Just for your reference, here are a list of the typical mortgage borrower types and a quick explanation of what they are and how these borrowing types work.
First Time Buyers
This is a big and exciting step for anyone going down the house purchasing route for the first time. As I am sure you will know, this is likely to be one of the biggest financial commitments that you are likely to make and it has to be right for you.
Acclaimed Mortgage Consultancy we will arrange to have a meeting, which does not commit you to anything, so that we can chat through your requirements. We will explain the deposit that is required for the purchase of any property that you might have in mind and the level of borrowing that you might be able to achieve based upon your current circumstances. We will also carefully assess the overall affordability of your taking on the mortgage commitment. At the end of the day whilst you want to enjoy your new home, you still want to enjoy your lifestyle. We will discuss this with you when we review your finances and what you want to achieve going forward.
A remortgage is when you decide to review your existing mortgage arrangements. There are many reasons for doing this, from raising money for home improvements to re-arranging other existing financial commitments, but by understanding your specific objectives and requirements we can source the best deals suited to these.
Most lenders have specified products for remortgages that will often include their offering a free property valuation and paying your legal fees. If you do not review your mortgage on a regular basis then you will typically revert to your Lender’s Standard Variable Rate (SVR), after any promotional period you were benefiting from has come to an end. This Standard Variable Rate could be higher than the remortgage rates that might be available at that time, if you were to move to another mortgage lender, hence the need to review the options open to you prior to your current arrangements coming to an end. All remortgages are subject to underwriting by the selected lender at the time of your application and take into account your financial position at that time.
When we meet with clients that are looking to remortgage, we will always assess the rates and products that are available in the market generally against those that they are currently on or available through their existing mortgage provider. This gives you the peace of mind of knowing that we are not encouraging you to change products or lenders just for “the sake of it” as staying with an existing lender could still be the best or most appropriate option for you.
If you are looking to move home and want to see how much you can borrow, together with the associated costs of moving, then look no further. At Acclaimed Mortgage Consultancy, we are happy to meet with you to discuss your requirements. We will assess how much you can borrow and your on-going mortgage requirements/affordability, this after we have completed a through fact-find of your current circumstances. This will ensure if you do take this route that you are comfortable with your financial position and that you’ve considered all angles such as Estate Agents sales fees, Stamp Duty (if applicable), removal costs etc. and that you can be secure with a happy financial future in your new home.
Buy to Let Mortgages
These types of mortgages are for people, often investors, who are looking to purchase or remortgage residential properties that are to be let out to tenants as longer term investments. These can be facilitated for individuals or Limited companies.
Buy to Let mortgages have different underwriting requirements due to the investment nature of the transactions. For example some mortgage lenders will insist that the rent charged on a Buy to Let must cover at least 125% of the monthly mortgage payment. Most Buy to Let mortgages are not regulated contracts, unlike residential mortgages, but we review each individual transaction and make a full assessment of this with you.
Good advice is essential if you are considering this type of mortgage and Acclaimed Mortgage Consultancy will always give a fully considered assessment of your requirements in the same way as we do with all our residential mortgage clients.
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