There are many things you need to consider when you buy your home. You need to work out how much you can afford to borrow before you start looking for a property. This will depend on whether you have a deposit, how much you earn and whether you are buying with someone else. We aim to help you work out how much you can afford to borrow. There are many costs involved in buying your first home, for example, conveyancing fees and stamp duty (depending on the price and location of the property). We will aim to clearly explain the costs involved in getting your mortgage and buying a property and explain why it is important to have a budget for when you move into your new home. If you are unsure of the house buying process it can be daunting as there are many stages involved and it can sometimes seem quite complicated. We aim to guide you through the process and provide support every step of the way.
Remortgaging your property
If you are an existing homeowner, there are many reasons why you may want to remortgage. These may include trying to get a lower mortgage rate than the one you are paying now or simply to borrow more money, for instance, to fund home improvements. There are costs involved in remortgaging, however, some lenders now offer special remortgage packages where some of the costs are met by the lender, for example, valuation fee and conveyancing costs, so it may be possible to keep initial expenditure down. We can provide advice on remortgage deals available from the whole of market and aim to reduce the hassle that can sometimes be involved when remortgaging. We search the market for the most appropriate product, deal with the relevant paperwork and administration and provide you with regular updates. If you are interested in remortgaging and are looking for advice on the type of mortgage that would best suit your current needs, call us today or fill in our Mortgage Enquiry Form.
Buying a property to rent out has become a popular way to invest money.*
In the same way that shares can provide both income (dividends) and capital appreciation, investment properties can provide income by way of rental yield and capital appreciation (value of house) increases. However just like stocks and shares, the value of your property can go down as well as up and a rental void (unable to find a tenant) can put a huge strain on cash flow. Many people have invested in the property market over recent years perhaps encouraged by increasing house prices and what may have been seen as low interest rates on specifically designed buy-to-let mortgages. So if you decide to invest in the property market, we believe it is important that you do your homework. We consider it vital that you research the local rental market to investigate the types of properties that are in demand, the best location for your rental property and how much rent you are likely to get as this will affect how much you can borrow on a buy to let mortgage. We believe another golden rule is to treat it as a business venture and accurate budgeting is an essential part of the process. You should plan for any potential gaps in letting the property and try to anticipate likely problem areas. Also factored into your budgeting should be the tax implications of your potential investment. There are a range of lenders offering competitive buy-to-let mortgages, many of which are only available though mortgage advisers. If you are thinking about investing in the property market for the first time or if you would like to build a buy-to-let portfolio. *Your Mortgage magazine June 2005 page 43
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