Whether you're buying a house or remortgaging, whether you're new to mortgages or an old hand, Main and Main Financial Services Ltd will be able to help.
This section should give you a clearer picture as to what is required when committing yourself to a mortgage, whether buying for owner occupation or on a buy-to-let basis. Just follow a few simple rules. Firstly, do not let anyone talk you into a commitment which you feel you are unable to meet on a monthly basis. Having made your decision to take out a mortgage, you will need to make financial provision for the items listed below:
- Stamp Duty (see Guide to Buying on our web page)
- Solicitors' fees
- Local Search fee
- Land Registration fee
- Valuation fee (in some cases this may be refunded by the lender)
- Survey fee (see Surveys)
- Possible Arrangement fee (depending on the type of mortgage)
- Higher Lending Charge premium (not all lenders charge this one-off premium. Your Mortgage Adviser should advise at the time)
- Possible improvement/renovation work after survey
- Removal costs
VAT where applicable on the above items
When should I look for a home?
Once you have seen your Mortgage Adviser and are happy with all the financial requirements, it is then time to start looking for your new home.
Having found your ideal property, submit your offer to the selling agent and at the same time contact your Mortgage Adviser. He/she will speak to the selling agent to confirm that your offer is acceptable. At this point in time you should complete your mortgage application form and pay your survey fee. The lender will instruct their surveyor who will value the property on your behalf. It is advisable, especially on older houses, to choose a more in-depth report.
Once surveyed a mortgage offer letter will be issued, provided your credit worthiness and employment terms are confirmed as satisfactory.
After receiving your mortgage offer and survey report, contact your Mortgage Adviser to go through the paperwork and make sure you are happy with its contents. Remember read the small print for any hidden requirements which may give cause for concern at a later date.
There are many different mortgage options. The choice is one of the biggest problems; however, a wide choice means that there will be a mortgage suited to your requirements. Below are six different examples:-
- Variable rate - This is a rate of interest normally charged by the lender on a mortgage and can change frequently.
- Fixed rate - This is a mortgage which has its rate fixed at the start of the mortgage for a fixed period, eg. 2 years, and will not change when rates either rise or fall during the period.
- Discount rate - The interest rate on your mortgage is discounted from the lender's variable standard rate for a specific period of time, usually with a bigger discount at the start of the mortgage.
- Capped rate - The interest on your mortgage never goes above a certain level during an agreed period, but it does go down if interest rates fall.
- Cashback - You will be given a cash sum when you start the mortgage.
- Flexible - You can decide how much you repay each month and can pay extra or even suspend payments for a while. However, underpayments will be added to the outstanding mortgage.
Caution If you want to pay off your mortgage early - maybe you've found a better deal, or you're moving house and have decided to use a new lender - you might be charged penalties. Don't worry, your Mortgage Adviser will always explain any early repayment charges and how long they apply for.
Main and Main Financial Services
Main and Main Financial Services Ltd is an Appointed Representative of First Complete Ltd, which is authorised and regulated by the Financial Services Authority.
As you are obtaining information to provide the mortgage quote you need to include the following:
Over the past couple of years it has become very fashionable to buy a house for investment purposes and rent it out, thus providing additional monthly income plus a hedge against rising house prices and providing that little bit of extra capital at some future date.
Consequently, many lenders have come into the market place providing funds. These mortgages are commonly known as buy-to-let mortgages. They vary widely and we would suggest that if you are interested in such a loan, you contact your Mortgage Adviser for a more in-depth meeting so as to iron out all the queries and possible tax implications.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
In general, buy-to-let mortgages are not regulated by the Financial Services Authority
To request a quote, fill in the form on the right, or alternatively telephone one of our offices to speak to a Mortgage Adviser.