Barrett Mortgages is a professional finance broker with offices in Poole, Dorset. Darren Barrett brought Barrett Mortgages to life to provide mortgages for everyone including first-time buyer mortgages, self-employed mortgages, buy to let mortgages, re-mortgages and insurance products. People get fed up with large corporates high-pressured sales tactics of the large corporates, Barrett Mortgages was founded to provide a service that is clear, trustworthy, honest and unparalleled. Our business has thrived during times when clients have needed more individual and specialist help. All of our staff are fully qualified, experienced and chosen based on their keenness to provide the best possible experience for our customers. We promise no pushy hard sales tactics and have built a strong reputation which is important as we rely heavily on referrals from clients.
With our first-time buyer mortgages, we will be able to assist you in getting onto the property ladder it is a key goal for most people to do this. Looking at your finances in advance can be a huge benefit to you. We recommend getting as big of a deposit as possible the deposit is the lender’s protection, when deciding whether or not to accept a mortgage application, lenders have to think about the challenges potential borrowers may encounter during the life of the mortgage. These may include temporary falls in house prices, periods of unemployment, and periods of a reduced income or at least reduced disposable income. The bigger of a deposit you can put down the less exposed the lender is to changes.
A bigger deposit will actually make life a little easier for you as that will mean you will have a smaller mortgage and pay less on your monthly repayments, this way it will be seen as more affordable as well. You want to set some money aside for moving costs as well, this is because buyers may be liable for stamp duty and will have to pay solicitor fees and a budget for any unforeseen expenses when you move in.
It is always a good idea to see what opportunities the government can give to you, there could be a help to buy scheme that you might be eligible for, it provides that the buyers can put down at least 5% of the property and then the government can lend up to 20% of the purchase price of the property. This means that the buyer only needs to get a mortgage for the remaining 75% of the purchase price. In this scheme lenders essentially insure a part of the mortgage with the government. This means that they are guaranteed to get that part of their money back even if the borrower becomes unable to make the repayments. Of course, there are rules and limits for both schemes which means that some people may not be applicable.
Get In Contact with us, if you are looking at getting a mortgage and you want to know the best advice on how to do it the right way. We are here to help you!