First Time Buyer
Buying your first home can be daunting. Especially as this will likely be the biggest financial commitment you have made. Our mortgage advisers can offer you professional and comprehensive advice and lead you through the process, a process they have been through many times before.
Our mortgage advisers have access to an extensive range of mortgages including some products that are not available from lenders on the high street. We’ll find a product to suit your circumstances both now and looking towards the future.
To ensure your purchase runs smoothly, we can help manage the whole process by liaising with your estate agent, solicitor, surveyor and mortgage Lender – it’s all part of our service.
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
Email: info@wolseymortgage.co.uk
Call our experienced team of Advisers on:
01473 216950
The amount you can borrow will vary from lender to lender and will take into account your income and any personal/living expenses.
They’ll use this as a guide to see what you can afford and use this to calculate how much they will lend you.
Your monthly mortgage payments will depend on:
- The amount you borrow
- The interest rate
- The numbers of years you borrow the money over
This will depend on the purchase price of your property.
You will need to budget for a number of costs including:
- Deposit
- Mortgage Arrangement Fee
- Valuation/Survey Fees
- Legal Fees
- Stamp Duty
- Broker Fee
Different Types of Mortgages:
There are many options to consider when applying for a new mortgage including Fixed Rate, Standard variable rates, Tracker and Discount. But don’t despair, our experienced mortgage advisers can talk you through all the options and you’ll be able to decide what suits you best.
Standard Variable Rate (SVR)
Discount
A Discount Mortgage has an interest rate where a discount is applied to the lenders standard variable rate. As the lenders standard variable rate moves up or down the discounted rate moves up or down by the same amount. Discount rate mortgages are often offered for a set period of time, usually between 2 and 5 years. There may be initial arrangement fees from the lender to set up this type of mortgage and If you redeem your mortgage during the discount period you would normally have to pay a redemption penalty to the lender.
Tracker
Fixed Rate
A fixed rate mortgage fixes your monthly mortgage rate for a set period of time, usually between 1 and 5 years. At the end of this time, the interest rate will usually revert to the lenders standard variable rate. This type of mortgage is popular with clients who like to have stability in their mortgage outgoings for a given period of time. Unfortunately, you will not benefit from any reduction in interest rates. There may be initial arrangement fees from the lender to set up this type of mortgage and early repayment charges if the loan is redeemed within the scheme period.
Your home may be repossessed if you do not keep up repayments on your mortgage.
We will charge a broker fee of between £0 and £349, payable on production of mortgage offer. The amount we will charge is dependent on the amount of research and administration that is required.
Need Help? Call Us at:
01473 216950