Mortgage Services

Are You A First Time Buyer?​

The prospect of owning your first home can be exciting but thinking about how you are going to get yourself onto the property ladder can be daunting and overwhelming at the same time. However, it doesn’t have to be that way, with Louise’s help and guidance.

There are plenty of incentives out there that are designed to help first-time buyers get on to the property ladder like a Family mortgage, Help-to-Buy equity loan or a Shared Ownership mortgage. With Louise’s help, she will help walk you through the ins and outs of the buying process and sort through the deals to help you find the most suitable one for you, to show you that the process of buying your first home can be a quick, easy and enjoyable experience.

High property prices have made shared ownership a more popular option in recent years. Louise can help you buy a share of a property that increases over time as your income grows. Alternatively, government-backed help-to-buy schemes can give first-time buyers a leg-up onto the property ladder. Louise can provide more information.

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A couple in their 50's moves in to their new home, unpacking boxes and enjoying the time together.  Could also depict moving out of a home.

Helping You Every Step Of The Way

You’re going to have loads of questions to ask as a first-time buyer. You’ll want to know things like the best ways to get a mortgage, what type will be the most suitable for you and should you choose a fixed rate, a discount rate, capped or tracker mortgage. But luckily, Louise is on hand to provide all the help you need.

Louise can clear up any confusion that you have to help you understand the differences between various offers and ensure that you secure a mortgage that meets your needs perfectly.

​A mortgage is the single biggest outgoing a household will have, so you’re bound to feel a little nervous about it especially as it’s your first, that’s only natural. However, Louise aims to take away the daunting aspect of it for you, so that the process of getting your mortgage is as smooth and hassle-free as possible.

Louise prides herself on delivering the best mortgage and protection advice in a clear and concise way, to allow her clients to understand the complete process with no grey areas.

Are You Looking To Remortgage your home?

So, you’re on the property ladder, whether that’s recently or you’ve been in your home for several years. If you’re out of the lender’s initial tie-in period, you will have automatically been placed on the lender’s variable interest rate, which almost certainly means you’re paying more each month in mortgage payments than you were initially.

Why Choose Louise to Mortgage your home

Louise prides herself in delivering the best Mortgage and Protection advice in the clearest and most accurate way possible. So that her clients confidently understand the whole process, leaving no confusion.

​At Louise Daniels Mortgage Services, Louise has a wealth of experience in providing mortgages and essential insurances to people in and around Leicestershire.

​Think you could get a better deal on your mortgage? Louise will find out if you can. Just sit back and relax and Louise will do all the legwork for you.

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Did you know?

A mortgage adviser is sometimes able to secure a better rate for your mortgage than if you went directly to the lender yourself. Banks only provide their own products. Louise has access to hundreds of products available on the market and some exclusive products. That’s why she is on hand to provide help and support to provide clarity to any concerns or queries you may have. Louise prides herself in delivering jargon-free Mortgage and Insurance advice in black and white, leaving no room for grey areas.

Assuming you have no early redemption penalty to pay, there are now multiple options available to you. Do you want to explore the possibility of reducing your monthly mortgage payments & overall mortgage term, releasing capital to make home improvements such as an extension or simply releasing capital to take that once in a lifetime holiday?

To put it simply, remortgaging is the process of taking out a new mortgage to replace your current one. The main reason people want to re-mortgage is to save money, raise money or to reduce their overall mortgage term.

Home Mover Mortgages

Moving home can always feel like a daunting prospect. If you’re doing it for the first time, it can be tough to know where the pitfalls are.

​There are some important things to consider before you take out an all-important mortgage. Your home may be repossessed if you do not keep up repayments on your mortgage

Things To Consider Before Obtaining A Mortgage

Mortgages can last for a long time, so it’s important you get one that’s right for you – and Louise can help you find it. Louise will help you find what type of loan you want, how long you want it for and what type of product you’d like.

