Mortgages

First Time Buyers

The prospect of looking for your first mortgage can be confusing, making it hard to know where to start. There are a lot of questions to answer and decisions to be made which can be very daunting. You’ll probably be thinking about some of the following questions:

• How much can I borrow?
• Should I approach my own bank first?
• What product should I choose?
• What’s the difference between fixed, tracker, discount and capped?
• What term would be best?
• How much is it going to cost me?
• What other costs do I need to consider?

Here at Buzz Financial we want to make buying your first home easy, so we’re committed to helping you find the right mortgage which suits your individual circumstances.

As well as advising you on the most suitable mortgage, we’ll also guide you through every step of the home buying process, from our initial consultation, right up to the day you collect the keys to your first home.

Home Mover

There can be a wide range of reasons why you’re moving house. Perhaps you’re moving to a larger property, downsizing, relocating for work, moving for lifestyle reasons or you just want to move! Whatever the reason, it can be a stressful experience, especially if you haven’t moved for some time.

Things to consider:

• Estate Agents – it’s a good idea to have at least 3 market appraisals or valuations to help you compare costs, experience, knowledge and prices.
• Solicitors – remember you’ll need to consider the cost of selling as well as purchasing. (Click here to source a Solicitor)
• Stamp Duty – you may be liable for stamp duty if the property you are buying exceeds the current thresholds. (Click here for Stamp duty Calculator)
• Fees – there will be potential survey fees for your new property, removal costs, and mortgage product fees.

Buzz Financial are experienced in the sale and purchase process so our advisers can guide and assist you throughout. We can liaise with all parties involved to make your experience a pleasant one.

We have access to the whole of the market and we will advise you on the most suitable mortgage for your individual needs.

Remortgaging

Your mortgage will be one of the biggest financial commitments you ever have. A re-mortgage is where a new mortgage lender advances you enough money to pay off your current lender.

You might want to remortgage if you are looking for a better deal or better rates, perhaps you want to reduce your monthly payments, finance some home improvements or raise capital to buy another property. Whatever your reasons, we can help.

We understand having to look for new remortgage deals every few years can be tedious, so our independent advisers can remove the hassle for you.

Remortgages offer many variations with some lenders offering free valuations, free legal work or lower product fees so it can be hard to know which deal to choose. We can assist in ensuring you get the remortgage deal that suits your needs.

Buy-To-Let

Buy to let mortgages are different from main stream residential mortgages as the mortgage repayments are supported by the rental income and not the borrowers earnings.

We specialise in providing mortgage funding solutions from a single buy to let property to a multiple purchase. We can also help with refinancing an existing property portfolio.

Potential landlords will need to consider:

• Potential rent returns, as lenders will often use this as a guide to determine the amount they will lend rather than solely income.
• Interest rates on a buy to let tend to be slightly higher
• Lenders will expect a larger deposit to be placed on the property for additional security, usually at least 25%.

Our experts can guide you through the process and advise on the most suitable solution for your circumstances.

Help to Buy

This scheme offers a 10%, 15% or 20% equity loan funded by the government through the Homes and Communities Agency (HCA) on new build properties.

With a Help to Buy equity loan, the government loans you up to 20% of the cost of a new-build home, so you only need a 5% deposit and a 75% mortgage to make up the rest.

Help to Buy equity loans are open to both first-time buyers and home movers on new-build homes worth up to £600,000.

Example of a purchase with an equity loan scheme Cost Percentage

• Property purchase price – £200,000
• Your mortgage – £150,000 = 75%
• Equity loan – £40,000 = 20%
• Cash deposit – £10,000 = 5%

The scheme can be tricky to understand but Buzz Financial are experienced in helping buyers using the scheme so we can talk it through with you to help you decide how to proceed.

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