Mortgage Advice from David
Search Mortgage Solutions
At Search Mortgages.co.uk we are more than pleased to answer any questions you have in relation to your mortgage queries, whether its related to a current mortgage arrangement or you are purchasing a new property and want the best deals available at this moment in time to suit your circumstances.
Visit our website
You can email us at email@example.com and we will respond promptly or call us directly on 0161 233 7064
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Thu, 05 Jan 2017 09:59:55 +0000
Published on - Thu, 05 Jan 2017
Why choose Search Mortgages?
Here are some important reasons why?
No broker fee for our expert advice
Simple, fast, hassle free service
We search the ‘whole of the market’
Advisors available 7 days a week
Contact us by telephone 8 am to 10 pm call us FREE on: 0800 756 7794
Excellent testimonials from earlier satisfied clients
Our customer promise
Once you are a client of Search Mortgage Solutions our mortgage advisors will monitor your mortgage for its entire duration to ensure that you are made aware of the best mortgage deals to suit your circumstances now and in the future.
Whichever mortgage we arrange for you, our mortgage advisors will regularly check your rates and inform you of any better rates and deals available as the years tick by. You can be confident that someone is monitoring your deal throughout the lifetime of your mortgage. We will ensure that you are getting the best value from your largest financial commitment.
Find out more at http://www.searchmortgagesolutions.co.uk/
Thu, 05 Jan 2017 09:57:59 +0000
Published on - Thu, 05 Jan 2017
A Step-By-Step Guide To Buy To Let Mortgages
Buy to Let property investments have stood up to the recent turbulence in financial markets and are a relatively safe way to invest. That said, it pays to do your homework before venturing into any financial investment and the Buy to Let market is no different. So, if you’re considering a Buy to Let property as an investment, here’s our step-by-step guide to Buy to Let Mortgages.
1. Find a suitable property you wish to buy and check you can afford it
When you have found a property that you are interested in investing in you’ll need to establish if you can finance the house purchase. Typically, larger deposits are required to secure finance in the Buy to Let market – the larger the deposit you can offer the better the mortgage deal you will get. You will need between 25% and 40% of the asking price to be accepted. Deposits below 25% are not likely to be accepted by lenders. A good mortgage deal is really important to the success (profitability) of you Buy to Let property investment.
2. Does it all add up?
Next, you’ll need to establish if the rental income you can achieve from the property will be enough to cover the mortgage payments. Most lenders will be looking for rents that are at least 125% of the monthly mortgage repayments.
To do this you’ll need to find an online mortgage calculator for buy to let mortgages. We’ve done the search for you – click here to get the Google search results. The results given by any of these calculators will only be a rough guide, but they will do for these purposes.
You’ll also need to check out the average rental costs for similar properties nearby. You can find this info on websites like Rightmove and Zoopla.
3. Search for the best deals online
Assuming your figures so far make the purchase of the property feasible, it’s time to start doing some searches online for the best deals you can find.
It’s useful to keep in mind that a Buy to Let mortgage is around 2% above the rates of a typical house purchase mortgage so don’t be too concerned if the deals you see don’t seem as competitive as the rate you pay on your personal mortgage.
Once you have made note of the best deals you can find based on the deposit you can afford it is time to move onto step 4.
4. Get some independent advice
In any mortgage application, it is advisable to get some professional advice from an independent mortgage advisor. Independent advisors can search for products across the whole of the mortgage market, not just those tied to one particular lender. They’ll also be able to work out the additional costs, such as arrangement fees, to establish which is the most competitive mortgage deal.
5. What’s in it for you?
An essential part of the process is to work out what you are going to get out of your investment – it’s not going to be worth doing unless you see a decent return.
The best measure of how much you’ll get out of your investment are the Gross Yield and Net Yield – they’re fairly straightforward to work out.
To find your Gross Yield take the full year’s rental income and divide it by the value of the property and express the result as a percentage. For example, £14,500 (annual rent income) / £180,000 (property value) = 8% Gross Yield.
To find your Net Yield you’ll need into account your costs. These will include the mortgage payments, Buildings insurance and Letting agency fees (if you use one).
In the example above, the monthly rent equates to approximately £1200. If your monthly costs are £700 that leaves £500 profit. Repeating the same calculation as we did for gross yield we get £6,000 (annual Net rent income) / £180,000 (property value) = 3% Net Yield.
6. Unexpected Costs
Before you approach a lender with your Buy to let mortgage application you should think how you would cope in a number of situations that would put you under financial stress.
Should you find that you are without a tenant in your property at any time, you will be required to meet the mortgage repayments from your other income. There are also other costs associated with being a landlord that you may not be aware of, such as repairs and safety checks.
You will be responsible for any repairs to or the replacement of major features of the house; the boiler and heating system for example.
You will also be required to carry out Landlord Gas and Electrical Safety Checks annually – these must be carried out by a qualified engineer. If you are using a letting agent to manage the property, find out if this is covered by their management fee or if it is a service they offer, but at additional cost.
7. Apply for your finance
Congratulations, you’ve made it through the last 6 steps and are ready to make your application for a buy to Let mortgage. As we mentioned in the introduction, there are many things to consider before taking on a Buy to Let Property Loan. Now you’ve read our guide you’ll have a better idea of what to expect and if you haven’t decided that it isn’t for you then it’s time to apply for you Buy to Let Mortgage.
