Home mortgages - buying and selling property requires many professionals doing many different jobs. Let us help to ease the pressure through good old fashioned service.
Buy to let mortgages - Buying a rental property has a number of legal differences than buying a house to live in. There are also important stamp duty land tax and other fees involved. And to top it off lenders typically need a higher deposit. You cant really sugar coat it. Buy to lets have up front costs which far outweigh buying your own home. Talk to us and find out how we can assist.
Remortgages This is the process of repaying an old mortgage with the proceeds of a new mortgage - we do this all the time and it is worth doing in the right circumstances. If you are considering your options either give us a call or try our mortgage calculator.
Portable mortgages - taking your mortgage with you to a new home. If you are selling and buying we have access to mortgages that can go with you. For example if you take a fixed rate for 3 years you can sell your home and transfer the mortgage to a new home. Lets talk about it.
Guarantor mortgages (bank of the family) - The bank of mum, dad, grandparents is becoming more popular as property prices increase. Let's talk about the options and the non options so you and the relatives fully understand how this works.
Portfolio mortgages -(If you have many properties needing a mortgage restructure to better protect the owners or the trust or the company. Let's talk as the wrong structure is what you need to avoid. Bear in mind some third party advice is needed.
Bridging finance - is blanket finance over more than one property and is typically short term.
Help to Buy Scheme (using the government Help to Buy scheme 20%-40% deposit from government interest free for 5 years) After this interest is charged on the HtB mortgage.
Shared ownership scheme (buying a percentage of a property and paying rent on the remainder)
Insurance for home, contents, life cover, protection of income, protection of mortgage payments. (only insurance which protect you and your family within your budget)
Conveyancing - Let us introduce you to amazing Solicitors who work diligently to provide a better service every time.
Surveyors - We can put you in touch with surveyors who provide in depth services to help you make an informed decision when buying a home*.
The legal stuff
Exclusive Financial a trading name of Christopher Bell who is an appointed representative of Openwork Ltd (compliance network) who are regulated by the Financial Conduct Authority. Our advice is based on the circumstances and proof provided by you and other borrowers/guarantors.
*The service promoted here is not part of the Openwork offering and is offered in our own right. Openwork Limited accept no responsibility for this aspect of our business. This service is not regulated by the Financial Conduct Authority.
Think carefully before securing other debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Some buy to let mortgages and Bridging Finance are not regulated by the Financial Conduct Authority.
First home buyers
Buying your first home is always an exciting and nerve racking experience. Your first step on the property ladder is now accessible due to government schemes such as Help to Buy which offers a top up deposit of up to 20% to first time buyers of new build properties. This 20% (equity in the property) is to be repaid in 6 years time but note that 20% could be more at the end of 6 years because it is an equity loan, if equity increases for you it also increases for the government.
There are lenders offering 90%-95% loan to value (LTV). Give us a call and find out what you can borrow.
Also try our calculator but remember the affordability calculator is an indication and your affordability could be more or less depending on tax and outgoings.
Remortgaging is when you take advantage of better interest rates or terms for example: no early repayment fee or lower arrangement fees.
If you would like to look at the latest deals for remortgaging contact us and we will be able to do a detailed search based on your circumstances.
Remortgaging your property can be used to refinance some or all of your other outstanding debts as well although financial advice will be needed by our team to be considered within lending criteria. Possible higher repayments and the term of the mortgage will be discussed under debt consolidation rules.
Contact us and we will help you.
Buy to Let
Buying to let a property is not as simple as it once was and new tax relief laws and stamp duty requirements have created a tougher environment.
That said there are still good deals to be made although there are some changes in the way the property and mortgage and ownership is registered. Section 24 has taken away the availability for offsetting mortgage interest as an expense. What this means is that for you to still have the ability to do this you will need to set up a company at the outset and then you can claim the interest as usual. Ok it is a little technical and a bit more paperwork but after all it is a business and maybe it should run like one.
Granted this is not always an easy conversation. Protection and Insurance brings up topics people try to avoid as the reality of our mortality and loss of loved ones is part of the discussion.
Insurance is not there to hurt anyone. Rather it is there to protect you and your loved ones from financial stress whilst you try and put the pieces of your lives back together.
These are some facts:
1 in 2 people will get Cancer, Over 1.6 million men and over 1 million women are living with Coronary Heart Disease and 2 million men and 900,000 women are living with chronic angina and these are just random numbers from a few common illnesses. There are many others which will affect everyone eventually.
We look to recommend and advise on many types of cover to suit your stage in life and to provide peace of mind.
Normally it is affordable and works as a package with home, contents, mortgage and so on. Well worth exploring the options.
Wills & Family Trusts
Wills are quite simply the wishes of someone who passes away. The assets, where they wish to be laid to rest and other important details. It is imperative that everyone has a Will especially if you own a home. Exclusive Financial do not provide Wills directly but we will always point you in the direction of getting one as part of a full financial offering tying together the right package.
A Trust is a separate entity which provides a trustworthy place for family assets to be deposited. One of the key reasons people prefer a Family trust is, instead of waiting for probate when someone passes away the funds are deposited in trust quickly. These assets are then protected and managed for the family now and for future generations.
There are also tax benefits such as no Inheritance tax to be paid as it does not form part of an estate.
Types of Mortgages
There are literally thousands of mortgage products available.
Here are some of the types of mortgage products typically used.
Variable rate - this is a mortgage with a variable interest rate which can move up or down at the lenders discretion.
Fixed rate - A fixed rate mortgage is fixed for a set term and cannot go up or down during that term. There is usually an early repayment charge if you decide to repay the mortgage early.
Capped rate - this mortgage can go down but has a capped interest rate stopping it going above this rate.
Tracker mortgage - This mortgage tracks the Bank of England base rate and goes up and down accordingly.
Offset mortgage - this mortgage offsets savings against their mortgage. It calculates the difference between the mortgage and savings to lower the overall interest charged.