Mortgages

 

Buying a home is the largest purchase you’re likely to make. Most people cannot afford to purchase the property straight off and usually need to borrow money. A mortgage is a loan taken out to buy property or land over a set period of time. The loan is ‘secured’ against the value of your home until it’s paid off.

 

The lender must look ahead and ‘stress test’ your ability to repay the mortgage. This takes into account the effect of potential interest rate rises and potential changes to your lifestyle, such as redundancy, having a baby or a career break. If the lender thinks that you won’t be able to afford your mortgage payments in these circumstances, it might limit how much you can borrow. These changes were brought into effect by the Financial Conduct Authority in 2014 following a comprehensive review of the mortgage market.

 

When buying a property, you will need to pay a deposit. This goes towards the cost of the property you’re purchasing.

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Phoenix Financial Planning can help you by assessing your financial circumstances and the amount you can comfortably borrow. We have access to lenders across the whole of market to find you the best deal suitable for your needs. 

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Mortgage Advice - Types of mortgages:

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• First time buyers, Help to Buy mortgages, re-mortgages, off set mortgages, further advances and buy to lets.

• Capital & Repayment plus Interest Only mortgages.

• Fixed, variable, discounted, tracker and capped rates.

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The Financial Conduct Authority does not regulate some aspects of buy to let mortgages.

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Remember your home is at risk if you do not keep up repayments on a mortgage or other loans secured on it.

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Equity Release

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Equity Release is the name given to a range of products that let you access the equity (cash) value built up in your home if you are over the age of 55.

 

There are two types of Equity Release -  Lifetime Mortgages and Home Reversion Plans. 

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Equity Release Advice - Phoenix Financial Planning can help you by:

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• Assessing your financial circumstances

• Advising you on the two types of equity release

• Highlight to you the benefits and disadvantages of Equity Release products and their implications. 

• Advise you on the most suitable product for your needs. 

 

Please note an Equity Release could affect your ability to pass on an inheritance, there may be fees involved in setting up a scheme and there may be an impact on your entitlement to any state benefits.

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For more information on mortgages and equity release schemes please contact us and we will be happy to assist you.

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