Helping unlock your financial future
Why Us?
We are an independent firm of experienced advisers who are passionate about making people better off. We have a wide range of services available, making us a one-stop shop for all of your needs.
By utilising the latest technology and software, this means no matter what your requirements are, we can help. We are ethical and honest, and keep your goals as our priority so that we deliver the best value for you. Not only will our services adapt to fit with your needs and circumstances, but we will be there by your side the entire time.
We will hold your hand through the process of buying your first home and can help you to work towards your broader financial goals. We have access to products across the whole of market, including special deals that you may not be able to access yourself.
In some cases, we are able to offer you better interest rates than if you were to go directly to the lender, which is important because it could save you money.
Deciding on the best mortgage lender can be a daunting process, particularly as each lender sets out their own eligibility and lending criteria. Through diligent research, we will ensure that the product we place you with suits your needs and circumstances.
You can trust us to handle the stressful parts, leaving you to spend your valuable time deciding on a colour scheme, layout, and furnishings for your new home!
Even if you have bad credit, debt, or a small deposit, we could still help.
Speak to one of our expert advisers today to see how they may be able to help you achieve your dreams and move into your first home.
How can i buy my home Quicker?
Guarantor Mortage
You can use this product to get a head start on the property ladder with a bit of help from a family member or friend. They just need to open a guarantor account and transfer 10% of the property value into it.
This acts as a form of security, similar to a deposit, allowing you to borrow the full purchase price of your new home.
The guarantor will get their deposit back after five years, and as an added bonus, they will earn an attractive rate of interest across the duration of the term.
Help to buy mortage
With a Help to Buy Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you will only need a 5% cash deposit and a 75% mortgage to fund the remainder.
During the first five years, the Help to Buy equity loan is interest-free. After five years, you will be charged 1.75% on the outstanding amount as interest, and this fee will increase each year by RPI (Retail Price Index) plus 1%.
Shared Ownership Mortage
You an use these schemes to buy a share between 25% and 75% of the total value of a property, typically with a deposit of 5% or 10% of the share that you are purchasing.
Shared ownership schemes are normally offered through Housing Associations. They can allow you to move into a home even if you are not in a position to get a mortgage on the full value of a property in the area where you would like to buy.
Deposit
The amount of deposit you have will determine the mortgage you are eligible for, the interest rate you will be offered and whether you will need to use a government scheme. Family can also help you if necessary.
Normally, you need 5% of the property value as a minimum. For example, to purchase a property valued at £200,000 you need a minimum of £10,000. Below are four examples of how the Government can help you grow your deposit quicker.
Help to Buy ISA
This scheme closed to new applicants on November 30th 2019. If you already have an account, you can continue saving into it until November 30, 2029, when it will close to additional contributions too.
It is a special savings account designed to help you get on the property ladder. For each monthly contribution up to £200, the government will add 25% to your savings.
They will give a maximum of £3,000, providing you have saved at least £12,000.
The maximum property value to claim this bonus is £300,000 outside of London and £500,000 within London.
First Home Fund Scotland
First-time buyers can apply for up to £25,000 towards a property in Scotland using this shared ownership scheme. You need a minimum deposit of 5% and the mortgage must be for at least 25% of the purchase price. You usually repay the government’s contribution when the property is sold.
Lifetime ISA (LISA)
You can use a Lifetime ISA (Individual Savings Account) to buy your first home or save for later life. You must be between 18 and 40 years of age to open one, but then you are able to deposit up to £4000 into the account each year until you turn 50. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
If the person you are buying a property with has a Lifetime ISA, they can use their savings and government bonus too. Your bonus is calculated on any payments you make into your account from the 6th of the month to the 5th of the following month. The bonus will be paid into your account within 14 days of the 20th of the following month.
Help to buy Scotland
The government can provide up to 15% of the purchase of the purchase price of a new build property in Scotland, which costs up to £200,000.
This shared ownership scheme is available to both first-time buyers and those who are already on the property ladder.
Boost your changes of mortgage approval
The sooner you speak to us, the sooner we will start working with you to ensure you are in the best possible position to buy your dream home. Here are some helpful tips:
1. The Electoral Register
This is an easy one for most people. Simply going online, visiting www.gov.uk/register-to-vote and registering your details on the electoral role (if you have not already) helps.
2. Know your credit file
You can request a copy from companies such as Equifax or Experian.
3. Make all credit payments on time. Don’t be late!
Use direct debits or standing orders to ensure you meet all your monthly credit repayment commitments on time. Late repayments are a red flag to lenders that can impact your chances of receiving mortgage approval.
4. Never withdraw cash on a credit card
Avoid withdrawing cash from your credit card at all costs. Lenders do not like this, and it usually costs you more!
5. Choose Black, not Red
Staying out of your overdraft shows a future lender you are responsible with your money.
What Happens Next?
With expert advice, you may avoid making the wrong decision and save money.
Take advantage of a free initial consultation with one of our advisers at a time convenient to you on a weekday, evening, or Saturday. We will ask questions about your current situation and goals before discussing the options available to you and how much you can borrow.
We even make the credit scoring process as easy as possible for you, providing an indication of how much the lender may be willing to offer you. Armed with this information, you can now start looking at and viewing properties.
When you have found the property that is right for you, let us know immediately so that we can explain the next steps to you. We will liaise with the estate agents, solicitors, and anyone else involved to ensure you remain as stress-free as possible.
We are happy to meet with you face-to-face, or if you have little spare time to escape your daily life, we also offer meetings remotely via Skype, Google Hangouts or FaceTime.
We work quickly and efficiently, as we know speed is crucial to helping you to secure your purchase and move into your dream home.
Frequently Asked Questions (FAQs)
Here are some of our most frequently asked questions:
1. How long do I need to be working for?
Each lender differs, however, as a minimum, some lenders will be happy to accept a signed work contract, as proof of your employment, or your first payslip so probably be shorter than you think.
2. I’m self-employed - can I apply for a mortgage?
Yes! You only need a minimum of one year’s accounts.
3. What happens if I want to move home?
Some mortgages are portable, meaning you may be able to transfer the mortgage deal you have on your current property to a new property. You might also be able to apply to borrow more money at the same time.
4. What happens when my product runs out?
Your product will revert to the lender’s SVR (standard variable interest rate) and your mortgage payment may increase. Our advisers will offer you a free mortgage review and help you to avoid reverting to the SVR at the appropriate time. One less thing for you to worry about!
5. How old do I need to be before applying?
You can apply for a mortgage from age 18 onwards.
6. Can I overpay on my mortgage?
Most lenders allow you to pay extra within a certain limit per year, often 10% of the outstanding balance. There are some mortgage products that allow you to make unlimited overpayments. When we meet or speak, we will discuss your requirements and match you to the most suitable product.
7. What is an early repayment charge?
An early repayment charge applies if you pay more than the set overpayment allowance given or exit your mortgage deal early, having repaid the mortgage prior to the product finishing.
8. When do I pay my deposit?
You transfer your deposit to the solicitor towards the end of the process prior to exchanging contracts.
9. Can I take out a loan for all or part of my deposit?
No, you are not allowed to take out a loan to use as a deposit. The full amount must come from personal savings or schemes such as the Government Help to Buy or gifts from family members. You are required to provide evidence of where your deposit has come from.
Where to seek Help and Advice
Future Planning offers a comprehensive mortgage advice service. We can help you to navigate the mortgage marketplace and increase your chances of obtaining mortgage approval.
Furthermore, we can help you to plan how to save funds for a deposit. To arrange a free consultation to discuss your requirements, contact us today or visit our offices in Old Town, Swindon.
