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It is important that you protect you and your property with appropriate cover

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Aspire Mortgages working for YOU

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

Moving home can be an exciting time, as you may be relocating, buying a larger property or downsizing according to your objectives. Moving home can also be stressful as you have your current property to either sell or remortgage and rent out.

Frequently Asked Questions:

How much can I borrow?

This is based on your affordability taking into consideration your current income and expenditure, as well as your financial situation with regards to your credit score.  Your borrowing capacity can also depend on the level of your deposit as should you be borrowing at a high loan to value (loan amount compared to the property value) the lender can reduce the amount they are prepared to lend as there could be more risk to them.

Is my existing mortgage portable?

You may wish to look at this option for example if you are still within a deal period and will incur an Early Repayment Charge for redeeming your mortgage.  Some lenders do allow you to transfer your existing mortgage to your next property.  If your lender is one of the lenders that will allow you to do this confirmation would have been detailed in your Key Facts Illustration and Mortgage Offer issued when you were purchasing your current property.  However, being able to transfer your mortgage is also subject to the lenders current criteria.

You may need to borrow more than your previous borrowing and so would need to also consider a Further Advance as well as transferring your existing mortgage.

The advantage of using a Broker is that you can discuss your circumstances and future objectives and the most suitable solution that is available to you can be recommended.

Think carefully before securing other debts 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.

Can I take a Further Advance from my existing lender?

You may wish to transfer your existing mortgage to your next property as for example you may still be in a deal period and not wish to incur an Early Repayment Charge but there may be a shortfall in the funds required and you require a Further Advance from the lender.  This will depend on affordability but will also be on a different interest rate and have a different initial deal period end date than your existing mortgage.

The advantage of using a Broker is that you can discuss your circumstances and future objectives and the most suitable solution that is available to you can be recommended.

Think carefully before securing other debts 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.

Do I need to sell my existing property if I don’t want to?

You may wish to retain your existing property and rent the property out.  This will depend on whether you are using the equity within the property for your deposit.  You may be able gain Consent to Let on your property from your existing lender should you not require the equity within the property for your deposit.  Another option if you do would be to re-mortgage to a Buy to Let property but by re-mortgaging this will reduce the monies available for your deposit from the monies available should you sell the property.

The advantage of using a Broker is that you can discuss your circumstances and future objectives and the most suitable solution that is available to you can be recommended.

How much deposit do I need?

Some lenders will accept as little as a 5% deposit, although you must be prepared that this will limit the lenders available to you and the interest rate will also be higher than if you had a higher deposit. The deposit required can also depend on your financial situation, for example, should you have had previous credit issues a lender may require a higher deposit. Affordability is important too, as we and the lenders must be confident that any mortgage taken is financially manageable by you.

What mortgage deals are available?

This very much depends on your circumstances and future objectives. A full fact find is completed to establish your priorities and financial situation before a recommendation is made as to the lender and product that is the most suitable for you.

My circumstances have changed since I took out my current mortgage

This could be that you have changed jobs, receive less salary, are now self-employed, have a partner, started a family or had financial difficulties. Pop in to the office, email us or give us a call.  We are always happy to hear from you and answer any questions that you may have.

Please remember that everyone’s circumstances are different, so you may be self-employed, been self-employed for less than 3 years, have had or have credit issues, just started a new job for example, so please let us know your situation.

We take pride in offering a personal service that takes into account your individual circumstances.  You are unique and so is your financial situation, so we work hard to understand your goals and aspirations, making financial recommendations based on a comprehensive and detailed analysis of your needs.

We can answer all your questions, offering you the most appropriate guidance and advice for YOU.

View our factsheets for further information:
Borrowing To Buy | Mortgages & Protection 

Contact us or pop in to the office for an informal chat