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Overview
Buying a property can be one of the biggest decisions you have to make. It is for this very reason that impartial advice is critical from competent and qualified advisers. Whether you are a first time buyer, looking to remortgage or moving home, Independent Mortgage Solutions is here to support you throughout the whole process.
Our highly experienced advisors provide bespoke mortgage advice tailored to your specific needs.
We compare thousands of mortgage products from a comprehensive panel of lenders, making the process as simple as possible.
First Time Buyers
Buying a house is one of the most important purchases you will make, and buying a home for the first time will be an even more daunting prospect. Add to this the vast array of mortgage products available from a wide range of sources and you could be left with a high-stress, confusing decision.
At Independent Mortgage Solutions we are here to hold your hand every step of the way and make the process as simple as possible.
Call us today to arrange a free consultation.
Once we’ve helped you find the most suitable mortgage, we’ll secure your home with a comprehensive insurance policy to protect you and your family.
Remortgaging
When you remortgage, you are switching your mortgage to another deal, and frequently, another lender. Many people remortgage to get a better deal on their current mortgage, however you might be thinking about consolidating debts, home improvements or releasing equity to invest in property.
Independent Mortgage Solutions can give you expert advice and help source the most suitable mortgage to achieve your goals and objectives.
The lenders on our panel will often offer a free survey and legal fees to reduce the cost of moving your mortgage.
Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service, these services may be more suitable for you.
Buy To Let
Becoming a private landlord should not be seen as an easy way of making money. It can be riskier and more complicated. It can also be very time consuming, more than most forms of investment, and there is no guarantee that house prices will rise. That said, having a second property to let to tenants could reap considerable financial rewards over time.
There are 3 main differences in buy to let mortgages:
- Rent Potential - the decision as to whether or not a mortgage will be offered is usually based on the rent you will earn as well as your income. In some cases, your income is not ever considered.
- Interest Rate - buy to let mortgages have slightly higher interest rates.
- Larger Deposit - typically a minimum of 20% or 25% of the property's value is required as a deposit.
When buying a second property to let, you will need to decide whether your primary objective is income or capital growth. In other words, are you looking to make a profit month on month or are you looking to make a profit through increased equity from the second property if it increases in value over time? The decision may affect the type of property you purchase, and the location.
hen you manage a property there are many costs involved in addition to the monthly mortgage repayments.
These additional costs include:
- Property upkeep - maintenance costs for the property.
- Letting agent's fees - letting agents charge around 10% of the monthly rent for finding and vetting tenants with an additional cost of around 5% if you require a full management service.
- Ground rent / service charges - applicable to leasehold properties.
- Legal insurance - to cover costs from evicting tenants in the event of non-payment, very important, as this can be very expensive.
- Insurance - building insurance and contents insurance for the items provided as part of the rental agreement.
- Furnishings - the purchase of any furniture. If the property is to be let furnished, make sure you are covered for this by your home insurance.
- Gas / electrical appliances - cost of maintaining appliances and ensuring they comply with any regulations such as safety tests.
- Decorating costs - the property may require work ranging from painting, to a new bathroom suite before it is suitable for letting to tenants.
When choosing a property to let, it is wise to take advice from local letting agents to determine; what types of properties are in need and which parts of the town are best or most wanted. They can tell you if there is a University in the town, and if students are looking for somewhere to live.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES
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