With an ever-changing market there are a variety of options for every client regardless of your circumstances.
The Wright Mortgage Broker doesn’t just deal with the investment element of things either! Where I started off my career as a Halifax Mortgage Advisor back in 2012 and growing with expertise and knowledge ever since
Cut straight to first question I’m always asked!
To save the usual broker response ‘Well it depends on your circumstances’ or ‘Let’s go through a Fact Find and I’ll get back to you in a week’, a reasonable starting point is taking your annual salary(ies) and multiplying this by 4.5 to give a broad view of what’s achievable.
Of course some lenders can borrow more, some up to 6.5 times and others there is no official multiplier so the possibilities are higher still. A lot will also weigh on any outstanding credit cards/loans, your own credit worthiness, what LTV you are looking for, etc.
Which then does lead me to the response of, let’s have a chat and ideally I’d be back to you in 24 hours with the borrowing options.
Always for me, is as soon as possible!
Whether you have a deposit and have seen the house you want, or you have no deposit but want to see what is achievable and what actions would need to take place, more than happy to run through the options.
A lot more relaxed now that it has been for some time and whilst some lenders can be stricter than others, there are quite a few who are more flexible to cater for most circumstances.
I do need to highlight of course than with an interest only mortgage, as you are only ever paying the interest and not bringing down the balance, at the end of the Mortgage term you will still owe the amount you borrowed which will need to be paid back. You also usually find that you end up paying back more in interest than with a capital repayment mortgage.
Prior to the rates we see now, with the base rate at 0.1%, as you can imagine Offset Mortgage really went out of fashion. Rates were so low that many didn’t see need to use savings to offset the Mortgage costs.
With rates unlikely to be near the 0.1% anytime soon, certainly an area which is starting to see a bit more traction with a few more lenders now offering finance. Everyone’s circumstances are different but should this be something which may be of benefit or even of interest, definitely worth considering.
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This is where I will say, lets have a chat and please do get your credit file together. Bad credit doesn’t necessarily mean higher rates with some lenders, taking a more holistic approach looking at other crucial metrics such as affordability or Loan to Value.
How the credit built up can also be a determining factor, and in same cases meaning that adverse can be ignored completely!
However just by being open and honest and if it is a case the missed payments, CCJ’s, Defaults, etc. were amassed through overspending and mismanagement of finances this can be catered for as well.
For a purchase, I have known these to be submitted and completed in a matter of weeks in some cases but everyone’s scenario is different.
For England and Wales, to set expectations accordingly I usually say around 2 to 3 months, mainly led by the seller and if there is a chain or not. In Scotland this being led by the deadline set.
Six months is what I would usually recommend is when we can start the process of getting a new deal in place. The reason being is that most Mortgage offers hold for six months.
What this does is secure a rate now but I continue to monitor this right up to completion to ensure that, should rates come down, we can switch to the lower cost deal.
Goes without saying that your property may be repossessed if you do not keep up with payments on your Mortgage.
Registered in England and Wales No. 16065530
The Wright Mortgage Broker is an Appointed Representative of Connect IFA Limited 441505 which is Authorised and Regulated by the Financial Conduct Authority and is entered on the Financial Services Register:
https://register.fca.org.uk/s/ under reference 1023919.
The FCA do not regulate some forms of Business Buy to Let Mortgages and Commercial Mortgages to Ltd Companies.
The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Typically there will be a fee for mortgage advice, the precise amount will depend on your circumstances which you will be made aware of before you choose to proceed, but typically this is £450.00.
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Not all services we offer are covered by the FCA
Commission Disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive commission from them after completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and the product. The lenders we work with pay commission at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.
It is our intention to provide you with a high level of customer service at all times. If there is an occasion when we do not meet these standards and you wish to register a complaint, please write to: Compliance Department; Connect IFA Ltd, 39 Station Lane, Hornchurch, RM12 6JL or call 01708 676110. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service www.financial-ombudsman.org.uk
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