Mortgages

Mortgages

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What is a mortgage?

Purchasing a house and obtaining a mortgage is one of the biggest decisions people ever make in their lives. If you choose to get a helping hand with it all, it’s important to make sure that the advice you get is impartial and the advisers are qualified, experienced and have dealt with all kinds of mortgages. Whether you’re a property developer, a first-time buyer, somebody looking for a remortgage, you want a holiday home or even if you’re looking to release equity from your property, we’ll put you in touch with the right advice.

What is a decision In principle?

A decision in principle is a written estimate from a mortgage lender. This gives you an indication of how much money you can borrow. You can show this to estate agents and vendors to prove you’re a serious buyer. In theory, this shows you can get a mortgage once a full application has been applied for. It may also be called: Application in principle, Mortgage in principle, Mortgage promise or Approval in principle.

some of the lenders we work with...

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Our Mortgage Services

First Time Buyer

When applying for your first mortgage, start by determining how much you can afford for a deposit and how much you can borrow. The process usually involves an affordability review and credit check. Lenders will assess your salary, other income, and outgoings, including bills and debts.They will also check your credit history for any missed payments. If you choose a variable or short-term fixed-rate mortgage, the lender may ‘stress test’ your ability to repay if interest rates rise. Based on this information, they will determine the loan amount you qualify for.Once you know your borrowing limit, you can better understand the type of home you can afford.

Self-Employed Mortgages

Being self-employed can make it hard to get a mortgage. Here at Finance Advice Centre, we are whole of market advisors. Your options for a mortgage when self-employed, can depend on how many years accounts you have available. Please contact us today for more information on this.

Right to Buy

We can guide you through the mortgage maze and advise you on the most suitable mortgage deal without any unnecessary jargon. Our Advisers will help you through the mortgage application step-by-step, working out how much it will cost and how much you can afford to borrow. Also what type of mortgage may be most suitable for your circumstances and there are no complicated forms to fill out.

Remortgages

Remortgaging involves switching your mortgage to a new deal, typically with a different lender. The main reason people remortgage is to save money, such as when an introductory discount or fixed rate ends. With a new lender, you may secure a better rate or lower APR. Remortgaging can also help consolidate debts.

Purchases

A purchase mortgage is used to buy a property, often by first-time buyers, those moving homes, or even for purchasing a second property or from a housing authority. While many go to high street banks, there are also competitive specialist lenders who may offer better deals, especially if you've been refused elsewhere or have poor credit.Your ability to secure a mortgage depends on factors like income, expenses, existing commitments, and the deposit you can provide. The deposit impacts the loan-to-value (LTV), which affects the mortgage rate. Even with bad credit, there are lenders who may help, depending on the severity of your credit issues and the affordability of the mortgage.Specialist lenders can still offer mortgages, even if others have turned you down. Our experts can help you find the best deals based on your situation, ensuring you get the right mortgage at the best rate. It’s important to seek impartial advice to explore all your options and avoid settling for a potentially higher rate with your current lender.

Moving Home

If you're moving home but still have a mortgage, many providers offer portable mortgages, allowing you to transfer your current mortgage to your new property. If you need to increase your mortgage amount, you can still port it, but there may be a fee, and you could end up with two loans. If you don't need more funds, it's simpler, though you'll still pay for property valuation fees.The lender will reassess your financial situation, including income, stability, and dependents, to ensure you're still eligible. If you're in an introductory period with a reduced interest rate, there may also be an early repayment charge.A mortgage broker can help you decide whether to port your mortgage or apply for a new one, considering all the factors involved.

Equity Release

An equity release mortgage allows you to unlock some of your home's value without selling or downsizing. You can receive either regular monthly payments or a lump sum. The amount you can release depends on your age and life expectancy, with older homeowners able to release a higher percentage.Typically, applicants under 60 are not eligible, but there is no maximum age limit. Your home’s value, minus any debts, determines your equity, and an equity release mortgage allows you to access that value. The loan is repaid when the property is sold, either when you move into care or pass away.There are different types of equity release products, some requiring monthly repayments, while others add interest to the loan balance. Some offer a no-negative-equity guarantee, ensuring you never owe more than your home’s value.Before considering equity release, factors like age, required funds, other income sources, and your plans for your estate should be considered. It's also important to inform family members about your plans to avoid surprises later. Unlike remortgaging, equity release mortgages don’t require monthly repayments, as the loan is paid back from the property’s sale.

Commercial Mortgages

A commercial mortgage is a loan secured against a non-residential property, often used for business expansion. It falls into two categories: owner-occupier mortgages and commercial investment mortgages. Typically, the mortgage is secured using the value of your current property, allowing you to borrow a percentage (usually 65-75%) of its value.The loan amount is also influenced by your business’s financial performance. Repayment periods typically range from 10 to 25 years, with loans starting at £25,000 and potentially reaching higher amounts to meet your business needs. Additional fees may include arrangement, valuation, and security fees.Note that the Financial Conduct Authority does not regulate certain types of commercial mortgages, including Buy to Let and Limited Company lending.

Buy to Let

Becoming a private landlord involves taking out a mortgage to rent out a property, which can be complex, risky, and time-consuming. While there are no guarantees of rising house prices, buy-to-let can offer significant financial rewards.When buying a second property to rent, decide if you want steady income or long-term profit from property value growth. This will influence the type and location of the property you choose.

Second Home

There are a range of reasons to think about buying a second home from having a holiday home to helping a family member get on the property ladder. No matter the reason you want to invest in a second home it is important to make sure you can fully afford it. Mortgages on second properties are not always very different from mortgages for main residences but what is available to you will depend on certain factors. The type of mortgage you will need will depend on what kind of property you want to buy and what you intend to use it for. For example, it can be a bit different if you want to buy a second property as a buy-to-let investment.

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Finance Advice Centre Ltd

Address:17 Prime Parkway, Derby, DE1 3QB

Phone Number: 01332 821 340

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Finance Advice Centre Ltd is an appointed representative of Finance Advice Group Ltd, which is authorised and regulated by the Financial Conduct Authority in respect of mortgage and insurance mediation activities only. Finance Advice Group Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 624517.

Some types of buy to let mortgages are not regulated by the Financial Conduct Authority.

As a mortgage is secured against your property, it could be repossessed if you do not keep up the mortgage repayments.