Before you start searching for a home it’s a good idea to work out exactly how much you can borrow. You can speak with your bank but by just doing that, you are limiting your options.
There’s a huge range of mortgage deals available from many different lenders and our independent mortgage advisors can check them all. From rates to terms of the mortgage, we get to understand your long-term goals, why you’re buying the property to ensure we find you the best rate, with mortgage terms that suit you.
As the cost of borrowing is so low at the moment, if you’ve already got a mortgage in place you could be paying more than you need to! Our advisors are able to help you look at re-mortgaging options too, maybe even helping you release some money from your home too! You never know, if you could end up paying a lower monthly repayment and get to take that holiday you’ve been dreaming of.
The Buy-to-Let mortgage market has continued to operate with very much a business as usual attitude.
The significant changes over the last 10 years, such as the way that Buy To Let Mortgages are regulated, the stress testing and additional criteria, were almost designed for times such as these where there could be rumbles in the marketplace about uncertainty and a concern for the sustainability of an investment. The message is therefore quite straightforward: if you have an existing buy to let mortgage then there should be no concerns over whether you could obtain a re-mortgage or new product with the existing lender. If you are a first-time investor wondering when might be the right time to invest in a buy to let property, there is probably no better time than the present to be sitting down with an approved and qualified financial adviser who can explain to you everything there is to know about buy to let mortgages and how safe of an option it continues to be.
There has been further positive news on the delays we have seen in recent months with many lenders taking significant steps now to improve on processing times. We are now starting to see the turnaround times of applications to actual mortgages offers getting a lot closer to where they were prior to the pandemic last year.
We have also seen that surveyors and valuers have done work in the background now to try and speed up the timescales for getting these surveys done and returned in a timely manner. More and more lenders are looking at ways this can be done online to help speed things up and also to protect their staff out on the road from the obvious potential health implications. The result goes back to my previous point about getting mortgage offers back a lot sooner.
In terms of product availability, because of the way that these applications can be keyed and processed in a safe, socially distanced manner we are also seeing as much of a strong range of products as we have seen before.
The only areas which are still struggling are those holiday lets and student lets. In the area that we operate we are aware that the latter does feature quite heavily with the amount of further education facilities and universities nearby. If you are someone who currently owns one of these or someone who is looking at buying into these once again I would say please don’t be put off. Speak to one of my team of professionals who would be more than happy to offer you a free and safe update on what options there are and how we can help.