There will be a fee for mortgage advice. The actual amount will depend on your circumstances. A typical fee would be £495.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Mortgages
Mortgages are likely to be the largest single transaction in most people's lives. Buying a property can be a stressful and time consuming experience, although nowadays the financing of a mortgage is a case of finding and selecting the most suitable deal, rather than simply accepting a lender's offer.
Hundreds of banks, building societies, and smaller niche lenders compete for your business, all offering a variety of interest rate deals, associated fees and other enhancements to attract borrowers.
There remains two main methods of repaying a mortgage loan, and it is possible to set up the loan on a 'part repayment and part interest only' basis. A description of these methods is provided below.
Repayment (capital and interest) mortgages:
Under a repayment mortgage your monthly repayments consist of both interest and capital hence, over time, the amount of money you actually owe will decrease. In the early years your repayments will be mainly interest and therefore the capital outstanding will reduce slowly in the early years.
Whilst this method ensures that the loan is repaid at the end of the term providing all payments are made on time and in full, it is generally more expensive at the start.
Interest only mortgages
As their name suggests, with an interest only mortgage you only repay the interest on the loan. At the end of the term the capital is still outstanding. Therefore you will usually need to take out some kind of investment policy to save up enough to repay the loan at the end of the term.
Traditionally the preferred product for repaying the capital of an interest only mortgage was a mortgage endowment policy (which included a set amount of life cover) - although more recently customers are using Individual Savings Accounts (ISAs) and pensions to build up a sufficient sum and taking advantage of the tax breaks offered by these products.
Mortgage DealsThere are also several terms used to describe the interest you pay on a mortgage, and the key terms are as follows:
Standard Variable Rate (SVR)
The SVR is the lenders standard variable rate, usually 2-4% above the Bank of England base rate. With a variable rate mortgage you are able to switch lenders at any time without being penalised. If you start a mortgage with a different type of interest repayment for an agreed term, once the term finishes you will go back to the Lenders SVR.
Fixed Rate
A fixed rate mortgage allows you to repay interest at a fixed rate, irrespective of any base rate fluctuations. In other words your monthly repayments will remain the same every month for a time period agreed between you and your lender (usually up to 25 years). Fixed rate mortgages often have high repayment charges so you need to be sure this is suitable for you for the foreseeable future. Furthermore, the lender may also charge a ‘booking/arrangement fee’ to apply for this type of mortgage.
Tracker
A tracker mortgage will track any movement in the Bank of England Base rate, so you will benefit from any falls in interest rates, but will also have to pay more each month should the rates increase.
Discount
The discount mortgage rate is another variation of the standard variable rate. It provides a discount from the lenders SVR for a fixed period of time. The interest rate still fluctuates, meaning your monthly repayments may differ slightly from month to month, but the discount remains constant.
You should ask your adviser to explain these in more detail, or ask for an illustration.
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Remortgages
There are many reasons why you may want to remortgage, you may want to do:
• Capital Raising
• Home Improvements
• Debt Consolidation
• School Fees
• Holidays / Cars
• Buy Other Property
• Business Purposes
• Divorce Settlement
Whatever your reason, as a ‘Whole of Market’ broker, The Right Mortgage Company can find the right mortgage based on your individual requirements for you.
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Adverse Credit
It is thought that there are roughly 5 million households in the UK, experience problems when trying to get a mortgage or remortgage because they have some form of bad credit (or adverse credit).
Those people with poor credit history, for example - mortgage arrears, defaults, IVA's, Bankruptcy, County Court Judgments (CCJ's) and other problem debts should, with our help, be able to get an adverse credit mortgage.
When you apply with the high street lender they will run a credit check with a credit reference agency. If there are any problems with your history you will be a given a low rating, and will probably struggle to get a mortgage. However, there is an ever increasing number of lenders that do provide mortgages for people caught in this predicament.
The main reason people fall into this 'sub-prime' category is because they have had credit problems in the past and as a result have a bad credit rating. This doesn't mean that they have done anything wrong, it may have been caused by genuine reasons ie divorce.
