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On this page: Remortgages | Home Mover Mortgages | Buy To Let Mortgages | For First Time Buyer Mortgages click here
We want to help you with your mortgage
Getting a loan by using your property as collateral is known as getting a mortgage. For most people, a mortgage will be the largest financial commitment they will ever make and so it is important to receive the correct advice when deciding which one is most suitable for your circumstances. A mortgage can enable you to purchase your first home, your dream house or even to start a landlord portfolio. Whatever the need for a mortgage is, as well established mortgage advisers in Taunton, The Financial Detectives will investigate all the options and uncover the right one, at the most suitable interest rate for you.
Read on to discover more about mortgages and the help we provide.
Remortgaging
Hopefully, we can provide some clues to solving the remortgage mystery. Maybe your current fixed rate mortgage is about to switch to a standard variable rate, or you simply require a financial solution that is better suited to your current situation. remortgaging could be the most suitable choice at your disposal, However, understanding the process and getting the most suitable remortgaging deals can be a minefield.
When should I remortgage?
Remortgaging is far more commonplace than you may imagine. In fact, 1 in 3 home loans is a remortgage agreement, so you are certainly not alone in considering a remortgage solution.
There are several situations in which you may wish to remortgage, but some of the most common are:
To borrow more money for home improvements, paying debts, etc. when your current lender has said no.
To overpay on your existing mortgage, bringing down the loan size to secure a cheaper rate.
To take advantage of a lower (Loan to value) LTV ratio when the value of your property has dramatically increased.
To get a better rate, especially when your current deal or fixed rate is due to end.
When shouldn't I remortgage?
Although appreciating the reasons for remortgaging is important, it is equally important to know when this option should be avoided. Otherwise, you could be opening the door to a costly mistake.
Talk to us and we will give you an honest assessment of whether this is a good option for you or not.
How to find the most suitable remortgaging deals?
The Financial Detectives could save you hundreds of pounds each year, by solving the mystery of finding you the right lender.
If you are planning to remortgage, it’s a good plan to take some positive steps before you make an application. Boosting your credit score and obtaining proof of increased earnings may help your rates and the ability to borrow more. One of the smartest things to do is get a lower (loan to value) LTV. If you think that the property valuation you’ve been given is too low, get proof of recent sale prices in your area, to show that your property should be valued higher. A lower LTV should convert to a lower interest rate.
The Financial Detectives will check the market for the most suitable deals for you. The choice of lender for your remortgage is just as crucial as it was for your existing mortgage.
What else needs to be considered?
Remortgaging will usually get you a better deal when the introductory fixed rate period reaches its
conclusion. However, there are a number of fees and costs associated with remortgage applications
and processes. Ignore them at your peril.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Home Mover Mortgages
Whether you’re looking for a larger property or downsizing to a cosy little cottage, moving home can be a busy and stressful time. With everything that’s going on, there’s one thing you don’t want to be worrying about – your mortgage. This is where we can help! Whether you’re simply taking your current mortgage to the new property or switching lenders for a better rate, you can relax knowing that we will investigate all your options and do all the hard work regarding the mortgage for you.
What are the stages to obtaining your mortgage so you can move?
Gathering all the facts so the most suitable mortgage from all UK Lenders can be investigated properly and the correct conclusion is arrived at
Obtaining a decision in principle to be sure a Lender would lend the required amount
Properly packaging a case so the lender has everything they need to agree to lend the money
Chasing Lenders, Solicitors etc on a regular basis so the mortgage remains on track and completes as soon as possible and as smoothly as possible
What can we do?
We do all of the above so you don’t have to!
We have been organising the above for thousands of clients over 20 years, we know how the lenders work and think!
Buy To Let Mortgages
Buying to let is not the same as purchasing a home for yourself! Let us help.
What are buy to let mortgages?
Buy to let mortgages are used by an individual to purchase a home that they will own, but not live in. Instead, they will rent it out to other people, and collect an income from the rent.
Who are buy to let mortgages for?
Buy to let mortgages are for people who want to become landlords, but do not have the capital to buy a property outright. Instead, they put down a deposit and get the rest of the money in the form of a buy to let mortgage, which they will pay back with rental income.
How much can I borrow?
The amount will depend on various factors, and we can help to come up with the evidence. One factor will be how much rent you are able to collect. The higher the rent, the bigger the loan you will be able to find.
Most mortgage lenders ask that the rental income amounts to 125% (sometimes 140% or higher) the cost of the mortgage repayment. There can be an added risk with this type of agreement (as opposed to a traditional residential mortgage) because there are no guarantees that the property will always have tenants. As such, homes in areas where there is a steady demand for rental homes will always be a safer bet.
How many buy to let mortgages can someone have?
Most people who want to become landlords do not just want to own one property. Many lenders allow their customers to have between three to five mortgages with them and unlimited with other lenders, or they may set a total amount (say, one million pounds). If you are thinking about adding another property to your portfolio, then speak to us and we will investigate your options for you.
Are there any conditions?
Yes, there are, there are two big things to keep in mind if you are going down this route. The first is that the property you buy must be ready to live in as soon as you own the keys. It is not possible to get a buy to let mortgage on a “fixer-upper.” Some mortgage lenders also set an upper age for applicants. If you want to look at a “fixer-upper” there are other options available to you, call us and we will investigate all of them for you. If you want to buy a “fixer-upper” there will be other options for you, talk to us and we’ll advise you on them.
How can I get the most suitable rate?
That is where the Financial Detectives come in! With access to a comprehensive range of products from across the market we will help you to get the most suitable buy-to-let mortgage rates. If you can show there is demand for rental properties, and that you will be able to charge more than the amount of your repayments (as with most things mortgage-related, the more, the better) and if you have a deposit that is in the 20-25% range, we are more likely to uncover a better deal. As with all mortgage applications, your individual financial situation and background will be crucial.
The Financial Conduct Authority does not regulate some forms of Buy to Lets.
Your property may be repossessed if you do not keep up repayments on your mortgage.
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**Please be aware that by clicking on to the above links you are leaving The Financial Detectiveswebsite. Please note that The Financial Detectivesnor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.