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Mortgage Advice in Cumbria and beyond.

 

 

If you’re looking for mortgage advice, Pollard Scott & Co can help. We aim to make the process as painless as possible. We will look closely at your personal circumstances in order to match you with the most suitable product from a comprehensive range of mortgages from across the market.

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We offer Mortgage Advice across a range of areas:

Your home may be repossessed if you do not keep up repayments on your Mortgage. 

 

First Time Buyer Mortgage

Buying your first home is daunting, we are here to guide you from start to finish.

Process:

  1. Determine your Budget: Assess your finances to determine how much you can afford, including deposit, mortgage repayments, and other costs.
  2. Mortgage Pre-Approval: Obtain a mortgage agreement in principle to show sellers you are a serious buyer.
  3. House Hunting: Search for properties within your budget.
  4. Apply for a Mortgage: Once you’ve chosen a property and had an offer accepted, apply for a mortgage with a lender, providing all required documentation.
  5. Instruct a Solicitor: instruct a conveyance solicitor to deal with the legal side of your purchase.
  6. Mortgage Offer: If approved, the lender will make a formal mortgage offer, detailing terms and conditions.
  7. Completion: After legal checks are all complete (conveyancing), the mortgage funds are released, and you can complete the purchase.

Let one of our friendly experienced mortgage advisers take the stress away and provide you with step by step guidance from start to finish. 

Remortgage

Remortgaging is the process of replacing your current mortgage with another from a different lender without moving property.

Purpose of a Remortgage:

  • Secure the best Interest Rate for you: The most common reason for remortgaging is to secure the best interest rate for your circumstances, minimising monthly payments and overall interest costs.
  • Release Equity: Homeowners may remortgage to release equity in the property, providing funds for home improvements, debt consolidation, or other significant expenses.
  • Change Mortgage Type: You might want to switch from a variable-rate mortgage to a fixed-rate mortgage, or vice versa, for more predictable payments or to take advantage of better rates.
  • Avoid Rate Increases: Remortgaging can help avoid rate increases if your current mortgage deal is about to end and revert to a higher standard variable rate (SVR).

It is important to consider the timing of your remortgage as a solicitor will need to handle the legal aspects including transferring the mortgage from your existing lender to the new one.

Remortgaging can be a strategic financial move to save money or access funds, but it’s essential to carefully consider the costs and benefits. We advise reviewing this regularly as your mortgage is a significant part of your household expenditure. Consulting with one of our mortgage adviser can help you find the best remortgage deal for your situation. 

Buy To Let Mortgage

Most Buy-To-Let mortgages are not regulated by the Financial Conduct Authority.

A Buy-to-Let mortgage is a type of mortgage designed for individuals who want to purchase a property specifically to rent it out rather than to live in it themselves.

Affordability Assessment: Lenders assess the mortgage based on expected rental income rather than just your personal income. Usually, the rent must cover 125-145% of the mortgage repayments.

Repayment Options:

  • Interest-Only: Common in Buy-to-Let mortgages, where you only pay interest each month and repay the outstanding capital at the end of the mortgage term.
  • Repayment Mortgage: You pay both interest and a portion of the capital each month, gradually paying off the entire loan.

Additional Considerations:

  • Letting Agent Fees: If using a letting agent to manage the property, factor in their fees.
  • Void Periods: Plan for periods when the property may be vacant and no rental income is received.
  • Mortgage Fees: Be aware of additional costs like arrangement fees, valuation fees, and legal fees.

Buy-to-Let mortgages are a significant financial commitment, so it’s important to do thorough research and consider seeking advice from one of our financial adviser.

Home Mover Mortgage

A home mover mortgage is a type of mortgage designed for individuals who are selling their current home and buying a new one. You may either pay off your existing mortgage with the sale of your current home or transfer it to the new property.

Many mortgages are “portable,” meaning you can transfer your existing mortgage to your new property, keeping the same terms and interest rate. However, you may need to borrow additional funds if the new property is more expensive.

If you have a fixed-rate or discounted mortgage and decide not to port it, you might face Early Repayment Charges (ERCs) for paying off the mortgage early.

Home mover mortgages can offer flexibility, especially if you’re able to port your existing mortgage, but it’s important to carefully consider your options and the potential costs involved. Consulting one of our mortgage advisers can help you navigate the process and find the best deal for your situation.

Self Build Mortgage

A self-build mortgage is a type of home loan specifically designed for individuals who want to build their own home rather than buying an existing property.

The loan is typically released in stages as the build progresses, rather than as a single lump sum. Such as purchasing the land, laying the foundations, building the structure, and finishing the interior. This helps manage cash flow during the build.

Types of Stages:

  • Arrears Stage Payments: Funds are released after each construction stage is completed and inspected.
  • Advance Stage Payments: Funds are released at the beginning of each stage, providing upfront capital for construction.

 

Lenders usually require a detailed plan and budget for the build, along with planning permission and building regulations approval. The final loan amount is based on the estimated value of the property once completed.

Additional Considerations:

  • Contingency Fund: It’s advisable to have a contingency fund (typically 10-20% of the build cost) to cover unexpected expenses.
  • Self-Build Insurance: You’ll need specialised insurance to cover the build, including public liability, site insurance, and structural warranty insurance.
  • Managing the Build: You can either manage the build yourself or hire a project manager.

 

A self-build mortgage allows you to create a custom home, but it requires careful planning and management. It’s important to work closely with your lender, builders, and one of our financial advisers to ensure the project stays on track and within budget.

Holiday Let Mortgage

Holiday let mortgages are intended for properties that will be rented out to holidaymakers on a short-term basis, rather than for long-term residential letting.

Lenders assess affordability based on your personal income and the potential rental income from the property. They usually require evidence that the property will generate sufficient income to cover the mortgage payments.

Be prepared for fluctuations in rental income due to seasonal demand, and plan for periods when the property may be vacant.

You’ll need specialised insurance for holiday lets, covering buildings, contents, public liability, and possibly loss of income.

Holiday let mortgages are a viable option for those looking to invest in property that generates income from short-term rentals. However, they come with specific requirements and risks, so it’s important to thoroughly research the market and seek advice from our specialist mortgage advisers who specialise in this area.

We have access to a wide selection of lenders and pride ourselves in searching for the most suitable mortgage for you, whilst making the experience as smooth as possible

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For further information, or if you would like to discuss your requirements, please fill out the contact form. A member of our team will contact you as soon as possible.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT ON YOUR MORTGAGE.

Registered in England and Wales.

Pollard Scott & Co is a trading name of Yorkshire Financial Consultancy Ltd, who are an Appointed Representative of PRIMIS Mortgage network, a trading name of First Complete Limited. First Complete Limited is authorised and regulated by the Financial Conduct Authority.
 
The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
 
Registered Office: Suite G1, 7 Hills Business Centre, South Street, Morley, Leeds, LS27 8AT. Registration number: 04121853.
 
Trading Address: Top Floor, 2 Lonsdale Street, Carlisle, Cumbria, CA1 1DB.
 
We may charge a fee for our service but this will depend on each individual’s circumstances.
 
We charge a fee for our Mortgage services. Our typical fee is £295.00 however dependant on the complexity of the case a maximum of £999.00 could be charged. This is payable at the outset or on the issue of a Mortgage Offer. 
 
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