Mortgages

Purchase

Most residential mortgage products are priced in two or three categories, new purchase, remortgage and first time buyer. New purchase mortgages are typically intended for those borrowers who have had a mortgage before and are moving home.

Although some new purchase mortgages will allow first time buyers it is typical for lenders to price mortgages differently for these two groups, which means it's important to check with the lender how they differentiate between first time and next time buyers if you have been renting between house moves. Many will say that if there is any mortgage history on your credit file you will be considered next time buyer. Some will only assess you as a next time buyer if you have had a mortgage in the last year.

House purchase mortgage products will be priced in brackets depending on the size of the deposit. As a rule of thumb the bigger the deposit the lower the interest rates available.

Most house purchase mortgage products will not have free legal work, although many will have a free standard valuation for mortgage purposes, however you may wish to pay the additional fee to have this basic valuation upgraded to a homebuyer's report which gives you some limited indemnity as to the soundness of the construction or even a full structural survey.

Buy To Let Mortgages

Just thinking of buying a property to let or already got a property portfolio? Either way, one thing's for certain, the buy to let mortgage you have on your property can be pivotal in the success or failure of your investment. Choose the wrong one and you can find yourself with a mortgage that can end up costing you more than you've made.

At Stonepath Financial Services we're happy to give buy to let mortgage advice to both prospective purchasers and existing landlords looking to grow their property portfolios. And it's not just advice; our many years experience together with our experience of the buy to let scene allows us to offer the most competitive rates in the UK.

First Time Buyers

Many lenders now have specialist First Time Buyer products, sometimes with lower fees, and perhaps are more flexible in their underwriting. It is essential that First Time Buyers receive an extra 'helping hand' and advice on the various costs and time scales involved in a first move, as well as the most appropriate products available. A 'Whole of market' status is more important than ever, to offer the best combination of mortgage products, tailored to the individual. This can then become a 'building block' to future moves as well as changes in circumstances.

Guarantor

This type of mortgage allows a close relative to join in with the mortgage application for First Time Buyer(s), and use their income to boost the borrowing available. Some lenders require the Guarantor to be able to afford the whole new loan, as well as any current commitments, whilst others will treat them as an additional applicant. This can be a valuable asset in getting on the property ladder, but would be reviewed regularly as this is deemed to be a temporary situation by most lenders.

Re Mortgage Advice

Many clients looking to re-mortgage are increasing their borrowing for a specific purpose, and want to ensure that their out-goings remain affordable. Others, however, may just want to obtain a more competitive rate on their mortgage, and perhaps opt for a fixed rate to allow them to budget. There are often schemes offering free surveys and legal work, which helps to keep the costs down and compete with whatever is on offer from the current lender.

As this type of transaction can take several weeks, it is always best to book an appointment 2 - 3 months before the end of a current deal, to start the search for the most appropriate re-mortgage product.

Flexible

Got a variable income? Then a flexible mortgage could be for you.
Designed to give you more control over your finances, a flexible mortgage enables you to choose the degree of flexibility that suits your lifestyle, enabling you to overpay and then borrow back overpayments, underpay and take payment holidays and of course as soon as you make any payment you start paying interest on a smaller loan amount.
Sound too good to be true?  Talk to Stonepath Financial Services and we will be able to offer you a fully flexible mortgage with varying payments to suit your circumstances. If you’ve got extra cash, use it to pay off more of your mortgage. Keep up these overpayments and you could pay off your mortgage years earlier than you thought. And that could save you money.

A flexible base rate tracker mortgage - allows you to vary your payments and still benefit from a rate that tracks the Bank of England Base Rate.

Debt Consolidation mortgages are usually secured against your property to clear your current unsecured debts in part or full. This allows you to consolidate all your payments from all your different credit cards, loan payments etc in to one monthly amount, this allows you to plan more in advance and helps you arrange your finances into a structured schedule.
Is a Debt Consolidation Mortgage Suitable for You?
Debt Consolidation should be considered a last resort, to establish if Debt Consolidation is right for you, you should ask yourself the following questions

  1. Are you tired of making several different debt payments each month?
  2. Are you having a hard time keeping up with the payments for your current debt?
  3. Your current debts have varying interest rates and you want one fixed monthly rate?
  4. Do you want to reduce the monthly budget that goes toward debt repayment?

