WHY USE US FOR YOUR MORTGAGE AND REMORTGAGE ADVICE?

  • Led by Allan Davis, who has over 30 years experience in financial services

  • Guaranteed personalised advice that you can trust

  • Your particular circumstances will always form the focus of our tailor-made service

  • All of our mortgage applications are underwritten on an individual basis

  • We have lenders that will take a flexible approach to mortgages for older people

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WHY USE US FOR YOUR MORTGAGE AND REMORTGAGE ADVICE?

Finance 4 Homes Limited are dedicated to helping you get the most suitable mortgage & remortgage advice, tailor-made to meet your own circumstances. The access we have to the market gives us the ability to do this.

Our Managing Director, Allan Davis, has been in the Financial Services industry since 1985. His vast experience enables us to give you the best advice possible in what is a complex market. We undertake the research; get you agreed in principle and help with the application process right through to completion.

Our advice not only covers the mortgage itself, but also life assurance, critical illness cover, income protection and home insurance such as buildings and contents so that you can be protected against the unforeseen.

If you are looking for a re-mortgage, purchasing a new home, investing in a property to let or to protecting yourself, family, home or belongings or any of the services below, then call us on 020 3002 0933.

WHY USE US FOR YOUR MORTGAGE REQUIREMENTS?

Finance 4 Homes Limited are dedicated to helping you get the most suitable mortgage and re-mortgage advice, tailor-made to meet your own circumstances. The access we have to the market gives us the ability to do this.

Our Managing Director, Allan Davis, has been in the Financial Services industry since 1985. His vast experience enables us to give you the best advice possible in what is a complex market. We undertake the research; get you agreed in principle and help with the application process right through to completion.

Our mortgage & remortgage advice not only covers the mortgage itself but also life assurance, critical illness cover, income protection and home insurance such as buildings and contents so that you can be protected against the unforeseen.

If you are looking for a re-mortgage, purchasing a new home, investing in a property to let or to protecting yourself, family, home or belongings or any of the services below, then call us on 020 3002 0933.

TESTIMONIALS

The service that is offered is second to none. If you are like me that’s very impatient and calls up every hour on the hour for an update then you are with the right broker, as he will always respond to your calls and concerns and will deliver the goods.

Moya

This company was really helpful throughout my mortgage process; Allan Davis were heplful and polite. I recommend anybody who want mortgage broker contact Allan Davis at allan@finance4homes.com

Emine Kandemir

I cannot, but express my utmost appreciation to Allan for the immense work he did to secure me a remortgage to pay off my ex-wife, especially, when others have poured cold water on the prospect of success. Allan was extremely professional throughout the process and even when a deal was first secured, went further to look for a lender with a better deal. Moreover, he connected me to a solicitor to make the process seamless. I will recommend Allan to everyone who is looking for a professional to competently handle every aspect of mortgage application. Allan’s services are indeed 5 *.

Vincent

The service and personal attention I received from Allen was exceptional and beyond what I was expecting. I have tried a few brokers and things never worked out, until I came across FINANCE4HOMES.COM. His knowledge of the local and national markets and his commitment in finding the best rate helped me in my searched for my dream home. As first time home buyers everything was new to me and the most important thing I wanted was someone I could trust. Allen was there for me every step of the way. I’m glad I chose his services and would recommend Allen to anyone buying a home.”

Maxene

FREQUENTLY ASKED QUESTIONS

Q. Can I still get a mortgage if my credit rating is bad?

There are mortgage plans out there to suit people in a whole range of financial situations and so if your credit score is less than perfect, don’t worry, the chances are that there is a product out there for you.

If you do have a bad credit score, while you will likely still be able to get some kind of mortgage, you may not be able to benefit from the best deals; you’ll probably be offered slightly higher than average interest rates, or maybe a lower LTV ratio. This is just to reflect the increased risk that the lender is taking by allowing you to borrow money with a less than perfect track record of repaying in the past. Speak to us first as this is an area we specialise in.

Q. Taking Out A Mortgage With Bad Credit?

Many people assume that if they have a poor credit rating, they will not be able to take out a mortgage. This is not the case.

There are plenty of options available to people with a bad credit rating, the trick is to know where to look.

If you have fallen behind on your credit card payments or have been made bankrupt at some point in your life, your credit rating will not be great. There are still plenty of things that you can do that will help you get a mortgage for the property you want to buy.

