- Salli Anstey
With the UK’s exit from the EU facing further delays, the uncertainty that surrounds the negotiations is affecting the whole of the country, with many putting their life plans on hold until a decision is made.
However, at Private Wealth Mortgages we believe there’s no reason to wait to get on with your life – whether that be buying your first home, moving your finances around to afford that buy-to-let or releasing some equity to help with family finances. Investigating some varying eventualities and keeping in mind what you can control could reveal some surprising options of what you may be able to achieve, regardless of what happens with Brexit.
With new mortgages interest rates still close to historic lows, for anyone purchasing property, carrying out the checks and measures now will give you the best chance of securing what you want when it comes up. A useful starting point is to ensure your credit files and scores are in as good a shape as they can be. Our expert advisers can guide you on the best ways to do this but at the very least having the most up to date personal details on all your paperwork, making sure you’re on the electoral role and cancelling any unused credit or store cards can all help.
One of the positives of an unpredictable economic future is that house prices have slowed, making it slightly easier for first-time buyers to get on the property ladder, yet securing a mortgage for the first time can still feel overwhelming. Our advisers therefore guide first-time buyers through the application process, including step-by-step advice on gathering facts and figures required by banks or lenders and completing application forms.
House prices may have slowed but raising a deposit for any first-time buyer is often a struggle. However, there is a little-known range of flexible mortgages that allow family members to help. A Flexible Family Mortgage allows a parent or family member to use some of the equity in their own property as security for their child’s mortgage. A Guarantor Mortgage allows family members who own their own property to use their income and credit levels to guarantee the mortgage debt. And, a Gifted Deposit is a sum of money, normally provided by a family member, that forms all or part of the cash required for a deposit.
For those looking to re-mortgage, our advisers look at a range of criteria related to your individual circumstances to determine how you would benefit from changing your mortgage. This can include increasing or decreasing the amount you repay, switching to a fixed, variable, repayment or interest-only mortgage, and helping you release equity.
If you are self-employed, ensuring your accounts are in order is essential for securing a mortgage or re-mortgaging, as lenders will assess self-employment income differently. We can help with an account review to guarantee you are in the best financial position you can be.
Whatever your plans are, our friendly team of advisers want to hear them – tackle your concerns and present you with some options that mean you can move forward with confidence. Give us a call today at Private Wealth Mortgages for a free, no-obligation chat on 01403 270006 or email: info@privatewealthmortgages.co.uk