To support our purchasers in navigating the mortgage market, we are pleased to introduce our preferred property finance partners, Cherry Street Finance. We caught up with their Mortgage and Protection Manager, Paul Timmins, to learn more about the importance of using a trusted adviser.
Whether you’re a first-time buyer, a buy-to-let guru or simply looking for a better deal, navigating through the wide range of mortgage providers can be confusing and time-consuming. It can be difficult to know where to start. When it comes to buying property, for many a mortgage is inevitable and going to the right mortgage broker, rather than straight to your bank, can pay dividends. If you don’t get the right advice early, you could end up with the wrong mortgage for your situation, which would be a costly mistake in the long run if more competitive or relevant options were available.
It’s important to speak with us early in your buying or selling process, as the sooner you speak to us, the more prepared you’ll be when entering any negotiations as you’ll be fully aware of your options. We can advise you on how to get your finances mortgage ready and offer tips on how to improve your chances of getting a mortgage. Going direct to a bank or building society means you will only have access to the mortgage deals it offers. By contrast, we will scour all corners of the market to uncover the deals that are best suited to your circumstances.
Along with advising you on the mortgage itself, we can also handle the application process and keep you informed of its progress with the lender. This can be invaluable at such a busy time of your life, leaving you free to focus on other matters. Quite often, we have long-established relationships with lenders so we will, for example, have regular conversations about criteria updates and policy changes. This can really put you at an advantage when it comes to getting the all-important green light for your mortgage. It’s important to remember when you’re calculating how much you can afford to borrow, you’ll need to think about other costs involved in buying a home.
We all know the housing market has been unpredictable and rates can change with lenders quickly. Whether they go up or down we are notified of these changes early so we can make sure that our clients are still getting the best deal even if things do change along the way.
One in six people are refused a mortgage and 54% of those people then find it takes three months longer, on average, to get approved for a new mortgage. You need to be going to the right lender the first time to avoid any unnecessary delays in the process.
No matter how complex, we can advise on bespoke lending for bespoke properties – not all lenders will offer a mortgage, but as brokers, we understand lender criteria and can make sure you’re matched with the right lender in the first instance.
We can also help those who are selling with an onward purchase or move in mind. If you need funds to make this happen, we’re here to assist. We have access to lenders who provide short-term lending solutions to meet tight timescales, keep chains together or fund refurbishments of properties that would otherwise be deemed ‘unmortgageable’ on the high street.
Your borrowing power is based on a range of factors such as your income and expenses, your dependents, and any assets or outstanding debts you might have. Some lenders will offer more borrowing based on certain professions such as nurses or solicitors for example, while others look at the source of income in the case of business owners and contractors.
It is important to understand that your credit rating does not always mean you are mortgage-ready; some lenders can take a view on your credit history, but our advice will direct you to the right bank or building society to match your circumstances.
Just because a mortgage doesn’t have a fee payable doesn’t mean that it is going to be the most cost-effective option for you. Often no or low mortgage fees may not always be the best option and we will explore and explain the differences for you.
There are an increasing number of lenders offering better rates for energy-efficient mortgages. These are for properties with an EPC rating between A and C to stimulate and finance investment in energy-efficient buildings and energy-saving renovations to secure a greener and more sustainable future.
There are plenty of considerations to make when looking into financing a property transaction and navigating some of these complexities on your own can be a daunting task. Using a comprehensive, whole of market advice service can be invaluable. Let us take the worry, stress and admin away from the process allowing you to focus on your new property.
Find out more about our property agency consultancy services and more about Cherry Street Finance.
