Residential

How much can I borrow?

Can you borrow 4X your income, or 5.5X your income? Will this be on Capital & Repayment or Interest Only?

Our mortgage brokers will run you through you potential borrowing power. 

The actual amount you could borrow will depend on several factors including your income, deposit/equity, financial commitments, credit references and chosen mortgage lender.

All lenders will vary on how much they will lend you depending on your job and employment status, we will work this out for you by doing an affordability assessment. We will confirm how much you can borrow and the best lender to submit your mortgage application with.

What types of mortgages are available?

Purchase

Arguably the most important financial transaction you will make weather you are a First Time Buyer or a home mover it is crucial that you speak to an experienced mortgage adviser and receive the highest quality advice. There is much to consider with a residential purchase including property valuations and solicitors, we will assist you with all aspects of this from initial consultation to completion.

Remortgage

If your current rate with your existing lender is coming to an end and you want to avoid going on the lenders Standard Variable Rate, we can search the market for the best deal to ensure you don’t pay more than you need to by securing your remortgage with a new lender. We advise to start the process around 4 – 6 months before your current rate expires.

Product Transfer

If your current lender is offering a better deal to stay with them instead of moving to a new lender your mortgage adviser can instruct a product transfer for you with minimal hassle. The advantages of this are usually no expensive valuation or solicitor’s fees.

5% deposit mortgages

The conventional way of buying a property with your sole ownership and no government schemes, you would be required to put in a minimum 5% deposit.

Shared Ownership Mortgages

You buy a portion of the property (minimum 10%) and pay rent on the remainder, typically to a local authority or a housing association. 

Right to Buy mortgages

This scheme helps eligible council and housing association tenants in England to buy their homes with a discount.

> More information on the Right to Buy on the government website.

Joint borrower, sole proprietor

These have mostly taken over from guarantor mortgages. It’s where two or more people are on the mortgage but only one person will be the legal owner of the property. This arrangement usually happens between close family members such as parents and children. Both borrowers are still responsible for the mortgage repayments.

Transfer of Equity, divorce or separation

If you are in a position where joint owners of a property need to go their separate ways and one party is left owning the property and therefore carrying forward a sole mortgage we can help with this process. One owner may need to remortgage and possibly capital raise to pay off the other party for a divorce or other settlement. This requires expert advice from one of our highly trained mortgage brokers.

What Types of Mortgage products are available

Fixed Rate mortgages, Tracker Rate mortgages, Variable Rate mortgages, Discounted Rate mortgages, Stepped Fixed mortgages, Capped or Collared mortgages, Offset mortgages.

You will need to speak to your mortgage adviser regarding the differences in interest rate types and the benefits between longer or shorter initial rate periods.

How much Stamp Duty will I pay?

First-time buyers can be eligible for stamp duty relief. The relief can change from time to time so it’s best to use a Stamp Duty Calculator to work out the cost. You may also have to pay stamp duty if you are moving. There could also be a surcharge to pay if you will own two or more properties on completion.

> Calculate your Stamp Duty fees on the government website.