- First Time Buyers
You’ve spent several years saving up for a deposit and probably even started house hunting. The next step is to see how much you can borrow. Each mortgage lender has its own lending criteria and affordability calculations which is why it’s often beneficial to seek the advice of our specialist, especially if you’ve never applied for a mortgage before.
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.
2. Home Mover
If you’re wanting to move home, you need reassurance that a mortgage will be available to you. Recent changes in the mortgage market means that you shouldn’t take for granted that getting another mortgage will be simple and straightforward.
A home mover is someone who already has a mortgage and is looking to move to a new home. If you meet this criteria, there are a variety of options available to you. You may not have to change lenders or even your mortgage.
If you decide to remortgage, there are a range of tools available on the internet, such as mortgage calculators, which can help find different mortgage deals.
In order to find the most competitive deals, however, it’s best to speak to a mortgage broker who specialises in remortgaging, as they will have a whole market view. This means that they may have access to deals that are not available on the open market. They can also advise you throughout the process.
3. Remortgages
Remortgaging is simply changing your mortgage deal. You can either change lenders or remain with your current mortgage provider to do this.
There are plenty of remortgage options available and a mortgage broker has the expert knowledge to find the right one for your circumstances.
4. Buy-To-Let
There are different ways to invest in buy-to-let. Some landlords choose to purchase properties in cash, allowing them to keep monthly rent as an income. Others borrow to fund the purchase of buy-to-let properties through specialist mortgages.
There are several types of buy-to-let mortgage including consumer buy-to-let, residential buy-to-let, semi-commercial buy-to-let, commercial buy-to-let and company buy-to-let, also sometimes called limited company buy-to-let.
Which one you take will depend on your individual circumstances and what is best for you. It can be complicated to navigate, so people can choose to use a specialist mortgage broker to help them.
Buy-to-let mortgages are designed to help you buy a property that you intend to rent out to other people, rather than to live in. The amount you can borrow usually depends on the rental income you expect to earn from tenants, although we might consider other income in some circumstances.
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.
That said, letting a second property to tenants could return respectable financial rewards over the longer term, but it’s important to properly consider the risks, as well as rewards, involved in ‘buy-to-let’ first.
Most of the big banks and building societies offer buy to let mortgages. There are also lenders who specialise in this area. It’s a good idea to talk to our advisor before you take out a buy to let mortgage, as we will help you choose the most suitable deal.
5. Life Insurance
No one likes to think of the time when they are no longer around, but it’s important to protect the things that matter; like your loved ones, home and lifestyle in the event that the unexpected happens.
Life insurance pays out either a lump sum or a regular income on death, thus providing a financial safety net for your loved ones
Life insurance can give a degree of reassurance. It’s quick and easy to set up. And it doesn’t need to be expensive. By paying a premium each month, your family will get a cash payout if you die during the term of the policy. Or you’ll get it early to help remove financial worries if you’re diagnosed with a terminal illness (dependent on the terms of your policy).
6. Critical Illness
Critical Illness Cover (sometimes known as Critical Illness Insurance) can help you take care of your financial commitments should the worst happen.
Critical illness Cover is a long-term insurance policy which covers critical illnesses listed within the policy terms & conditions. If you get one of these illnesses, a critical illness policy will pay out a one-off payment or regular income which can help pay for your mortgage or any other additional outgoings should you need it.
Examples of critical illnesses that might be covered include:
• Stroke
• Heart attack
• Certain types and stages of cancer
• Conditions such as multiple sclerosis
7. Income Protection
Income Protection Insurance pays out a regular tax-free replacement income if you become unable to work because of illness, injury or, with certain policies, unemployment.
It could help you keep up with your mortgage repayments and other living costs until you’re able to return to work.
The premium you’ll pay will vary depending on your age, health and job, as well as the level of income you wish to protect.
For example, if you are in an accident and are unable to work for a while, without income protection cover you might have to depend solely on state benefits, which are unlikely to be sufficient to meet your mortgage repayments, let alone helping with any other living costs you may have. Income protection can help as it provides a tax-free monthly payment until you are able to return back to work.
8. Home Insurance
Your home is more than just bricks and mortar. It’s the result of years of hard work; a place where memories are created, and a home for valued and treasured possessions. Making sure you have the right insurance for your home could provide real peace of mind.
Every day, home insurers pay out over millions of pounds to customers. Unwelcome events, such as flooding or fire, highlight how essential having insurance is to survive unexpected financial setbacks that could take you years to recover from.
While the internet may seem a quick and easy way to arrange Home Insurance, be careful. Many websites apply default settings to generate the cheapest quotes. However, these default settings may not be right for you and the level of cover you need.