Finding the right mortgage for your individual circumstances is very important, and at Watts the team are here to guide you through the process. With so many different types of mortgages available, it’s important that you understand the various options that are suitable to you. From first-time buyers to those hoping to carry out renovations, the mortgage you take out can be dependent on your situation, and there can be a lot to think about before making a decision.
At Watts, we take the time to understand your needs and what you are hoping to achieve by taking out a mortgage. Our experienced and friendly team of independent advisers can help you to choose the best course of action, as well as searching the whole of the market to find you the right mortgage deal.
Types of mortgages
There are typically two mainstream types of mortgages, which are repayment and interest-only. However, there are many more types of mortgages to suit a variety of situations, including self-build mortgages and holiday home mortgages. The product you choose is important as it can help you to achieve your property goals and ensure you have the adequate finance in place.
Applying for a mortgage can sometimes be complex and it can be helpful to have an expert by your side to help you through the process. Taking out a mortgage is a huge financial commitment and it’s key that you feel confident in choosing the right type of mortgage.
Understanding how to get a mortgage
Typically a mortgage will require some sort of deposit, along with fees and repayment methods. Depending on the type of mortgage you have taken out, there can be various ways to repay the loan. There are also different types of interest rates, which is crucial as this can help to save you money on your mortgage.
The team at Watts can talk you through how to get a mortgage and what mortgage is most suitable for your needs. We can offer independent advice to equip you with the knowledge you need to move forward.
Here you will find more information on all the different types of mortgages available and helpful insights to ensure you gain a better understanding of the market.
FIRST TIME BUYERS
The mortgage process can be very confusing and overwhelming for first-time buyers. We can offer independent advice to help you make sense of it all.
If you already have a mortgage and you’re moving, it’s important to understand what happens when you transfer your mortgage and how it all works.
There are a number of reasons why you might want to remortgage, and it can help to shop around for the best deal and understand the fees involved.
Secured loans can be a helpful alternative to remortgaging, but it’s important that you get independent advice to understand the implications of secured lending.
A self-build mortgage can be very exciting but can differ from traditional mortgages. We can make the recommendations to help you make the right decision.
We can help you understand the commercial mortgages and lending market to help you purchase business premises, consolidate debt or raise capital.
MILLION POUND MORTGAGES
Buying a luxury property may require specialist advice to assist you through the process, especially if you have a complex income.
HIGH VALUE MORTGAGES
A high value mortgage may come with stricter eligibility criteria, but arranging this type of mortgage can be simpler with the right support.
Running a business isn’t easy and your time needs to be spent ensuring your customers are happy. But what happens if you can’t be there?
Getting covered is not always a straightforward process if you have a pre-existing medical condition, or your occupation or hobby is deemed more hazardous than others.
An offset mortgage can help you make use of your savings to offset the interest on your repayments, which is useful if you have a variable wage.
BUY TO LET
If you’re a landlord hoping to make your next step, getting the right buy-to-let mortgage can help. Let us offer you some independent advice.
The type of holiday home mortgage you need can depend on how you intend to use the property. Our niche experience can help you understand the process.
A renovation mortgage can be incredibly helpful if you want to make repairs, as it can help you borrow money to fund the project.
REGULATED BRIDGING LOANS
Bridging loans can be helpful in a number of situations, but it’s important to understand the terms of the loan before committing.
Sue is recently divorced and has had to sell the family home. She is living in rented accommodation with her 12 year old daughter. As she is now the only wage earner she is very concerned that if anything should happen to her then they will have a big problem.
She was advised to replace her existing decreasing term life and critical illness plan with more appropriate cover which will provide a safety net until she’s 68 and starts receiving the state pension. We used the AIG low start option here as we were aware that Sue is now working under a tight budget and this gives a big discount to the initial cost. We also advised her about an income protection plan of £1k month, again to age 68, to cover her immediate family needs should she be off work sick for longer than 8 weeks.
We also introduced Sue to a solicitor as, during our talks, we realised her expression of wish for previous pension plans still specified her ex husband. She’s now in the process of amending her will.
*Names changed for privacy
Watts Mortgage & Wealth Management Ltd is directly authorised and regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No 624815 at https://register.fca.org.uk/s/
More information is available on mortgages from the Money Advice Service. www.moneyadviceservice.org.uk
Where you have a complaint or dispute with us and we are unable to resolve it to your satisfaction then we are obliged to offer you access to the Financial Ombudsman Service. Please see the following link for further details www.financial-ombudsman.org.uk
Your property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
You may have to pay an early repayment charge to your existing lender if you remortgage.
The FCA does not regulate some forms of mortgages. The FCA does not regulate taxation advice, trust advice and some forms of buy to let mortgages.