Today’s Bank Base Rise

Well after 10 years it finally happened – the Bank of England have put the Bank Base Rate up.

The Bank Base Rate only went up by 0.25% but this is a good time to get your mortgage & other finances in order.

It may be November, but a Spring Clean could be just the thing. Both the Bank Base Rate and Rates in the general market are very low still and while they have moved up a little from the very lowest, but this can still make them less than half of most lenders standard rates.

It only takes about 15 minutes to check you eligibility for a new rate. Why not give us a call on 0131 339 2281.

But what impact will a Bank Base Rate rise have?

An interest rate rise of 0.25% has taken the Bank Base Rate up to 0.5%, which is still a historically low figure. Existing borrowers whose mortgages are directly linked to the bank rate will see an instant increase in monthly repayments. For example, for those with a tracker mortgage linked directly to the Bank of England (BOE) rate, for every £50,000 of borrowing on a 20 year repayment mortgage, the interest rate change today would rise their payment increase by £6 per month*.

The prediction, now fact, has already seen lenders withdrawing some of the lowest rates on the market and a rate rise could have a further impact on product availability. So if you’re currently on a standard variable rate or your current deal is about to come to an end, it may be worth reviewing your mortgage needs with an adviser.

*Indicative figure, calculations based on £50,000 borrowed over a 20 year term, with mortgage interest rates changing from 2% to 2.25%.

If you would like us to contact you please complete this form or drop an email to enquiry@edinburghmortgageadvice.co.uk

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Where can I get a 95% mortgage?

Where to find a 95% mortgage – by Mark Dyason

The Sherwood Mortgage Brokers has changed dramatically in the past decade and buyers with a small deposit can find it difficult to get the right loan, but can still find a 95% mortgage, if you know where to look.

Many big banks are looking for customers with large deposits and perfect credit histories so wandering into your local branch might not yield the result you want. But don’t give up hope, there are many options available.

Do I need a perfect credit score?

A common misconception is that you need to have had pristine finances for a number of years if you’re to get a mortgage with a small deposit – but that’s not the case.

The majority of people have good credit scores. But even if you’ve had a financial blip in the past – such as a missed payment – there are still options for getting a 95% mortgage. These are usually from smaller lenders and building societies – which you might not find when you walk down the high street.

These lenders are ready and willing to help borrowers who have had some issues with credit in the past. A quick call to Edinburgh Mortgage Advice will help match you with the right 95% mortgage deal.

Bank of Mum and Dad

The original savings scheme

Can I use my parents as a guarantor? 

Some call it the ‘Bank of Mum and Dad’ as getting parental assistance is becoming common in today’s mortgage market.

A range of lenders will allow parents to act as a guarantor on your mortgage, or to offset your loan with their savings. For example, one lender offers 100% mortgages when parents place some of their savings into an offset account.

Your parents’ savings earn interest for three years and after this time they can move their cash elsewhere. By that point you’ll be able to stand on your own two feet and access cheaper mortgage rates, without parental support.

Are there other schemes available?

Many people are using shared equity schemes to purchase their first home. Shared equity allows you to move into your own house, without having to fund all of it. In some cases a bank will lend up to 100% on your share of the property, meaning you do not need a deposit at all.

In Scotland the Low-cost Initiative for First Time Buyers (LIFT) is a scheme which can help you get onto the property ladder. You pay for a share in the property while the Scottish government pays for the remainder. This can really help those with smaller deposits own a home with a small deposit.

Mortgage Rates

Have a look at what 95% rates are available

Other government schemes are available in both England and Scotland, but again these may not be widely publicised at major lenders.

So stop pounding the high street and give Edinburgh Mortgage Advice a call on 0131 339 2281.

Everything you need to know here at http://mortgagebrokernearme.co.uk

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How can a first time buyer get a mortgage?

They say buying a house is one of the biggest financial decisions you’ll ever make, and for any first time buyer this is a daunting prospect.

The mortgage market can be a difficult place to navigate and this is especially true when you’re doing it for the first time. First-time buyers have many questions but often struggle to find simple, plain speaking answers. That’s where we come in.

Speaking to a fully qualified mortgage broker will help match you with the right deal and hold your hand through the entire mortgage process.

First time buyer help from Edinburgh Mortgage Advice

How much can a first time buyer borrow?

How much you can borrow depends on a range of factors including how much you earn and how big a deposit you have saved. Banks and building societies will take into account how long a mortgage term you would like and if you have any children or dependants.

Lenders also look at how much you have borrowed elsewhere (such as credit cards) and your regular monthly outgoings.

Speaking to Edinburgh Mortgage Advice will help you understand exactly how much you can borrow, and how much your monthly repayments will be. An initial fact find can take just 15 minutes and will give you a better idea of what to expect.

