Mortgages
If you are not in a position to buy a property outright then you can apply for a mortgage which is a loan from a bank or building society. The amount required will depend on how much money you have saved for your deposit. Your deposit and your mortgage combined needs to reach the purchase price. The amount of mortgage you take out will be a percentage of the purchase price. This is otherwise known as Loan-To-Value (LTV).
Getting a mortgage is quite possibly one of the biggest financial decisions you may ever have to make so it is so important to get it right. Everyone’s situation is unique to them and our team of mortgage specialists will help you whether you’re seeking a first time mortgage, buy to let mortgage, a remortgage, equity release or if you need answers to questions about fixed or variable rates. You will be appointed your own Worldwide Financial Planning mortgage adviser who will search the market on your behalf and present you with the best deals which suit your needs.
When Should I Engage With An Independent Mortgage Broker?
An adviser is also sometimes known as a mortgage broker and because securing a mortgage is perhaps the biggest financial decision you may ever take, most people decide to take advice from experts.
Engaging with a Worldwide Financial Planning adviser at the beginning of your mortgage journey will give you the peace of mind that everything you have needed to do, is done and that all actions taken on your behalf will benefit your situation.
On this page:
- Why Should I Engage With An Independent Mortgage Broker
- What Will I Need to Apply For A Mortgage
- Mortgage Interest rates and Why They Matter
- Types of Mortgages
- Stamp Duty Land Tax
- Getting A Mortgage When You’re A First Time Buyer
- Re-mortgaging – Is It Right For You?
- What Is An Equity Release Mortgage?
- Frequently Asked Questions
Our mortgage service is dedicated to helping you find the very best mortgage there is at the very best price. If there are any charges we’ll make those known to you. That means you’ll know exactly what you have to pay and when which will make it easy to budget.
"The maximum LTV mortgage is 95 per cent. If we take the average house price in the UK to be a staggering £265,000, the first-time buyer must somehow save over £13,000 as a deposit before they even put a piece of furniture in the house.
Peter McGahan, CEO, writing in the Irish News
What Will I Need To Apply For A Mortgage?
There are a number of documents you can get together which will help your independent financial adviser to help you with your mortgage application process.
The documents we suggest are; proof of address, proof of ID, proof of income in the form of payslips, self-assessment details, if you’re self employed, and bank statements.
Everything you provide must be accurate and you may be asked for more evidence. Our adviser will take you through this process seamlessly.
Mortgage Interest Rates and Why They Matter
When you are applying for a mortgage your independent financial adviser will go through mortgage interest rates with you because you will have to pay mortgage interest rates on top of your monthly repayments.
Our Mortgage Director will elaborate on the different types of interest rates you can choose from, for example, fixed rates, variable rates or tracker rates. How you choose your rate is extremely important as it will have a large impact on how much you pay towards your mortgage every month.
Your Worldwide Financial Planning adviser will go through mortgage interest rates with you.
Types of Mortgages
Your independent financial adviser will go through which type of mortgage will best suit your needs. There are many mortgage types to choose from and this can be a very daunting process if you are doing it alone.
Your appointed adviser will go through these with you in order to find the right one for your needs. Here are types of mortgages which we will go into more detail below;
- Repayment mortgages
- Interest only mortgages
- Discounted rate mortgages
- Buy to let mortgages
- Let to buy mortgages
Stamp Duty Land Tax
If you buy a property or land over a certain price in England and Northern Ireland you must pay Stamp Duty Land Tax (SDLT). If you buy property or land in Scotland you must pay Land and Buildings Transaction Tax and if the land or property you bought is in Wales you pay Land Transaction Tax if the sale was completed on or after April 1, 2018.
You pay the tax when you buy a freehold property, buy a new or existing leasehold, buy a property through a shared ownership Scheme or if you are transferred land or property in exchange for payment.
Getting a Mortgage When You’re a First Time Buyer
Buying your first home can be one of the most exciting steps you take in your adult life. It might be exciting but it is also complex so you’ll recognise the need early on for our expertise.
A first time buyer is someone who has never owned a property, either in the UK or abroad.
Your adviser will ask you a number of questions such as can you realistically afford a mortgage? Can you afford the repayments? Can you afford Stamp Duty Land Tax? How much money do you have for a deposit? Have you got a good credit score? Are you doing everything possible to boost your credit score? What type of mortgage do you need? What types of insurances will you need?
There is a lot to consider but our adviser will be with you every step of the way.
Re-mortgaging – is it right for you?
Re-mortgaging basically means moving your mortgage from one lender to another so you can get a better deal and the good thing is – you don’t even have to move house to do it. As independent financial advisers we come across many different reasons why people want or need to re-mortgage. The biggest reason we come across is because people want to save money but there are many more reasons. When you re-mortgage it’s about making sure you get the right deal. For those of us who have mortgage, we can probably say it’s the single biggest financial commitment we’ve ever made so it’s important to look after it. When we say that, we mean make sure you are getting the best out of your deal. Every year, we all shop around for the best quote on our car insurance – we should certainly be doing the same when it comes to our mortgages.
What Is An Equity Release Mortgage?
An equity release mortgage is a special type of loan secured against your home. Essentially, it is a way of raising money from the equity in your house, in other words, its value, after any debts secured against it are taken into account. An equity release mortgage can be taken in the form of a lump sum or an income.
Our FCA regulated independent mortgage brokers will help you to decide if an equity release mortgage is the right financial solution for you.
Contact Worldwide Financial Planning
Frequently asked questions
Before you start, research. There are plenty of online calculators which will give you a rough idea of how much your monthly repayments will be, assess your credit score and boost it if needs be. Our advisers will guide you throughout your journey.
There are two main types of mortgages – fixed rate mortgages and also variable rate mortgages which include tracker mortgages, discounted rate mortgages and capped rate mortgages. Your adviser will go through these with you.
A substantial deposit means you will have access to the best mortgage deals and you can also benefit from the cheapest mortgage rates. There are mortgage options with a deposit of five per cent but they often tend to come with higher interest rates.
Yes there are such as the mortgage guarantee scheme but speak to your independent financial adviser here at Worldwide Financial Planning and they’ll discuss all options with you.
There are a number of things you can do – build a bigger deposit as a first time buyer, try improving your credit score if you need to, make sure you have all of the relevant paper work needed especially if you are self-employed. Your adviser will guide you on what can be done to boost your credit score.
Yes of course. This is a complex subject and you really need to get it right. We will go through repayment and interest-only mortgages, fixed rate and variable-rate mortgages and offset and current account mortgages.
Absolutely you can. It can be a bit tougher as you will need to accurately prove what you earn. The reason it’s easier for employed people is that they will have payslips. Speak to your adviser and your adviser will tell you what you need.
You will absolutely need to factor in other costs. You’ll need to consider mortgage fees, a valuation fee, solicitors’ fees and stamp duty. Your adviser will make sure that you know all costs associated with getting a mortgage.
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