Someone who is planning to buy their first home, getting on the property ladder has been getting harder and harder for young people.

Receiving the right advice and being prepared when starting to view properties can be the key to taking your first step on to the property ladder.

All First-time buyers want to know:

• How much can I borrow?
• What deposit will I need?
• Do I need an Agreement in Principle?

Get in Touch and we can answer all your questions.

If you are planning on buying an investment property to rent out, you will need a mortgage specially designed for this type of purchase.

We can advise you on the criteria that needs to be met to make this type of investment possible, and advise you on the costs associated to this type of purchase.

Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority.

This is a government scheme designed to help tenants in council housing buy their homes, often with a discount offered on the value of the home.

If you have been offered this opportunity, please get in touch and we can advise you on the best lenders and products to meet your needs.

Remortgaging is a change to your existing mortgage. Commonly this is when your existing mortgage deal is coming to an end.

It is vital to seek professional advice and to give yourself plenty of time. Ideally we need to start looking at this at least three months prior to your existing mortgage product coming to an end to ensure you stay on a competitive rate and avoid paying more than you need to.

When remortgaging you may also which to make other changes to your existing mortgage for example the term of the mortgage or borrow more for home improvements or debt consolidation.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Think carefully before securing other debts against your home.

Shared ownership, also known as 'part buy part rent', is a type of mortgage that gives buyers the chance to buy a share in a new build property.

You can take out a mortgage for the share you own (usually between 25% and 75%), while paying rent on the rest to a housing association

As the name suggests, a self-build mortgage is a loan you take out to fund a property you are building yourself.

The main difference from a standard residential mortgage is that you receive the funds in stages as parts of the build are finished, rather than as a single lump sum.

Whether you are a homeowner or renting how would you manage if you suddenly couldn’t work due to an accident or sickness? How long would it take before you suffered extreme financial hardship? The answer is simple: not long.

As mortgage brokers people come to us to help them buy a home or refinance their existing mortgage but actually one of our most important aspects of our jobs is to make sure our clients, their families and homes are protected. Having the right protection is essential, giving you peace of mind, financial support and security should the unexpected happen, and that what can be unexpected can be anything, from an accident to even a pandemic if we think about recent history.

There are many types of policies out there and it is our job to find the best option for you. Life or Critical Illness policies pay out a lump sum giving you financial security during what would be a heart-breaking time. Income Protection gives you a monthly salary if you are unwell or have had an accident, essential if you are self-employed or your employer doesn’t provide significant sick pay. All of which are essential to prevent financial hardship giving you time to look after yourself, your family and loves ones.

Imagine having the stress of money worries on top of a situation where you have lost a loved one, can’t work due to an accident or have just received the diagnosis of cancer. It is unimaginable the impact it would have and there are policies out there to protect you, whatever your circumstances.

You are your biggest asset, protect yourself.

If you would like to discuss the options available to you, contact one of our advisors today.

On the one hand, the total number of residential mortgage products has risen above 5,000 for the first time since May 2022¹, a sign that certainty is much stronger in the mortgage market than it was in the months after the government’s ‘mini-budget’ in August 2022.

Likewise, agreed sales recorded its least negative reading since July 2022 in the May Residential Market Survey from the Royal Institution of Chartered Surveyors (RICS).

Prices still to fall?

On the other hand, house price growth dipped in April following a strong showing in March, which put a stop to three consecutive months of growth². It remains to be seen which way the market will veer in the second half of 2023, but analysts are still predicting a fall towards the end of the year.

If, as many are predicting, a flurry of mortgaged homeowners are forced to sell up when their current fixed-term deals ends, the market could see a boost to supply that might reinforce the downward price movement. Analysts suggest that first-time buyers (FTBs) could be delaying their homebuying plans in the hope that mortgage rates or house prices are about to fall sharply.

Bank Rate rises again

Meanwhile, the Bank of England’s (BoE’s) Monetary Policy Committee (MPC) is continuing to increase Bank Rate, with the latest quarter of a percentage point rise in May taking it to 4.5%. Various mortgage lenders increased the rates of new deals towards the end of May, following release of the higher-than-expected inflation figures. Nationwide was one such lender, increasing rates on new fixed rate borrowing by up to 0.45 percentage points. A Nationwide spokesperson said of the increase, ”In the current economic environment… this will ensure our mortgage rates remain sustainable.” Other major lenders also upped their rates last week. Borrowing costs are now at their highest level since October 2008.

In addition to product rate increases, fewer mortgages are on the market, with some lenders choosing to withdraw products.

Those with tracker or variable rates have seen immediate higher repayments but the impact on fixed-rate deals has been less pronounced, with several lenders leaving rates unchanged. With inflation still running at 8.7% in May, according to the latest official figures released by the Office for National Statistics (ONS), experts are predicting that Bank Rate could be increased again in June.

Whatever happens

After a turbulent year, uncertainty remains in the housing and mortgage markets. Whatever your position – and whatever happens in the months ahead – we’ll be here to help and advise.

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

¹Moneyfacts, 2023, ²Halifax, 2023

While 44% of households have enough life cover to protect their family, the figures for those aged 30 to 34 (30%) and those aged 35 to 39 (34%) are considerably lower. Moreover, only 35% of households with a mortgage are sufficiently protected.

The ‘squeezed middle,’ as the report refers to the groups aged between 30 and 40, ‘carry an enormous weight of responsibility’ since many are paying for a home and raising children. Just 26% of couples with children have enough cover. Couples with children are often already stretched, the analysis points out, on top of having a home with a sizeable mortgage. All this means that they need stronger safety nets to protect the whole family should the worst happen.

Sarah Coles of Hargreaves Lansdown, commented, “Often people know that insurance needs to cover their mortgage, but they may not think about any children, and covering the cost of bringing them up.”

If you are in the ‘squeezed middle,’ it could be time to check whether your cover is sufficient to protect you and your family.

As with all insurance policies, conditions and exclusions will apply

¹Hargreaves Lansdown, 2023

As interest rates have risen sharply in the past year, some potential sellers have put their moving plans on ice. It was surprising, therefore, when estate agents reported having an average of 35 homes for sale per branch in March, the highest such number since January 2021. This is a significant rise from a year ago when there were typically 20 properties on sale per branch. Figures for sales agreed are now almost back in line with pre-pandemic averages.

Although challenges remain, this is a strong sign that activity seems to be stabilising. If you’ve been thinking about moving, this could be a great time to find your dream property!

¹Propertymark, 2023