​Product Type

There are many different types of mortgage product nowadays, but the most common are fixed-rate, tracker and Standard Variable Rate (SVR).

  • Fixed-rate locks you in for a rate over 2-6 years (sometimes more) and doesn’t fluctuate, regardless of the Bank of England base rate.
  • Tracker rates literally track the BoE base rate, with the lender applying a set % on top. So if the base rate was 0.75%, the lender may add 1.25% so you pay 2% on your mortgage. Should the base rate go up to 1%, your rate would increase in line to 2.25%.
  • SVR changes on the lender’s discretion. It doesn’t track the base rate like a Tracker mortgage, but it is a factor, amongst other things, in determining the rate.

​Mortgage Term

​You will also have to consider the mortgage term too. There are mortgage terms of up to 40 years available:

  • A longer-term reduces your monthly payments but increases the cost of credit as interest is applied over time, so you pay more overall.
  • A shorter-term increases your monthly payments, but as you’re paying over a shorter period, you pay less overall on your cost of credit.

 Loan To Value

​Loan to Value – (LTV) is expressed as a percentage of the purchase price being covered by a mortgage. Assuming you’re moving to a £200,000 house and have £50,000 to put down, that’s a 25% deposit and 75% LTV. LTV is important as the lower it is, the better the interest rate you will be offered.

How Much Can I Borrow?

To get an indication, Louise can simply have a chat to discuss your circumstances, your income, basic salary and any regular overtime and bonuses, to gain a better understanding of your affordability.

Louise will chat to you about your regular outgoings, like credit cards or personal loan repayments and she will deduct these from your income. This allows her to see how much you can afford each month.

Lenders also use credit scoring to help them decide whether to lend you money

Why Choose Us

Louise prides herself in delivering the best Mortgage and Protection advice in the clearest and most accurate way possible. So that her clients confidently understand the whole process, leaving no confusion.

​At Louise Daniels Mortgage Services, Louise has a wealth of experience in providing mortgages and essential insurances to people in and around Leicestershire.

​Think you could get a better deal on your mortgage? Louise will find out if you can. Just sit back and relax and Louise will do all the legwork for you.

How Much Will It All Cost?

Whilst you can use the equity you have in your current home; you may also need to use some of your own money to put towards a deposit on your next one. There are many factors on affordability, but you typically need to stump up at least 10% of the purchase price, preferably more if you can.

As well as your deposit, there are other costs associated with buying a property and taking out a mortgage. Typical ones that apply to most buyers include:

  • Conveyancing fees payable to Solicitors
  • Stamp Duty Land Tax payable to the Inland Revenue
  • Valuation fees payable to the mortgage lender
  • Home Buyers Survey fee payable to a Surveyor
  • Land Registry fees payable to HM Land Registry
  • Removal costs

There are often unexpected costs that crop up in buying a property, so it makes sense to have some money aside as a contingency.

Lifetime Mortgage

A Lifetime Mortgage​ mortgage might be the answer if you are looking to stay in your home and need to carry out much-needed alterations, long-awaited home improvements or essential repairs, giving you a better quality of life.
 
The alternative to an Lifetime Mortgage​ maybe sell your house and downsize, however, the financial costs of doing this can be high with estate agents fees, removal costs, legal fees and possibly stamp duty, not to mention the emotional upheaval and hassle of leaving your home where you may have lived for many happy years. 
 

Moving to a new home may also require you to leave an area that is well known to you and therefore lose contact with friends and neighbours, and your existing social circle.

You may be simply wanting to release a cash lump sum to help you live the life you want, to provide you with an Income, or maybe to finance a long-awaited holiday, buy a new car, meet an unexpected expense or perhaps provide a cash payment to your loved ones to help pay towards a deposit, enabling them to step on the property ladder and buy their own home.

