These include mortgages for first time buyers or existing homeowners on the move as well as remortgages  to obtain a lower rate or to raise capital.

Many websites will tell you that a mortgage is probably your biggest outgoing so it's important to get it right. We assume that you probably already know that!! We'd  prefer to find out a little bit about you and what you're looking for before we start assuming which mortgage is best for you.

With over 66 years' experience in the financial industry between us we're confident that if there's a perfect mortgage out there for you, we'll find it. With so many options and different rates and fee structures the mortgage market can be a confusing place and hours can be wasted trying to compare mortgages from websites that only give half of the information that you need in order to make the right choice. Why not let the experts do all the donkey work for you - we'd love to talk to you about your mortgage requirements so please call us for a chat or to arrange an appointment.

Buy-to-let mortgages allow you to raise money to buy or re-finance properties that are, or will be, rented out. Although the buy-to-let mortgage market has declined since its heyday, it has seen a revival in recent years, making buy-to-let property an investment well worth considering.

When you buy a property to let out, you are becoming a landlord. And owning investment property is not like owning your own home. Instead you are effectively running a small business.

There are many important deciding factors when deciding on a Buy to Let Purchase:-

  • The right property
  • The right location
  • Finding reliable tenants
  • The most cost effective mortgage both now and in the future
  • Maximising the return on your investment (commonly known as yield)

Buy-to-let advice can enable applicants to secure the right mortgage on their new or existing buy-to-let property. With a range of lenders offering different rates and packages, buy-to-let advice can help applicants to understand the market. Many buy-to-let mortgage packages include percentage fees and additional costs so it is important to seek the most cost effective solution.

Obtaining a buy-to-let mortgage is often a complex process. Lenders are more risk averse and will carefully assess each applicant's situation including the type of property, their finances and the likelihood of the property to generate rent. We will facilitate the process to save time, hassle and most importantly, money.

We offer an independent approach from a wide range of lenders and will help you to find the exact solution to suit your needs.

Don't just use best buy mortgage tables in Hampshire. They can cost you more.Why don't I just use the best buy tables?

A good question. The "Best Buy" tables, often found in the newspapers' financial sections or on websites that sound like monkeysupermarket.com or confused meerkats.com, usually just list the lowest rates. What they often don't do, however, is clearly show the all of the extra fees payable.  All too often we see a mortgage at the top of these tables with a spectacularly low rate and listed as a "Best Buy". Look a little closer, however, and you'll find that these so-called best-buy mortgages often come with a fee of nearly £2000 plus you may also have to pay for your own valuation and legal costs, typically another £6-700 at least. For many people that "best buy" could be an expensive mistake… If you'd like to find out what's really your best deal with all costs considered, why not call us now on 01489 8549944.

Can I get a mortgage?

This used to be a relatively straight-forward process but in recent times the banks & building societies have understandably become a lot more selective when it comes to approving your mortgage and we are often approached by customers who have seemingly been turned-down for no apparent reason . Any of the following circumstances can result in your application being declined or referred.

  • SELF EMPLOYED OR EMPLOYED – We generally find that mortgages for self-employed people (including directors with a shareholding of more than 10%) are more difficult to arrange than mortgages for employed PAYE people. The lenders all have different ways of calculating self-employed income & it is important to know which lenders will accommodate your particular circumstances. Some will work on an average of the last 2 year's income, for example, whereas others will work from the latest year's figures.  Some will use wages plus dividends for directors and others will use the net profit figure.
  • INCOME AND AFFORDABILITY – It's no longer a case of just multiplying your income by 3 or 3.5 or even 5 in some cases. Nearly all lenders use an in-depth affordability calculation based upon income and outgoings. These vary greatly from lender to lender and often include factors such as the number of people living the property,  loans & credit cards held, other mortgages. Overtime, bonuses and other forms of income are also treated differently by each lender.
  • CREDIT RATING – Missed payments on loans or credit cards or even a mobile phone bill can all have a negative effect on your mortgage decision. All lenders will carry out a credit search as part of their decision making and will interpret the information held differently.
  • OTHER COMMITMENTS – Any existing loans and credit cards will be assessed as part of the mortgage application process. If you intend to clear any of these when moving home or remortgaging some lenders will still class these as a commitment whereby some will accept that they will be repaid. This can have a substantial impact on the Income & Affordability assessment (see above)
  • INCOME FROM STATE BENEFITS OR MAINTENANCE PAYMENTS – If you are in receipt of state benefits such as tax credits, child benefit, disability payments or pensions or other income such as maintenance, these will be assessed in different ways. Some lenders will accept all of them, some will accept one but not another and others will not include any.
  • OTHER MORTGAGES HELD – If you have existing buy-to-let mortgages or are thinking of letting your existing property to buy another (Let-to-buy) these will also be treated differently by different lenders with each having a particular policy.
  • Professional help in getting mortgage applications approvedLOAN-TO-VALUE – this is the amount of your mortgage expressed as a percentage of the value of the property.  The lower the percentage, the greater the chance of the mortgage being approved. A 60% loan-to-value application therefore is easier to obtain than a 90% one. Again each lender has a particular policy regarding this.
  • PREVIOUS APPLICATIONS – Nearly all mortgage applications are recorded on your credit file. The more applications that are recorded, the lower the likelihood of your mortgage approval becomes. For this reason it is important not to keep applying to different lenders in the hope that one will say yes. You will diminish your chances for at least 6 months.

Here at Harrison Gray, we have an in-depth knowledge of the mortgage market along with each lender's quirks and policy requirements. By using our services you will have a much greater chance of your mortgage being approved first time.

So why take a chance?  Don't just guess where to go – ask the experts

Call us now on 01489 854944

 

 

Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be a fee for the advice given, the exact amount will depend upon your circumstances but we estimate it will be £395.