Mortgages

First Time Buyer

As a first time buyer finding the right mortgage or home loan can seem a little daunting, the aim of IMS Independent Mortgage Solutions is to ensure that buying your first home is as ‘stress free’ as possible.

Most first time buyers are asking ‘How much can I borrow?’ and ‘how much will it cost?” These are two of the questions that would be addressed in our initial appointment where we will also discuss affordability and budget.

By comparing mortgages from the whole of the market, we can find you the best introductory offers, lowest interest rates and the most flexible options.

We will talk through the mortgage deals available to you and advise you on which product is most suitable for your circumstances, whether that is an interest only or a repayment mortgage.

We can provide you with information on which type of survey will be most suitable, recommend solicitors to carry out your conveyancing, arrange buildings and contents insurance and also protection insurances.

Moving Home

IMS Independent Mortgage Solutions will look at all of the options available to you when you are moving home which could be:

Porting your existing mortgage

• This could save redemption penalties with your existing lender and provide an opportunity to transfer your current low mortgage rate to a new property.
• If additional borrowing is required then a ‘Top up’ mortgage can be arranged.

New mortgage with another lender

• This could provide an opportunity to get a better interest rate than your current mortgage.

Remortgaging

If your mortgage deal is coming to an end with your current lender you are most likely to revert to the standard variable rate, to ensure that you are on the cheapest mortgage deal possible call and arrange an appointment.
Remortgages can also be useful for:

• Debt Consolidation
• Raising money for home improvements
• Releasing equity to purchase a second home / holiday home or Buy to let investment property.
• To pay for university fees
• Business Purposes

As a member of various mortgage clubs we have access to many exclusive mortgage deals.
Many lenders offer fees free remortgage deals, which can be a free mortgage valuation and free legal fees so you can often remortgage with no up front costs.
You do not have to keep track of when your remortgage is due, we will contact you to arrange a remortgage review.

Further Advance

If you are tied into a mortgage with your current lender but need additional funds for home improvements, debt consolidation, purchase of a holiday or car, to pay for university fees then you may need a further advance.
We will look into a further advance with your current lender and other options such as a remortgage or a secured loan and advise you on the most suitable option.

Buy to let

A Buy to let mortgage is designed for borrowers who want to invest in the property market and purchase a property to rent out to tenants.
A Buy to let investment is normally seen to be a long-term opportunity to make profitable returns and as a way of securing finance for retirement. There are many competitive mortgage deals around that are specifically aimed at the Buy to let market.
When you take out a buy-to-let mortgage, you will be expected to meet certain criteria:

• You will be required to put down a deposit and this will be typically larger than for a standard residential mortgage - it will likely be 25% of the property's value.
• Your expected rental income will usually need to exceed your mortgage repayments by a certain percentage - for example, your lender may require a rental income of 125% of your monthly mortgage payments. However, some lenders are more flexible – Please ask me for further information.

Please remember that it is the borrower’s ultimate responsibility to ensure that the mortgage payments are made, whether there is a tenant in the property or not.

Let to Buy

If you are experiencing problems (especially in today’s current economic climate) in selling your property then we can look to arrange a let to buy which will enable you to rent out your property in order to allow you to move

Right to Buy

After renting a council property for some time you may be able to purchase the property at below the open market value – This is called Right to Buy.
Lenders are happy to help and in some circumstances they may not require you to put in any of your own deposit.
If you are thinking of buying your council house or would like information on how to go about it please call to arrange an appointment.

Vendor Deposit

It is very difficult for first time buyers and next time buyers to save a deposit however, I have found some lenders that will allow the discount in the purchase price to form all or part of the deposit – this is called a vendor deposit.
In some circumstances this means that you could purchase with no or little deposit.