SUCCESS, TOGETHER
Your home may be repossessed if you do not keep up with payments.
Our mortgage experts have extensive knowledge of the industry and access to a wide range of lenders. They will work closely with you to understand your needs and preferences, ensuring that you get a mortgage that suits your budget and long term goals.
MISSION-DRIVEN
At We Do Lettings & Sales we understand buying your first home can be a daunting experience. That’s why we’re here to guide you every step of the way . With our in-house mortgage experts, we’ll help you find the best mortgage deals on the market, tailored to your unique financial situation.
Below we have broken down the typical options available for you to consider:
The Government has set up schemes to help first time buyers jump onto the property ladder. Finding the right mortgage for you is key, something that fits your personal circumstance and helps you plan for the future. We support you in deciding on options around incentives, legal fees and arrangement fees.
The days of simply multiplying salary by four to determine borrowing levels are long gone.
Our in house mortgage experts breaks down the jargon and guides you every step of the way.
Using sophisticated calculators, our experts can quickly assess whether a particular lender is suitable for a client’s needs. This helps streamline the process and ensures that clients are matched with lenders who offer the most suitable mortgage options for their financial situation.
While adverse credit can present challenges in obtaining a mortgage, our mortgage experts are committed to assisting clients regardless of their credit history. We understand that everyone deserves a chance and are willing to explore all options to help clients secure a mortgage. Importantly, this assistance comes at no cost to the client, demonstrating our commitment to providing support and guidance throughout the entire process.
Overall, our mortgage experts approach to affordability, mortgage calculations and credit scores shows our dedication to helping clients find a property that fits their financial situation and working towards their long-term goals in a realistic and achievable manner.
We always encourage you to save the biggest deposit possible to take advantage of more favourable repayment options. The market does have 5% schemes however although short term this may sound like a good option; we would only recommend this if all avenues were ruled out.
Most lenders offer a fix term ranging from two years going up to ten years. This basically means your repayment amount wont change across the fixed period. Often customers want to pay an additional amount annually to reduce the amount of borrowing but you need to be aware of early repayment charge that could be applicable due to the nature of your contractual agreement.
Those that opt for a fixed rate are generally paying slightly higher in interest than that of a variable rate that tracks the Bank of England interest rates. We run a stress test for those that want to understand what it means if they are out of a fixed period and interest rates go up. Its better to know the consequences of change and base decisions on the back of this.
There are normally two types of variable rates:
Trackers are linked to the Bank of England base rate. Quite simply if the Bank of England raises its interest rates, this same amount will be applied to your mortgage repayment amount.
The second type is a Standard Variable rate which is not based on the Bank of England but rather that of the lender’s rate. This is based on the lender and can change irrespective of the changes that may or may not happen with the Bank of England.
Its important to keep in mind that most lenders will charge arrangement fees which you have the option to pay before the mortgage starts or simply factor it into your monthly mortgage payments across your terms. There are other fees to keep in mind such as valuation fees, broker fees and conveyancing.
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