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Surveys are not legally required when buying a house, but they are recommended to help you understand a properties condition and identify any potential issues/structural problems before you commit to buying. Your mortgage lender will usually arrange a mortgage valuation to ensure they are comfortable with the amount they are lending you, but this isn’t a survey.
If the purchase price you’ve agreed is above the current threshold, you will be required to pay Stamp Duty Land Tax (SDLT). There are several rate bands, based on purchase price. The amount you pay depends on the band you fall into, your circumstances/ buyer status and the intended use of the property or land. Our advisors will help you understand all of the costs associated with buying a property.
It is possible to get a mortgage if you’re on a Zero Hours or Temporary contract, but it tends to be more challenging. Many lenders will consider applications form people on non-permanent contracts, but their acceptance criteria varies.
Our experienced mortgage brokers will assess your individual circumstances and history of working the way you do. They’ll be able to work out which lenders are most likely to offer you a mortgage and help you prepare everything you need to support your application – to give you the best chance of achieving your goal.
Most mortgage deals will allow you to make overpayments to help reduce your mortgage balance quicker. There is usually a limit to how much you can overpay – this varies between lenders and mortgage products. If making overpayments is a priority for you, our advisors will consider this when researching the most suitable mortgage for you.
Yes, most lenders will allow you to have a lodger, but you are required to seek their permission. There are a few lenders that will even factor the rental income from a lodger into your affordability. If this is something you’re considering, our advisors can help you find the right lender for you.
It is important that you check with your home insurance provider too.
This is possible, it’s known as a concessionary or discounted purchase.
Most lenders would expect the vendor to be immediate family for it to be considered a genuine discount. Some lenders will consider the discount offered as the deposit. There are many benefits to this type of agreement, but there are also some potential downsides to consider, such as tax implications. The discount is effectively a gift, so there could be tax to pay. You’d need to consult with a tax advisor to understand these implications fully.
While most high street lenders will work from your personal Tax Computations when assessing your mortgage affordability, there are lenders who appreciate that as a company owner you may only draw what you need to live on, leaving the rest in the company as retained profit. They’ll consider your share of net profit, along with your salary and dividends, to determine your affordability. Our expert advisors can help find the right lender for you.
We charge a fixed fee for our mortgage advice services at the point of mortgage application, as well as receiving commission from lenders following completion of a mortgage.
Our advisors will always disclose the fee upfront and provide you with an Initial Disclosure Document/ Fee Agreement, checking you’re happy with the terms of the agreement before commencing.
As a firm, we review our fees annually to ensure our charges remain fair and justified and our advisors will be happy to explain this.
We will always be open about the amount of commission we expect to receive from the lender. It will be detailed in the lenders Mortgage Illustration, the lenders Mortgage Offer Letter and the Mortgage Suitability Letter produced by your advisor – all provided to you.
Most lenders will take some, if not all benefit income into consideration if it’s alongside another source of income. There are lenders that will consider benefit income alone.
The types of benefits they will accept, as well as the proportion they will use varies significantly from lender to lender and is usually dependant on other factors, such as how long you are likely to be in receipt of the benefit into the future. Our advisors will be able to recommend lenders that are appropriate for your circumstances, to give you the best chance of being approved for a mortgage.
Although the majority of mortgage lenders will require applicants to provide 3 year’s worth of accounts, there are a few that will consider just one year’s accounting history.
As the availability of mortgages in these circumstances is lower, it can be more of a challenge to find the best deal that’s available to you. If you have a shorter trading history, our advisors can help identify the most suitable lender for you and help you to strengthen your application with additional proof that your business/ income is stable.
There are various ways that friends or a family member could help you get a mortgage. It could be by gifting you a deposit, through a joint mortgage or by acting as a Guarantor.
If you’re income alone doesn’t allow you to borrow what you need, a Guarantor could help you borrow more or, if your credit score is low, a Guarantor could provide the lender with additional security. A Guarantor would be financially responsible for the mortgage, providing a guarantee that they will repay the mortgage if you’re unable to. Our qualified advisors can help ensure that you and your potential Guarantor understand the risks and are equipped to make a fully informed decision.
It can still be possible to get a mortgage. Many high street lenders will be wary, but there are specialist lenders, known as Sub-prime lenders that will consider applicants in scenarios that the standard lenders aren’t comfortable with.
Finding the right lender can be time consuming and more challenging – our expert brokers can advise on your eligibility and how best to present your application. With their guidance and experience you will have the best chance of securing a mortgage offer.
Yes, it’s possible to get a mortgage in your 60s. The options and terms may vary compared to younger borrowers, but lenders will assess affordability based on your ability to repay the mortgage as well as your age. They’ll consider factors like pension income, investment income, and other sources of revenue.
Our knowledgeable advisors can help match you with the most suitable mortgage to suit your specific needs and goal. If a standard mortgage isn’t available to you, they may be able to find another solution, such as Equity Release or a Retirement Interest Only mortgage.
While it can be a little trickier to get a mortgage if you’ve just stared a new job, there are plenty of lenders that will consider your application with only your new contract.
Our experienced advisors will identify the lenders most likely to accept your application and find you the best deal available.
The size of your student loan won’t affect how much you can borrow, but lenders will typically consider the monthly payments you make when assessing your affordability. Most lenders will treat your monthly student loan payments in the same way as your other monthly commitments and expenses – they’ll look at your disposable income after these have been paid.
