TRUSTED MORTGAGE ADVICE FOR FIRST-TIME BUYERS AND HOME MOVERS
Getting a mortgage right is critical because it is one of the most important financial decisions you will ever make. But that's easier said than done.
When looking for a mortgage, the ultimate aim is to find one with low interest rates and minimal fees. As such, some research is necessary before applying for a mortgage, especially for first time buyers.
A quick way to understand the rates and fees applicable to the type of mortgage you want is getting mortgage advice from a reputed and trusted mortgage adviser.
At Sterling Capital Group, we have highly experienced mortgage advisors who can provide sound mortgage advice to first-time buyers, home movers, investors, and private landlords. Our advisers can also help you determine the most suitable life cover for you.
First Time Buyer
First time buyers may have several questions related to securing a mortgage. Sterling Capital Groups mortgage advisers can answer all questions and provide guidance to help you understand every step of the process, from searching mortgage options to moving into your new home.
Don't think your mortgage is right for you? If that is the case, you may want to try remortgaging. A remortgage will allow you to replace your old mortgage with a new one. It would also help you reduce the size of your loan and, as a result, get a lower interest rate.
However, minor differences in rates of a remortgage can significantly impact your repayments, making it crucial to get unbiased remortgage advice that you can trust. Our mortgage advisers are not only knowledgeable and experienced in all facets of remortgaging, but also have a personal interest in ensuring your satisfaction.
Buy To Let
A buy-to-let mortgage is a loan designed for those who want to buy property as an investment rather than a home. Buy to let mortgages are a good option for both experienced investors and private landlords wanting to enter the rental property business.
However, obtaining a buy-to-let mortgage is much more difficult than securing a standard home mortgage. Not only do you need to meet specific requirements, but there are also many different mortgage providers and types of buy to let mortgages to sift through. Additionally, the 2020 tax reforms for landlords raise the question of whether or not buy-to-let mortgages are still financially feasible.
Our mortgage advisors can help you determine feasibility by providing you with all the knowledge you need to make an informed decision.
The interest rates and fees are not the only things you need to consider when looking for a mortgage. You should also think about the type of mortgage you need.
The most important thing when applying for a mortgage is making sure that you can make the monthly payments.
Our mortgage advisors can help you choose the right mortgage for you by equipping you with the knowledge of the different mortgage types, including the benefits and risks associated with each.
Life insurance can be a critical safety net for your family. Therefore, you must understand how to pick the right life insurance for your needs, the related risks to avoid, and some basic techniques to minimize insurance costs. Our advisors can provide you with this information and much, much more.
THE BEST MORTGAGE ADVICE YOU CAN GET
We are not your average mortgage adviser. We are a multi-award-winning firm with highly experienced mortgage advisers and a highly reputed financial advice firm.
Our professional mortgage advisers are not biased towards any particular lender and will always work in your best interests. You can rest assured that the mortgage we recommend will be the most suitable advice for your situation.
Our mortgage advice can benefit first time buyers if they are completely new to the mortgages and home buying process. However, we also offer remortgage, buy to let mortgage, and protection.
WANTING A BETTER DEAL?
Your current agreement could be nearing its end, most fixed rate mortgages are only valid for two to five years before they go on the lenders standard variable rate mortgage. It will almost certainly be higher than the previous interest rate and the best buys currently available.
This may encourage you to look for a new low cost mortgage. Conversely, you may be willing to overpay on your mortgage to pay it off faster. You are able to do this after your fixed period, but most lenders will allow overpayments up to 10% of the loan amount without any early repayment charges during your fixed period.
In all such cases, a remortgage could be a good option. You can consult our mortgage advisers to know how much you can save with a remortgage.
Remortgaging takes around 4 to 6 weeks on average. It is much easier and faster than purchasing a new house because the property's deeds are already listed under your name when you remortgage, eliminating a major logistical component of the mortgage process.
Find Your Perfect Mortgage
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"I recently had the opportunity to use Sterling Capital to support me with finding the best mortgage provider. I definitely reccomend this company as the level of customer service is outstanding and the communication is effective and prompt! The Morgtage Advisor team keep in constant communication to keep you updated with your application progress. They find you the best rates going, which was positively below expectations and after shopping around and contacting many companies, This mortgage firm gave me the best rate. This was very impressive because to find a company that gives you the best rates and outstanding customse service is really hard to find. Thank you Sterling Captital for the support and helping me move in to my new home smoothly. Thank you Jo Mendes for your support especially.."
"Joe Mendes handled our case perfectly. Prompt, efficient, friendly and knowledgeable. Always available on phone or by email and quick to reply. I wouldnt hesitate to recommend Sterling Capital and in particular Joe. We will always come back for future mortgage needs."
Caroline Helen Nunn
FIRST TIME BUYER
Saving up for a deposit is necessary before you start searching for a mortgage. If you are not sure how much you need to save for a home loan, consulting our mortgage advisers will prove invaluable.
The mortgage advisers of Sterling Capital Group can help you get acquainted with the first time buyer process, including figuring out how much deposit is needed to secure a home. Our advisers can provide you with first time buyer mortgage advice concerning the following.
Your deposit is the funds you have set aside for buying your first home. Your deposit will determine the amount you need to borrow as a home loan.
The greater your deposit, the less money you will have to borrow as a mortgage. More importantly, you will get access to attractive interest rates if you put down a big deposit. On the other hand, the number of mortgages open to you may be limited if you have a small deposit.
The encouraging news is that first-time buyers will now have access to a larger selection of mortgages that only require a 5% deposit. In April 2021, a government initiative to bring back 95 percent mortgages was set to go live, with major banks practically compelled to participate.
The program, which was unveiled in the March 2021 budget, enabling banks and building societies to purchase a guarantee on the riskiest part of a mortgage – the portion between 80 and 95 percent loan-to-value (LTV). If a house was to be repossessed due to a property crash, the government would pay for that portion of the lender's losses.
You can get more details on this new development from our mortgage advisers.
Although a 95% mortgage can be appealing to some, they may not fix the challenges borrowers in high-priced areas face. In any instance, the lender will look to ensure that you can afford the mortgage payments before approving you for a home loan.
In England, a first-time buyer requires an average deposit of £11,087 for a 95% mortgage, while the average salary needed is £46,800. Buyers with lower incomes would have to set down a larger deposit to pass the affordability tests.
When you apply for a home loan, the lender will consider your annual earnings and all other sources of revenue, as well as all of your expenses, such as your travel expense, childcare costs, household bills, credit card and loan bills, and other costs of living.
The lender will also look at your credit history and see if you are a trustworthy borrower. They will use that information and the related affordability evaluation, to determine how much you can borrow.
The mortgage advisers of Sterling Capital Group are perfectly placed to help you find the right mortgage based on your needs. With access to more than 55 lenders that cater to first-time buyers our mortgage advisers will get you the maximum value for your money.