MORTGAGES
FIRST TIME BUYER
A first-time buyer is someone who is purchasing their first home to live in, or in some instances someone who has not held a mortgage for more than 3 years.
The mortgage market can be a minefield and if you have never purchased a property before you can be overwhelmed with the information available. You may have many questions like “how much can I borrow?”, “what deposit do I need?” and “is my credit scoring good enough?”. You may also be interested in the many first-time buyer schemes but not understand how they work or if you are eligible.
Buying your first home is a huge responsibility. Knowing if the mortgage you have selected is best suited to your circumstances can be difficult. Most first-time buyers will benefit from the expertise of a qualified mortgage broker.
A Mortgage Broker has access to products not available on the high street and exclusive deals which you may not have direct access to. They can also advise you which lenders are most likely to accept your application before applying, saving you time, money and disappointment.
HOME MOVER
A Home mover is someone with an existing mortgage on their property who plans to move to a new property.
Having access to a wide range of lenders means your Mortgage Broker can source the best option for the move. They can also advise you what the most suitable type of mortgages are for home movers, like yourself.
If your current mortgage has the option to “Port” this can be compared to the options available with other lenders. A Mortgage Broker can help with the administrative aspects of the application which can save time, money and stress.
REMORTGAGE
Remortgaging is simply changing your current mortgage deal. There are many reasons that you might want to change your mortgage.
You may look at a remortgage as your current fixed rate is coming to an end, your deal has already ended and you are on a high Standard Variable Rate or you wish to borrow more. Some lenders offer remortgage benefits such as free valuations, free legal representation or cash back, so a remortgage may not be as expensive as you think. However, arrangement fees and broker fees may still be required and these would be advised to your prior to an application.
Whatever the reason for your remortgage a qualified and experienced Mortgage Broker can assess your current mortgage, personal circumstances and personal needs to source the correct mortgage option for you.
BUY TO LET
If you want to purchase a property to rent it out you will need a Buy to Let mortgage. You will need a minimum deposit of 25% and the amount you can borrow will depend on the property value and expected rental income. Your own personal income will not determine the amount you can borrow but some lenders have minimum income requirements for landlords, while some do not.
Some forms of Buy to let Mortgages are not regulated by the Financial Conduct Authority.
Using a mortgage broker for your Buy to Let purchase or remortgage will allow you to be guided towards the correct lenders, we can also take the administrative hassle out of securing the mortgage offer.
NEW BUILD
If you are purchasing a property from a builder or on the open market that is less than 2 years old then you are classed as New Build. These types of purchases have specific criteria depending on if you buy a house or a flat and if the builder is offering any incentives to help you buy.
Most new build companies will require you to have discussed your income and expenditure with a broker and have an agreement in principle to proceed before they allow you to reserve a plot. By using a mortgage broker we can assist with sourcing the correct deal, managing the application and liaise with the builder and solicitors on your behalf.
GREEN
A fairly new addition to the mortgage market the Green mortgage offers lower rates or cash back incentives to those with A-B (and sometimes C) Energy Performance Ratings. Currently 25% of lenders are offering Green mortgages and more expected to come to market.
Energy Performance Certificates are valid for 10 years and you can see yours by searching the register:
OFFICE HOURS
Monday to Friday - 9:00 am to 5:00 pm
Saturday - 09:00 am to 11:30 am
Contact Info
Office 1 - Technology House
9 Newton Place
Glasgow
G3 7PR
Tel: 07545 087074
SMD Financial Services Ltd has no control or responsibility for the pages you are about to access, or where any subsequent links may take you.
Your Home (or Property) may be repossessed if you do not keep up repayments on your mortgage.
smd Financial Services is a trading style of SMD Financial Services Ltd which is an Appointed Representative of HL Partnership Limited,
which is authorised and regulated by the Financial Conduct Authority.
Registered Office: SMD Financial Services Ltd, Office 1, Technology House, 9 Newton Place, Glasgow, G3 7PR. Registered Company Number: SC760431 Registered in Scotland.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK
We charge a fee to arrange your mortgage, this will be confirmed to you prior to any work being undertaken, our typical fee is £399.
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