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Mortgage Advice & Financial Advice - Mortgage Types House Purchase Mortgages - Mortgages & Advice
House Purchase Mortgages
This is the mortgage you will require when you are buying a new home or moving to a different home and need to sell your existing house, either privately or through an estate agent.

Mortgage Types - House Purchase Mortgages

Mortgage Advice - House Purchase Mortgages

House Purchase Mortgages

This is when you are buying a new home or moving to a different home and need to sell your existing house, either privately or through an estate agent.

Before you start looking at buying your new home there are a few things you have to put in order. I’ve listed them to keep it simple for you.


1Before you start looking for a new home you need to know how much you can borrow and what your total budget is. Online mortgage repayment calculators can be a very useful tool in determining this. You will need to have saved enough money for a deposit before making a mortgage application, in addition, you will need to cover further costs e.g legal fees, stamp duty, surveyor costs and mortgage arrangement fees.


Mortgage Advice - House Purchase Mortgages 2Current mortgage amount


Find a copy of your existing mortgage offer and call the lender and ask them for your outstanding balance. This will give you an idea of how much your existing mortgage is and how much equity is in your current home.

3How much can I borrow?
Then you will need to work out approximately how much you can borrow



4Contact a professional mortgage broker
Here at Trust Financial Solutions we offer a confidential and personalised service that will guide you through the process of finding and securing a suitable mortgage for your needs. At Trust Financial Solutions we will run through your income and out goings and work out how much you can borrow. Also, we can request a mortgage agreement in principle from a lender. This will involve you being credit checked. Should you need help or understanding about these different types of mortgages, please call Trust Financial Solutions for expert advice and help and reassurance on which one is right for you. We aim simply to give you the ability to buy your home with peace of mind and to live the lifestyle of your choice.


5Put your house on the market and wait for an offer to be made.


Costs involved with buying and selling:


  • Stamp Duty Land Tax (SDLT % applied on residential land or property - source HM Revenue & Customs - data correct at 01-06-2013)
    • £0-£125,000 = 0%
    • £125,001 – £250,000 = 1%
    • £250,001 – £500,000 = 3%
    • £500,001 – £1 million = 4%
    • Over £1 million = 5%
    • Over £2 million = 7%
    • Over £2 million bought by corporate bodies = 15%
  • Solicitor fees
  • Lenders Arrangement fees
  • Valuation fees
  • Broker fees
  • Estate agent selling fees
  • Removal fees

6Search for a new home
Once you’ve had an offer on your home you can start looking for another home. Now that you have everything in place, you’ve found a new home; you can place your offer.


7
Once it's accepted, here at Trust Financial Solutions we can now place a mortgage application with the lender available to us that suits your circumstances. Then your application is processed by a mortgage underwriter and you will need to provide evidence of your identity, income and address and another other necessary documents they require, a valuation is instructed. When all this is satisfactory, the mortgage will be offered. We can make any final adjustments to the mortgage requirements and then place a mortgage application for you.


8Solicitors
The solicitors are instructed and the legal conveyance work is carried out. Once all parties are happy the properties are exchanged and then completion can take place. This usually takes place between 1 and 4 weeks after exchange
*Note - The Financial Conduct Authority do not regulate conveyancing services.


9Keys
You now get your keys to your new home and can open the bottle of champagne! The whole process usually takes about 3 months.



Disclaimer - Note


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

We will charge a broker fee of between £299 and £499, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.


Request Your Initial Mortgage Consultation Today!

Should you need help or understanding about these different mortgages, please call Trust Financial Solutions for expert advice and help and reassurance on which one is right for you. We simply aim to give you the ability to buy your home with peace of mind and to live the lifestyle of your choice.

Trust Financial Solutions can assist you in finding the right mortgage for you. We offer a confidential one-on-one service that can take the guesswork out of mortgages and help to guide you through the process from start to finish. This is what we do best and we look after you every step of the way.


  • We match your personal situation and objectives with the most appropriate mortgage deals available from our panel of mortgage lenders.
  • We will request from you all the necessary paperwork at the start.
  • We work closely & meticulously with mortgage companies to ensure the application is processed promptly, guiding you through every step of the way from first contact to completion.
  • We take pride in working to meet your timescales.

At Trust Financial Solutions we strive to be professional, courteous, prompt, trustworthy, honest, caring, but most importantly, we'll always have the best interests of you, the client, at heart.

Prefer someone to just explain all of this to you?


House Purchase Mortgages - Options

Repayment Mortgage

This is also known as a Capital and repayment mortgage. This is the only mortgage that guarantees your mortgage will be completely cleared at the end of the term providing you keep up to date with all the required mortgage payments. Each monthly payment comprises part interest, and part return of capital.


Interest Only Mortgage

This is a mortgage where only the monthly payments cover the interest on the mortgage.

The loan is not decreased and at the end of the specific period the capital still remains and you will have to pay off this loan in full. In order to do this you will need an investment to cover the outstanding amount, (savings). The sale of your home is currently not allowed to pay off the loan
*Please note that we are unable to provide any advice in respect of a suitable repayment vehicle





Generic Mortgage Types - Explained

Offset Mortgages

Offset Mortgages

An offset mortgage allows you to offset your savings against the sum you have borrowed on your mortgage and you will be charged interest on the balance. It is usual for interest to be charged on a daily basis and may allow you to pay off your mortgage faster than with a conventional mortgage, and may save you money in the long run.

Fixed Mortgages

Fixed Mortgages

With a Fixed Rate Mortgage, the rate stays the same throughout the specific period, thus giving you peace of mind that your monthly payments won't change.
This allows you to budget accordingly

Tracker Mortgages

Tracker Mortgages

The Tracker Rate Mortgage follows a particular base rate such as the Bank of England Base rate or LIBOR (London Interbank Offered Rate) and can decrease or increase accordingly.

SVR (Standard Variable Rate) Mortgages

SVR (Standard Variable Rate) Mortgages

This is the Banks own lending rate without any discounts or deals. Usually this rate provides you with total flexibility and no penalties for closing the account early.



Other Mortgage Product Types

House Purchase / Moving Home

House Purchase / Moving Home Mortgage

This is the mortgage you'll require when you are buying a new home or moving to a different home and need to sell your existing house either privately or through an estate agent.

(You're currently viewing this mortgage type)

Remortgage

Remortgage Mortgage

This is the mortgage you'll require when you switch your mortgage (like for like) from one lender to another.

Also this is a good time to reassess your personal circumstances and make any necessary changes to your current mortgage. You may wish to borrow additional money to improve your kitchen or bathroom etc.

Click For More Remortgage Info...

First Time Buyer / Buying Your First Home

First Time Buyer / Buying Your First Home Mortgage

This is the mortgage required for people who want to get on the first rung of the ladder. There are lots of options available to you and some only require a small deposit.

Click For More First Time Buyer Mortgage Info...

Further Borrowing

Further Borrowing

This is when you wish or need to borrow additional money to build an extension to you home, modernise your kitchen or bathroom, consolidate your debt, or raise money for a new investment property.

Click For More Further Borrowing Info...

Debt Consolidation

Let To Buy

Let To Buy

Let to buy is a situation where a homeowner wishes to purchase a new home to live in and rent their existing property out to tenants.

Click For More Let To Buy Info...

Buy To Let Mortgage

Buy To Let Remortgage

Self-Build Mortgage

Self-Build Mortgage

This is the mortgage you'll require to build your own home. Money is released, in stages, during the building process and valuations are done at each stage you wish to receive your money.

Click For More Self-Build Mortgage Info...

Commercial Mortgage



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