First Time Buyer Mortgage Advice

 

Should I Use A Mortgage Advisor or Find My Own Mortgage?

What are the advantages and disadvantages of using an FCA qualified and accredited mortgage broker over, say, doing it yourself?

Who Holds the Deeds to your Home

Since the eighties property bought or sold in England or Wales has been required to be registered by your conveyancer at the Land Registry.

Over how many years can I stretch my mortgage?

Mortgage rates remain low but with first-time buyers now regularly in their thirties and older, the monthly cost of borrowing is still sometimes relatively high. This is because most mortgage lenders will not extend a loan past a borrower’s retirement age.

Help to Buy Equity Loans are More Popular Than Ever

The Help to Buy Schemes continue to be used by home buyers keen to get into the housing market. 2017 was an busy year with over 32,000 new-build homes purchased.

How to buy a new home using the Help to Buy Equity Loan Scheme.

The Help to Buy Scheme was set up by the government to help people with little deposit, wanting to buy a home. It’s available to those that don’t own a home and are in the market for a new build home.

What is Mortgage Lending Criteria?

Mortgage Lending Criteria vary from lender to lender and they change fairly regularly. Set by the lender’s underwriters, the criteria are decided upon as part of the lender’s risk management of their entire ‘lending book’s’ portfolio.

Three Ways to Get on the Housing Ladder

No matter where you live, property in the UK is now relatively expensive with the average house price having nearly trebled since 1995. So, what can you do to get on the housing ladder? Here are three ideas to consider.

What is Equity Release?

There are lots of terms thrown around the housing market but one that regularly comes to the fore, especially in a good market, is Equity Release.

Tips to speed up your Mortgage Application

There is little that can be done to speed up the process and, frankly, you should not want to do so. However, there are some simple things you can do to help smooth the process.

How to Choose your Conveyancer

The conveyancer that you instruct must be properly qualified and authorised to act as your representative in the conveyancing process.

Stamp Duty Scrapped for First Time Buyers

When most people now buy a new home, the Government recently introduced relief for first time buyers purchasing a home on or after 22 November 2017.

6 Ways to Help Your Child onto the Property Ladder

With property prices in many parts of the UK continuing to rise, many young people could be forgiven for assuming that they will never become a homeowner in their own right. However, this is not necessarily the case. 

What is a Mortgage Broker and why you should use One.

A mortgage broker is an intermediary whose primary function is to advise his client on the mortgage best suited to his or her individual circumstance and specific needs.

How Long does it take to Get a Mortgage?

The mortgage process is relatively swift these days, but only if you have already spent some time getting together all the information you need. 

Understanding Mortgage Types & Rates

In today’s lending market there are a large variety of mortgage types. For the purposes of this article, we’re looking simply at repayment and interest-only mortgages.

What Does it Cost to Buy a House?

Here are the costs you may incur when buying a house.

What is a Homebuyer’s Report?

A Homebuyer’s Report is one of several different types of report that can be purchased by the buyer of a property.

Different Types of Mortgage Explained

Most of us need a mortgage to buy our first home and. But the types of loan available to the home buyer are wide and varied.

What is a Mortgage Agreement ‘in Principle’ (AIP)?

A Mortgage in Principle is something we recommend. It certainly helps strengthen a buyer’s position when they are making an offer on a property. So what is a Mortgage in Principle? 

Bank of Mum and Dad

More than a third of all first-time buyers now rely on help from “The Bank of Mum and Dad”. According to research, parents now part-fund 34.1% of property purchases, up from 20% seven years ago.

What does Exchange of Contracts Mean?

When buying your home one of the critical points referred to by everyone is ‘exchange of contracts’. But what is it and why is it important?

How much does Maidenhead Council Tax cost and how is it calculated?

Maidenhead Council tax is a local tax to help pay for local services. These services include police and fire services, upkeep of local roads and street lighting, drainage, etc

What is a Buy to Let Stress Test and Why do Mortgage Companies Use Them?

A stress test is the term given to the process by which lenders assess the sustainable affordability of a loan to a buyer. Required by law to undertake such affordability tests as a result of legislation following the 2008 credit crunch and housing crisis, stress tests are there to protect the borrower (and the lender) for entering into ill-conceived or risky loan arrangements.

Why Use an Independent Mortgage Broker?

Our brokers are professionally trained and qualified to offer you the best quality advice. We work on your behalf. You are our client and as such we owe you a legal duty of care to act in your best interests. At Mortgage Required, we are on your side, we know the market and we are here to help!

What is a Sealing Fee?

A ‘sealing fee’ is sometimes also referred to as a ‘discharge fee’, ‘redemption fee’ or ‘exit fee’. The fee, when charged, is usually between £100 to £300 and is stated in your mortgage’s terms and conditions.

What does the Purchase Price of Property include?

To specify exactly what is included in the sale of property in a short blog is impossible. However, for the purposes of this item, we’ll exclude mineral rights and the legal definition of Freehold and Leasehold interests and look at something more basic!

What Does ‘Tie in Period’ Mean?

If you go to an independent mortgage adviser like Mortgage Required who are not restricted to just one lender, then you will see lots of different mortgages, all with different terms.

What Does Conveyancing Mean?

