First Time Buyers
Using a mortgage adviser can be particularly beneficial, especially for first-time buyers, in finding the right mortgage for your financial situation and understanding potential reasons for application denial. An adviser can simplify the process, making the journey of buying your first home less daunting, even if you're unfamiliar with the steps involved.
Home Movers
Moving home can be daunting, especially when considering family, work, or pets. However, we are here to minimize the impact on your daily life and ensure it is an emotionally and financially rewarding experience!
Remortgaging
Remortgaging involves switching your current mortgage on your existing home to a new one, either with the same lender or a different one. This process replaces your previous mortgage with a new one. Too often, we hear of clients, friends, or family spending too long paying significantly higher amounts to their lender while on the Standard Variable Rate (SVR). This rate is often much higher than what a fixed or tracker rate could offer, so it's important to explore your options rather than taking the easy route of "just staying put."
You may have to pay an early repayment charge to your existing lender if you remortgage.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £395.
Buy to Let
A buy-to-let mortgage is designed for borrowers who purchase property as an investment for rental purposes. There are many factors to consider, such as choosing between an interest-only or a repayment mortgage, understanding the differences between buying property in your personal name versus a company name, and being aware of the tax implications. Buy-to-let mortgages operate differently from standard mortgages, often requiring a significantly larger minimum deposit, typically 25% of the property's value. At Plus Financial, we are highly experienced in the buy-to-let market. Let us help make your investment work for you by finding the right mortgage to maximize your profits.
There is no guarantee that it will be possible to arrange continuous letting of the property,
nor that rental income will be sufficient to meet the cost of the mortgage.
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What else do we have access to and can we assist with?
New Build Mortgages
New builds have strict timeframes. At Plus Financial, we are experienced in meeting these deadlines. New builds also offer incentives like stamp duty contributions, upgrades, or paid fees, things that need to be considered when choosing the lender.
Interest Only
An interest-only mortgage requires you to pay only the interest on the amount borrowed throughout the loan's term. Therefore, it is crucial to have a plan for repaying the full principal amount at the end of the term.
Offset Mortgages
These innovative mortgage products provide greater flexibility and potential savings compared to standard options. A savings account is set up alongside your mortgage to "offset" the interest on your loan. This allows you to pay off your debt faster or reduce your monthly payments without tying up cash in your property. Please note that not all lenders offer offset products.
Second Charge*
Second charge lending involves taking out a second mortgage on a property that already has a mortgage, secured against your home's equity. The primary mortgage holds the first claim, while the second charge lender has a secondary claim. These loans can be used for home improvements, debt consolidation, or other expenses and are an option for those not wanting to remortgage. At Plus, we have access to this type of lending and will work closely with you to ensure it's the best option for you. Please note not all second charge lending is regulated by the Financial Conduct Authority.
Bridging*
Bridging finance, or a bridging loan, is a short-term loan used to "bridge" the gap between a debt coming due and the main line of credit becoming available. It is typically used for temporary funding needs, such as purchasing a new property before selling an existing one, covering renovations, or dealing with urgent financial requirements. Bridging loans are usually secured against property and have higher interest rates due to their short-term nature and quick approval process. Through our business partners, we can help guide you through the process to ensure this type of lending suits your needs. Please note not all bridging lending is regulated by the Financial Conduct Authority.
Later Life Mortgages*
A later life mortgage is designed for older borrowers, typically over the age of 55. It's important to understand the implications and risks associated with these mortgages.
*These are referred to business partners
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £395.