Can I get a mortgage with my circumstances?

People who have irregular income or whose work is commission based can sometimes struggle to get a mortgage on the high street. But that doesn’t mean there isn’t a mortgage lender who will offer you a loan.

Those who receive bonuses, have stepped income, receive overtime payments or are shift workers can also find themselves at a disadvantage with the big banks. Yet there are lenders out there who will be receptive to your circumstances. Our team will be able to search across the market and find a lender that suits you.

What help can first-time buyers get?

Many a first time buyer will get financial help from their parents when buying their first house. But there are different rules depending on whether you’re receiving this cash as a loan or as a gift, and this could affect the type of mortgage you apply for.

There are also many government schemes which could help you make that first step onto the property ladder. There is no need to struggle on your own. We have dealt with hundreds of people like you and can guide you through the options that are available. We will be there from your first phone call to the day your mortgage completes.

To have a chat with our team and find the best first-time buyer mortgage for you, pick up the phone and call Edinburgh Mortgage Advice on 0131 339 2281 or contact us here

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Save enough on a remortgage to pay for your summer holiday?

During the cold winter months our attention often turns to the summer – and the possibility of a holiday. Newspapers and TV stations are filled with images of sun-kissed locations but these getaways, especially with the whole family in tow, are an expensive affair. Here is where a remortgage could help.

summer holiday

Finding the cash for a summer holiday is difficult, so why not take a look at your finances and see if you can save some money. Remortgaging could save you thousands of pounds a year and can be done with minimal hassle.

 

Will mortgage rates stay low forever?

The rates on offer in today’s mortgage market are at a historic low, meaning you could save cash by switching to a cheaper product. However, time is of the essence as this situation won’t last forever. But having more and more debt can dig you into the ground, so I would first educate myself on debt, what is the solutions to get out of it, I recommend to read articles from https://nationaldebtadvice.org.uk/

The long-term impact of Brexit on mortgage rates has yet to be seen, and that’s before looking at wider economic issues. Mortgage rates have already increased in the United States following the election of Donald Trump as President and the question now is will they go higher, and will UK rates follow suit?

Whatever happens, you can avoid being caught out by future rate rises and remortgage to a new deal today.

What do I need to remortgage?

Switching mortgage doesn’t have to be difficult. A 15 minute call to Edinburgh Mortgage Advice will quickly establish whether you can save by remortgaging.

You don’t need to dig out all your old paperwork, you just need these four pieces of information:

  • Your current house price
  • What you paid for your house
  • The number of years left on your mortgage
  • Your current monthly payments

If we believe you can switch and save then a full review of your mortgage can be done in just 30 minutes.

remortgage calulator

Click here to see the best rates available

Can I remortgage from a standard variable rate?

If you’re currently on your bank or building society’s standard variable rate (SVR) then it’s very likely you can save money with a remortgage – and it’s easy to do so. People often look at their SVR and believe they are getting a good deal because it is lower than the rate they have paid in the past.

Even if this is the case you could be paying more than you need to. In fact, you could have been paying over the odds for years. In many instances your mortgage rate could be halved by remortgaging from your current lender’s SVR.

To see if you’re eligible pick up the phone and call Edinburgh Mortgage Advice on 01313392281 or fill in your details here and we’ll be in touch. You could save thousands a year… perhaps even enough for a summer getaway.
Just remember to send us a postcard!

Get more information on saving money on your remortgage

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Right to Buy in Scotland

Help to buy is near enough finished in Scotland, however if you are still trying to get this sorted out, please give our specialist team a call.

Anyone who is to make the purchase needs to be named on the offer letter from the council, if you are not named you cannot be part of the purchase.

It is possible to borrow 100% of the discounted purchase price and it is also possible to get a mortgage if your credit history is less than perfect, however the lower the creidt score – the higher the rate you will be offered.

Time is of the essence if you are looking at right to buy – so give us a call on 0131 339 2281 and let us help you get on the housing ladder. When you are looking for legal settlement, it is best to hire court reporters in Seattle.

 

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Are you an Existing Birmingham Midshires or Scottish Widows Customer?

Looking for a new rate?

We know how frustrating it can be if you call these Lloyds group lenders looking for a new rate only to be told that cannot help and you need to return to your broker.

The bad news is that a large number of brokers have moved on or left the Industry, however we would be delighted to talk to you about both of these lenders loyalty rates and tell you how these compare with the whole of the market.

There is no charge for the comparison and only a charge of £199 if you take a product transfer, so give us a call on 0131 339 2281 and let us see how much we can save you.

Product Transfers through Edinburgh Mortgage Advice are available for Halifax, Birmingham Midshires, Scottish Widows, Clydesdale and Woolwich customers.

They are also available for Abbey/Santander customers however a higher fee maybe involved.

