First-time buyer, moving home or remortgaging? We can help.
First-time buyer, moving home or remortgaging?We can help.
Applying for a mortgage can appear to be a daunting prospect – but it really doesn’t have to be as difficult or as stressful as you think. Easyswitch Mortgages helps people like you sail through the mortgage application process and secure a deal that works in the longer term.
Whether you’re a first-time buyer, a homemover or a Buy to Let landlord, we can help you find a mortgage offer that opens up new opportunities for you and your family. We can also help you remortgage your property if your mortgage term is coming to an end.
Get top notch advice from our experienced Essex-based mortgage experts. Speak to one of our team today to discuss your options!
buy to let
Whether you’re moving home, looking to take your first step onto the property ladder or considering remortgaging for a better rate, Easyswitch Mortgages can help you find a residential mortgage deal that suits your circumstances. We also work extensively with landlords who want to find a residential mortgage to secure their perfect investment property and maximise profits. From the initial chat all the way to completion, you’ll be looked after by one of our Essex-based residential mortgage brokers, who will be on hand to provide you with advice and expert recommendations during what can be a very stressful time. As soon as you’ve found your dream home, they’ll move forward swiftly on the application and will liaise with your preferred mortgage lender on your behalf to ensure everything is dealt with quickly and efficiently.
How can we help?
Meet with us at a time and place that suits you, and we’ll happily talk you through your options, which will be driven by affordability and how much you are able to pay back towards your loan every month. We are not tied to any single provider, and can search through the huge range of residential mortgage deals available from High Street banks and more specialist lenders – so even if your circumstances are unusual, or your income structure is particularly complex, we’re confident we’ll be able to find you a mortgage product that perfectly meets your needs.
Then, once we have an accurate idea of how much you’ll be able to borrow, we’ll provide you with an Agreement in Principle, which will prove to lenders that you have sought advice and you’re now in a position to proceed with your purchase. If you’re remortgaging your home or Buy to Let property, we’ll work extensively with everyone involved in the transfer to make sure the transition to your new provider is hassle-free.
To start your journey towards finding the ideal residential mortgage for your next property purchase, discuss your requirements with Easyswitch Mortgages today. The sooner you contact us, the sooner our mortgage brokers can start work on your application.
buy to let
Over the last few decades, the Buy to Let market has grown strongly. The opportunity to become a landlord has encouraged individuals to step into the property investment market with a view to earning extra income as well as, hopefully, seeing capital appreciation over the longer term. If you’re eager to invest in property to let out to tenants, then you will require a Buy to Let (BTL) mortgage*. A Buy to Let mortgage is similar to a conventional residential mortgage, although there are some very important differences which you’ll need to be aware of. For example, mortgage lenders will usually assess BTL mortgages based on the earning potential of the property (from the rental income), as well as the applicant’s normal income.
How can we help?
We can provide you with expert advice to ensure you are fully aware of the BTL mortgage market, particularly in light of some very key changes which have come about as result of new regulations. Our knowledgeable brokers – who are based in Chelmsford, Essex, but cover the whole of the South East of England and beyond – will guide you through your options, comparing the different deals and providing you with recommendations that suit your situation and your budget.
To find out more about what’s involved in securing a Buy to Let mortgage, and to discuss your requirements with a member of our team, contact Easyswitch Mortgages today. *Please be aware that some Buy to Let mortgages are not regulated via the FCA.
If you are considering releasing equity from your property, you should seek professional advice sooner rather than later. As qualified advisers, we will happily sit down with you to explain how an equity release plan works, then determine whether or not it will be a suitable option for you in the longer term. We offer this initial consultation for FREE to all of our customers.
For some clients, a Retirement Interest Only mortgage (otherwise known as a RIO mortgage), might be the most suitable option for you. However, please be aware that this type of mortgage can only be recommended by Advisors who hold the correct authorisation and qualifications. Rest assured that at Easyswitch Mortgages, you are in good hands here.
If we find that releasing equity using a Lifetime Mortgage or a Retirement Interest Only mortgage, is a viable way forward for you and your family, we will provide you with a free quotation and comprehensive written recommendations. You’re never under any obligation to go ahead with the plan we devise for you – but if you’re comfortable with our advice and would like to go ahead and release the funds, you will typically need to pay a brokerage fee of £495. There may be other costs involved in setting up your plan too, but we will liaise with lenders on your behalf to reduce set-up costs wherever possible, and in some cases we may even be able to attain cash back that will be payable to you on completion.
