Mortgages

Buying your First home is an exciting time and getting on to the property ladder is a big step... I know how daunting it is, but it doesn’t have to be.

Why don’t you give me a call, drop me a text, send me a WhatsAPP or send an email to see how I can help. A vibrant and innovative mortgage practice based in the city centre.

Straight talking, easy to understand and we offer a comprehensive range of     products from across the market.

We also have exclusive first time buyer deals that cannot be found on the high street.

‍Your Home/Property may be repossessed if you do not keep up repayments on your mortgage**The Financial Conduct Authority does not regulate some forms of Buy to Lets.

When it comes to your home I understand that every penny counts.

A re-mortgage can be for many reasons – maybe you’re coming to the end of your current deal or you are currently on your lenders Standard Variable Rate.

Perhaps you want to try and cut costs, consolidate debts, raise capital to buy another property or even pay a divorce settlement.

Whatever your reason please get in touch.

Think carefully before securing any other debts against your home.

Your Home/Property may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate some forms of Buy to Lets.

The key to making a buy-to-let venture work for you is finding the most suitable mortgage deal.

That’s why it’s so important to get the right advice – working with a professional adviser to secure the most appropriate deal has never been more important. especially in today’s market.

‍Your Home/Property may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate some forms of Buy to Lets.

An alternative option to selling is to do the reverse of buying to let: letting to buy. A let to buy mortgage allows you to remortgage to a buy to let deal.

Please contact me for further information.

‍Your Home/Property may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate some forms of Buy to Lets.

If you’re building your own home, you need a very different kind of mortgage to most people. Unlike a regular deal, where the money is handed straight over, a self-build mortgage releases the funds in stages.

The money is released as you complete each section of the build, with the lender potentially inspecting the work before each payment is made.

Some lenders will provide the money before the work is completed, while some may only pay once each stage is finished.

If that’s the case then you’ll potentially need a loan to cover the work before you receive the cash. Ideally, you’ll have savings in place and good cash flow.

Sometimes, a self-build mortgage may be suitable if you’re undertaking a major renovation project.

Your Home/Property may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate some forms of Buy to Lets.

This will be passed to a third party and they will contact you to discuss your needs.

I look forward to hearing from you.

‍Your Home/Property may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate some forms of Buy to Lets.

APR
APR is the commonly used acronym for the Annual Percentage Rate of the total charge for credit: this is the standard way (as laid down by the Consumer Credit Act 1974 and the Financial Conduct Authority) of working out the true interest rate.All lenders are legally obliged to show the APR alongside quoted interest rates for each mortgage term, this enables you the potential borrower to accurately compare mortgages from different lenders to work out exactly how much you will repay on your loan each month.

ARRANGEMENT FEES
These are sometimes charged when arranging a loan on certain products.

BANK OF ENGLAND BASE RATE
The Bank of England Base Rate determines how much other banks and building societies pay for the loans that they take out from the Bank of England. These base rates will in turn affect the interest rate paid for loans including the loan on your mortgage.

BRIDGING LOAN
This is a temporary loan which enables you to complete the purchase of your property before completing the sale of your existing house. A typical example of when you may need one would be if you wanted to buy a second property before you’d sold your first.

BUY TO LET
This is a type of mortgage used to buy property that will be used solely for the purposes of renting to a third party i.e. you as the owner never intend to live there.

CAPITAL REPAYMENT
There are two ways of repaying a mortgage either by the capital repayment or interest only route. With a capital repayment mortgage, the capital and interest elements of the loan are paid off with each monthly instalment, with the balance reducing over the length of the loan. Therefore by the end of the mortgage term, assuming all mortgage payments are made, you have paid off the balance in full and you therefore own your property outright.

COMPLETION
This is the point at which the money to buy your new property is released to the seller, ownership is then transferred to you and you become a proud home owner.

CONVEYANCING
This is the legal process involved when buying or selling property. Most people use a solicitor or a licensed conveyancer when buying or selling a property because there’s quite a lot of detailed work to do when transferring ownership of a property. If you are obtaining a mortgage your lender will insist that you use a solicitor.

