to Buy and Buy to Let is that when you are an inexperienced landlord, different products apply. This type of loan is specialised. Caution is advised as some residential lenders frown upon Let to Buy schemes. 

Austin Friars Financial specialise in helping with the Let to Buy process.  We have vast experience with regards to policy and criteria to ensure that both your new loans are processed smoothly. New regulations were recently introduced that regulate any loan that is secured upon any property that the client and immediate family have ever resided in. This was the mortgage credit directive. 

 

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Buy to Let

If you intend to become a landlord, you will be required to take out a Buy to Let mortgage. Since the property crash of 2007, the Buy to Let market has grown cautious and things are not as simple as they once were. Lenders are concerned about their investments and this has caused the Buy to Let products to move on. Recently the industry had even more change to reflect the affordability of Buy to Let mortgages. Most of the lenders in the UK have changed their rental yield calculations to reflect the changes in how income tax is calculated from investment properties.

There are lots of talk regarding incorporating your buy to let portfolio into a limited company. The Inland revenue have strict rules to determine if the limited company is an investment company of in fact trading.  The tax position could be vastly different.   

Seeking the advice of an independent mortgage professional is imperative when assessing your individual needs.

 

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Home Mover

Moving home, although exciting, is very stressful. Speaking to your independent mortgage professional will provide you with relevant information, ensuring a smooth mortgage exchange. Needless to say, allowing your mortgage professional to take charge of this priority will leave you with plenty of time to tend to the more important things, such as finally clearing your garage out.

Important points to take advice on.

  • Valuation Types - Basic Valuation, Home Buyers Report, Full Structural Survey
  • Your conveyancing process.
  • Additional Reports such as a Damp and Timber, Japanese knotweed
  • Tenants in common and joint tenancy.

The above are all points in addition to the actual mortgage, the term of the loan, the rate that suits and so on.  

 

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Remortgage

There are many reasons to remortgage your property, such as attaining a better rate of interest, pulling out some equity for home improvements, or even to buy your dream holiday villa. It is essential to speak to someone in order to ascertain whether remortgaging in the first instance is the right course of action to take. Due to the way in which interest is calculated, you should make sure that your remortgage is appropriate to your situation. Your mortgage professional will help and guide you through this process.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Self Build

A mortgage for a self build differs from a mortgage you would use to buy a house. With a self build mortgage the money is released in stages as the build progresses. There are however different ways in which this money can be released and your choice of product will depend on your own particular circumstances. Make sure you take good advice from your mortgage professional.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

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