It is all too easy nowadays to borrow money, sometimes with catastrophic results. Too much debt is taken on and then people struggle to keep up with the repayments.
Knowing that you have a poor credit rating can be a stressful feeling. But whatever the reason for it, we can attempt to help get that mortgage. We can help you find a mortgage even if you have been turned down elsewhere.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up payments on a mortgage or debts secured on it.
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Poor credit history - The Overall cost for comparison is 5.5% APR.
Self Employed Mortgages - The Overall cost for comparison is 4.1% APR.
The actual rate available will depend on your circumstances. Please ask for a personalised illustration. Rate correct as of 13/03/2012
Self Certification
Are you having trouble finding a mortgage because you’re self-employed or have an irregular income?
Then a self-certification mortgage may be the mortgage option for you. But do you qualify for this type of mortgage?
To find out more contact us and we’ll advise you on the self-cert mortgage process and if this is the option for you.
But in the meantime we’ve outlined below some background information on self-cert mortgages that we hope you’ll find useful.
So what exactly is a self cert mortgage?
In a nutshell a self-cert mortgage allows you the borrower to certify your own earnings without having to supply proof of income documentation, such as pay slips or fully audited accounts.
With more of the population becoming self employed, self-cert mortgages are becoming increasingly popular.
As the market becomes increasingly competitive, the deals available are just getting better and better.
Is self cert the mortgage solution for you?
Self-cert mortgages are ideally suited to those who are self-employed, or employed but have an irregular income, due for example to bonuses and commission. They are also ideal for those who have several jobs, are seasonal wage earners or those who regularly undertake contract work.
What can we offer you?
As we have access to thousands of mortgages and excellent deals with a huge range of lenders, we can offer a wide range of self-cert mortgages with some special features:
* Loans with no income checks up to 90% of the purchase price of the property
* Available for the employed and self employed
* Those trading for just one year can be accepted
* Available to those with more than one job or pension based income
* True self-certification mortgages available up to 90% of the purchase price of the property
* Those that have just started trading can be accepted.
Whatever your employment situation, we’re certain we can find the mortgage for you.
So if you're having trouble finding a mortgage because you’re self-employed or have an irregular income, then talk to us today!
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Poor credit history – The Overall cost for comparison is 5.5% APR.
Self Employed Mortgages - The Overall cost for comparison is 4.1% APR.
The actual rate available will depend on your circumstances. Please ask for a personalised illustration. Rate correct as of 13/3/2012
First Time Buyers
Getting on the property ladder without specialist help can be a daunting frightening experience. This is why many first time buyers find Integrity Mortgage Solutions expertise and explanations in plain English invaluable.
We understand that buying a property can be a very stressful and difficult to understand process. We aim to make sure that you understand 100% of the step you are about to take with regards to your finances.
We will discuss a length your preferences, specific needs and future plans to ensure we give the most suitable advice and recommend the most suitable product for your situation.
We can also offer insurance services so that you, your family and home are adequately protected with the correct products for your situation.We are there to help at any time you feel you need to discuss the situation
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Buy to Let
If you are considering buying an additional property as an investment which you intend to rent out one of our dedicated advisors can help you.
There are a range of lenders in the market place that specialise in this type of transaction and we can happily recommend which one we feel is most suited to your circumstances.
BTL Allowable Expenses (click to download pdf)
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The Financial Services Authority does not regulate most Buy To Let Mortgages
Secured Loans
Many of our clients don’t know that you can in fact have more than one ‘mortgage’ on a property and in some circumstances this is an easy way to release funds from the property without changing your mortgage.
This ‘second mortgage’ is usually known as a secured loan and there are many situations that this is a quick and easy way to release funds when changing lender is not advisable.
There are no valuation or solicitor fee's & there on only a months redemption charge if you pay you loan off early. You can borrow from £7,500 up to £150,000.
For more information of secured loans call us now for a free review and impartial advice.
