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Applying for a mortgage: are you aware of the help that’s available to you?

Thu 27 May 2021

Whether you’re buying your first home, thinking of re-mortgaging, or looking into a Buy-To-Let investment, it’s worth getting some good advice.  Perhaps you’re wondering how you can get on the property ladder in the current climate. Or, you simply struggle to find the time to do any research into mortgages by the time your shift has finished.

This article reveals what help is available to you, and how we can guide you in finding the right mortgage.

First-time buyers and home-movers
Perhaps the biggest challenge facing first-time buyers from the Police family is having a big enough deposit to put towards a property. It’s for this reason that many first-time buyers from the Police family turn to their parents for help getting on the property ladder.

The Mortgage Advice Service provided by Tenet Mortgage Solutions Limited can guide you through the process of securing a mortgage with parental support. Their mortgage advisors help many first-time buyers, and are experts in guiding people through the mortgage process.

Help if you’re looking to buy a new-build home
If you’re thinking about buying a new-build home, then you might want to explore the Government’s Help to Buy Equity Loan scheme. The scheme allows buyers to purchase a new home with just a 5% deposit. The Government equity loan covers a further amount of the home’s value with the remainder covered by a standard mortgage. The useful thing about equity loans is they allow homebuyers to have a smaller mortgage, without needing to save up a large deposit. Interest won’t accrue on the equity loan for the first five years, but after this period you will need to start paying interest. These charges are not capital repayments, so the total amount you owe will remain outstanding until the end of the loan term or until you sell the property, unless you have chosen to repay it before this.  Similar schemes are run in Scotland, Wales and Northern Ireland. Wherever you’re based, Tenets Mortgage Advisors can help you find the mortgage that’s most suitable for you – so you can move into the home of your dreams.

Help with re-mortgaging
If you are coming to the end of an introductory mortgage rate in the next few months, now could be a good time to start looking into re-mortgaging.  There are some competitive rates available so it could be worth getting in touch to see what your options are.
You could have other reasons for needing to remortgage too, of course. For example, you might want to free up some funds to make some home improvements, or even start a renovation project. Or you may need to look into remortgaging as a way to reduce your monthly outgoings, and using the extra money you have available each month to repay other debts you have.

Re-mortgaging and Buy-To-Let mortgages 
If you’re thinking of investing in a property with the intention of renting it out, there are a number of factors you need to be aware of. Firstly, the minimum deposit for a Buy-To-Let mortgage tends to be 25% of the property’s value, so it’s worth considering whether you have the funds available. The second thing to note is that the rates for Buy-To-Let mortgages tend to be higher than for a residential mortgage. Tenet Mortgage Solutions Limited are well-informed when it comes to Buy-To-Let mortgages, so if you feel you need more clarity, get in touch with then for some fee–free advice.

What you can expect from the Fee-Free Mortgage Advice Service

Whatever your reason for needing a mortgage, you can get help through the Fee-Free Mortgage Advice Service provided by Tenet Mortgage Solutions Limited. Their expert mortgage advisors do more than just offer advice. They’re there to guide you through the entire process, making the business of getting a mortgage much less daunting.

Important things you should know.

PMGI Limited, trading as Police Mutual acts as an intermediary for the purposes of introducing its customers to Tenet Mortgage Solutions Limited, part of Tenet. You will not receive advice or any recommendation from Police Mutual. Such services will be provided by Tenet Mortgage Solutions Limited. Tenet Mortgage Solutions Limited will provide Police Mutual with information about the services you have received.

Call Tenet Mortgage Solutions Limited on 0333 222 4486 or enquire online

Lines open Mon-Fri 9am-5pm.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.

PMGI Limited, trading as Police Mutual is authorised and regulated by the Financial Conduct Authority. Financial Services Register No.114942. Registered in England & Wales No. 1073408. Registered office: 55 Gracechurch Street, London, EC3V 0RL.
Calls to 03 numbers usually cost no more than to geographic numbers (01 or 02) and are usually included in call packages, please check with your phone company if they are included in your package. For your security, all calls are recorded and may be monitored.

 


Type of article: Articles
Category: Owning a house

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