CREDIT PROBLEMS
There are mortgages specifically designed for those borrowers who have a history of adverse credit e.g. CCJs, Defaults, Mortgage Arrears, Repossessions and bankruptcy.

DECISION IN PRINCIPLE
Also known as a 'lending certificate' or 'Agreement in Principle', a Decision in Principle (DIP) confirms that the lender would be prepared to lend you the amount you have requested.

DEPOSITA
deposit is the term used for the monies that you use as a down-payment on a property that you intend to buy.

DISBURSEMENTS
These are the fees your solicitor has to pay on your behalf (e.g. Stamp Duty, Land Registry fees and search fees) which will be added to your conveyancing bill from the solicitor on completion of the buying or selling of a property.

EARLY REDEMPTION CHARGE
If you pay off your mortgage in full or make overpayments in excess of the amount agreed by your lender at the outset you may be asked to pay an early repayment charge by your lender. This charge is raised in order to recover any losses or costs incurred by your lender as a result of your early payment.

ELECTORAL ROLE
Lists the names and addresses of everyone who’s registered to vote. Make sure you are on it !

ENDOWMENT MORTGAGE
An endowment mortgage is a type of interest only mortgage designed to repay the mortgage, subject to investment returns. They usually have two parts, the first is a monthly interest payment to the mortgage lender and the second, a monthly payment into an endowment policy that is mainly invested in stocks and shares. What this means is that you are only paying off the interest on the loan during the term on the mortgage so the balance of your mortgage never changes. The mortgage is designed to be repaid at the end of the term with the proceeds of the endowment policy, subject to investment returns.

ENERGY PERFORMANCE CERTIFICATE (EPC)
A report carried out when you sell your home and will give you a current energy efficiency rating and a potential energy efficiency rating. The graph produced is similar in appearance to the energy efficiency graphs seen on new fridges and washing machines.

EXECUTION ONLY
Where the customer specifically requests a product and therefore does not want advice. The Financial Conduct Authority (FCA) describe it as: “Consumers must know precise details of the product and the loan they require in order to proceed.”

FINANCIAL CONDUCT AUTHORITY (FCA)
A report carried out when you sell your home and will give you a current energy efficiency rating and a potential energy efficiency rating. The graph produced is similar in appearance to the energy efficiency graphs seen on new fridges and washing machines.

EQUITY
This is the positive difference between the value of your property and the amount of any outstanding loans secured against it. For example if your home was worth £300,000 and the mortgage on your property was £100,000 your equity would be £200,000.

EXCHANGE OF CONTRACTS
This is the stage in England, Wales and N.Ireland when both the buyer and seller have legally committed themselves to the sale and purchase of a property and are legally bound to complete the transfer.

FIRST TIME BUYER MORTGAGE
There are mortgages available exclusively for first time buyers and can have some special features such as; assistance towards legal fees, over 100% lending and free valuations.

FIRST TIME BUYERThis is the term for a person taking out their very first mortgage.

FREEHOLD
When you have the freehold on a property this means that you solely own the property and the land it is situated on.

GAZUMPING
This rather unfortunate state of affairs occurs when another potential buyer puts in a higher offer for a property after your offer on the same property has been accepted. This means that your offer is then rejected. This can happen because under English law, the seller is not legally committed to go ahead with the sale until the point at which contracts are exchanged.

HIGHER LENDING CHARGE
This is the term used for insurance for the lender for you defaulting on your payments when your property is worth less than theloan or in some cases this charge is payable when you are only able to pay a small deposit. There are many mortgages that do not carry this charge and based on your situation it is possible that this type of charge can be avoided altogether.

INTEREST CHARGES
These are the charges made on a loan, calculated as a percentage of the total amount that you borrowed on your mortgage.

INTEREST ONLY
There are two types of mortgage, interest only or capital repayment. With an interest only mortgage the balance of your mortgage stays the same throughout the mortgage term. Interest and sometimes a premium in a suitable investment vehicle is paid monthly. At the end of the term, the proceeds from the investment vehicle are intended to repay the mortgage. This amount will depend on the performance of the investment vehicle. If you do choose an interest only mortgage you are responsible for ensuring that you have sufficient funds available to repay your mortgage at the end of the term.