The benefits of taking out a lifetime mortgage
- You’ll receive a lump sum of tax-free money –and can spend it generally however you like, such as home improvements, a holiday of a lifetime, or helping out your children*
- You can continue to live in your own home
- You can choose to protect an inheritance
- You won’t need to make monthly repayments (but you can if you want to)
- You can add a cash reserve facility
- You can maintain home ownership
- You can still move home in the future **
- There’s a no-negative-equity guarantee
- Low rates of interest that can be fixed for life
- High cash release options are available
For more detailed information on Equity Release, please visit our specialist website HERE.
Your questions answered
What is equity release?
The value of your home, minus any mortgage or loan secured against it, can be described as your “equity”. An equity release plan allows you to access that equity and convert it into cash. If you have a mortgage or loan secured against your property, some of the money you release through a lifetime mortgage must be used to pay off the outstanding mortgage. These kinds of equity release plans can also be used to purchase a property.
Who can apply to release equity from their home?
To apply for an equity release plan, you must be at least 55 years of age, a UK resident, and own your own home.
What’s the difference between lifetime mortgages and home reversion plans?
The most popular type of equity release plan is known as a lifetime mortgage. With this type of agreement, the interest charged on the mortgage is not paid by you on a regular basis, but it is instead “rolled up”. This means that the outstanding mortgage balance increases each year. However, if you can afford either regular or ad hoc repayments, then these can be made to reduce the total outstanding balance. Home reversion plans involve selling a stake in your property in return for a cash lump sum. You therefore become a co-owner but continue to enjoy the right to live in your property for the rest of your life. The amount you receive for your share of the property is usually significantly less than the value of the share you surrender. We do NOT offer these types of plans.
How is the money paid back?
With a lifetime mortgage, the money you release is paid back, in addition to any interest that has built-up, when the property is sold. This is usually when you pass away or move into long-term care.
* Think carefully about how much you need to borrow because interest can roll up quickly and we do not recommend the funds be used for investment purposes.
** subject to the new property meeting the lender’s criteria if you do not redeem the lifetime mortgage
Specialist lenders can provide mortgage and remortgage solutions to homeowners who don’t necessarily meet the lending criteria set by High Street banks or ‘mainstream’ providers. If you believe you fit into this category, read on for more information on the various types of specialist lending options that may be available to you. And when you’re ready to discuss your options in more detail, be sure to contact the experienced mortgage brokers at Easyswitch Mortgages for professional advice and recommendations.
Access flexible secured funding to see you through in the short term. Bridging finance provides an option for borrowers seeking a short-term mortgage. It’s usually in the form of a loan that can be repaid within 18 months or less, and the entire finance agreement is secured against property.
The majority of bridging finance agreements are utilised to “bridge the gap” during a property transaction before an existing house sale or mortgage is arranged. Other uses for bridging finance deals may include property refurbishment projects or small-scale development and Buy to Let ventures. This type of ‘short term’ borrowing can be more expensive than longer term finance such as a mortgage – but there are many benefits, such as speed to funding and loan flexibility. If secured against your main residence, the borrowing is regulated by the Financial Conduct Authority (FCA).
At Easyswitch, we offer a wide range of bridging solutions from a variety of specialist bridging lenders. To discover if bridging could suit your requirements, speak with one of our brokers.
Second charge mortgages
Enjoy a secured loan alternative to remortgaging, or a further advance. Second charge mortgages, previously known as ‘secured loans’, are often a viable option for homeowners who are seeking a loan that is secured against their property. The loan sits as a “second charge” against the homeowner’s property, after their “first charge” mortgage.
Second charge mortgages prove useful if the borrower is tied into their current mortgage with high early repayment charges, or if their current mortgage has a low fixed rate and remortgaging would result in a higher overall loan cost. We offer a variety of second charge mortgages that cater for the self-employed, borrowers with adverse credit, those who have recently retired, landlords, and people with multiple sources of income. To discover if a second charge mortgage could suit your requirements, speak with your Easyswitch broker now.
Please note that if you wish to go ahead with a second charge mortgage or a bridging finance agreement, we will refer you to a third-party partner that specialises in specialist lending.
best buy tables
Isn’t it frustrating when you see something that you really want, only to be told you can’t have it?
This is why we don’t offer ‘best buy’ tables or any form of interest rate comparison. Why? Quite simply mortgages are no longer a ‘one size fits all’ product. Lenders criteria and affordability calculations vary widely and we feel that publishing any form of best buy table just lures potential clients under false pretences. The idea of dangling the best mortgage rates in front of you and then snatching them away doesn’t appeal to us, so we don’t and won’t do it.
If you would like to find out which mortgage products are right for your situation, requirements and profile, why not get in touch and speak to us.
Of course, if you’d prefer to deal with a robot…………
Want expert mortgage advice?
contact us today 01245 860866