Buying a property can be the biggest decision made in our lives. It is for this very reason that impartial advice is essential from competent and qualified advisers. Whether you are a first-time buyer, looking to remortgage, purchase a second home or even looking to release equity to provide income in retirement, this is an area our advisers excel.
Buying a home for the first time can be a daunting prospect. Add to this the vast array of mortgage products available from a wide range of sources and you could be left with a high-stress, confusing decision. To help you with making the right decision we have put together five top tips for you.
Remortgages can be used for various reasons however, most people simply switch mortgages because it will work out cheaper for them.
It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APR, you must take into consideration the facts that:
You may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.
When buying a second property to let, you will need to decide whether your primary objective is income or capital growth. In other words, are you looking to make a profit month on month or are you looking to make a profit through increased equity from the second property if it increases in value over time? The decision may affect the type of property you purchase, and the location.
When you manage a property there are many costs involved in addition to the monthly mortgage repayments. As a guide, you should be aiming to achieve a gross rent of about 135% of the rental property's interest only mortgage repayments in order to cover your costs should anything go wrong.
At Acornmain, we assist you in finding the right product that is suitable for you. We have access to the whole of the market and offer competitive rates to ensure you achieve the lending you require.