Expert Advice
Mortgages
From first-time buyers to portfolio landlords, we provide expert advice tailored to your unique financial situation.
Mortgage Services
Home Mover / First Time Buyers
We take the stress out of mortgages for First Time Buyers and First Time Movers We explain the journey step by step using our timeline and hold your hand through the process until you have the keys in your hand and not just mortgage offer.
It starts with a discussion on affordability, budget, and retirement plans; considering any future changes and we use this to build the foundations of our recommendation.
We can advise you on the legal process, the fees involved, the criteria for different lenders, the deposit needed and how that will influence the rate possible. We can negotiate with the agent on your behalf to help secure the property as well as talking through the next steps such as the types of survey available.
Remortgages / Additional Borrowing
Remortgaging is about securing a new deal when the initial one ends. When the initial rate comes to an end, you can tie this in with paying off some capital; borrowing some extra money for home improvements for example, Or use this opportunity to consolidate any debt. This is also an opportunity to review your mortgage term; saving interest over the term; and also, to review your insurances.
The rates are based on the loan-to-value of the property.
When looking to remortgage you need to remember that this needs to be done after the existing product ends; otherwise, you’ll be liable to pay an Early Repayment Charge to your existing lender.
Think carefully before securing any debts against your home.
Fixed Term Contractors / CIS
Both these forms of income can have limited choice of lender.
CIS, or the Construction Industry Scheme, is a system set up by the government to make tax simple for people working in construction. If you're a subcontractor, contractors deduct tax from your pay before you get it and send it straight to HMRC. This helps keep everything in order with taxes. We understand how your income through CIS works, whether it is demonstrated through tax Returns or Invoices, we can help you find the right mortgage, making the process as stress-free as possible.
A fixed-term contract is an employment arrangement where you work for a defined period of time. Unlike permanent employment, fixed-term contracts may not offer the same job security, but they often come with higher pay. These contracts are more common in industries such as IT and digital marketing. Typically, you’ll be paid a day rate, and the contract will have a set duration.
Lenders can use your fixed-term contract to calculate your borrowing capacity. However, you’ll need to demonstrate consistent experience in your field, with minimal breaks between contracts.
With our expertise, we can help you identify the right lender, reducing the risk of refusal.
Self Employed Mortgages
When you are self employed getting a mortgage is not always simple. This can depend on how long you have been self employed and what you have done previously. The rules can vary depending on if you trade as a sole trader or limited company.
Lenders consider figures from either the latest tax year, or an average of the last 2 years. They could use salary and dividends for affordability, and some consider retained profits in the business.
We work out the best combination to maximise your borrowing power.
Shared Ownership
This is a mortgage to allow those who are struggling to get onto the property ladder. It allows you to buy a share of the property; the deposit is based on a percentage of this share. The remainder of the property is rented from a housing association with option to later purchase extra shares when you are able – this is known as staircasing.
Adverse Credit
Adverse Credit mortgages can be right for anyone that has a poor credit score, to those with defaults, CCJ’s, DMP’s, IVA’s, and bankruptcies. They can also suit someone that has been previously repossessed; struggled with late payments and/or taken payday loan.
It doesn’t have to be difficult to find yourself a mortgage if you have bad or poor credit. In some cases, you may be offered a higher interest rate by specialist lenders or be required to put a high deposit. Sometime additional or higher fees can be involved, and the process can take longer than normal. Let us guide you through the process and secure you a deal that is right for you based on credit.
In some cases, you may need to secure a specialist mortgage for a period of 2 years to demonstrate that you can manage credit. This will improve your credit rating; before being able to remortgage to a high street lender.
Company / Portfolio Mortgages
Buy-to-let mortgages can be for anyone renting out a property. There are some main differences between this and a residential mortgage. The affordability of the mortgage can depend on the rental income projected of the property and based on your own tax band of your personal income.
The rules and fees and involved can be higher than residential mortgages too.
The property must be in a habitable condition with light refurbishment needed; and have a valid Energy Performance Certificate.
Rules for Limited Company and Portfolio mortgages can vary considering other properties owned in the background.
The Financial Conduct Authority does not regulate some form of Buy to Lets.
New Build Mortgages
New build properties are homes that have been newly constructed and are ready for their first owners. They come with the latest designs, and modern standards, meaning less maintenance, making them a popular choice for buyers.
New builds often come with a warranty that covers defects and issues for a set period of time. You buy them directly from the developer meaning a chain -free transaction too.
However, these mortgages often have specific requirements, such as larger deposits (commonly 15% or more for houses and 25% for flats) and stricter lending criteria. Timing is critical, as developers usually set tight deadlines for completion. At Family Mortgage Solutions, we have expertise in helping you secure the right mortgage for your new build home. We will guide you through the process from start to finish.
If your new home has an EPC of A-C you may be able to get preferential deals for having a green/energy efficient home.
If you buy a new build flat, the service charge and ground rents may be higher than other properties. There may even be an estate charge for maintaining the new development which is payable for houses too.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH PAYMENTS ON YOUR MORTGAGE.