Southampton offers property buyers both build developments and period properties throughout its city and surrounding areas, making it an attractive location to find their new home. Selecting an appropriate mortgage broker is vital when buying real estate here.
Mortgage advisors will save you both time and effort by finding the most appropriate loan for you and providing guidance regarding various financing options like Help to Buy.
Help to Buy
Southampton is a bustling port city filled with maritime heritage, yet home to some significant businesses and housing options. Our expert mortgage advisors can assist you in finding a modern apartment, suburban mansion, or commercial property at competitive rates. We have over 50 years of combined experience and can cater to your mortgage broker requirements!
Help to Buy is an innovative government program that enables first-time homebuyers with as little as a 5% deposit to enter the housing market and take their first step onto the property ladder. Offering an equity loan of up to 20% of purchase price interest-free for five years; in year six, interest will begin accruing at 1.75% annually, increasing with inflation.
There are various alternatives to the Help to Buy scheme. One option is a family springboard mortgage, which operates differently from government schemes; here, a relative offers to loan you money towards buying your new home; in return, they’re repaid after a set period. This option can be handy for first-time buyers needing assistance to afford deposits.
Shared ownership mortgages provide another viable option. By sharing the purchase cost of your home with an association, local authority, or private provider – such as a housing association – rent can be paid on the part of it and eventually staircase up until full ownership can be achieved over time. By choosing these alternatives to Help to Buy, you can stretch your buying budget further and move onto the property ladder sooner.
As a first-time buyer in Southampton, you can begin your mortgage journey using our affordability calculator to estimate how much you could borrow. This tool provides an estimate based on the Bank of England base rate and your credit score to give an idea of the overall costs of borrowing money based on our estimates of how much a mortgage loan will cost over time. It is recommended to utilize it before speaking with a mortgage adviser because lenders require proof of credit score and affordability ratings before lending money.
Remortgage
Mortgage advisers in Southampton can assist you with finding the ideal remortgage deal to suit your circumstances, as well as helping with the application process. Remember that remortgaging requires both a credit check and valuation of your property – and, as a result, will incur both an application fee and valuation fee; however, if timed correctly, remortgaging could save money in the long run.
Remortgaging a property to benefit from lower interest rates is one of its primary drivers; however, you could also unlock equity for other purposes, such as home improvements or saving for another purchase deposit. When making this type of decision, weighing all possible outcomes before committing yourself fully to one option or another is essential.
Remortgaging can be a competitive market, so shopping around for the best rates is wise. Get quotes from different providers; remember not to apply with too many lenders simultaneously, as each application leaves its mark on your credit file. Also, consider engaging with a broker who will secure an agreement in principle and can support you through the entire process.
Remortgaging may become necessary for various reasons, including when your initial tie-in period ends, and you switch to your lender’s standard variable rate – often significantly higher than what was promised – so remortgage to secure a more cost-effective offer.
Remortgaging involves legally moving mortgage debt from one lender to the next. While the process can be complex and require expert guidance, it could reap substantial financial gains over time. Working with the right specialist mortgage adviser in Southampton is vital to getting an excellent deal with no hidden charges attached – start today by scheduling your free advice appointment!
First Time Buyer
If you plan to buy your first property, finding an advisor who provides clear and comprehensive advice is critical to making sure you make an informed decision that suits your circumstances best. Your mortgage adviser should recommend the ideal mortgage and help guide the application process accordingly.
A good mortgage adviser can help you identify what deposit and monthly repayment amounts you can comfortably afford and advise you on any required steps for an easy mortgage application process – this might include income and expenditure checks, credit checks and property searches. They should also offer competitive prices for insurance policies needed to complete your purchase.
Are You A First-Time Buyer? The Help to Buy Scheme Could Benefit You. If so, the government initiative that helps first-time buyers gain entry to housing might be correct for you! Offering loans of up to 20% of the purchase price as loans with minimum deposits required of at least 5% on properties purchased as help-to-buy schemes may offer affordable assistance when entering into housing ownership.
Selecting a new home is an exciting challenge that often leaves people searching for one that fits their lifestyle and offers good returns on investment. Luckily, mortgage options enable this goal: these mortgages allow buyers to purchase homes for less than the market value, making your goal of owning their dream home much closer.
Southampton boasts a wide variety of properties, from new builds and period houses to numerous amenities ranging from sports venues, art galleries, museums and thriving nightlife to its rich heritage and vibrant culture – not to mention its close proximity to London!
City Life offers plenty of exciting real estate developments perfect for first-time buyers, while it is essential to consider where exactly your ideal property lies before making a decision. Closeness to work may be necessary, or quieter areas are preferred.
Buy to Let
Buy-to-let mortgages are designed for people looking to invest in property to rent it out as rentals. Buy-to-let loans can provide high rental yields while potentially contributing to capital appreciation; however, when taking out such a mortgage, it’s essential that tax implications such as income tax, capital gains tax and stamp duty are considered before taking on such an obligation. In addition, additional expenses associated with managing a rental, such as letting agent fees, deposit protection insurance costs, maintenance expenses, etc, must also be factored in.
To qualify for a buy-to-let mortgage, you must possess an excellent credit history and sufficient income. Lenders typically look at your current salary (or earnings from self-employment), plus additional sources like child support or alimony as proof. In addition, lenders will consider any existing debts and financial commitments you may have.
Conducting thorough market research and understanding the types of tenants you will target are vital steps when buying or renting property, as this will affect both attracting tenants and charging rent. A great place to start would be by researching comparable properties in your area and average rent figures; once you have an idea of what the market looks like, you can begin looking for suitable properties and making offers.
Before applying for a buy-to-let mortgage, obtaining a Mortgage In Principle is advisable to indicate how much you can borrow. Once you’ve found and accepted an offer on a property, solicitors will need to be hired to conduct searches, surveys and complete contracts – and if remortgaging, work closely with existing lender(s) to successfully transfer over any outstanding balances to a new lender.
As a first-time buyer in Southampton, you may qualify for a buy-to-let mortgage with just 5% down through the government’s Help to Buy scheme. Furthermore, gift deposits from family and friends could assist you in purchasing your first property in Southampton.