Well if the answer is yes then Debt Consolidation may be suitable for you.
By consolidating debts you will potentially pay back more over the longer term

Debt Consolidation

Debt Consolidation mortgages are usually secured against your property to clear your current unsecured debts in part or full. This allows you to consolidate all your payments from all your different credit cards, loan payments etc in to one monthly amount, this allows you to plan more in advance and helps you arrange your finances into a structured schedule.
Is a Debt Consolidation Mortgage Suitable for You?
Debt Consolidation should not be considered a last resort, to establish if Debt Consolidation is right for you, you should ask yourself the following questions

  1. Are you tired of making several different debt payments each month?
  2. Are you having a hard time keeping up with the payments for your current debt?
  3. Your current debts have varying interest rates and you want one fixed monthly rate?
  4. Do you want to reduce the monthly budget that goes toward debt repayment?

Well if the answer is yes then Debt Consolidation may be suitable for you.
By consolidating debts you will potentially pay back more over the longer term

Right to Buy

Right to Buy Mortgages are there for council and social tenants who live in rented Council houses and wish to buy/purchase their council house, this is normally at a price lower than that of the full market value of the property, due to the fact that you are entitled to discounts as part of living in the property.
The Right to Buy Scheme was introduced in 1980; it enabled most council tenants to buy their council house/flat. Any land which has been let together with your home such as your garden and/or garages will usually be treated as part of your council home.

Shared Ownership

The Shared Ownership Mortgage is a method designed for first time buyers to help them to be able to get onto the property ladder to buy their first home, the Shared Ownership Mortgage allows a person to purchase a certain percentage of the property, typically 25% or 50%, and then to pay a subsidized rent on the remaining proportion of the property. Shared Ownership properties are available to purchase from a housing association or from some selected commercial vendors, subject to criteria; once a certain percentage of the house is bought the remaining value of the property's value will be paid for through a monthly payment
.
The majority of properties offered on a Shared Ownership basis are from housing associations, which are normally flats or terraced properties in more populated areas, however under the DIY shared ownership scheme; some housing associations will allow you to look for a property on the open market. The commercial companies offer non social houses, e.g. detached or semi detached etc, and housing can be available in less populated areas and the choice of properties can be varied. However the terms may vary according to who you are purchasing from (commercial or association).

Commercial

Commercial Mortgages cater for business customers and property investors. This can range from the sole trader to large corporations; it can range from various industries such as import export to finance, to purchasing business premise.

Commercial lending ranges from asset backed finance, working capital finance leasing, and property purchase. Each business will have different needs at different times of its growth. Stonepath Financial Services have developed close ties with various specialist lenders and partners, who will assess the different types of finance required for your business.

For Commercial and Foreign mortgages we act as introducers.

Overseas

Buying property abroad and securing overseas mortgages is a more accessible and readily available option than ever before. With the ease, comfort and popularity of worldwide travel, more and more people now own overseas mortgages. Combine that with the difference in value between foreign property and property in the UK and it’s easy to understand why it has fast become a more appealing and viable choice for homebuyers.

Something that has in the past only been for the extremely wealthy is now a serious possibility for a much wider range of people. Whether people are investing in buy-to-let properties, holiday homes or if they’re simply following a dream of living in the sun, the amount of residents in the UK now owning property abroad is higher than ever, and the numbers look set to continue rising, with savvy buyers now targeting property outside the Euro zone. Most buyers use an overseas mortgage broker to assist and help make the purchase as trouble free as possible.

The details in securing overseas mortgages vary from country to country. Each individual’s circumstances are taken into consideration and there are many factors, such as differing laws, taxation and currencies, that can influence each process. This is why we always recommend you speak to a specialist in overseas mortgages to receive the best possible advice and guidance.

For Commercial and Foreign mortgages we act as introducers.
Changes in the exchange rate may increase the sterling equivalent of your debt.


Some forms of Buy to Let, commercial and overseas mortgages are not regulated by the Financial Services Authority.

Think carefully before securing other debts against your home. Your home maybe repossessed if you do not keep up repayments on your mortgage.

There maybe a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be a minimum of £499.'