Residential Mortgages

Residential Mortgages

For many buying a house can be an exciting but also daunting prospect. Having an experienced mortgage broker to help you through the process can save you stress, time and money.

In contrast to the limited service proposition of high street banks, our whole of market mortgage specialists provide a fully comprehensive advice service that does not stop once a suitable mortgage product has been identified. By keeping in close contact with our clients throughout the home buying process, we are able to project manage the otherwise demanding house buying process.

Here are some of the key reasons to instruct a mortgage broker or financial adviser who specialises in mortgages:

1. Impartiality

A mortgage broker that you instruct represents you. He or she has no allegiance to the estate agent or vendor you are buying through or from.

2. Experience

An experienced mortgage broker will have dealt with many cases before and should know the type of properties to avoid, give tips on negotiation and provide some background to the legal pitfalls that can delay or stop a purchase in its tracks.

3. Product knowledge

Whilst borrowing money is all about finding the cheapest rates there are subtle differences between mortgage products that you may or may not understand. Having an expert guide you through how best to use product features can lead to savings in the long term.

4. A smooth journey

The person arranging your mortgage has the most detailed knowledge of any professional involved in the transaction.

Things to consider:

• How much can you afford to borrow?
• How much deposit do you need?
• Which lenders will lend to you?
• How much money will you need to cover moving costs and fees?
• What will your total monthly outgoings be if you own your home instead of renting?
• What size mortgage can you get?
• Who do you talk to and how do you start?
• What types of insurance will you need?
• What type of mortgage is right for you?

Choosing the right mortgage product has become even more complicated over the last few years with lenders increasing interest rates and tightening their criteria in a bid to minimise their risk.

With years of experience and access to the whole of market, we are well placed to help you find the very best mortgage in this difficult climate. From first time buyers, home movers to buy to let investors, we have the expertise to make sure you get the most cost-effective solution based on your individual circumstances.

Types of Mortgage:

Fixed

For those of us who want to be certain of their monthly outgoings and a good option if you are of the opinion that interest rates will rise. They are protected from interest rate fluctuations for the length of the deal period. Whilst most of our clients opt for a two, three or five year fix.

Tracker

Track the Bank of England base rate and are dependent on its fluctuations. If it drops you pay less, increases you pay more. Lifetime tracker mortgages are now available for the entire duration of the loan period.

Offset

Allow you to offset any money in your current account against your mortgage, so you only pay interest on the difference. As the savings for offset mortgages aren't currently taxed, it can be an efficient way for high rate taxpayers to use their money.

For an initial enquiry or a comprehensive financial review please email enquiries@pennymatters.co.uk