Mortgages

Finding the correct mortgage for you can be a difficult process so seeking unbiased mortgage advice is often the easiest way to understand the options.

We offer whole of market, straight forward, friendly advice.

Mortgages

Finding the correct mortgage for you can be a difficult process so seeking unbiased mortgage advice is often the easiest way to understand the options.

We offer whole of market, straight forward, friendly advice. Click here to get in touch.

Bridging finance

Finding the best short-term finance for buying a property before your longer-term funding comes through can be stressful. Our qualified advisers will help you find the bridging loan you need. Click here to get in touch.

Commercial mortgage

A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.

How does a commercial mortgage work?

Commercial mortgages are structured to suit both the lender and the borrower. … The mortgage lender will typically lend up to 75% of the property’s value, leaving the business to pay its regular mortgage payments and utilising any working capital to fund the growth.

What is the difference between a commercial and residential mortgage?

commercial mortgage generally lasts from one year to a maximum of 15 years, according to Craig Pollock, senior manager property for Bank of Scotland Commercial, while a residential mortgage can last from one year to 25 years or even 30 years. … He said a residential mortgage can be up to 95 per cent LTV.

What deposit do I need for a commercial mortgage?

Lenders will apply a loan to value ratio to the mortgage, and will require a personal financial commitment. The business will need to be profitable, and the lender will need to see evidence of this. Deposits generally are anywhere between 25 and 40 percent of the mortgage required.

Second charge mortgage

A second charge mortgage allows you to use any equity you have in your home as security against another loan. It means you will have two mortgages on your home. Equity is the percentage of your property owned outright by you, which is the value of the home minus any mortgage owed on it.

Why would you take out a second mortgage?

A second mortgage is quite simply a loan taken after the first mortgage. There can be various reasons to take out a second mortgage, such as consolidating debts or financing home improvements.

How much can I borrow on a second charge mortgage?

A second charge mortgage allows you to get a loan secured against the equity in your property, so in the above example, you could get a loan of up to £50,000, depending on your credit rating and ability to repay both mortgages at the same time. Second charge mortgages usually let you borrow money starting at £1,000

Important things to think about: Stamp Duty

Please note: Land and Buildings Transaction Tax (LBTT) rates in Scotland are different to the Stamp Duty Land Tax (SDLT) rates in England and Northern Ireland. From April 2018 Land Transaction Tax (LTT) has replaced SDLT in Wales. LTT rates are different to SDLT and LBTT rates.

England and Northern Ireland

Stamp Duty Land Tax (SDLT) is a tax on properties bought in England and Northern Ireland. You’ll need to pay it when you buy a residential property that costs more than £500,000. Clicking on the button below will take you to a stamp duty calculator to work out how much Stamp Duty you’ll need to pay on your new home. You can also use it to work out how much you’ll pay on an additional property that costs more than £40,000, like a buy to let or second home, which attracts an extra 3% charge.

Visit the Stamp Duty calculator

Scotland

Land and Buildings Transaction Tax (LBTT) has replaced Stamp Duty in Scotland. If you’re buying a residential property over £250,000, you’ll have to pay LBTT. Clicking on the button below will take you to a stamp duty calculator where it will work out how much Land and Buildings Transaction Tax you need to pay on your new home. It also works out how much you’ll pay on any additional property purchase over £40,000, like a buy to let or second home, which attracts an extra 3% Additional Dwelling Supplement (ADS).

Visit the LBTT calculator

Wales

Stamp Duty has been replaced by Land Transaction Tax (LTT) for properties bought in Wales. LTT will apply to residential properties costing over £250,000. Clicking on the button below will take you to a stamp duty calculator to find the amount of Land Transaction Tax you’ll have to pay. You can also work out the cost of LTT on any additional properties you purchase over £40,000, like buy to lets or second homes, which will be charged a 3% additional supplement.

Visit the LTT calculator

Information taken from www.moneyadviceservice.org.uk. Please note we have no affiliation with the Money Advice Service.

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

*Some forms of Buy to Let Mortgages are not regulated by the Financial Conduct Authority

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