Mortgages

Mortgages

Our qualified mortgage experts can advise on the best mortgage options available to you ...

As “Whole of Market” financial advisers we are not tied to any one provider, so we remain entirely impartial & unbiased and work only in the very best interests of all our clients.

We are well placed to provide you with fully independent and impartial advice, and access to all the best product providers.

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Residential mortgages

We are experienced in helping clients looking to buy their first home, move house, or buy an additional property such as a holiday home. We can quickly obtain a decision in principle mortgage offer that can show an estate agent as evidence that you can afford the property.

Things to consider

In looking for a mortgage, you broadly have to consider three things, the level of deposit you have available, your income(s), and your credit rating. Logically the greater the amount you have available for the deposit, the lower your loan to value will be, and hence the more competitive the interest rate.

Nowadays lenders work under stricter affordability rules than in the past, and in determining how much you can borrow is no longer uniquely a case of multiplying your income. Other financial commitments and your credit profile are also now considered in order to confirm that you can afford to keep up with the mortgage payments.

Get a decision in principle quickly

Once we understand your position and have knowledge of your financial profile we can obtain a decision in principle for you quickly. As independent mortgage advisers with a whole of market reach, we can assure you a much better deal compared to other brokers who may be restricted to certain mortgage providers.

Our expert mortgage advisers can help you navigate the process of finding the most suitable and most competitive mortgage for your profile and circumstances.

get in touch with an adviser today for expert advice ...

Buy-to-let mortgages

Buy to let mortgages are available for experienced landlords with portfolios, property developers, or first-time landlords. It is important to review and assess the latest buy-to-let mortgage deals to make sure you are maximising the return on your investment.

Things to consider

Our team of expert mortgage advisors have access to a wide range of specialist and niche buy-to-let mortgages.

Our experienced expert mortgage advisers have access to the whole of the market, and can therefore ensure the best rates available for any given situation. Regardless of your circumstances we can quickly review current lending criteria to make sure you don’t waste time applying for mortgages which may not be suitable to you, or are costlier than necessary.

The process is easy, simple, and quick and helps clients find the best and most competitive buy-to-let mortgages available for their requirements

For a free, no-obligation BTL mortgage consultation get in touch with an specialist adviser today

get in touch with an adviser today for expert advice ...

Second charge mortgages

Second charge mortgages sit behind a first charge mortgage, secured against your property. They are often used because they offer better rates than alternatives such as unsecured or personal loans.

Second charge mortgage lenders can usually offer larger loans to homeowners because of the safety of securing the loan against your property. Depending on the level of equity in your property second charge loans can range from a few thousand pounds to a few hundred thousand.

Commonly people use these for a wide range of purposes, such as financing an extension or refurbishment, consolidating debts, finance a business venture, or to cover other important costs such as university fees, etc. So second charge mortgages can help where:

  • You don’t wish to completely re-mortgage your home and wish to keep your current mortgage in place
  • You need to improve cash flow but have a poor credit profile
  • You require a loan with a longer repayment period and lower payments
  • You wish to borrow a larger sum, but without high interest costs
get in touch with an adviser today for expert advice ...

Lifetime mortgages

Lifetime mortgages (or Equity Release) allow you to release money tied up in the value of your home tax-free.

They are available to those of us over 55 years old, and can be received in a tax-free lump sum as an income and can be used for many purposes, such as home improvements, managing debt, or supplementing your retirement income etc.

Difference between lifetime mortgages & equity release

The basic difference between equity release and a lifetime mortgage is that with the latter you still own your own home. With many equity release schemes or reversion plans a share in your home is actually sold. Both can a provide lump sum of money or a lifetime of regular income.

This is a long-term loan that is repaid from the sale proceeds of your home once you either pass away or move into long-term residential care. Until this time, you will remain as the homeowner with no need to sell your house and move out. The interest rate and the amount that you can borrow are based on individual circumstance which include your age, your health, and the value of your home..

There are two basic types of lifetime mortgage, as follows:

An Interest roll-up Lifetime Mortgage is one where you receive a lump sum or a regular income. You get charged interest only on the amount you withdraw which is then added to the loan, and you are not required to make monthly interest payments.

An interest paying Lifetime Mortgage also provides you a lump sum amount, or a regular income, but you will make monthly interest payments to service the loan. This helps reduce or completely removes the impact of interest roll-up as it is not added to the loan, but paid by yourself.

How much equity you can release from your home is dependent on a number of factors, including your age, property value and the type of property you live in. To qualify for a lifetime mortgage you will need to meet this basic criteria:

  • You will need to be 55+ years old, and for couples both applicants must be over 55 years.
  • You must own your own home in the United Kingdom, which must have a minimum value of £75,000
  • You will be required to borrow £15,000 or more
  • The property must be your main residence, in which you live permanently. The property should not be unoccupied for more than six months at a time.
  • Whether you have a remaining mortgage or not doesn’t matter, you will still be eligible if you meet the other criteria. If you have any outstanding mortgage this would be required to be paid out from the money you receive from the lifetime mortgage.

Typical uses for the equity released with a lifetime mortgage include:

  • Pay for adapting your home so you can continue living independently
  • Make property renovations or refurbishments
  • Top up your retirement income
  • Pay medical bills or the costs of ongoing care at home
  • Help younger family members with education costs or house deposits, etc
  • Pay off existing mortgages, including shortfalls on interest only mortgages
  • Pay for hobbies, holidays, a new car, or more days at the spa or golf course

The costs of setting up a lifetime mortgage typically range between £1,500-£3,000. It is important to be aware of these costs associated with setting up a lifetime mortgage, which will typically include fess such as:

  • Building insurance costs
  • Property valuation fees
  • Solicitors legal fees
  • A lenders arrangement fee
  • Adviser fees for their advice and assistance in helping set up the mortgage
  • A completion fee (which can be paid when you receive the funds or be added to the loan)
get in touch with an adviser today for expert advice ...

