Buying a house is the single most important financial decision many people will ever make. For many couples and families it is choosing a home of their dreams … and buying property can be a very wise investment!
At Alicia Baker Consultancy I have helped many home-buyers and re-mortgagers to get the best mortgage deal to suit their own financial circumstances.
There are many mortgage providers and they are not all well-known high street names. As I am a whole of market mortgage broker I can search thousands of lenders to find the best deal for you. Quite often other lenders will provide excellent mortgage rates and repayment flexibility that suits you better. These mortgage packages are frequently changing and often limited. This is how the Alicia Baker Consultancy’s financial markets experience can really help you. I will research the mortgage market and find the best deals for your personal finances. Once you have reached a decision I liaise with the provider and provide the mortgage paperwork and also advise you on any other property buying issues relevant to you. My aim is to make your house purchase or remortgage as easy and stress free as it can be.
I only charge once you have applied for a mortgage so there is no risk in asking for my financial advice. Please send me an email using the contact form or ring me on 01303 479848 or 07950657468.
There are many types of mortgages. The main ones are:
These are used by First time buyers or other home movers. You will normally need to have saved a deposit as a mortgage will be for less than 100% of the property cost. The minimum deposit you can put towards your purchase is 5% and for a remortgage you need to leave 10% equity in your property.
Getting on the property ladder demonstrates your financial awareness and financial responsibility and improves your credit rating.
On these mortgages each payment you make pays back some of the capital you have borrowed as well as the interest on the mortgage. As the term goes on the amount of capital paid back increases.
Interest Only Mortgages
On these mortgages you only pay the interest. There must be some other plan in effect so that the capital can be paid back at the end of the mortgage term. Interest only mortgages can be a good way of paying a lesser monthly payment, but there is the risk associated with having to repay the capital at the end. This mortgage does not suit everybody so please ask me for advice.
Shared Ownership Mortgages
Shared ownership mortgages are a good option for first time buyers. They allow you to take out a much smaller mortgage by only purchasing a percentage of the property you are going to live in. The remaining portion of the property is then rented by you. Over the years you have the option to remortgage so that eventually you own the whole property. This means you can own your home even if you have a low income or small deposit.
If you are a director of a limited company or a sole trader most lenders will take an average of your last 2 years income, although there are a few who will use your latest years figures for affordability. For a director this is made up of your salary and dividends and for a sole trader it made up of your net profit. If you are thinking of purchasing a property or remortgaging let your accountant know as soon as possible.
Buy to let Mortgages
There are two types of buy to let mortgages which are Commercial or Consumer. If you are buying a property for the purpose of renting it out you are a commercial borrower. If you have purchased the property and lived in it and then decide to rent out the property you are a consumer borrower.
There are many different mortgages designed for every situation. At Alicia Baker I am able to personally advise on:
- Single people and couples wanting a mortgage
- Families needing to remortgage or move to a larger home
- People on Low income who want to buy a home
- People with adverse credit who cannot get a mortgage from the main lenders
- Second property mortgages for buy to lets or holiday homes
- Remortgages to borrow extra money or to fix a new rate
- Help to buy Mortgages
- Shared ownership Mortgages.
Please Note: "Not all Buy to Let mortgages are regulated by the Financial Conduct Authority”