Brunel Independent Mortgages has been helping people moving home since 2005
Moving home can be stressful, so many borrowers choose to get help from a professional mortgage adviser
The next time buyer process is very similar to that of a first-time buyer.
We would advise that you contact us prior to putting your property on the market so that we can provide you with an idea of how much you are able to borrow, including costs.
Your ability to borrow will be reassessed on your current circumstances, which may be different to those at the time your original purchase was made. We will help you calculate how much you can borrow. This takes account of eligible income, any existing mortgage balance, any credit commitments that you may have and any financial dependents.
In most circumstances when you purchase your next property your borrowing requirements will change and you may need to increase your borrowing. At Brunel Independent Mortgages we will consider what options are available to enable you to borrow the amount required. Our role is to ensure that we advise you on the most cost-effective method.
At Brunel Mortgages we will ensure that:
- We will find you the most suitable mortgage to meet your circumstances.
- Make the process easy to understand.
- Keep you updated throughout the process.
- We will always be here to answer questions and offer help.
Basic conditions
We can match your circumstances to the right lender for you.
Here are some of the factors lenders take into account when making their decision:
Affordability
There are two ways of looking at this.
- How much does a mortgage lender calculate is affordable using their own criteria. This will often include average cost of living figures as well as personal income and expenditure.
- How much you feel you can afford based on your lifestyle and budget.
A lender may be willing to lend you more than your planned budget and it is important to limit your borrowing to match your budget.
A lender may lend less than you can afford, which maybe as a result of prudent experience or just because the lender doesn’t accept the source of your income. We can discuss this with you and consider lenders that will accept different types of income.
What happens when you apply for a mortgage?
Prior to making a full application, we will apply for a ‘decision in principle’ with the chosen lender. This will demonstrate to an estate agent that you are in a position to buy.
The Decision In Principle process will include assessing your incomings against your outgoings, as well as a credit search.
Deposit
Saving as much as you can for your deposit is important if you are a first time buyer, as it gives you access to better deals and gives you that all important choice.
The bigger the deposit, the cheaper your mortgage payment. So, it pays to save.
Many lenders offer deals targeted at first time buyers including exclusives for those making their first step onto the ladder.
There are also mortgages that allow you to buy a property with the help of your family or that enable you to buy with a small deposit.
You may have more mortgage options than you think.
Valuation and Survey
A survey gives you essential information that could mean you may decide not to proceed with the purchase or gives you grounds to negotiate the price.
A lender will carry out their own mortgage valuation in order to assess both the value and suitability of the property against their lending criteria.
We can advise you on the different types of surveys available.
How long does it take?
Most lenders would expect to issue a mortgage offer within 4 weeks from the receipt of an application.
If an application is made correctly and all the necessary documents required are submitted at the start, it will avoid extra correspondence and help speed up the process.
We know which documents a specific lender needs and will also be able to pre-empt any questions a lender might have when assessing the application.
This is particularly relevant to applicants who have bonuses, overtime, commission or they are self-employed.
Shared Ownership
Shared Ownership is a fantastic opportunity if you’re unable to purchase a home on the open market. It allows you to buy a share in a property on a part buy/part rent basis and pay a subsidised rent on the part that you don’t own.
You can buy a share between 25-75% of the property value depending on how much you can afford. The bigger the share you buy, the less rent you have to pay. This can also be helpful if you have a smaller deposit.
The combined cost of mortgage and rent is often cheaper than privately renting in the area.
Eligibility
Shared Ownership is available to those who cannot afford to buy a suitable home on the open market.
Contact us for full details of the scheme and the process.
We know which lenders are currently providing the best deals and will help ensure that your monthly outgoings are affordable.
Staircasing
Over time, you can purchase more of your property. This is called ‘staircasing’. This can be done at any time after the initial purchase and it will reduce the amount of rent you pay.
In most cases, you will be able to staircase up to 100% and own your home outright.