Commercial mortgages

Commercial mortgages are loans which are secured on property which you do not occupy as your main residence, and are designed specifically for businesses, or business owners

Commercial mortgages are generally larger than normal business loans, and are usually used for property investments.

A commercial mortgage typically has a term of between 3-25 years and can have loan-to-values of up to 75%. If the property you are mortgaging is an investment property, i.e. one that you rent out then the amount that you can borrow will usually be determined by the rental income it achieves. With investment properties the loan-to-value will generally not exceed 65% of the property value.

A commercial mortgage for a business is different to a regular mortgage as follows:

  • Compared to regular business loans a commercial mortgage usually offers a better rate of interest because they are secured against property
  • There are not normally fixed rates available for commercial mortgages
  • A commercial mortgages interest rate is usually higher than that of a standard residential mortgage because they are considered higher risk by the lenders

There are a number of reasons you may consider when looking at a commercial mortgage, as follows:

  • The interest on a commercial mortgage is tax-deductible
  • You can rent out the property to generate additional income
  • Over time your property could increase in value your capital will increase
  • Owning a commercial property rather than renting can be beneficial for later life retirement

Using a specialist broker like Advice Wise who has access to the whole of market will help ensure that you’re offered a competitive product from the most suitable lender first time. We will also ensure that the application process is quicker and easier.

A decision in principle can be issued quickly without too much work, but to provide a more definite mortgage offer you will usually need to go through an application process.

The application process is similar to that of a regular residential mortgage, and is generally as follows:

  • Complete and submit an asset and liability form along with a commercial mortgage application form.
  • Provide certain information about your business, such as current 3 months bank statements, last 3 years trading figures, any tenancy agreements, and usually also financial projections for your business.
  • The property then will undergo a professional valuation

Once these steps have been completed the lender will do its due diligence, and once this has been satisfied the loan can be approved, and the mortgage offer then issued to you.

Because a commercial mortgage is usually more complicated than a residential one, it is prudent to consider which mortgage is best to choose to ensure that you are able to afford the loan payments. Here are a few points to consider:

  • You will still be able to apply for a commercial mortgage is you have a poor credit profile, but the interest rate will likely be higher
  • Remember that a commercial mortgage is secured on your property, so if you default on the payments, just like any other mortgage you may risk losing your property.
  • For some commercial mortgages deposits required can be higher than a traditional mortgage, so it’s important to ensure that you have sufficient funds to cover the deposit as well as the interest payments
  • A broker can help you find the best product, with the lowest rates and the highest loan to value
  • If your business has not been trading for very long, a lender may consider this higher risk, and could request the addition of personal guarantees
get in touch with an adviser today for expert advice ...

Bridging loans

Our Bridging loan solutions are individually tailored to match each client's circumstances, with fast-track First, Second and Third Charge lending available on many types of property, residential, commercial, and semi-commercial, including properties that are not suitable to other lenders ...

Loan approvals can be obtained very quickly and when the administration process is managed professionally they can also benefit from fast completions, meaning that funds can be accessed quickly exactly when needed. The process can be very fast with funds made available within 72 hours.

You are not tied in for the duration of the loan and can usually exit at any point and will only pay interest for the period that your loan was outstanding.

Bridging loans fall into two broad categories, as follows:

  • Regulated bridging loans where the security property is a residential dwelling that is intended for use by yourself or a relative where you occupy at least 40% of the property. The maximum loan term for a regulated bridge is 12 months.
  • Unregulated bridging loans are used for business purposes or for loans that are secured against commercial or buy-to-let properties. The maximum term for a non-regulated bridge is generally 18 months but some lenders can increase this period.

Our qualified pension advisers can help you in a number of ways, including ...

  • Property purchase & Re-finance
  • Residential & commercial properties
  • Buy-to-Let investments
  • Auction purchases
  • Property renovations / conversions
  • Property development
  • Below market value purchases
  • Land acquisitions
  • Re-bridging an existing bridging loan
  • Business expansion / consolidation
  • Paying off bankruptcy / IVA's
  • Avoiding repossessions
  • HMRC Tax Payments
  • Lending £50k to £25 million available
  • LOW RATES from 0.39% pcm
  • Terms from 1 month to 3 years
  • First, second, and third charges
  • Up to 100% LTV (with suitable security)
  • All statuses
  • Full status and non-status lending available
  • Lending can be made without proof of income
  • Adverse credit catered for
  • Lending can available for any legal purpose
  • Quick Decisions, fast completions
  • Flexible Lending Criteria
  • All circumstances will be considered

Bridging loans are available for a wide range of purposes, and can be secured against various property types, including:

  • Residential properties
  • Commercial properties
  • Buy to let properties
  • Mixed use properties
  • Non-standard properties
  • Office buildings
  • Retail premises
  • Industrial units
  • Hotels/bed & breakfast
  • Equestrian property
  • Farms
  • Leisure premises
  • Care homes
  • Nursing homes
  • Restaurants
  • Land
  • Holiday homes
  • Apartment blocks
  • Licensed premises
  • Educational facilities
get in touch with an adviser today for expert advice ...

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