Mortgages

Mortgages tailored to your needs

Your mortgage is probably the largest financial transaction and commitment you are likely to undertake. Surely then you should seek mortgage advice which is individually tailored to your needs and requirements?

We offer a comprehensive range of mortgage products from across the market.  We offer both first and second charge mortgages but not deals that you can only obtain by going direct to lender.

For those seeking to increase their existing borrowing, alternative finance options may be available and more appropriate for your needs.  For example, a further advance from your existing lender or an unsecured loan (e.g. a personal loan).

Since 2007 the Credit Crunch has had an effect on the number of mortgage providers available in the UK and has caused some providers to withdraw from the market altogether. There are still a significant number of lenders to choose from, and we will search the market to help you find an appropriate mortgage for your needs.

We look at your mortgage not only as a loan to buy your home, but as part of your overall financial profile, in order that it ties in with your intended retirement date, when you plan to start a family and when you wish to move home.

Based on the information you provide in your meeting with our adviser (it is essential that you provide truthful and up to date information), we will search the mortgage market reviewing the lenders available, some of which offer exclusive products to brokers such as ourselves, to determine which lender will offer you the most attractive mortgage options suited to your particular requirements.

One of our mortgage experts will then contact you to discuss your enquiry, source the products on your behalf, answer any queries you may have and provide you with any further information you may require.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME.  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Repayment

How does it work?

You borrow a lump sum over a fixed period of time (usually 25 years but can be shorter or longer). You pay the interest and some of the capital on a monthly basis to the lender.

ADVANTAGES:

  • Some flexibility with repayments, such as making overpayments (more than the normal amount) and under some circumstances taking a payment holiday, making underpayments (less than the normal amount) or borrowing back previous overpayments.
  • The only way you can be 100% certain the loan will be repaid, providing repayments are maintained.

DISADVANTAGES:

  • Monthly mortgage payments may be higher than interest only mortgages covered by an investment/life assurance product to repay the capital.
  • Only a small amount of capital is paid off in the early years as the monthly mortgage payment consists of a higher proportion of interest to capital repayment.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME.  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Interest Only

How does it work?

Your monthly payments represent only the interest due to the lender, and do not include repayment of capital. Your total loan must be repaid at the end of the mortgage term. You therefore need to arrange additional investments which will generate sufficient capital to repay the loan.

ADVANTAGES:

  • You can choose from a variety of investments, some of which have tax advantages.
  • Should you move or arrange a remortgage, your investment can usually be reallocated to the new mortgage.
  • Normally cheaper than repayment mortgages.

DISADVANTAGES:

  • Unlike a repayment mortgage, the amount of debt outstanding does not reduce over time
  • There is no guarantee that the investments chosen will grow sufficiently to repay your loan.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME.  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

1st Time Buyer

Mortgages for First Time Buyers

The prospect of buying your first home could be both daunting and confusing. Our aim is to guide you through the transaction from start to finish so that you understand exactly what the purchase entails and how much it will cost. We can recommend the services of local solicitors to assist in this process. This maybe the largest financial transaction you are ever likely to make so it must be done with clarity.

Prior to the credit crunch, the property market moved very fast which led to significant increases in property prices. This made it very difficult for many people to afford to buy a home, particularly for first time buyers.

The credit crunch of 2007 saw property prices drop considerably in many regions of the UK, making housing more affordable. However, since the 4th quarter of 2013, we have seen an improvement in the housing market and house prices have started to rise again.

The effects of the credit crunch and the continued financial uncertainty globally means that mortgages may still be difficult to find and we believe borrowing criteria is likely to remain stringent. There are, though, still a significant number of lenders to choose from, and we will search the market to find a mortgage appropriate to your requirements.

Getting on the ladder

There are actually some advantages to being a first time buyer. Interest rates are currently very low, and first time buyers are more appealing to sellers because they are not in a chain.

As we have access to many lenders we are well placed to assist you, however these days it is a necessity to provide a substantial deposit in order to get a mortgage (although there are a number of 95 per cent mortgage deals around).

 

Call us now or use our mortgage enquiry form and we’ll be delighted to assist you.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME.  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Buy to Let

Buy to Let Mortgages

Buy to let is no longer the hot property it used to be, and many investors who bought in recent years have struggled as mortgage rates increased.

Existing investors should now be benefiting from lower rates if they have fallen on to their lender’s standard variable rate, however, new mortgage deals remain expensive and industry experts acknowledge that now is a tough time for buy to let.

However, with lower property prices, it’s still tempting for those who stick to the tried and tested method of investing for rental returns rather than capital growth.

If investors are willing to see the value of their property slide in the short term and ensure their property meets the criteria of at least 75% to 80% loan-to-value and returning 125% of monthly mortgage payments, buy to let might continue to be a good long-term investment. However, it should be noted:

  • The value of a property is generally a matter of opinion and the true value may not be recognised until the property is sold. It may be difficult to sell or realise the value of the property in adverse market conditions.
  • Borrowers will still be responsible for maintaining the payment of any mortgage in the event that the property is not rented out and therefore may wish to make suitable provision for this event.
  • Legal advice and advice on tax issues may be required before purchasing a property to let.

Like any investment, buy to let comes with no guarantees, but might be more reassuring for those who have more faith in bricks and mortar than the stock market.

Please be aware that since 6 April 2016 higher rates of Stamp Duty Land Tax apply to the purchase of additional residential and non-residential properties.  Please follow the link below for further details:

https://www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties/higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties

YOU ARE NOW DEPARTING FROM THE REGULATED SITE OF MCAULEY FINANCIAL LTD. NEITHER MCAULEY FINANCIAL LTD NOR TENETCONNECT LIMITED NETWORK CAN BE RESPONSIBLE FOR ANY CONTENT CREATED AND PUBLISHED SOLELY BY A THIRD PARTY OUTSIDE OUR REGULATED SITE.

COMMERCIAL MORTGAGES AND MOST FORMS OF BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR PROPERTY.  YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.