Looking for a residential mortgage?
What is a residential mortgage?
A residential mortgage is a type of loan used to purchase or refinance a residential property. The mortgage is usually secured by the property being purchased, meaning that if the borrower fails to repay the loan, the lender can take possession of the property through a foreclosure process.
As a professional mortgage broker, I provide a range of residential mortgage services to help clients find the right financing for their home purchase. My services include not only traditional mortgages, but also the options for green propositions and right to buy/ right to acquire.
Right to Buy/Acquire Mortgage
It’s a government initiative scheme in England and Northern Ireland that allows tenants of council houses or housing association properties to purchase their homes at a lower price. This type of residential mortgage is specifically designed for those who wish to exercise their right to buy their council or housing association property.
Green Proposition Mortgage
I also offer green proposition mortgages that help clients finance energy-efficient homes or make eco-friendly renovations to their current homes. Green proposition mortgages provide a range of benefits, including lower interest rates and reduced mortgage fees.
How it works
Prequalification
The first step in the process of obtaining a residential mortgage is to complete a prequalification application with me which involves providing information about your income, assets, debts, and credit history. Based on this information, the I can give you an idea of how much you may be able to borrow.
Application Process
Once you have found a home you want to purchase, you will need to complete a full loan application. I am here to help you complete the application and gather all the necessary documentation, including pay stubs, bank statements, and tax returns.
Mortgage Rate Shopping
Mortgage rate shopping involves comparing rates and terms offered by multiple lenders to find the best mortgage option for your specific financial situation.
Loan processing
Once you have selected a lender and accepted their offer, your loan application will be submitted to the lender for processing. The lender will then verify your financial information, order an appraisal of the property, and conduct a credit check.
Underwriting
The lender will review all your submitted information, including the appraisal report and credit check to determine if you meet their underwriting criteria. If approved, the lender will issue a commitment letter outlining the terms of the loan.
Closing
When the offer is issued, I will work with the lender and other parties involved to schedule a closing date. While closing you will sign all the necessary paperwork, including the mortgage note and deed of trust, and pay any closing costs.
Ongoing Support
After the loan is closed, I will continue to assist you with any questions or issues that may arise. Buying a home can be a stressful and overwhelming experience, which is why I strive to make the mortgage process smooth and hassle-free.
Looking for information on stamp duty: https://www.gov.uk/stamp-duty-land-tax
What do you need?
To apply for a residential mortgage, you will usually need the following documentation and information:
Proof of Identity
Proof of Income
Employment information
Credit information
Property information
Financial obligation information
It’s important to note that the specific requirements for a residential mortgage application may vary depending on the lender and the type of loan you are applying for. I will guide you through the application process and provide you with a list of the specific documentation and information you will need to provide.
Have a question or would like more information on residential mortgages?
First Time Buyers
Mortgages specifically designed for individuals who are purchasing their first home.
Residential
A residential mortgage is a type of loan used to purchase or refinance a residential property.
Buy To Let
Designed for individuals who want to purchase a property with the intention of renting it out to tenants.
Let To Buy
A mortgage that enables homeowners to rent out their existing property and purchase a new one to live in.
Remortgage
Remortgage is a process when a homeowner switches their existing mortgage to a new lender or product.
Protection
You’re in safe hands. I can support you in safeguarding your financial wellbeing and assets in case of unforeseen events.
Residential – Frequently asked questions
Can I keep my current property and buy a second residential property?
In fact, you can, as long as you pass the lender's affordability checks. Bear in mind, it will be your additional property, so stamp duty surcharge will apply.
Can I use a 100% mortgage for a next time purchase?
Unfortunately, no 100% mortgages are only available for first-time buyers to help them get on the property ladder.
If I had a mortgage 10 years ago, but sold the property, am I a first-time buyer?
If you owned a home in the past, but sold it, you do not count as a first-time buyer.
How much deposit do I need?
Currently, a 5% deposit is the minimum required by most lenders. However, the required deposit might be impacted by the property you are purchasing.
Is it easier to get a mortgage as a second-time buyer?
Strictly speaking, eligibility and affordability criteria for a mortgage are the same whether you are a first or second-time buyer.
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