Most owner occupiers will have residential mortgages, this is the usual method of purchasing a property. There are a range of mortgages available for first time buyers, through to those moving and those just wanting to change their mortgage supplier.
Different lenders will have varying criteria that you will need to fulfil to ensure that they are happy to lend to you. This can include the amount of deposit you have at your disposal if purchasing a new home, your income and other financial commitments. Anderson Lloyd have lots of experience of lenders and their criteria and can help you make the right decision.
We can also help you wade through the jargon, understanding the implications of Early Repayment Charges and understanding Arrangement Fees.
Buy To Let
The buy-to-let mortgage market has consolidated, meaning that there are now fewer lenders specialising in certain types of buy-to-let mortgages.
If you are looking for a buy-to-let mortgage we can help you find funding – either for an indivividual purchase or for a property portfolio. As with residential mortgages, we know the market well, and can help to advise you on the best deals, explaining any hidden charges, and letting you know the details of any lending criteria.
However hard you plan, you cannot foresee every eventuality. A situation may arise where you need to access a large lump sum and, if you have built up equity within your property, it may be possible for you to release it. This could be in the form of a mortgage (i.e. the lump sum is added to the amount still to pay on your mortgage) or as a loan secured against your property.
Equity Release Over 55
With an ageing population who are asset rich, there has been the emergence of equity release. If you are over 55 it may be possible to release equity from your property without incurring any monthly payment. The payments are consolidated and paid from the value of the property after death. It is essential to receive advice if considering one of these schemes not only from us but from your legal adviser.