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What Are Accommodation Reports?
Taking out a mortgage is a complex and confusing process, it is also one of the biggest financial decisions you will have to make. The reason for this is because there are just so many different types of mortgages to choose from, and you have to decide for one mortgage which is best suitable for your circumstance over the long run.
We will remove the confusion and make things simple for you. This will be done with straight forward advice with the whole of the UK mortgage market to choose from.
We are here to provide you with the cheapest mortgage deal that best suites you for your circumstances.
We have outlined and explained a few of the main different types of mortgages for you.
Over 60% of people who currently have a mortgage, have had it for a long time, and without ever thinking about changing it they continuously keep making payments towards them. People do not know that there are better deals available in the market, banks prefer not to tell their customers as they are profiting from them.
We can review your mortgage, and if you qualify for a cheaper or better rate which would be more suitable for your circumstances, then we can advice you and arrange for you to get the better mortgage with a different lender.
Buy to Let Mortgages
These are tailored for investment properties only and usually there is a maximum Loan to Value of 85% of the property value. The would-be Landlord must be able to demonstrate that the rental income will exceed mortgage repayments by a certain percentage.
The Lender will also wish to be satisfied that the property to be purchased is a good long term investment.
Ensuring that you have the best Buy to Let mortgage deal can be very difficult for an individual. This means that it has now become more important than ever to have a professional search the entire market for you to ensure you are getting the best investment deal in order to profit from your investment
Sub Prime Mortgages
Not many lenders are willing to offer mortgages to people with an adverse credit history, the reason for this is that there is a bigger risk involved for the lender. However, sub prime mortgages are still available, and we have access to arrange them.
Sub prime mortgages are those where the lender will accept the following;
As well as deciding on your repayment method, you’ll need to look at the interest rate deals on offer, for example:
Standard Variable Eate
With a standard variable rate (SVR) mortgage your payments go up or down according to the lender’s standard interest rate. This is an interest rate that is set by individual lenders and is not directly linked to the Bank of England’s base rate.
Standard variable rate with cash back
With these deals you get a cash lump sum as well as the loan when you take out the mortgage. You’re usually tied into the variable rate for a set period.
You pay a lower interest rate to begin with then move to another rate (usually the lender’s standard variable rate) after a set period.
Tracker rates are linked to the Bank of England rate or some other ‘base rate’. This means they’ll always go up or down in line with changes to the base rate.
You pay a fixed rate of interest for a set period, so you know exactly what you’ll be paying each month during that time. When the fixed period ends, you’ll usually move to the lender’s standard variable rate. There are usually penalties if you pull out early.
Capped or cap and collar
With a capped rate you pay a variable interest rate, but there’s a ceiling so your payments won’t go above a certain amount for a set period. Some deals include a collar too – this is the lowest rate you’ll get. If interest rates fall below the collar, you’ll lose out.
We will help and advise you about your protection requirements. Many people neglect the need for protection for their personal and/or family well being, but you are happy to pay for building or car insurance because they are a requirement by someone else. The real protection that is really required by you is often ignored. We will help protect you, your family, income and home. Whilst life may be going well now, none of us know what is around the corner. So what if something goes wrong that you haven’t expected or planned for?
With every new mortgage it pays to check that your existing cover continues to meet your changing priorities, whether that means you are increasing your mortgage, growing your family, or just require greater peace of mind.
As a guide, these are the key areas of protection you should consider:
As a minimum, life assurance would typically be taken out to ensure the mortgage is fully repaid on death rather than the property having to be sold to repay the outstanding debt. In addition, you can also take out family protection to cover the loss of earnings to give you extra peace of mind.
The inability to repay a mortgage or maintain a lifestyle for you and/or your family may also occur should you become seriously ill. Critical illness cover will pay out a lump sum which can then be used to repay your mortgage, replace a valuable income, or support any other expenses such as long term care, subject to a valid claim.
You can protect your income in the event of you not being able to work due to an accident, illness, or unemployment. Any of these circumstances could result in payments being missed which ultimately could lead to you losing your home. Our advisers will explain how income protection can be tailored to your individual circumstances such as ensuring the policy complements the cover that may be provided by your employer, and/or budget restraints.
Buildings & contents
It is usually a condition of your mortgage that you take out buildings insurance to protect your home. For your peace of mind, it is also important to arrange adequate contents insurance so that your belongings are covered against things like fire, theft and flood.
1 in 8 men aged 30-49 and 1 in 12 women aged 30-49 in the UK may die before they reach 65 (source: Government Actuary’s Department – Interim Life Tables based on data for the years 2004-2006)
Over 13,000 properties were repossessed in the second half of 2007 (source: Council of Mortgage Lending)
1 in 5 British workers have no insurance and hardly any savings to fall back on (source: Alliance & Leicester Research December 2006)
This is a loan secured against your property and you must be a homeowner to be considered.
Secured loans can be used for many different reasons:
To consolidate debts, store cards, credit cards or other loans
To gain control by putting all borrowing into an affordable monthly payment
To pay for a major purchase or home improvement
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Hodge Hill Branch
5 Coleshill Road, Hodge Hill, Birmingham, B36 8DT
0121 783 1515
353 Stratford Road, Shirley, Solihull, B90 3BW
0121 745 1199
9 Sheaf Lane, Sheldon, Birmingham, B26 3EJ
0121 742 9977