Residential Mortgages / Remortgages
Charles Crown Financial specialises in offering professional mortgage advice to our clients that are looking to purchase a property in the UK whether this is for first time buyers, main residence, second home or investment. We work with banks and building societies as well as other alternative lenders in the marketplace that you will not find in the high street.
We will make the process of finding your home loan as simple and straightforward as possible. We will find competitive mortgage and remortgage rates, assisting you in every step of the process, clearly explaining fees, cost and conditions.
Remortgage and Further Advances – qualified and experienced mortgage advisors to help you find the best deals in the market.
Purpose of the loan
- Home purchase
- Further advance
The purpose of the loan is used by the lender to make decisions on the risk and may even impact in the interest rate that is offered.
Ways to repay a Mortgage
- Repayment. You will make monthly repayments for an agreed period (capital and interest together), resulting to your mortgage totally repaid at the end of the term. You will be paying more interest than capital in the early years. This is the most popular mortgage option.
- Interest Only. You initially only pay back the interest on monthly basis and repay the capital at the end of the mortgage term. You will need a repayment strategy in place as Stocks and Shares ISA, Pensions, shares, unit trust,…
- Also, you may consider some features that lenders offer on their loans as Flexible Mortgages, Offset Mortgages, Cashback Mortgages, or Current Account Mortgages.
Type of interest rate deals
When choosing a mortgage you will face different types of deals depending on the interest rates. In Charles Crown Financial our experienced and qualified advisors will guide you to find the best rate deal for you, in order to match with your affordability and your needs.
- Fixed – rate is fixed for a set number of years
- Standard Variable rate – normal interest rate your mortgage lender charges. Changes may occur after a rise or fall in the Bank of England base rate
- Tracker – usually tracks Bank of England base rate at a set margin above or below it
- Discounted – it is a discount on the lender’s standard variable rate during two or three years
- Capped and Collared– rates cannot rise above certain level in the capped mortgage.
- Offset – link your saving account to your mortgage so you only pay interest on the difference
LTV - Loan to Value %
Home buying process
- Determine what you can truly afford
- Look for a suitable property and make an offer
- Figure which mortgage is right for you
- Get an Agreement in Principle from the lender
- Hire a solicitor
- Arrange buildings insurance / life insurance
- Finalise your mortgage
- Exchange of contracts
Related Cost and fees to consider
- Booking fee or application fee
- Arrangement fee or completion fee
- Surveys fees
- Transfer fee
- Valuation fee
- Solicitor’s fee
- Adviser’s fee
- Stamp duty land tax
- Buildings insurance
If your fix rate is coming to an end and you are looking for a better deal, or you are looking to raise capital for a new investment, or you want to improve your lifestyle, we will provide you with the best advise and conditions in the marketplace to suit your needs. You may need to remortgage in order to get better interest rates (you may reduce your LTV), or get a more flexible deal (if you want to overpay), or just to consolidate some debt. You can use the Annual Percentage Rate of Charge (APRC) to help you compare deals.
Help to Buy Schemes
If you want to become a property owner looking for a new home with a small deposit, there are currently Help-to-buy Government schemes available for you. This include Shared Ownership, Equity Loan and Help to Buy ISA.
Buy a share of your home (25% to %75%) and pay rent on the remaining share. You can buy bigger shares when you can afford it. Deposits are as low as 5% or 10%. For first time buyers, people used to own a home but cannot afford to buy one now, and existing shared owners looking to move.
Government lends you 20% (40% in Greater London area) of the cost of your newly built house, so you only need a 5% deposit and a 75% mortgage. Available for first time buyers and homeowners looking to move. You will not be charged loans fees in the Government loan for the first five years.
For first time buyers only. Government will boost your savings by 25% up to £3000. Minimum amount of saving in order to receive funds £1600. Maximum amount of savings up to £12000
Need a solicitor?
Charles Crown Financial Conveyancing service will look for you a specialised quality solicitor services with the lowest possible cost. Send us your enquiry and we will contact you shortly.
If you need a Buildings and contents insurance, or a life insurance in order to complete your mortgage, our advisers will guide you presenting you the best quotes of the market with Royal London, Aviva, Vitality,…