MORTGAGES

FIRST TIME BUYERS

Before you begin house hunting, it makes sense to work out your budget. During your initial consultation with one of our specialist advisers, we will discuss your deposit, income and expenditure, and the associated costs of purchasing a property so that we can calculate how much we would expect you to be able to borrow. Armed with this information you can begin viewing properties that fall within your price range, and confidently make an offer when you find the right one.

Once your offer has been accepted, your adviser will help you to choose the best mortgage product to suit your current circumstances as well as your plans for the years to come. They will also explain the benefits of different protection policies before making a personalised recommendation to keep your new property in your – and your family’s – possession should a crisis occur.
 
Your adviser will collect any remaining information from you and take copies of your documents, such as identification and proof of your earnings and deposit, so that they can be submitted to the lender for assessment. Piplo Mortgages will manage your application from start to finish, with your adviser and their administrator keeping you up to date on its progress throughout.

There are lenders out there that will accept people with adverse credit 

There’s a common misconception that mortgage companies will never lend to those with a poor credit history. Though having a credit record that is less than squeaky clean may limit your options, you certainly shouldn’t give up hope of ever purchasing your own property if you have encountered financial difficulties in the past. There are plenty of bad credit mortgages on offer from specialist lenders that are willing to be more flexible with their criteria and consider cases from individuals who have had arrears, defaults, county court judgements (CCJs), individual voluntary arrangements (IVAs), been placed on debt management plans or suffered bankruptcy in the last six years.


You may need to pay a slightly higher interest rate when you first take out the loan, as the provider will automatically consider you to be a higher risk. But if you keep up your repayments, and take active steps to improve your credit rating, there’s no reason why you can’t find yourself in a much better financial position in the months and years to come – and access a much better deal when you eventually come to remortgage.

REMORTGAGE

You can re-mortgage at any time, not just the end of your initial period. Changes to your life, such as a new baby or reduction in working hours, might make a restructure necessary, to ease pressure on your finances.

A child going to university or building an extension might prompt you to release some equity from your property rather than taking out a more expensive loan. Alternatively, a pay rise or additional income source might encourage you to increase your payments and pay off your mortgage sooner, while a change in interest rates might simply make it a good time to shop around for a better deal.

You will need to weigh up the savings against any charges you need to pay, such as early repayment and arrangement fees. However, it is almost always possible to save money, either long term or short term, by moving your mortgage to an alternative product. And it is certainly worth restructuring it regularly to best suit your changing needs. Your personal adviser will take some time to learn about your circumstances and plans in order to recommend the best course of action. Once you have chosen your product, they will handle the application from start to finish.



If your situation has changed, we will also recommend that you revisit the question of protection, to ensure that you have the necessary coverage.

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

There are some significant differences between residential and buy to let mortgages, including the regulations.

The legislation relating to tax deductibles on rental properties is currently undergoing phased changes, so make sure you seek advice before committing to a product. If these changes are likely to affect you, there are ways to restructure your portfolio to minimise their impact. Your dedicated adviser will look at your individual circumstances before making any final recommendations.
 
If you are buying a more complex property, e.g. a student let, holiday home or house in multiple occupancy, or if your own situation is less standard, e.g. you are borrowing as a limited company or an expat, Piplo Mortgages can still assist you with you plans. Please read the section on specialist buy to let.

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