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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 you would like to re-mortgage your home, we can help you find the best deals before your initial beneficiary period is over.
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.
Our specialist advisers will provide you with more information about how shared ownership works and will find the best mortgage deal for you based on your circumstances. We can help you in getting a foot on the property ladder while providing continuous support during all parts of the process.
Portfolio Mortgage
Buy to let portfolio mortgages are loans which are provided to “Portfolio Landlords”. Portfolio landlords are people with 4 or more mortgaged properties. The rental income earned will need to be approximately 120%-145% of the loan repayments.
A portfolio mortgage is a relative niche mortgage which is designed by lenders to allow landlords better management of their property portfolios. Portfolio mortgages include one mortgage or single account for all the properties within the portfolio and one direct debit payment. The individual properties might have separate mortgages with different interest rates, but a portfolio mortgage may contain only one agreement.
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
- Sickness and Accident Insurance
- Unemployment cover
- Building insurance Inc. Landlords
- Content insurance Inc. Landlords
- Mortgage Payment protection insurance (MPPI)
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.