The Advantages of an Lifetime Mortgage​

  1. No monthly payments are required on a roll-up scheme

  2. You are guaranteed to be able to remain in your home for the remainder of your life or the mortgage comes to an end*

  3. You can choose to receive your funds in a lump sum or in smaller, regular amounts

  4. You are able to obtain additional finance without moving to a new house

  5. You retain ownership of your home

  6. You may continue to benefit from any rise in the value of your property

  7. Any equity you release from your home is tax-free.

You can normally borrow up to 60% of the value of your property. How much can be released is dependent on your age and the value of your property. The percentage typically increases according to your age when you take out the Lifetime Mortgage, while some providers might offer larger sums to those with certain past or present medical conditions.

Happy family with cardboard boxes in new house at moving day.
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Lifetime Mortgage schemes have been around for more than 30 years, however some products taken out back in the 1980s proved to be problematic. In 1991 The Equity Release Council was launched. This is an organisation created to promote safe equity release products and to safeguard the interests of homeowners. Louise only works with Lifetime Mortgage Lenders that are members of the Equity Release Council.

You should consider that taking a Lifetime Mortgage may reduces the value of your estate and may affect any means-tests benefits you’re eligible for now or in the future.

You need to be a homeowner and the youngest applicant needs to be aged at least 55 years old to qualify. 

A LIFETIME MORTGAGE PRODUCT WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS. TO UNDERSTAND THE FEATURES AND RISKS PLEASE ASK FOR A PERSONALISED ILLUSTRATION.

Buy To Let Mortgage

You will need a buy to let mortgage if you wish to buy or already own a property that you intend to rent out. 

Buy to Let properties are considered a good investment, particularly where you are able to secure a low-interest rate on a buy to let mortgage which will give you a greater potential profit each month and the demand for rental properties is high in certain parts of the country.

The lenders usually require a larger deposit and often have higher interest rates and arrangement fees than standard residential mortgages. Typically the minimum deposit is likely to be 25% of the value of the property, although some lenders will agree to 20%.

Many buy to let mortgages are set up on an interest-only basis, which means you will be paying interest that accrues each month, but none of the capital that you have borrowed, as with a standard residential mortgage. At the end of the mortgage term, you will need to be able to repay the capital.

The lenders base the amount you are able to borrow on the rental income the property generates together with the value of the property.

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Buy to Let mortgages can be used for buying a holiday home that you intend to let out and where you decide to let out property that you have been unable to sell.

One consideration to have in mind when thinking of becoming a Landlord is that there may be a period when you don’t have a tenant and you will therefore have no rental income, a rental void. It will be necessary for you to be able to afford to meet Mortgage repayments. You will also be responsible for repairs and upkeep to the property.

Some lenders will require that you earn a minimum of £25,000 per annum and be under the age of 75 when the mortgage will potentially end.  However, as an adviser qualified in providing Lifetime Mortgages, it is now possible to take a Lifetime Mortgage out and release equity on Buy to Let Properties.

Additionally, some lender may restrict the number of buy to let properties you can have.  Landlords with more than three buy to let properties will be considered portfolio Landlords which affects how the lender review income.

You will be expected to use an Assured Shorthold Tenancy agreement.

You may be considering setting up a Limited Company to own buy to let properties – the lender offer different deals for individual Landlords and Limited Company Landlords.  There may be tax benefits for Limited Company buy to lets.  Lenders usually require the directors of the Limited Company to give a personal guarantee in relation to repayment of the mortgage. 

Generally speaking, lenders prefer to lend on properties of standard construction, so brick-built and tiled roof, any property of non-standard construction may still be mortgaged but perhaps on a less attractive deal

Re-Mortgage of your Buy to Let

Re-Mortgage of your buy to let property may be available where you are seeking to obtain a better rate of interest or release capital to carry out home improvements on the buy to let property or another property, or to raise a deposit to facilitate the purchase of another property. You may seek to remortgage your own residential property to enable the purchase of a buy to let.

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The Financial Conduct Authority does not regulate most Buy to Let Mortgages.

Talk to Louise

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