Mortgages
Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
There are various different reasons you may need a mortgage and as we offer mortgage advice from across the Whole Market, we are confident we’ll find you the right product for your individual circumstances and at the right price. Please click on the links below for further information.
The amount of Stamp Duty Land Tax (SDLT) you will pay on your property purchase will depend on the property purchase price and your personal circumstances. If you are a first time buyer you may pay less than a next time buyer. If you are purchasing a second property (for example, a buy to let or a holiday home) then you are likely to pay a 3% surcharge. Stamp Duty Land Tax is applicable in England and Northern Ireland. Scotland and Wales have their own taxes.
To find out how much you are likely to pay when you purchase your property, check out this link and use the appropriate calculator for your circumstances:
Stamp Duty Land Tax Calculator
Whatever the reason you need a mortgage, it’s a good idea to check your credit report so you don’t come across any unexpected surprises when the time comes to apply for a mortgage! Therefore, we’d recommend that each applicant checks their credit using one of the following:
By clicking these links you will be departing from the site of Swift Mortgages & Finance, neither Swift Mortgages & Finance nor Quilter Financial Planning Ltd are responsible for the accuracy of the information contained within the linked sites.
As well as checking for any nasty surprises, it will give you an accurate and up to date snapshot of any loans, credit cards and hire purchase agreements you are have. These will need to be declared, as accurately as possible, on a mortgage application.
Before you start looking for a property, it’s vital you find out exactly how much you can afford to borrow. Your mortgage loan, plus your deposit will equal the property’s purchase price. You will need to take into account costs such as stamp duty, legal fees (conveyancing) and removal costs. There may be other, hidden costs such as ground rent and service charges on a leasehold property. These charges will become “financial commitments” when a lender is reviewing your income and expenditure.
We have access to some lenders who do not make their mortgages available directly to the public so contact us now and let us help you source a mortgage from lenders across the Whole Market.
A first time buyer is someone who hasn’t owned property previously and there are some deals specifically to help first time buyers onto the mortgage ladder. As a first time buyer, you will need to provide a deposit which may come from various sources: savings, gift, inheritance etc. For anti-money laundering purposes, you will be expected to verify the source of your deposit. Please contact us for more information and find out how we can help you.
Generally speaking a next time buyer will sell their current property and use any equity (money left over from the sale of the property once any existing mortgage is redeemed and fees have been paid) to provide the deposit for a new purchase. Rather than going to your current lender, why not contact us to see whether we can provide you with a more suitable deal?
People with existing mortgages (or indeed, who own unencumbered property – that is, property which is owned outright with no mortgage) may need to re-mortgage their property for various reasons. For example, they may simply want to get a better rate of interest. Or they may wish to increase their current mortgage and borrow extra money for various reasons which may include paying off debt, purchasing a 2nd property or for home improvements. We can help you look at the re-mortgage options available to you and make sure you get the right re-mortgage for you. Contact us now to find out more.
A buy to let purchase is an investment (purchasing a property you do not intend to live in yourself) and as such, there are various criteria which make obtaining a buy to let mortgage different to a residential mortgage. In addition, there have been many recent changes to stamp duty levies and proposed changes to the way income tax on buy to let income is assessed. Affordability of a buy to let loan is dependent on the rental income and ensuring the rent more than covers the mortgage payments at a “stress-tested” rate of income to cover potential future increases in interest rate. All of these factors mean it is vital you seek professional advice when considering a buy to let purchase.
Contact us now and we can go through options with you and establish how much you may be able to borrow.
Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.
If you have a requirement for a commercial mortgage for business purposes, we have access to lenders who can help you. Contact us now so we can review your requirements.
Commercial mortgages are not regulated by the Financial Conduct Authority.
Commercial mortgages are available via referral to a master broker only.
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