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Want to build your own house?

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Did you know that your Local Authority can help you find a plot of land?

The Right to Build scheme (launched in 2016) has been designed to help free up plots of land in an attempt to get people building their own homes and as a result help the national housing crisis.

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What is a remortgage?

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The definition of a remortgage is: to take out another or different kind of mortgage on a property.
If you’ve taken out a mortgage on your home and it’s say a 3-year deal, what happens after those 3 years?
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What is the process to get a mortgage?

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Sometimes the mortgage process can seem to be a bit of a mystery, so let us lift the lid…..
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What is stamp duty?

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Stamp duty is a tax charged by the Government on all residential properties and land that are sold for £125,000 or more (For first time buyers the threshold is £300,000 or more).

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I’m buying a house, why do I need a solicitor?

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A solicitor will do all the legal parts of the buying process, ensuring that once you’ve handed the money over for your new home, you do legally own it.
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Can I buy my council house?

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The government introduced a scheme called Right to Buy in 1980, giving council tenants the opportunity to purchase their home. The criteria being that if you have been living in your council house for 3 years or more,

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I’m self-employed can I get a mortgage?

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Yes! But there are some differences to applying for a mortgage when you are self-employed compared with employed. You knew I was going to say that, didn’t you?

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What to look out for when viewing a house?

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Whilst it’s really exciting to start looking round houses, it’s important not to view with just your heart. When arriving at the property, you should give the outside a good look over, checking for any missing tiles, guttering that’s not where it should be, cracks in the exterior walls, large trees close to the property. What’s the general state of the street, do the homes look well cared for, is there plenty of parking, signs of work being completed (skips) can be a positive sign.

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I’m on an Interest Only mortgage, should I move to a Repayment mortgage?

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Interest Only mortgages are great when the situation is right, but it’s important to be aware that you are not paying off any of your mortgage, just the interest part of the loan.
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Can I buy a house with a friend?

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This can be a really practical option to get you on the housing ladder. Joint mortgages are becoming more popular and mortgage lenders are increasing the products available, so it’s certainly an achievable goal.
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What do I do if I’ve been turned down for a mortgage?

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First of all, don’t panic!!
There are many reasons why you may have been declined a mortgage, these can include:
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Can I remortgage to get funds for home improvements?

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With property prices rising at a steady pace over recent years, we’re seeing more and more requests for remortgages to raise funds for home improvements including extensions/loft conversions to increase the size of the property rather than moving.
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Can I help my child(ren) get on the housing ladder?

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The Office for National Statistics have reported that more than 25% of people between 20 and 34 years old are still living at home with their parents.*

Whilst some parents may be happy with this, some may want to give their offspring a helping shove, sorry I mean hand, out of the door.
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I’m locked in to a fixed rate mortgage, can I move?

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Most mortgages are portable, which means you can move them with you when you move home.

This sounds very straight-forward and is, if you are requiring the exact same amount of funds to buy your new property and you still meet the financial criteria stated by the lender (as you will be reassessed as if applying for a new mortgage).

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Are all houses mortgageable?

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If you wanting to get a mortgage to buy your next home, it’s important to be aware that they are some properties that lenders won’t be falling over themselves to offer you a mortgage on.

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Should I use a comparison website when looking for a mortgage?

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Comparison websites are a really good place to start your search for a mortgage, but there are a couple of things you should be aware of:
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I’m struggling to get on the housing ladder, is there any help available?

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With house prices rising significantly faster that salaries*, it’s a well-known problem, that people are struggling to get on the housing ladder. The Government recognised the issue and created two schemes to help those in these situations - The Help to Buy Shared Ownership scheme and Help to Buy Equity Loan scheme.

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I can’t afford my mortgage repayments, what should I do?

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The most important thing to do in this circumstance is to ask for help! Don’t be an ostrich and stick you head in the sand!
Unfortunately, this problem won’t go away (unless you have a big lotto win!!). Your lender will notice if you miss a payment and will probably try and contact you immediately. If you are struggling, pick up the phone and talk to them.

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I’m separating from my partner/spouse, can I take over the mortgage?

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The best approach with this scenario is to be honest with your mortgage lender. Most lenders will be sympathetic to your situation. Some lenders may let you take a payment holiday whilst you are sorting out your finances. Before excepting this offer though, you should check that by doing so, your credit score will not be impacted upon negatively, as this could affect your ability to secure credit in the future. When you are faced with this situation you have a couple of options open to you:

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How do I get a mortgage?

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With all the negative press surrounding getting onto the property ladder, it can seem like there is a mountain to climb and hoops to jump through, but with a bit of planning, you can put yourself in the best possible position to be approved for a mortgage.

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3 Sorrel Horse Mews
Grimwade Street
Ipswich
IP4 1LN

 

01473 216950

 

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