We have access to most lenders from across the market and so can offer you comprehensive range of mortgage products available to intermediaries.
A person who has not acquired a freehold or leasehold interest in residential property in the UK or an equivalent interest elsewhere in the world is generally classed as First time buyer. However, there are few lenders who will class you as a first time buyer if you had a property in the past and have sold it before 12 months.
Buying a house is often complex and confusing, no matter how many times you’ve been through the process, but for a first-time buyer, it can be an even more daunting experience. We understand how stressful it can be. Our advisers can guide you through the entire process, in an easy to understand way, we are here to help you!
If you’ve decided you’d like to own your own home, there are a few things you need to understand to make the process easier. From saving for a deposit to the mortgage application process, here’s everything you need to understand:
Most people need to borrow money to buy a new home. A person selling one property and purchasing another property will require a Homemover mortgage. Many home owners looking to move will face difficulties securing a new home mover mortgage, even from their current lender.
Many mortgages are 'portable' which means you may be able to transfer your current mortgage product to a new property. Porting is a great flexible feature but there are no guarantees that your lender will permit you to do it, for two key reasons:
When you ask your lender to 'port' your mortgage, you effectively have to re-apply for that deal, so you may not qualify as it is much tougher to get a mortgage now than it used to be.
For example, your circumstances have changed, you're now self-employed, you earn less or you have more debt and/or outgoings. Or you might not have changed at all but your lender's criteria has, so even though you got your first mortgage without hassle, it doesn't mean the same will happen again.
And if you haven't made all your mortgage payments on time, chances are the lender will refuse in the hope you leave them.
If you move to a more expensive property, you may need to borrow more cash but your lender may not allow this if you are already close to the maximum it will lend you. Even if it will lend you the extra money, it may insist you put the additional borrowing on a different product.
Additionally many mortgages were arranged on an ‘interest only’ basis meaning the debts have not reduced. Add to this the fact that lenders gave mortgages to many who could barely afford them. Lending criteria has tightened up for home mover mortgages – a lot. Lenders want to avoid what they see as ‘risky’ mortgage lending and have taken steps to avoid taking on such business.
These are some of the problems restrictive lending policies causes those wishing to move:
Shared ownership schemes are provided through housing associations. You buy a share of your home (25% to 75% of the home’s value) and pay rent on the remaining share. You will need to take out a mortgage to pay for your share of the home’s purchase price. These are always leasehold properties.
You can buy a home through shared ownership if:
We generally charge a fee upto £1250 for advising and arranging your mortgage. We also get paid a procuration fee from the lender. In exceptional circumstances, the initial fee payable may be more or less than the fees detailed above. If this happens, we will explain the actual amount payable and the reasons why the fee is different. Once agreed, and before providing any services to you, we will confirm the actual total fee payable while explaining 'Information of our services' and 'Data Privacy Statement' during our first meeting.