Mortgage & Remortgage Advice- Call Us On 0203 3002 0933

Q. How Do I know if I have bad credit?

There are a multitude of factors that can affect what your credit rating is. Some of these may be harder to work out than others but there are a few things that will definitely affect your credit scores directly.

If you have been bankrupted at any point or have had to be put onto a debt management plan, you can expect to have taken a hit on your credit score. This is because you have been deemed to be unreliable when it comes to managing and repaying your debts.

Your credit score may also have been damaged if you have ever struggled with repayments on credit cards or personal loans. The reason that this causes you to have an adverse credit rating is because you fell behind on your loan’s specified terms and conditions. This means that you are now deemed to be a higher risk customer as you have a history of not keeping up with your fees.

Q. Can I obtain a mortgage on a property I want to let out?

Yes, subject to criteria and underwriting, this is typically known as a Buy to Let mortgage.

Q. How can I get the best deals on mortgages?

The world of mortgages is broad and complex but there are a few things you can do to try and ensure that you get the best deals you have available to you.

Firstly you want to do as much as you can to clear up your credit rating. If you do have a poor credit rating, then it’s not something you can sort out or improve overnight, but if you do have time on your hands, then taking out a credit building credit card and using it for a while will help you.

Saving up so that you can afford a larger deposit will stand you in good stead, allowing you to take out a mortgage with a lower LTV ratio, meaning smaller monthly repayments and less money to pay back overall. This also gives you the option of potentially remortgaging in the future to release some more equity.

The best thing you can do though to get the best deal given your financial situation is simply to extensively compare different mortgage plans online. Using a free mortgage comparison service like Money Expert’s will allow you to go over the various different plans that are on offer so that you can easily see what kind of deal you could expect.

Q. How big a mortgage can I take out?

Exactly how much you can borrow will depend on various factors to do with your financial situation, credit history as well as, of course, the value of the property that is being put up as security.

Q. How long do mortgages normally last?

Typically, mortgages last around 25 years, but in reality this can change according to a whole variety of factors. When you set up your mortgage you will have decided the term (i.e. the length of the mortgage) according to your repayment plan and your age.

Q. What happens if I can no longer afford my monthly payments?

If for any reason you find yourself having trouble keeping up with your existing payment plan then you should get in touch with your lender right away and let them know. There are various different options you may have available, from taking a ‘repayment holiday’ (essentially stopping payments for a short time) to starting a new, adjusted repayment plan.

It is imperative that you contact your lender as soon as possible though as multiple missed payments could result in your home being repossessed.

Q. My house has gone up in value, can I remortgage for more money?

Yes you can, this is known as releasing equity subject to affordability checks by your lender.

Say you have a mortgage worth £400,000 on a property that is worth £500,000. The £100,000 difference between what you’ve borrowed and the value is the equity.

Now if, in this same situation, over the course of a few years, your property goes up in value, say by another £100,000. Then the equity in your property has increased and, if you so desire, you could choose to remortgage and release some of that equity as cash, while maintaining the same LTV on your loan.

If you do decide to remortgage though, watch out for early repayment charges that your current lender might charge. The chances are, if your increase in equity is large enough, that it will still be worth remortgaging, but you don’t want to be caught off guard by early repayment charges.

Mortgage & Remortgage Advice- Call Us On 0203 3002 0933

Q. What if I want to move house before I’ve paid off my mortgage?

If you want to move house, you may be able to simply port your existing mortgage over to your new property and continue paying it off as usual.

You may have to undergo new affordability and credit checks if you do so and if your new property’s value is significantly different from your old one then the situation may get a little more complicated. If you do want to move house, get in touch with your existing mortgage provider first and they’ll let you know what options you have at your disposal.

Q. If I have an interest only mortgage with a lender, can I apply for a repayment mortgage another lender?

Yes, again most lenders will consider applications in line with their usual affordability requirements and lending criteria.

Mortgage & Remortgage Advice- Call Us On 0203 3002 0933

Q. Accessing Equity – Selling Up

Of course, one very straightforward way of accessing your equity is to sell your property.

It’s particularly common for people to sell their house and then to use the equity to pay for the deposit on a new house, or even to pay for a new house entirely if your equity value is large enough.

If, when you sell your house, you choose to move somewhere cheaper, then you will have freed up your equity into cold, hard cash.