If you are applying directly with a lender you should expect to be asked for documentation proving your income and that credit checks will be made.
If you are applying with the help of an independent mortgage advisor, make sure you choose one with specialist knowledge of the Buy to Let mortgage market. You will be guided through the application process by the mortgage advisor who will make sure that everything is in place before the application forms are sent off to minimise delay.
At Search Mortgage Solutions we specialise in advice to Buy to Let landlords and have expert knowledge of the best financial products on the market. Whether you are an existing landlord with a portfolio of one or more properties or you’re looking for your first Buy to Let Mortgage, call us free of charge on 0800 756 7794 for a preliminary phone chat with a member of our specialist Buy to Let team.
Mon, 12 Dec 2016 19:43:28 +0000
Published on - Mon, 12 Dec 2016
Top 10 tips when planning a new house purchase
Buying your first home is almost as scary as it is exciting, but it’s ultimately one of the most exciting purchases that you’ll ever make in your life!
To try and make the process that little bit smoother we’ve put together this list of ten top tips to finding your perfect first home.
1. Consider all of the costs
While the big thing you’re going to want to consider is obviously your mortgage payments, it’s crucial to understand that there’s a whole host of other costs that you’re going to be facing.
For example, there are property taxes, bills, surveys and valuations as well as things such as stamp duty and mortgage arrangement fees.
If you’re used to just calling your landlord to sort repairs in your rented property, remember that6 you’ll be liable to pay for all of this in your new home.
Bear all of this in mind when setting your budget as if it might be wise to be a bit more realistic during your search rather than getting stung later on.
2. Save up a good deposit
Having a good sized deposit means that you’ll open up a lot more potential properties for your search.
Generally speaking, you need something which is somewhere between 5% and 20% of the value of the property you wish to buy.
Of course, the more you save the better, as it’ll make applying for your mortgage much easier.
3. Take advantage of a Government scheme
There are a number of schemes available which are designed specifically to help first-time buyers, and can help you afford a much wider range of properties.
The most well-known is the Help to Buy scheme, which allows you to borrow as much as 20% of the value of your property as long as you can stump up a 5% deposit.
There’s also the similarly named Right to Buy scheme which helps buy your council house and the option of shared ownership where you only buy a portion of your home and rent the remaining share.
4. Use a mortgage broker
Of course we’d say this, but we really do think it’s important that you come to a broker such as ourselves at Search Mortgage Solutions, especially when it’s your first time house hunting.
There are a lot of different mortgage options out there and it can be a bit overwhelming for first-time buyers.
A broker can help scour the entire market, using their vast experience and knowledge to help whittle things down and find the best mortgage for you.
What’s more, while some brokers will charge a fee for their services, here at Search Mortgage Solutions we can offer a no fee service as we work on commission from the lenders!
5. Research the neighbourhood
It’s all well and good finding your dream home, but the location is just as important. While you can carry out work to improve your new home, unfortunately, you can’t do the same for the surrounding area!
The best thing to do is get out and explore the area for yourself. Try and get a general feel for the area and check out things such as if the streets are clean for example.
It’s also a good idea to pop into the local shops, pubs, parks and other places you’ll likely be visiting.
And if you really want some good insight, ask the locals!
6. Ask plenty of questions
We can’t stress it enough but make sure to ask as many questions as possible before committing to making any offer.
A property might seem perfect on the surface, but dig a little bit deeper and things can quickly start to unravel.
For example, how long has the house been on the market? Have there ever been any disputed with neighbours? Have there been any recent renovations?
7. Do some online digging
Nowadays you can take things a step further by carrying out a whole host of checks on a property or area online.
For example, at Nethouseprices you can find out exactly how much local properties have recently sold for, or check out the UK House Price Index for average prices in certain areas.
You can even also check things such as whether your property is a flood risk or whether the area has a high crime rate.
8. Boost your credit score
It can be a rookie mistake to forget to check your credit score before apply for your mortgage, and it’s quick and simple to check.
Just head to a site such as ClearScore where you can check your score for free! There are lots of little things such as not being on the electoral register and having an account registered to an old address which can actually have a really negative impact on whether you can get a mortgage or not.
9. Have a survey carried out
It might not be the first thing that you think of, but it is important to have a proper survey carried out on your potential property before putting pen to paper.
It’s important to know exactly what you’re getting yourself in for and making sure that there are no skeletons in the closet (metaphorically speaking of course!).
It’s also good to know exactly where your property ends and your neighbours begins.
10. View the house at different times of day
We’d recommend booking at least three viewings before committing to a property, and make sure that they’re all at different times of day.
For example, seeing things during the cold light of day makes it easier to pick out flaws, but evening might bring its own problems.
For example, everything could be nice and quiet during the day while everyone’s at work, until the noisy neighbours get home from work at 5 and start blasting loud music!
Sun, 11 Dec 2016 12:40:07 +0000
Published on - Sun, 11 Dec 2016
Your home may be repossessed if you do not keep up repayments on your mortgage
Search Mortgage Solutions is a trading style of David A Sharples which is an appointed representative of Intrinsic Mortgage Planning Limited, which is authorised and regulated by the Financial Services Authority. Intrinsic Mortgage Planning Limited is entered on the FSA register under reference 440718.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
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