Conveyancing is the name given to the field of law that specialises in the sale and transfer of land and buildings.

What happens to my Title Deeds on Completion?


Once you buy a property your solicitor will receive the Title Deeds. They will register your title with the Land Registry and then, if you have a mortgage, he will register the mortgage against your title and in most cases the deeds will then be sent to your mortgage provider who will hold them until the mortgage is paid off in full.

What Credit Checks do Mortgage Companies do?

After the 2008 mortgage bubble and crash, mortgage companies have been under a greater duty to make sure that borrowers are able to pay their monthly payments even if mortgage rates increased significantly.

What Property Searches are carried out and Why?

As part of the house buying process, your legal representative will undertake several ‘searches’ on your behalf. The cost of these searches will be charged back to you as expenses (disbursements).

What is a Mortgage Indemnity Guarantee?


A Mortgage Indemnity Guarantee (MIG) is an insurance policy that protects lenders if the mortgage repayments cease for some reason, perhaps due to death or a homeowner being made redundant at work. The MIG is NOT insurance protecting the borrower but is there to reduce the lender’s losses as a result of mortgage default.

How Long does it take to Buy a House?

Rather than try to give you a definitive timeframe to buy a house, it is probably best if we give you an idea of the potential pitfalls you may encounter. This way, you are best prepared to avoid them and speed the process.

What does ‘Sold Subject to Contract’ mean?

Unless otherwise agreed, either party may withdraw from a transaction at any time before the purchase contract has been signed by both parties (or their authorised representatives) and exchanged. At this point a deposit is normally paid in consideration of the agreement and the deal becomes legally binding on both parties in according with the contract terms.

How is a Completion Date Chosen?

Once a sale has been agreed, specialist legal representatives (conveyancing solicitors or licensed conveyancers) will be instructed by the buyer and seller. It is usual for the seller’s representative to raise a contract for sale of the land, provide answers to what are called ‘pre contract enquiries’, offer proof of title and set out a schedule for what is included in the sale and when the sale will take place.

What does Completion mean?

The house buying process can seem very long-winded and complicated but in reality it is just that so many different things need to be checked before the mortgagee will hand over the monies to the buyer’s solicitor and the buyer’s solicitor will hand over the monies to the seller.

What is a Licensed Conveyancer?

In the past, when purchasing a property it was necessary to employ the services of a solicitor. Like many other professions, solicitors may specialise and most people only ever use a solicitor when buying or selling their home or when drafting a Will.

What is Home Insurance and What does it Cover?

Home insurance may cover a variety of ‘risks’. Most standard policies will list the risks covered and crucially which risks are either excluded or treated differently.

What is Gazumping?

‘Gazumping’ normally becomes newsworthy as each property boom gains momentum, as prices start to rise fast. That said, it can happen at any time.

Help to Buy ISA Scheme

The Government has launched an “Own your Home Campaign,” offering various initiatives to help people onto the property ladder. 1st December 2015 sees the launch of the government’s Help to Buy ISA scheme for first-time buyers.

New Help to Buy ISA Scheme

As part of the Government’s stated policy of helping first time buyers into the housing market, a new initiative is launched at the end of this month.

From December 1st 2015 first time buyers can advantage of the new Help to Buy ISA scheme which gives every individual a cash boost towards the deposit on their first home.

What is a Tracker Mortgage?

A tracker mortgage is very much like any other mortgage in most ways. However, whereas the standard variable rate mortgage mortgage interest rate is set by the lender, a tracker mortgage has its interest rate set with reference to in most cases, the Bank of England’s Base Rate.

What is the Land Registry and What does Registration Cost?

Her Majesty’s Land Registry is a non-ministerial Government Department, Executive Agency and Trading Fund according to the Land Registration Act 2002. “So what does it have to do with buying and selling your home”? you might ask.

How much Deposit do I need to buy a House?

How long is a piece of string? There are many variables at play when considering the ideal deposit to make your house purchase, but the primary one is most likely to be “What is the minimum deposit I can get away with to buy this house?”

New Family Mortgages

The Family Building Society is the brain child of the Chairman on the National Counties Building Society, and was set up specifically to “help families who can work together to use their money and their assets more successfully.

What is an Interest Only Mortgage?

As the name suggests, an interest only mortgage requires that you only pay the interest element of your mortgage in your monthly mortgage repayment.

Help to Buy ISA Update

Just as all memories of the “Help to Buy” ISA announced in the last budget were fading, the Treasury has named the first six banks and building societies that will offer first time buyers said “Help to Buy ISA.” The Treasury has confirmed that the list is not intended to be exhaustive and that there is still time for other providers to join the scheme and offer the account to savers.

What is a Transfer Deed?

A transfer deed is a document used in conveyancing in England and Wales to transfer real property from its legal owner to another party, and is the document used when residential property is sold.

What is a Charge Certificate?

Where property is registered with HM Land Registry the Charge Certificate will prove the ownership or transfer of land. This includes Freehold and Leasehold Interests.

What is a Local Authority Search?

A Local Authority Search is usually submitted by your conveyancer / lawyer. The search will be submitted to the appropriate Local Authority and will ask about any details relating to planned development in the immediate area & disputes and road works that might affect the property.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be £399.

Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.

The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk

Call: 01628 507477