Buying a house and taking out a mortgage is possibly the biggest financial commitment you will make. It can also be a very stressful undertaking. We are here to alleviate that stress as much as possible, and everything is explained in an easy to understand way without jargon.
We are very experienced in the mortgage market, and use the latest technology to source the best deals currently available. Being independent, we are not restricted to a panel of lenders and have access to the whole marketplace.
We get a lot of referrals for First Time Buyers particularly, because unlike some companies, we are happy to spend time with you to explain the whole process of buying your first house.
We are very experienced with Shared-ownership (now called Homebuy), and although not all lenders offer these mortgages we have access to those who do.
Some tips -make sure that:
you are on the Electoral Roll
your credit cards are within their credit limits
any overdraft is within the agreed limit
you don't miss or make late payments on any loan or credit/store card
A note of caution: despite what you may have been told, lenders do not like payday loans, these show on your credit file and may have an adverse effect.
They do not like on-line gambling either, so if you are thinking of buying a house, stop gambling now. Lenders look at your bank statements, so you can't hide it.
In general, the more deposit you have the more choice of lenders and/or rates that are available. Lenders have differing guidelines and criteria, and with the current economic climate mortgage rates and availability change regularly so it is impossible to go into any great detail here, but please contact us for more information or for a personalised illustration.
Glossary - an explanation of terms that you may come across:
- Residential purchase - buying your own home.
- Re-mortgage - moving your loan to another lender for a better rate or to raise extra funds
- First Time Buyers - buying your first home.
- Help to Buy - a scheme that enables you to buy your newly built home with at least 75% of the cost met by a mortgage and a deposit of at least 5% of the purchase price. The rest is paid for by the government through an equity loan (please see next page).
- Shared-Ownership purchase or re-mortgage. This is where you buy a proportion of a property and a Housing Association owns the remainder and rents it to you until you are able to buy the rest, should you wish.
- Self-employed - a person who works for themselves. Most lenders require 2 to 3 years accounts, and if you have less then a specialist lender may consider you but you may pay a higher rate of interest.
- Self certification* - these mortgages are no longer available.
- Credit impaired* - a person that may have CCJs, arrears or other credit issues which may exclude them from mainstream lenders
- Buy to Let loans* - buying a property as an investment, or renting out your home. A deposit of at least 15% is required, and usually nearer to 25%.These loans are not currently regulated by the FCA.
- Secured loans - a second charge on a property for home improvements or capital raising.
- Debt consolidation - consolidating some or all of your credit arrangements into a more affordable loan.
*These types of mortgage are generally offered by specialist lenders, and as such availability will be more limited and you can expect to pay a higher rate of interest, depending on your circumstances.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
THE FCA DOES NOT REGULATE ALL TYPES OF MORTGAGE.
SJB Associates is a trading name of Steven James Ball, who is authorised and regulated by the Financial Conduct Authority and is entered on the FCA's register on their website (www.fca.org.uk) under reference 572665.
This website and its contents are intended for UK consumers only and is subject to the UK regulatory regime.