The Financial Services Authority does not regulate most Secured Loans
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Insurance
Our aim at Integrity Mortgage Solutions is to offer you not only the best value for money but a minimum hassle service, which includes being able to use us as a 'one stop shop' wherever possible. This is why whilst we advise you on the best mortgage, we will also offer you the opportunity to speak to a specialist to give you a competitive quote on your buildings and contents insurance, life Insurance and mortgage payment protection insurance.We only offer insurers from a limited number of companys, we can supply you with a list of companys we can offer from.
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Buying Your Council House
The Right To Buy mortgages were introduced in the 1980's giving most tenants living in local authority properties the right to buy them.
The right to buy scheme offers tenants the ability to buy the homes that they have been living in at a rate discounted from that of the market value. Dependent on the number of years, and the council area you live in, discounts between 32% and 70% are available. This makes this scheme attractive to many people.
You will need to contact the council/housing association to confirm that you are eligible to apply to buy your home from them. This will usually be granted if you have been a local authority tenant for a minimum of 2 years before January 18th 2005, or a minimum of 5 years after January 18th 2005.
The remaining value of the property will require a mortgage to purchase the property and this is where we can help you with special right to buy mortgages.
Think carefully before securing other debts against your home. Your house may be repossessed if you do not keep up repayments on a mortgage or debts secured on it.
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Right to Buy -The Overall cost for comparison is - 4.8% APR
The actual rate available will depend on your circumstances. Please ask for a personalised illustration. Rate correct as of 13/3/2012
International Mortgages
We can supply Mortgages in the following countries:
- Great Britain
- USA - California, Florida, Nevade, Oregon, and other selected states
- Canada (Selected Locations)
- France
- Spain,
- Portugal,
- Australia,
- New Zealand,
- Hong Kong
- Singapore
What you need to know
How Much Can I Borrow?
Our lending limits are normally five times your
individual or joint gross (basic) income. ln most
cases, the amount you can borrow can't exceed
70% of the purchase or valuation price
of the property.
Am I Eligible?
We're not able to offer mortgages in every country
or on every type of property, so if you have any
queries, please contact our international Mortgage
Team, who'll be happy to guide you.
Apply
Finally, if you've found a property to buy, would like
to mortgage your existing property, or simply want
to know how much you'll be able to borrow, please
complete and return the application form. We'll then
provide you with a decision in principle. We always
aim to respond to your application quickly - normally
within 48 hours - enabling you to get on with your
property search straight away.
For details on our application process please see the
step by step guide in the pocket opposite.
What you need to send us
Once you have accepted our 'decision in principle',
you'll need to send us some supporting documents
to verify the information in your application The
'decision in principle' letter we send to you will have
full details, but, as an initial indication, you'll need
to send us:
Confirmation of your Identity
Please provide a clear, certified black and white
photocopy of a valid identity document or passport
for you and any joint applicant. Please do not send
us original documents.
Confirmation of your Address
Please send us an original document to confirm
your residential address This can include a recent
account statement from a bank, building society
or credit card company, or a recent utility bill. These
must be within three months of the date of issue.
Confirmation of your Income and Assets
We will need a set of documents that confirm your
income and assets. These may include:
* Proof of gross and net income copy of lost two
years tax returns or assessments, latest salary
advice, employment contract or confirmation letter)
* Latest 3 months consecutive bank statements
* Latest month's investment or portfolio valuation
* Latest month's deposit valuation
* Proof of last two years bonuses (pay slips, letter
from your company or bank statements
* Proof of deposit for down payment for purchase
of new property
If you are Self Employed we will also need
* Last 2 years audited financial statements
* Property and legal information
You will need to send us
* The name, address and contact details of
the lawyer/solicitor who will act for you in this
transactions
* Property address, contact telephone number and
access details for valuation purposes
* A copy of the sale and purchase agreement
(for the new purchase)
* A copy of the tenancy agreement (if applicable)
If you are refinancing, we will need the following details
* Last six months' mortgage statements (last 12
months statements are required for US property)
* A copy of your current building insurance policy
* A copy of latest tenancy agreement for refinancing
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Mortgages on Overseas properties are not regulated by the Financial Services Authority
There will be a fee for mortgage advice. The actual amount will depend on your circumstances. A typical fee would be £495.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE