Here at Northern Property Finance we combine 20 years of experience and knowledge to ensure we are able to deliver expert advice and recommendations. We understand that moving home or remortgaging can be a stressful time which is why we are here to help save you time, money and that dreaded stress. With access to the mortgage market and exclusive products, you can expect a tailor made service to suit your personal needs and requirements. When it comes to buying a new home, moving up the property ladder or looking to remortgage, we are able to offer expert advice in the following areas:
- Right to Buy
- Help To Buy
- Renovation Projects & Self Builds
- Specialist Mortgages
- New Builds
With the nature of our business, we are dedicated in ensuring we can help our clients no matter their circumstances. We specialise in helping people in varying situations, some of which may include:
- Employed earners
- Self-employed earners
- Bad Credit – registered CCJ/Default/Bankruptcy/Poor credit rating
- Low Deposit
- Low Income
Our advisor will guide you through the current mortgage products available, providing you with accurate advice based on an assessment of your current situation. The interest rates available will be associated with particular products and lenders and our advisor will highlight the benefits of each to ensure you understand the difference and how they could assist you. Recommendations and advice will be based on your current and future plans, alongside any potential changes to your circumstances to guarantee the most cost effective and efficient solution.
What types of mortgage are available
There are a whole host of rates and products available, some of which may benefit your current situation now and in the future; the most important thing is making sure it’s right for you. We are here to help you chose the right product that suits you, making sure your mortgage is affordable.
Essentially there are two main types of mortgages; you have access to fixed rate products or variable rate products. With a fixed rate product you have the option to fix the lenders rate for a number of years to stabilise your monthly payments and allow you to budget. This option will ensure you don’t have the worry of increased monthly payments, allowing you to settle into your new home. Some lenders may charge a fee however, should you wish to sell the property or repay the mortgage within the fixed rate term.
In comparison, variable rate products are available such as Tracker Deals, which track the Bank of England base rate plus the lenders percentage rate, Discounted Rates in which the lender offers a discounted standard variable rate, or Capped Rates where the rate is variable but is capped at a certain level. You can benefit from a variable rate when the rates are low however your monthly payments may increase as the interest rates fluctuate. With variable rates you do not have the certainty of knowing your monthly mortgage outgoings.
It’s important to identify the impact of the products available and what would be more beneficial to you, our advisor is on hand to explain to positives and negatives and offer the most cost effective, future proof solution for you.
Considering moving home or looking to sell?
Choosing the right path in moving or selling your home is key to ensuring you save time, money and stress and it’s our job at Northern Property Finance to help.
What essentially happens when you sell your home is the proceeds of the sale with repay your current mortgage provider, and a new mortgage would be taken out with another provider for the purchase of your new home. Some lenders allow you to ‘port’ your current mortgage and take it with you to your new home, however this is assessed on a case by case basis and isn’t always available.
When it comes to selling your home it’s worthwhile considering your current outstanding mortgage and speaking to your lender to identify any fees and costs associated with a potential sale. This will also give you an idea of any equity in the property that could be used as a deposit for your onward purchase. We can offer advice on the options available to ensure you can move home as smoothly as possible.
Things to consider when moving home:
- Your budget and what is affordable for you
- The type of property you are looking to purchase
- The value of your current property
- Additional costs e.g. solicitor fees, estate agent fees, stamp duty, valuation fees
Remortgaging can potentially reduce the term of your mortgage, your current interest rate or give you the option to release some equity from your property for home improvements or even debt consolidation. There can be many reasons to remortgage and we’re here to outline the potential benefits. Our advice and recommendations will ensure you understand the procedures of a remortgage making it as straightforward as possible. It’s always worthwhile checking with your current mortgage lender to see if there are any early repayment charges as you would essentially be repaying your current provider to switch to a new alternative lender.
Things to consider when remortgaging:
- How much is your house worth and what is your current outstanding mortgage?
- Your current interest rate and whether it is a good time to remortgage onto a more competitive rate
- Your reasons for remortgaging
- Additional costs e.g. potential lender and arrangement fees with a new lender, exit fees, early repayment charges