It’s usually possible to get a mortgage if you work offshore. There are various factors, such as the currency you get paid in or the type of contract you’re on that can affect the options available to you. Not all lenders are comfortable with offshore income, so you may need a more specialist lender. But our advisors are experienced in dealing with offshore income and will help you navigate the process and find the right mortgage for you.
B
Base rateAlso known as the Bank of England base rate, it’s the interest rate at which the Bank of England lends money to other institutions. Changes to it usually have a direct influence on the rates of banks and lenders.
C
CompletionThis is the last step of purchasing a property. The legal ownership transfers from the seller to you, the buyer. You can collect your keys!
Consent to letIf you’d like to rent out the property you’ve been living in, you need to request permission from your mortgage lender. If they agree, they’ll provide a formal document known as a Consent to Let.
D
Decision in principle (DIP)Also known as an Agreement in Principle, it’s an indication from a lender of how much they’re willing to lend you. It isn’t a formal offer and won’t leave a footprint on your credit report. However, if you’re putting in an offer on a property, you’ll be taken more seriously if you have Decision in Principle.
E
Early repayment chargeAn ‘ERC’ is a penalty fee charged by a lender if you overpay or repay your mortgage before your mortgage period ends. There are mortgage products that do not have ERCs. Our advisors can chat to you about these options.
Energy performance certificateAn ‘EPC’ is a report based on the energy efficiency and, therefore, environmental impact of a property. To find out if a property has an existing certificate, you can search on GOV.UK.
EquityThe equity in your property is the difference between your mortgage balance (the money you owe) and the market value of the property. Essentially, it’s the portion you own.
Exchange of ContractsYou and the seller sign identical sale contracts that are then physically exchanged between your respective solicitors. It’s legally binding for both parties, meaning neither can pull out without financial repercussions.
G
Gifted depositA cash gift that’s been given to you, usually by a family member, to help with your purchase, is known as a Gifted Deposit. The person who gifts you the money may be asked to confirm to the lender that the money is a gift not a loan – that they aren’t expecting repayment or any ownership rights over the property.
L
Loan to value (LVT)This is the size of the mortgage relative to the value of the property. So, for example, if the property value was £200k and the mortgage was £150k the LVT would be 75%.
O
OverpaymentMost mortgage deals will allow you to repay more than your agreed monthly payment amount, to help reduce your mortgage balance quicker. This is called an overpayment. There is usually a limit on how much you can overpay – this varies between lenders and types of mortgage.
P
PortingThis allows you to move your existing mortgage to your new property. It can be beneficial if your current mortgage has a low interest rate or you would incur a penalty if you switched.
S
Stamp dutyYou pay Stamp Duty Land Tax (SDLT) to the government if you buy a property or land in the UK and the purchase price agreed is above the current threshold. There are several rate bands based on purchase price. The amount you pay depends on the band, your buyer status and circumstances and the intended use of the property or land.
SurveyAn inspection of a property’s condition, carried out by an expert. There are different levels of property survey you can arrange to help you identify and understand any potential issues. The more in-depth the survey, the higher the cost.
You have an initial chat with one of our advisors.
You have a full consultation. The advisor will arrange to meet you when and where is convenient – your home, our office, or on a video call. You can invite family members or a trusted friend to join you if you like. Our advisor will give you options and advice to consider.
Your consultation is free and there’s no obligation to proceed.
If you instruct us to proceed, we’ll take it from there.
Have an initial chat with someone at PSG about you’re plans and arrange to meet with an advisor. They will meet you when and where is most convenient – at your home, in our office, or on a video call. If you’d like to have a friend or family member join you for the meeting, that’s fine too. You’ll be asked to have some documents available to help your advisor conduct their research.
At the start of the meeting, they’ll provide you with our Initial Disclosure Document (confirming the costs involved if you decide to proceed). You’ll discuss your circumstances, priorities and future plans with your advisor and have the opportunity to ask any questions or raise any concerns. At the end of your meeting your advisor will arrange a follow-up Presentation meeting. You’ll discuss your circumstances, needs and plans with your advisor, then they’ll explain the benefits and risks of Equity Release and other alternatives. If you agree Equity Release is the right option, a follow up – Presentation Meeting – will be arranged. You may be asked for some documents to help your advisor conduct their research.
Your advisor will research the whole of the market, reviewing all the lenders and products available.
Your advisor will talk you through the research and their recommendation for your mortgage and any protection that would be beneficial. They’ll provide a summary of the important details and costs involved – called a ‘Key Facts Illustration’ (KFI) or ‘Personalised Illustration’. They’ll go through it with you, giving you time to ask questions and ensuring you understand everything. If you decide you’re happy to proceed, the application process will begin
Your advisor will complete this on your behalf. You may need to appoint a solicitor. If you don’t already have one in mind, we can help with that.
Your advisor will continue to liaise with your lender, updating you on the progress of your application, until you have your Mortgage Offer.
Your solicitor will carry out the required checks and searches relevant to your circumstances (whether you’re purchasing a new property or re-mortgaging). They’ll report directly to you on these matters, but your advisor will liaise with your solicitor and lender throughout, helping to ensure you’re planned timescales for exchange and completion are met.
Your advisor will keep you updated and be on hand to answer any questions throughout the whole process.
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