LEASEHOLDThis is a system used mainly in England where you own the property for a set period before handing back ownership to the freeholder. When you hold a leasehold on a property, it remains the property of the freeholder. A leasehold will set out the details of obligations of the leaseholder for repairs and maintenance of the property.

LEGAL FEESThese are the fees charged by a solicitor or other qualified individual to carry out the legal work associated with buying a property.

LOAN TO VALUE (LTV)This will be expressed as a percentage and it is how much you are borrowing in comparison to the property value. So, for example, if you need a mortgage of three quarters the property value you will be taking a 75% LTV Mortgage.

MORTGAGE RATE
In a nutshell this is the interest rate on a mortgage loan.

MORTGAGE
This is the term used for the type of loan used to buy a property.

MORTGAGEE
This is the creditor or lender i.e. your bank or building society, that lends you the money for your mortgage.

MORTGAGOR
This is the person who borrows money, usually to buy a property.

NEGATIVE EQUITY
This situation occurs when a mortgage is greater than the actual value of the property. This can occur due to a decline in the value of the property after it is purchased. For example, if the mortgage on the property is £300,000 but the value of the property is only £260,000 then a negative equity situation has occurred.

OFFER OF LOAN
This is the formal document approving the mortgage you have requested. This document details the terms and conditions that willapply during the whole term of your mortgage.

PENSION PLAN MORTGAGE
This is a type of interest only mortgage where the loan is designed to be repaid by a lump sum from a pension plan on retirement. If you have a personal pension you can link your mortgage loan to a pension plan. At the end of the mortgage term, part of the tax- free proceeds (the tax free lump sum) of the pension fund is used to repay the capital outstanding. It is worth noting however, that apension plan mortgage will reduce the amount available to providing you with a pension in retirement. However, tax relief is available on your pension plan contributions. Having paid off your mortgage with your pension fund, the remainder of your pot of money will then be used to provide you with retirement income via an annuity.

RE-MORTGAGING
This is the term used when moving your mortgage from one lender to another without actually moving house. You may do this to save money. This might be possible by switching to another mortgage product with the same lender or by switching your mortgage to a competitor. But remember, if you move lenders, the saving you make on the interest rate you pay may be partially or wholly eaten up by the transaction charges associated with moving your loan..

RIGHT-TO-BUY MORTGAGES
These are mortgages specifically tailored for public sector tenants who qualify to buy their home under the Government’s Right-to- Buy scheme. You may be eligible to qualify to buy your council home if you are a secure tenant of either. Discounted rates areusually offered to council tenants for their homes. So if you are a council tenant wanting to buy your home, the rate you will pay will depend upon how long you have lived there. The amount of discount you will receive is roughly in proportion to the number of years you have been paying rent.

SEARCHES
These are the enquiries made, usually by your solicitor, at the Land Registry, the Land Charges Register and Local Authorities to ensure there is nothing to cause concern about title to the land and the property you intend to buy.

SELF BUILD SCHEME
This is a package for people looking to build their home themselves.

STAMP DUTY
This is a charge levied by the government on house purchases. There is a sliding scale of stamp duty depending upon the value of the property you are buying.

SUBJECT TO CONTRACT
This is the provisional agreement made between the buyer and the seller, before contracts on a property are actually exchanged. This allows either side to back out of the agreed sale without any financial penalty.

SURVEY
This is an evaluation of the condition and value of a property, carried out by an approved surveyor and paid for by the buyer.

TERM
This is the length of time over which your mortgage loan is repaid.

TITLE
This is the legal right to the ownership of your property.

TITLE DEEDS
These are the legal documents showing the ownership of your property.

TRANSFER DEED
This is the legal document which transfers ownership of registered land from the seller to the buyer.

TRANSFER OF EQUITY
Is when someone is added or removed from the title deeds, such as a sole owner adding their husband or wife, a parent adding their son or daughter or a separating couple. If there is a mortgage on the property you will also need to change the mortgage deed.

VALUATION
This is an independent assessment of the value of a property carried out by an approved surveyor and paid for by you the customer. All lenders insist that a valuation is carried out on a property. The valuation is used by the bank or building society to decide how much they are willing to lend you.

Your Home/Property may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate some forms of Buy to Lets.