As one of the largest financial commitments that you’ll ever make, a mortgage is an extremely important life decision.
Our team are here to give mortgage advice as we help you navigate the wide range of mortgage products on the marketplace.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Before you commit to buying your new home, you may want to understand more about what types of mortgage are available to you.
This summary may help, however, check out the Mortgage Advice Guide above for a more detailed look into the world of Mortgages.
Buying a home for the first time can be a daunting prospect. There’s so many things to think about – and that’s before you’ve even considered the many mortgage products, rates, and lenders to choose from. To help you reduce the stress, here are our top tips for first-time buyers.
The government has several schemes to support house purchasers, such as Help to Buy. The Help to Buy mortgage guarantee scheme helps you buy a home with a deposit of 5% of the purchase price. It’s open to both first-time buyers and home movers for new-build and older homes in the UK, with a purchase price of up to £600,000. The guarantee is provided to your mortgage lender by the government - not to you.
These mortgages are designed for property investors and private landlords, who do not intend to live in the purchased property. Buying additional property for the purpose of letting it to earn rental income can be risky and complicated, since there is no guarantee that house prices will rise, nor that rental income will be uninterrupted.
An equity release is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. A lifetime mortgage reduces the value of your estate, will not be suitable for everyone, and may affect your entitlement to state benefits.
A bridging loan is taken out to ‘bridge’ the gap between the purchase of a new property and the sale of an existing one. Loans are generally short-term and secured on the existing property, but repaid as soon as this is sold.