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Search Mortgage Solutions

At Search 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.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

Buy to Let Mortgages are not regulated by the Financial Conduct Authority.

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Our address is 1st Floor , Canada House Chepstow Street, Manchester M1 5FW

One in four first-time buyers refused a mortgage by their banks……… look at using a broker who can search across the whole of the market. Can Search help you?

If you are buying your  first home in Britain it can  still be very difficult, despite steps taken by the government to make the process easier, research suggests.

A recent  study from a major bank suggested of those currently looking to buy their first home, almost 89% find it difficult, slightly down from August 2017 when the percentage was at 93%.

Raising a deposit is still the number one obstacle for four in 10 prospective first-time buyers, up from 34% in August last year. The number currently living with friends or family in order to save for a deposit has increased, from 23% in August 2017 to 27% in 2018, while a further third would consider it if it meant they could get on the property ladder quicker.

Concern about mortgage affordability has dropped since last year from 12% to 5%, but for one in 10 prospective first-time buyers, actually securing a mortgage is the biggest concern.

Does your current account bank help ?

One in four first-time buyers were refused a mortgage when they first applied through their main bank, with this most prevalent in London where nearly half experienced this.

Nearly half of first-time homeowners, or 48%, said they have had at least one property purchase fall through.

This is up significantly from August last year, when only 26% said they had lost a potential purchase, and is most common in London, with a percentage of 73%.

The average loss on fees and other home buying costs was £2,200 – this equates to a cumulative figure of £2.3bn for those who bought in the last three years.

It is unsurprising therefore that for nearly one in 10 first-time homeowners, the general uncertainty of the buying process was the hardest part, so much so that for 52%, the process made them ill.

However, there is a positive aspect, with almost eight in 10 saying that owning a home has made them more financially stable. For 81%, not having to waste money on rent is seen as a massive bonus. Also, most first-time homeowners feel confident they will be able to move up the ladder when the time comes, with a percentage of 81%.

It is apparent from the latest index that the house buying process leaves a lot to be desired. We have been encouraged by the government’s renewed focus on the issue of housing with the recent review into the house buying process, although it is too early yet to gauge real impact.

We believe the real crux to fixing the broken housing market is to improve and increase housing stock. This is echoed by over a quarter of first time buyers who would like to see more building on the green belt. While the Chancellor announced some measures to build new homes in the Autumn Budget last year, given the government’s record on house building, it is necessary to make some serious progress. We need real action and results, not more consultations and whitepapers,” he added.

Call David and his team on 0800 756 7794 for immediate help and support.

Published on - Tue, 03 Jul 2018

There was strong growth in remortgaging in April 2018, with new homeowner mortgages up 36% and...

There was strong growth in remortgaging in April 2018, with new homeowner mortgages up 36% and buy-to-let remortgages up 32.4% compared to the same month a year earlier, UK Finance’s Mortgage Trends Update has found.

UK Finance thought the large number of customers reaching the end of their mortgage deal rates and speculation that the Bank of England may raise interest rates has driven this rise in remortgaging.

Jackie Bennett, director of mortgages at UK Finance, said: “Remortgaging activity bounced back to strong levels in April, as both homeowners and landlords put their house in order by locking into attractive fixed-rate deals ahead of an anticipated interest rate rise.”

Read more here 

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0800 756 7794 or visit site here

Published on - Mon, 25 Jun 2018

Its not just about the house purchase.What else is involved in your new home?

Buying a property is just the start of the big spending according to new research, which has found that average property buyers spend almost £11,000 on their new home in the first five years after the purchase.

The study from online retailer Furniture Choice found that basic furniture sets buyers back around £2,140, with sofas (£669), beds (£381), wardrobes (£314) and dining sets (£308) adding to the mounting costs.

What’s more, buyers aren’t just having to splash the cash for new belongings; there is also significant spending associated with upgrading what was already in place. For example, the study suggested an average of £205 is spent replacing light fixtures, with a further £699 spent replacing flooring.

Other unexpected costs include problems with the plumbing and electricity, waste removal and general repairs. Furniture Choice’s research found that an average of £3,543 is spent simply on maintenance and renovation.

Different types of property come with different spends though. Furniture Choice found that those who own a pre-Georgian detached house have spent an average of £8,709 on maintenance and repairs in the first five years of home ownership, making it the costliest type of property to own. This was followed by Georgian detached (£5,262) and 1950’s bungalow (£4,913).