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Borrowing in to retirement

Making it easier to get a mortgage in to retirement:

2 major lenders (Halifax and Nationwide) have extended their criteria over the last 2 weeks to mean that if you want to look at borrowing in to retirement, indeed, up to the age of 80 or 85 then this is now easier.Retire

This could be of benefit to those looking for a standard mortgage with a slightly longer term and take your borrowing in to retirement.

Borrowing in to retirement – looking at your options.

The loan needs to be affordable against all provable post retirement income (pension, investments etc) and there can be more restrictions than on loans pre-retirement and if your credit is not good then poor credit loans can be a good solution for you. That said if you could use a couple more years to clear your mortgage then please give us a call on 0131 339 2281 and chat over your options.

The rates available at merchant services are not loaded and the processing should be standard timescales so if this has opened up a new opportunity then we would be delighted to help.

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95% remortgages available

There has been lots of talk about the new Government Schemes helping people get on the ladder.

But what about the people who are already on the ladder? Well we have a lender that can help people remortgage up to 95% using the same scheme even if that involves clearing some existing debt.

So if you have been told by your bank that you don’t have enough equity, why not give us a call and let us sort out your 95% remortgage?

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Help to Buy – The facts

Here are the facts about Help to Buy written in plain English to help you understand whether either of these finance schemes are right for you.

Who is Help to Buy aimed at?

Help to buy is aimed at those who want to get on the property ladder and can afford to pay a mortgage – but don’t have a big deposit payment.

What is the minimum deposit payment?

In order to qualify for any of the Help to Buy options (or indeed any mortgage) you must have a deposit of at least 5% of the value of the property you want to buy.

When it comes to getting a loan with really, really bad credit, your options are limited and where to get a small loans without credit checks are often of the “payday” variety: low-dollar, short-term, and high-interest loans based not on your credit score but your regular income – which lenders gain access to through your checking account.

Is it only available to 1st time buyers?

No, anyone can apply for either Help to Buy scheme.

How does Help to Buy work?

There are two different versions of the scheme, here are the main differences:

Scheme

Help to Buy 1

Help to Buy 2

What is it? A shared equity scheme, this means that the Government will loan you up to 20% of the value of the property. A mortgage guarantee scheme, this means the Government will act as a ‘guarantor’ for up to 15% on a standard mortgage should you default on your payments
Can I use it to buy any property No only new properties Yes this is available on old and new properties
Minimum deposit 5% 5%
Maximum house value £600,000 in England£400,000 in Scotland £600,000
Main impact When you come to sell the property you must give the Government 20% of the sale price.  This means you get 80% of the profits instead of 100%. Stricter affordability criteria and potentially slightly higher interest rates (as the lender must pay the government a fee for the guarantee).
Can I use it to buy a ‘Buy to Let’ property? No No
Examples: House valued at £200k financed as follows:

  • 5% Deposit £10,000
  • 20% Help to Buy £40,000
  • 75% Mortgage £150,000
House valued at £200k financed as follows:

  • 5% Deposit £10,000
  • 95% Mortgage £190,000
Additional Costs None for the first 5 years.If you live anywhere in the UK except Scotland then you must pay an annual fee of 1.75% of the loan which rises annually by RPI + 1%. (This does not apply in Scotland) No

What are the advantages and disadvantages?

Advantages

Disadvantages

  • Helps those with a small deposit get onto the property ladder

 

  • Stricter affordability criteria
  • Restricted maximum loan due to stricter affordability criteria
  • The mortgage process takes longer due to the additional steps involved

Are there any other finance schemes which help people with a small deposit buy a house?

YES! There are a number of other options such as https://www.paydaynow.net/loans-for-bad-credit/ and Rhinosure, their suitability depends on your circumstances and where you live etc. Please also remember that there are lenders out there willing to offer 95% mortgages with competitive rates to borrowers with good credit scores.

No matter what your circumstances are, talk to us if you would like help to find the best mortgage in the whole market AND sound advice on whether there are any of the home buying finance schemes are suitable for you.

Posted in Edinburgh Mortgage Advice, First Time Buyers, Government Schemes, Help to Buy, Mortgage Industry, Purchase, Scotland | 2 Comments

Mark in The Times about Help to Buy 2

Here is an article from the Times about Help to Buy 2 (the new Government back mortgage guarantee scheme). It essentially works as the HM Gov acting as a guarantor (in a limited capacity) for clients.

Edinburgh Mortgage Advice in the Times 29/11/2013

If you want to chat over any of the schemes to help clients with smaller deposits such as Help to Buy (shared equity – New Build Only) LIFT (Scotland only) or the New Help to Buy 2 scheme, then please give us a call on 0131 339 2281

 

Posted in Government Schemes, Help to Buy, Uncategorized | 1 Comment