Mortgages

Mortgage Advice From Wyke Financial

In recent times it is often voiced that a mortgage is difficult to obtain. Some of this sentiment can be understood “The Credit Crunch” in 2008/2009 saw a huge change to the market place with many high risk lenders pulling out of the market in the aftermath. Options such as self-certification and over 100% loan to value mortgages were removed and for a while lending criteria was tightened up. The good news, however, is lower rates of interest have meant that lenders have been more generous and it’s fair to say the appetite to lend has returned.

This isn’t to say it’s a given that you will be offered a mortgage and those that have had mortgages in the past may now find the process a little different. Every bank & building society has a different view on your circumstances & in our opinion this is why you should visit a mortgage specialist. Wyke Financial are on hand to help source the right mortgage for you.

At Wyke Financial we offer a comprehensive range of mortgage products from across the market. We offer both first and second charge mortgages, but not deals that you can only obtain by going direct to a lender. We use our knowledge and expertise to research thousands of products to find the right one to meet your individual needs. We have access to all the big high street names, as well as niche products from smaller lenders which aren’t normally available to consumers directly.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

So why scour the high street or internet trying to find an appropriate lender when our experienced team can give you the right advice, save you time and money and see your application through from start to finish.

Residential

Most borrowers will be obtaining a residential mortgage. All this means is a mortgage secured against a property you intend to reside in (as opposed a buy to let or commercial lending).

The big change in any residential mortgage has been how the banks now asses the affordability of the loan. This will differ depending on your own circumstances and the lender we deem to be most suitable for you. During the first consultation we will assess your income and expenditure and give you a clear indication on what the likely mortgage amount is you are able to receive.

Residential Mortgages

Its difficult to get a mortgage if you are Self Employed? Something we hear a lot, whilst the lending criteria again is different, in the majority of cases for self-employed clients our experienced mortgage specialists are on hand to guide you through this process. Note: There is different affordability assessments depending on the lender and the type of company you own so be sure to ring us before any appointment so that we can help you prepare the appropriate documents in advance.

 

Lender won’t deal with me because I’m a Contractor! It is becoming more and more common for employers to offer work on a “sub contract” basis and often in some industries such as IT “fixed term contracts” are becoming the status quo.

Again as with self-employed you will find the rules differ on this depending on the lender and how exactly you are paid. Our specialists will have the knowledge to suit these circumstances and are on hand to help you source the mortgage that suits you.

 

I have bad credit so won’t be able to borrow. Its true credit history plays a part but as a “whole of market” lender we can approach all banks and building society’s not just the ones on the high street. As such you will find an array of lenders offering products to credit impaired clients. Note: if you believe yourself to be credit impaired we advised coming to any consultation with a copy of your credit file (contact ahead for advice on this)

 

Mortgage deals may not be available and lending is subject to individual circumstances and status.

First Time Buyer

Rising house prices? Huge deposits? Impossible Affordability? The national press would certainly have you believe obtaining your first mortgage is a near impossibility.

The truth is first time buyer offerings from most lenders are very competitive at the moment with rates historically low. Whilst income and deposits play a part it is still very achievable for a first time buyer to get on the property ladder. Often the national press is “London centric” which can skew the views of those living in other areas of the country. But with government schemes such as HELP TO BUY there are currently so many options to consider when looking to make your first move.

Of course hesitation is not always about the money or cost. We understand that buying your first home can be a very daunting time with lots to consider not just the price of the house and how much deposit you need.

At Wyke Financial we see first time buyers as a core part of our client base and will give you the extra help and support you need to guide you through.

First Time Buyer

Explanation of the entire buying process – we will explain to you the process from start to finish with an indication of timescale and also the role of all parties, ourselves, the lender, the surveyor, the estate agent and the solicitor.

Estimated Cost breakdown – Mortgage cost is a huge consideration but the other areas you need to factor in are solicitor fees, stamp duty, moving costs.

What to watch out for – Depending on where and what you are buying we will use our experience to give you the heads up on any bumps that may appear in the road such as survey issues, contraction type, down valuations….

All in all we hope that after your first consultation you will leave feeling assured and confident of the process and safe in the knowledge that you have been correctly advised. The benefit of using us as your broker is the extra layer of protection between you and the buying process. Think of us as your property guide throughout the process.

Re-mortgage

As things stand rates are incredibly low as of April 17. Many existing borrowers may be sitting on a lenders Standard Variable Rate or coming towards the end of a high fixed rate.

A mortgage review with Wyke financial costs nothing but your time and travel.  A consultation will ordinarily last between 30 minutes to an hour at the end of which you will know if you can save money, or if you are better remaining on your existing rate. You may be holding off as you don’t believe that you will get a mortgage again or remember the “hassle” from your last mortgage.

In the past we have saved clients hundreds of pounds a month by changing rate or provider. If you find yourself questioning whether you need a review then it would be well worth a free no obligation consultation.

YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

Tied in? We can also look at further advances and porting mortgages with your current lender (lender dependent) the benefit being we handle the paperwork and guide you through the process.

If you currently have help to buy please see our help to buy remortgage section.