Q. Accessing Equity - Remortgaging

Another way to access your equity if you don’t want to sell your house is to remortgage by borrowing against it.

If the value of your house has increased and therefore your equity has too, then you can take out a new, larger mortgage that reflects this increase in value.

Say your house has gone up in value from £350,000 to £400,000; you could cash in on this by remortgaging for a higher amount. You might currently owe £250,000 to your mortgage lender, but you could capitalise on your increase in equity by taking out a new mortgage worth, say, £280,000, giving you an extra £30,000 in cash.

There will be various fees you have to pay in order to do so but you should still end up better off than before. Your loan to value (LTV) ratio will have gone down given the increase in the value of your home, but the amount you’re borrowing will go up.

Mortgage & Remortgage Advice- Call Us On 0203 3002 0933

Q. Right to Buy

Right to buy is a government scheme designed to help tenants in council housing to buy their homes with often rather large discounts.

Often, the discounts offered can be used against the upfront deposit costs, meaning that those who can afford the mortgage can purchase their property without paying any deposit at all.

Q. How does right to buy work?

The idea behind right to buy is to allow those living in public sector housing to buy their homes at a discount.

Public sector here refers to any housing association, local council or other government department.

The size of the discount is dependent on the length of time you’ve spent in the house in question, the type of property involved (e.g. a flat or a house) and, of course, the value of the property.

As of July 2015, the maximum discount is £103,900 in London, and £77,900 in the rest of the country.

Q. Who qualifies for right to buy?

In order to qualify for right to buy you simply need to have been a public sector tenant for three to five years. Importantly, you do not have to have been living in the same property for this whole period, nor does the period have to be continuous. So long as you have accrued the right number of years in public sector housing throughout your life, you will be eligible.

If you live in a council house (rather than a flat), and have done for three to five years, then you’ll get a 35% discount under right to buy. This discount will go up by 1% each year until the maximum discounts mentioned above are met.

If you live in a flat, you’ll get a 50% discount if you’ve lived there for three to five years and then the discount will increase by 2% each year after that.

Q. Selling a Right to Buy Property?

You are welcome to sell the property bought through right to buy at any point, but if you do so within five years then you will most likely have to pay back some or all of the discount you enjoyed at the start.

If you sell up within ten years, then you’re obliged to offer the property back to your original landlord and only if they decline the offer can you actually put it on the open market.

Q. Can I get a mortgage if I am over 50?

Yes again depending on your individual circumstances. More and more lenders are releasing products specifically for the older borrower and can have a maximum term to age 95. At the end of the term, if you have chosen any part of your mortgage is interest only, a repayment vehicle such as downsizing is required to repay the capital.

Mortgage & Remortgage Advice- Call Us On 0203 3002 0933

Q. What happens if I am still working but self-employed?

As our applications are manually underwritten all mortgage applications are individually assessed and as long as self-employed borrowers have been self-employed for at least the last 2 years prior to application. We will need to assess long term affordability to ensure the mortgage is affordable for both now and in the future.

Q. Is there a special retirement mortgage product?

Not specifically but, to give greater choice, lenders do not limit this to a single product and instead it can apply across their product range. Borrowers can access up to 75% loan to value (LTV) on any qualifying mortgage deal (subject to usual lending criteria).

Q. What does affordability mean and what types of income will you accept?

The Mortgage Market Reviw means we now have to look at both incomings and outgoings of every mortgage applicant to make sure they can afford their mortgage now, and in the future in event of any rate rises regardless of age.

Q. Will you accept interest only applications?

Yes, interest only applications can be considered in line with usual affordability requirements and lending criteria.

Copyright Finance 4 Homes Limited 2018

Finance 4 Homes Limited is an Appointed Representative of Beneficial Life (London) Limited, which is authorised and regulated by the Financial Conduct Authority.
You may be charged a fee for mortgage & remortgage advice which could be up to 2% of the loan. The precise amount will depend on your circumstances but we estimate it to be 0.75% of the loan amount.
Registered in England and Wales no.11215166. Registered office: Spectrum House, 2b Suttons Lane, Hornchurch, Essex RM12 6RJ
The information on this website is intended for guidance purposes only and does not constitute advice. Furthermore, the information on this website related to the UK market for consumers living in the UK only.

Special Note: Most Buy to Let mortgages are not regulated by the Financial Conduct Authority

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON YOUR MORTGAGE

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