Tom Obbard from Furniture Choice noted buying a house is stressful at the best of times, but these additional costs make clear that saving simply for a deposit is not going to be enough.

He added: “Budgeting for furniture can begin before you even look for a house; starting a Pinterest board or even a spreadsheet to get an idea of cost, as well as style, can really help to give an indication of how much you will need to save.

“Stick to the basics at first; a bed, sofa, and dining sets are always good to start with. Smaller items can be bought gradually if you’re on a tight budget.

“Some costs, such as repairing ‘hidden’ damage, can’t be foreseen, but having an emergency buffer in place will help to limit any financial strain these problems have.”

By John Fitzsimons in Mortgages & Home.

Published on - Tue, 20 Feb 2018

Housing market will be subdued this year ? What are the implications for you?

2017 was a transformative year for the mortgage market.

The Bank of England raised the base rate for the first time in a decade. The number of remortgages skyrocketed to levels unseen since the credit crisis. Consumers flocked to capitalise on record low rates. Demand for five-year fixed rate deals surged.

What about 2018?

We think the housing market will be subdued. Prices will be stable with perhaps some, limited, growth.

The Bank of England has made it plain further rate rises are on the horizon. Inflation and stifled wage growth will put pressure on household finances. This will limit the demand for home moves.

That will be tempered somewhat by the Chancellor’s plans to reduce stamp duty for the lower thresholds while also committing to build 300,000 new homes next year.

But there’s no question that we’ll see more focus from lenders, brokers, and consumers on remortgage.

With this in mind, LMS has spent some time thinking about what the next few years might have in store – for the mortgage market in general and the conveyancing space in particular.

5-year fixed deals will continue to dominate the market for the foreseeable future. Locking-into low rate deals for the long term offers consumers a level of security; savvy borrowers will keep capitalising on record low rates.

As rates slowly rise over the next few years, we predict each increase in the base rate will act as a trigger point and incite borrowing activity – consumers will flock to secure low rates before the next hike.

There are benefits to variable mortgage though and these will become increasingly clear as people adjust to the new interest rate environment.

The flexibility variable rate product provide can be a huge benefit for the right borrower. They’re a great option for anyone looking to move sooner rather than later as they tend not to hit borrowers with big early repayment charges.  Their fees are lower. And rates are still very low in a historic context. Any rise will likely be slow and gradual.

So lenders and brokers are going to be busy. This will drive competition. Lenders will either need to be innovative with their products or differentiate by their service delivery or technology solutions.

Some may use a combination of strategies but we certainly expect increased competition in the remortgage space.

Lenders, as well as brokers and conveyancers, will try to offer an increasingly ‘joined-up’ service to make mortgaging and remortgaging as easy as possible for borrowers.

Making conveyancing easy

Over the last year, the increased volume of transactions has put pressure on all parties within the conveyancing market. As a result, a number of improvements have been made.

Over the course of 2018, we will see more.

To deal with the increased volume of transactions, conveyancers have had to work more closely with lenders, brokers, and property lawyers, which has driven efficiency and improved the customer experience.

Similarly, technological innovation and the drive towards automation will help keep borrowers informed.

At LMS, for example, we launched the “TrackMyCase” app, to help borrowers follow the progress of their cases 24/7. Our unique STARS (Servicer Tracking & Reporting System) technology manages transactions on-line to ensure speed, cost efficiency, and quality of service.

The industry will need to continue to improve and adapt, investing in technology to make processes faster, easier and help protect against risk. That is why technical innovations is as the heart of our strategy for 2018.

Regulatory change will also drive disruption.

GDPR, PSD2 and open banking have the potential to create real change and opportunities by opening up data.

How this will be embraced remains to be seen. But advancements in AI are already offering a tantalising glimpse of the power of combining the customer data and new technology to drive the customer journeys forward.

Technological development needs to be a collaborative process though – a collective endeavour.

Brokers, lenders, and property lawyers will need to work together to improve systems. The drive for technology improvement will only take us so far if we try to act in isolation.

Red tape and policy can, for instance, prevent technology from speeding up the service. That is why we need to work collectively on refining processes, legal instructions, and communications between interested parties – and support this with technology.

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Published on - Wed, 10 Jan 2018

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.