We understand that the property market can feel extremely complex when it comes to choosing your mortgage. With the vast amount of information currently available it can be very challenging to find a mortgage lender that suits your financial circumstances.
Thinking of buying a new home? One of the first stages is to find out how much you can borrow and then find the best mortgage deal, including rate, to suits your individual financial circumstances.
There are various kinds of mortgages, such as; First Time Buyer, Home Mover, Remortgage, Buy to Let & Poor Credit. It is important to find the right mortgage for you, but with so many lenders in the UK finding the best mortgage with a rate suitable for you can be challenging. Linear’s authorised Mortgage Advisors are experts at helping buyers get the right mortgage, having in depth knowledge and insight of the marketplace.
Linear advisors provide mortgage advice, options and solutions with access to a comprehensive range of products specific to your personal circumstances. Please be aware that mortgage availability and mortgage rates change frequently, as does the criteria the lenders use to determine how much they will lend to and whom. Linear monitor these constant changes to ensure you may benefit from the competition between lenders by securing the best deal for you.
When looking to buy a property, your advisor will recommend a mortgage based on your personal circumstances, agree the mortgage then complete the application form, ensuring the valuation is arranged and that you receive a great service throughout the whole process.”
When your mortgage offer has been issued, help will be provided to explain all the terms and conditions to you in detail and checks will be made to confirm your offer accurately matches your requirements. Also, pre-exchange and completion checks will be made to help ensure nothing has been missed that may cause a delay.
First time buyer?
Buying a house is one of the most important purchases you will ever make. It can be an extremely daunting experience. Linear’s advisors will guide you through the mortgage ‘maze’ and will find you the best deal, available for your financial circumstances.
In the current economic climate, you would be required to pay between10%-15% deposit (approximately) towards the value of the mortgage. But don’t despair if you don’t have the 10% deposit available, there are other alternative options for you to consider, which Linear’s advisors can discuss with you.
Linear’s expert advisers explain the different types of mortgages on offer and whether or not a repayment or interest-only mortgage is suitable for you and will complete a budget planner, specific to your financial circumstances. Because Linear have access to a wide range of mortgage lenders and their products you can have peace of mind that they will be able to compare a vast range of mortgage products and mortgage offers available on the market. This means you don’t need to shop around, discussing different mortgages with different people offering different advice. Linear’s advice focuses on your needs, not the needs of the lenders.
When you apply for a mortgage, lenders look at a range of things to work out how much you can borrow. They take into consideration your earnings, outgoings, the value of the property you want to buy, your deposit, as well as your credit history.
Linear’s advisors will help you do the sums by completing a budget planner, so you will need to give us as much detail as you can about your finances.
We appreciate that securing a mortgage today is harder than it used to be, especially for first time buyers. But don’t despair; if your savings are limited or your income is insufficient to obtain the level of mortgage that you require, there are other options open to you:
1. Buy with friends or family
Why not join forces with someone close to you. It would help relieve the financial burden and you should be able to afford a larger property or in a better location. We recommend you seek legal advice before entering into a formal agreement with someone.
2. Shared ownership
Housing associations operate shared ownership schemes, where the association owns part of the property and you take the mortgage on the rest of it. You pay a mortgage for part of the property, and you pay rent for the part that belongs to the housing association. Shared ownership makes home ownership more affordable. You might buy a 25%, 50% or 75% share in your home. The bigger share that you purchase, the less rent you will have to pay. When you can afford to do so, you can buy more shares until you own your own home outright, in a process known as ‘stair casing’. The other share in a shared ownership property is usually owned by a ‘housing association’. Priority is generally given to people on local authority or housing association waiting lists.
3. Government schemes
There are a number of schemes available to help people get onto the property ladder including low cost home ownership and cash incentive schemes. However, these are often available in limited areas and to certain professionals such as key workers like nurses, teachers and social tenants – however the government has launched a number of schemes aimed at first time buyers.
4. Guarantor mortgages
If your salary isn’t large enough to cover the mortgage you need, someone close to you like your parents can act as a guarantor for your mortgage until such time as your earnings are sufficient to cover the mortgage.
A guarantor is someone who is willing to guarantee your mortgage payments. This could be a parent, a close relative or even long-standing friend. Your guarantor doesn’t have to part with any money unless you fail to make your repayments. If this happens, they are liable to cover the repayments for you (a word of caution, your guarantor could be at a risk of losing their home if you and they are unable to pay the monthly repayments, so you should be confident that you can afford the payments before you proceed). By combining your income with your guarantor’s income, you can increase the size of mortgage available to you. So with a little boost from your guarantor, you should finally be able to get onto the property ladder.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.