The mortgage market can be confusing, with so many products to choose from. Your adviser will take the confusion out of mortgages and present impartial options, allowing you to easily make sense of what is available.
Quick Guides for Mortgages in Bristol
First-Time Buyer Mortgages
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Home Movers Mortgages
Buy To Let Mortgages
Buying your first home is very exciting but, in the wrong hands, can be a very daunting time. You only ever do it once, so let’s do it right.
We have helped hundreds of people like you to have a great experience getting your foot on the first rung of the property ladder. Our many years in the estate agency and financial services industry means we can answer your questions and advise on all aspects of the process from our first meeting right through to moving day.
You can be assured that we will select the most suitable mortgage from the whole of market to suit your needs, walk you through the administration and process to ensure the transaction stays on course and takes no longer than is necessary. We will also make sure you have the right cover to protect your beautiful new home when you move in.
Ellis James Financial is also familiar with special home buying schemes, including Help to Buy. If your case involves an application for shared ownership, shared equity, gifted deposit, high loan to vale 95%, etc., we will take you through it.
Get “Buyer Ready”- We will assess your needs and provide a decision in principle (also known as a DIP or AIP) to show you are a serious, qualified buyer and prove the funds are available. Consequently, we can put you nearer the front of the estate agents’ queue and help you find the right property more quickly.
Whether you are moving upmarket, relocating, or downsizing, you want to know you have the lowest cost solution to your needs, and you want the process to be as smooth and as hassle-free as possible.
We will not treat you like an expert because you own a home and already have a mortgage. If you are a first-time seller, unlike when you first purchased, there are now two transactions to synchronise, so there are some extra plates to spin.
We will work out how much you would be able to borrow and then find the most suitable mortgage to suit your circumstances. We can get you “Seller Ready” by getting an agreement in principle so you can confidently place your home for sale (and show you are a qualified buyer to your next agent).
We can help by recommending solicitors, estate agents, surveyors, specialist reports, and review your protection with our tried and trusted partners, giving you one point of contact for your home moving needs.
If you have an early redemption charge (ERC) on your existing loan, we will check you meet the lender criteria and consider if porting is the most cost-effective solution before going “whole market”. Whichever mortgage we select, we show how we arrived at our solution and break down the costs to demonstrate that our advice is the lowest cost.
You may be a landlord with and a portfolio that you wish to make work harder by remortgaging to the lowest cost buy to let mortgages. You may be looking to leverage equity and grow your existing portfolio or considering your first buy to let.
Ellis James has experience dealing with all types of investors and has access to all mainstream and specialist providers (MUB, HMO and Limited Company Buy to Let).
Criteria vary from lender to lender, but generally, you will need a good credit record and understand the risks of investing in property. In most cases, you will already own your own home and are not committed too heavily to other types of borrowing, for example, credit cards, loans, HP etc.
Buy-to-let mortgages have some key differences. The minimum deposit for a buy-to-let mortgage is usually 25% of the property's value (although it can vary between 20-40%). The interest rates are generally a little higher, and there may be lender product fees. Most BTL mortgages are repaid on an interest-only basis (although you can choose capital repayment depending on your aims). This means you pay the interest only each month, and at the end of the mortgage term, you repay the original loan amount in full.
The other main difference is that the maximum you can borrow is linked to the amount of rental income you expect to receive. Lenders usually expect the rental income to be a certain percentage higher than your mortgage payment. However, some providers will allow "top slicing" where some of your personal earned income is used to assess affordability if necessary. To find out your anticipated rent, we can talk to local letting agents and check rental listings online to get an accurate borrowing amount. We can also get you an agreement in principle ahead of your search, so you are viewing and making offers on the right thing.
As you come to the end of your fixed term, you will want to start looking for the most suitable deals available now. This will also be an opportunity to investigate the possibility of releasing equity (for example, home improvements) to consolidate debts, pay down a lump sum of the loan, or review your mortgage term.
Remortgaging is switching your existing mortgage product to a new deal. If the savings are significant enough, we can remortgage with the same lender or move the loan away to a different provider.
Most fixed-rate mortgages last between two to five years before they become a standard variable rate mortgage. Based on your needs, you may want the ability to overpay so you can pay off your mortgage quicker. We are in a strong housing market, so If your home's value has increased, we may be able to get a better deal because of a lower loan-to-value ratio too.
The remortgage could also be used to release some of your equity. Remember, by increasing your mortgage, your monthly payments are likely to go up, but we can extend the term to balance this out depending on your age.
Having a fixed-term mortgage means you will have a "fixed" monthly repayment that most people find comforting every month. In some cases, you might want a more flexible deal if you intend to move in less than two years or want to make a significant overpayment, so we will make a recommendation only when we understand your priorities.
Types of Mortgages
Letting us recommend the right type of mortgage will save you money and time by getting the right kind of product and we will ensure it has the right flexibility to fit your circumstances now and in the future
Money will be borrowed at a set interest rate which can be fixed (guaranteed not to change) or variable (may increase or decrease).
Variable Rate- There are two main types of variable-rate mortgage: tracker mortgages and discount mortgages.
With a tracker mortgage, your interest rate 'tracks' the Bank of England (BOE) base rate so you might pay the BOE base rate plus 3% (3.1%) for a set period. (The interest figures quoted on the variable rate are example only and for illustrative purposes only). When the product expires you automatically move on to your lender's standard variable rate. This is the point at which we would review your deal again to find the most suitable product in the market. There are a small number of 'lifetime' trackers where your mortgage rate will track the Bank of England base rate for the entire mortgage term if you wish.
With a discount mortgage, you pay the lender's standard variable rate with a fixed amount discounted. For example, if your lender's standard variable rate was 3.5% and your mortgage came with a 1.5% discount, you'd pay 2.0%. These can be taken for a set period of time to suit your circumstances. Variable product often do not have early repayment charges y time with no penalty- ideal if you want the flexibility or freedom to make unlimited overpayments or even redeem the loan entirely at any point.
With fixed-rate mortgages, you pay the same interest rate for an agreed number of years, protecting you from variances in the BOE base rate. Period range from 1 year to 10 years with two and five years being the most common, as before, when you reach the end of your fixed term, you'll move to the lender's standard variable rate (SVR). This is the point we will shop around again for the most suitable deal in the prevailing market.
Whether you choose a fixed or variable-rate deal depends on if you think your income is likely to change (up or down), if you prefer to know exactly what you will be paying each month, if you could cope if your monthly payments went up and what level of flexibility you want around overpayments and early repayments.
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage.