A mortgage is a loan taken out to buy a home (or land) and is the largest purchase most people are likely to make. The loan is then secured against the value of your home (or land) until it is paid off. However, before you arrange a mortgage there are many things that you need to consider, including:
- how much deposit do you need to buy the property?;
- other costs involved, such as survey costs, solicitors fee, stamp duty;
- how much is it possible to borrow;
- affordability – including the running cost such as council tax, household bills, maintenance;
- eligibility for affordable home buyer schemes to help get you on the property ladder;
- the type of mortgage you want to take out – repayment, interest only, fixed term, variable; and
- if you need a guarantor who is willing to act for you.
The above list is by no means comprehensive as no mortgage application is the same.
Mortgages can be obtained through banks and building societies and each institution will have their own product range to choose from. Alternatively, you can ask a mortgage broker or an independent financial adviser (IFA) to compare different mortgages on the market, as they may have access to mortgage deals not offered directly to customers. Some mortgage brokers and IFA’s look at mortgages from the ‘whole of market’ while other just look at products from a certain number of lenders.
Generally, there are two levels of service available when applying for a mortgage:
- execution only – where you choose a mortgage without receiving advice; or
- an advised service.
How we can help
Taking advice will almost certainly be best unless you are very experienced in financial matters in general, and mortgages in particular.
At Myers Asset Management Limited we can advise and make a recommendation for you after we have assessed your full financial circumstances and we can offer mortgages from the ‘whole market’.
For further information please contact Peter Jarvis at Myers Asset Management on 01782 557233 or email at firstname.lastname@example.org.
Myers Asset Management is an appointed representative of PHM Wealth Management Services LLP which is authorised and regulated by the Financial Conduct Authority. PHM Wealth Management Services in entered in the FCA Register under number 579336 which can be found at www.register.fca.org.uk.
PHM Wealth Management and Myers Asset Management are registered in England and Wales. Their respective registration numbers are OC372382 and 04345900. Both have the registered office address of Charlotte House, 536 Etruria Road, Basford, Newcastle-under-Lyme, Staffordshire ST5 0SX.
Please note that the information contained within this site is subject to the UK regulatory regime and is only aimed at clients based in the UK.