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Mortgage Planning

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. 

First time buyers

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.

  1. Ensure that you are realistic when working out exactly how much you can afford to spend on your new house. Factor in all expenses in addition to the purchase price, such as conveyancing costs and stamp duty.
  2. When buying for the first time, there may be several details in the houses you are looking at, which you may not pick up. Always take an experienced home buyer, such as one of your parents, or a home-owning friend, when looking at property. 
  3. If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs.
  4. Write down a list of local amenities which are important to you. This may include shops, restaurants, parks, and cinemas. Before making any final decision about where to move to, take a stroll or bike ride around the local area, and note down where the key facilities are.
  5. Check to see that broadband or other high-speed internet is available in the street you are moving into. The selling agent should be able to tell you this.
Moving Home and Remortgage

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:

  • The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.
  • You may pay less monthly but check the final repayment date of the mortgage as well.

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. 

Buy to let

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. 

Commercial mortgages
The right financial help is essential in today’s business world. We understand this and have been building relationships with our lenders for well over 15 years so that you can benefit from our experience. In this challenging market where lenders criteria is becoming ever more strict, a broker’s input has become even more essential. 

We are whole of market commercial brokers, able to access the numerous commercial mortgage schemes via a wide range of lenders across the UK. We can access 100% funding for certain professional status borrowers and for those clients with additional security, however for single property transactions, a general rule of thumb would be 75%-80% loan to value, depending on the specifics. 
Bridging Finance
Bridging Finance is a short-term funding solution which ‘bridges’ the gap between a purchase of a property and the sale of an existing property. It is not for everyone but can be useful in securing a property very quickly where time is of the essence; for example, an auction purchase, or where considerable renovation works are required prior to securing a traditional long term lending solution. 

We offer a whole of market proposition for fast and effective short term funding solutions. We will only recommend this type of funding when warranted and where we are assured of an exit route.
This is designed to provide a level of income if you are incapacitated and unable to work either due to an accident or illness. 

This type of cover is extremely valuable if you are requirement is to maintain a regular level of income until retirement age.

The Financial Conduct Authority does not regulate buy to let mortgages, commercial mortgages and bridging loans. Acornmain does not advise on Home Reversion Plans and is not independent with regards equity release mortgages.
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For all your mortgage planning needs, speak to one of the Acornmain team today.
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