There are lots of good deals to be had and the amount of deposit you have is going to determine the interest rate you are offered. Five percent deposit deals are few and you can expect to pay more on your interest rate. This said you have to start some where. As the years pass and you build up some equity you can always remortgage to a better deal. Depending on your age you could extend the term of the mortgage to reduce payments in the early years. If you are selling your home and moving using more of your equity /savings can get you a better deals and save you thousands in interest.
We can give you examples on our site of rates you could get, but that,s just not fair we need to know more about you before we give you a personal quotation. We will not mislead you to a product you can't get, were truthful and honest, once we have spoke we will give your our advice as to the best deal available for your circumstances, you will then have full advice sent to you either buy post or email either way what we send will be the best applicable to you.
Is your mortgage deal coming to an end?
All lenders now offer a product transfer for client’s coming to the end of their current deal.
Good news, in the past your current mortgage lender would not offer you a new deal when yours came to an end, this meant going to a variable rate and higher payments. This has changed and now most will offer a new rate to keep your business and save you looking to other lenders.
Bad news is ,”there could be a catch” you still may not be offered the best deal for you.
It is still important to shop around even when your current deal ends as other lenders may still offer a lower rate saving thousands in interest payments. You will normally be sent a letter two to three months before your deal ends. At this time it wise to think about whether can you get a better deal with other lenders or. maybe circumstances or your priorities changed and you may have different need for the future. It a great time to re plan.
Let to Buy
If you see a property you would like to buy but yours isn’t sold yet, getting permission to let is a way of freeing yourself from the mortgage on your current property to enable you to buy a new one.
However you would need to have a deposit for the new property. It is possible in some circumstances to release money from you current home to use as deposit although you need to take advice before you take this route.
You may use this type of mortgage if you need to move quickly and don’t mind becoming a landlord and managing a second property and all the responsibilities that come with it.
There are some implications with this such as managing the property tenants declaring any income you make from letting the property to the HMRC.
Buy To Let
Here at Ashleigh Mortgages we have had years to hone our expertise in finding the best Buy To Let mortgage deals and finance to buy these properties through the conventional route or at auction. If you need help to purchase or refinance a Buy To Let property then give us a call on 0333 7720 173 you will be glad you did. You can save time and money by coming to us first.
It’s about you long term plan, essentially a Buy to let mortgage is a long term investment. Be this for your family, your pension planning or to use for a new profession as a landlord.
Get your plan drawn up, if you are already a landlord, revisit your business plan are recent changes in legislation going to affect your portfolio or expansion of it. You will need a good accountant and think about your areas you wish to buy in.
Are you going to use an agent to manage your property at the start until you find your feet then speak to a professional adviser about what your plan involves and what lenders will provide you in terms of portfolio size.
For experienced landlords who are finding it hard to expand the size of their portfolio again get advice as lenders criteria change constantly and certain lenders do not have restrictions on the amount of properties you own.
We have seen big changes in buy to let mortgages over the last year making becoming a landlord a more challenging time. We can help manage these changes for investors call us for help with this. Some lenders are making changes to their criteria to try and level the balance back to investors. One of the most recent changes have seen some lenders introducing first time landlord mortgages to try to grow the market share. Some have recently reduced rates on new deals.
While some lenders still insist on landlords having a minimum income others do not have this restriction.
These types of mortgages can demand deposits of up to 30% depending on the type of property you are buying, it is always best to speak with your accountant and a solicitor before entering into any type of business loan.
We can help you buy finding competitive loan rates for your commercial venture. We use a pannel of providers and we will obtain illustrations for you to choose the most suitable plan.
These loans are typically used when you buying a property at auction, often you can purchase a property at a lower price at such events and you are required to have the money for the purchase within 28 days. The loan is normally taken over short periods of time 3,6,12 months and interest is either paid monthly but in most cases it is added to the loan. Traditional mortgages cannot normally be arranged in such a short time.
If a property is in need of work and not suitable for a mortgage these loans are arranged in a short time, normally within the 28 days. The other thing to consider is repaying the loan within your chosen term as some carry penalties if not paid at the end of the term, in most cases you may need to remortgage the property to repay the finance.
It is all about the timing of the project, we can take you through all the options available and put both the loan and the mortgage in place so you have the confidence to make your purchase.