First Time Buyers (FTB):
Buying your first home can be a very exciting time, it’s also one of the most important purchases you will ever make so getting it right first time is important. We offer a comprehensive range of mortgages from across the market for the best deal for you, sometimes we can find you excellent incentives like free survey fees. We’ll help take the stress away from what can be a daunting prospect.
The next step on the ladder can be as daunting as the first whether you are up or downsizing, moving because the family has expanded or looking for that move to a more rural setting our experienced mortgage advisers will guide you to the right mortgage for your needs.
It’s important to make sure you are not paying too much on your current mortgage, many people slip into the lenders standard variable rate (SVR) without knowing. NGM can search for a new deal for you and we could end up saving you hundreds of pounds a month by simply re-mortgaging to a new lender. You may also want to raise some capital for home improvements, we’ll search for the right deal to suit your needs and requirements.
Buy-to-let and Let-to-buy (BTL & LTB):
Buying and using a property for investment purposes can be a very rewarding process if done correctly. Buy-to-let mortgages are different from standard mortgages though, and the amount of borrowing is assessed upon the expected rental income of the property you are looking to purchase (or using to purchase) rather than just your personal financial circumstances. In most cases you will also need a larger deposit, with most lenders not wishing to exceed a 75% loan to value, meaning you would require a minimum of 25% deposit.
In later life people can often find themselves in a position of being ‘House rich but Cash poor’. Equity release can be an effective way to allow you to release cash from your property, in most circumstances to be eligible for this type of product you need to be aged between 55 and 95 and be a UK resident.
There are two main types of equity release plan:
Option 1 – Interest Roll-up option: With a roll-up Lifetime Mortgage the interest is added to the loan on a monthly basis. You don’t make any monthly payments; the amount you originally borrowed, plus the rolled-up interest is repaid when your home is sold after your death or if you have to move permanently into care. Should the amount you owe when the property is sold is higher than the value of your property our lenders provide a ‘No-negative equity guarantee’ giving the reassurance that no debt will be left to your beneficiaries. Any money left over after the sale if you die will go to your beneficiaries, but if you move into residential care any excess funds will go to yourself.
Option 2 – Monthly Interest Payment option: Like a roll-up mortgage you get a cash lump sum. However, like a normal mortgage you pay fixed interest on the loan each month. The original amount borrowed will remain the same throughout the life of the mortgage and is repaid when your home is sold after your death or if you have to move permanently into care. Money left over from the sale if you die will go to your beneficiaries, but if you move into residential care the excess funds will go to yourself.
With the above two options, you retain 100% ownership of your property.
This can be a great way to get your foot on the property ladder. It involves an initial purchase of typically 25/50 or 75% of the total property value, the remaining section you don’t own you would be charged a rent for. You will have the opportunity to purchase the remaining percentage you don’t own at a later date.
A commercial mortgage is in principle similar to a residential one. In both cases the lender will assess you to ensure that you have the means to repay the loan and assess the security offered to ensure that they will be able to repay your debt if it comes to repossession.
The two key differences are:
A commercial mortgage can be taken out in the name of a business or commercial property investor and is based on both the business of their tenants and the income of the borrower being able to maintain the commitment.
The security offered will either be used in its entirety for commercial business or contain a mixture of commercial and residential use.
As we offer a bespoke service our charges can vary. The loan amount and the complexity of your individual circumstances will have a bearing on this.
We will provide you with a free initial consultation and we will always explain exactly what you will be charged before you choose to proceed with an application. Our fees apply to all regulated mortgages including Re-mortgaging, buy to let’s and Equity release mortgages. (Equity release is charged at 0.5% of the amount borrowed or a minimum of £350.00). Certain mortgages, primarily business buy to lets and commercial mortgages, are not regulated. Fees for non-regulated mortgages can vary depending on your requirements and circumstances.
The client fee doesn’t merely cover the administration of your loan application. It also covers our extensive research, our in-depth knowledge of the market and impartial mortgage advice you receive from us here at Neville Green Mortgages.
If you would like us to begin the Process we’ll need some basic information from you before our first meeting please download or print our mortgage fact find here and then call one of our advisers to arrange a visit. We’re more than happy to come to your home at a convenient time to you or if you’d prefer you can visit at our office here.
Alternatively, you may wish to conduct business via Telephone, Skype and e-mail whichever is more suited to you.
Important: The information contained in this web site is an over view only, and not to be considered financial advice.