Mortgage Services – Numen Financial Ltd

Remortgage Your Home

First Time Buyer

Buying your first property can be both exciting and confusing. At Numen Financial, we determine how much you can afford, establish how much deposit amount you are willing to pay and look into the different types of mortgages which would be suitable for you as a first time buyer.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up payments on your mortgage

Re-mortgaging

A re-mortgage is the process of taking out a new mortgage on your existing property or replacing your current mortgage to borrow more money against your property (subject to eligibility). There may be costs involved with re-mortgaging, such as an exit fee or an early replacement charge if a re-mortgage takes place before your current deal expires.

We highly recommend starting the re-mortgage process 3 months in advance in order to create a sufficient time frame in which you can obtain the offer letters and complete all transactions before proceeding on variable rates. If We promise to recommend the right mortgage for you.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Buy to Let

A Buy to let a mortgage is a mortgage option for landlords who purchase a property with the sole intention of renting it out to a tenant. If you are interested in investing into properties such as apartments, houses or holiday homes in order to obtain a further source of income, a buy to let mortgage may be the right choice for you.

Most forms of Buy to Let mortgages are not regulated by the Financial Conduct Authority.

Home movers

Home mover mortgages are for people who are looking to change their mortgage provider, move to a higher valued property or to reduce their monthly repayments by downsizing. Home movers have access to a wider variety of mortgages and lenders, as they already own a property with a developed financial status and possibly have a large deposit as equity. Moving home is usually a more complicated process than other mortgage types, as it involves the sale and a purchase, with timing being more critical.

Due to the nature of this process, having the right advice is essential. Our specialist advisers can help you find the best mortgage deals among the hundreds of different types on the market.

Adverse Credit

Adverse credit is a term to describe a less than perfect record of repaying credit commitments and may include negative payment information on the credit report, such as a default, mortgage repossession, an insolvency, or an arrangement to pay.

Shared Ownership

Shared ownership is when one purchases a share of property and pays rent the remaining part of the property. A shared ownership is suitable for people who find it difficult to get a mortgage on 100% of the property value. Offers can begin at 25%, 50% or 75% of the property value, and you may have an opportunity to buy further shares of the property from the housing organization.

Shared ownership allows you to purchase a share of a property while paying rent on the remaining portion. This arrangement is ideal for individuals who find it challenging to secure a mortgage for the full property value. Initial shares typically range from 25%, 50%, to 75% of the property’s value, with the possibility of acquiring additional shares from the housing organization over time.

Please note, shared ownership is currently available only in England. The rules for shared ownership differ in Northern Ireland, and the Right to Buy scheme is no longer available in Scotland or Wales.

Our specialist advisers are here to provide you with detailed information about how shared ownership works and to find the optimal solution based on your individual circumstances. We can assist you in taking your first step onto the property ladder, offering continuous support throughout the entire process.

Portfolio Buy to Let Mortgage

A portfolio buy-to-let mortgage is a specialised type of mortgage designed for landlords who own multiple rental properties. This financial product allows landlords to manage and finance their property portfolio under a single mortgage agreement, often providing more favorable terms and streamlined administration compared to managing individual mortgages for each property. Lenders typically assess the entire portfolio’s performance and the landlord’s overall financial situation when determining eligibility and terms for a portfolio buy-to-let mortgage. This type of mortgage can offer greater flexibility, potential cost savings, and simplified management for landlords with several rental properties.

Insurance

Insurance protects you and your family from uncertain financial loss. Prominent planning will give you the chance to maintain your financial stability. It is important to consider options which can protect your home, loved ones, health, and belongings. At Numen Financial, we can offer you solutions regarding:

Life insurance
Income protection
Critical illness cover

These plans have no cash in value at any time and will cease at the end of the term. If the premiums are not maintained, then the cover will lapse.

Further advance

When one takes out a further advance, they are usually taking additional borrowing from the current mortgage lender. If the value of your property has increased since you have bought it, you could borrow more money against it using further advances.

Additionally, further advance on buy to let is also available, subject to rental and income criteria.

What are our Fees and Charges?

Insurance

We will not charge you a fee for our services relating to insurance, but we will receive commission from the product provider. The commission will be calculated as a proportion of the premiums paid for the insurance product.
You will receive a quotation which will tell you about the fees and charges relating to any insurance policy that we recommend.

Mortgages

For our advice services, we will charge a fee of between £0 – £2000 of mortgage amount, this dependents on complexity of the case, actual fee will be discussed before commencing the application.

Refunds

You will not receive a refund if your mortgage or loan does not go ahead.

Procuration Fee

We will also be paid a procuration fee by the lender. The amount of the procuration fee will be disclosed to you.
You have the right to ask us to provide information on the range of procuration fees that the lenders on our panels offer to us.

If an application is submitted to a lender via a packager (a 3rd party specialist) we will be paid commission by the packager. This will be disclosed to you.