Independent Mortgage Advisors :: First time Mortgages

Range of Mortgages:

Residential Mortgages - First time mortgages

Either as a first time purchase or a remortgage, for many, this will be the only type of mortgage they ever need. Although you would usually need a 5-10% deposit, some companies can offer 100% and more to applicants who meet their criteria. Typically for a first time mortgage, you must be in full time employment and have a very clean credit history. While some prefer Professionals (doctors, lawyers, accountants) there are some who will cater for more people. Another option is the cash back mortgage which can be a massive help to those wanting extra cash to furnish a new place, for example. Rates will reflect this though. Ask Atlas Mortgages about the options here.

Buy-to-Let Mortgages

Investment in buy-to-let can earn the buyer long-term capital growth and short-term income if the proper research into rental yields is done. We specialize in buy-to-let mortgages. Generally, a lender will want a monthly rental yield of 125-130% of the mortgage payment, though there are lenders who calculate rental at 100%. The maximum loan-to-value for buy-to-let is usually 85%, although some lenders lend to 89 or even 90%.

Adverse & Sub-prime

Everyone can find money tight at times but there is an increasing market for those who may have had credit problems in the past. What this means is competition and consequently better and better deals on the market. Atlas Mortgages can search a wide range of lenders to find a rate that is right for you. The overall cost for comparison is 8.7% APR, Self-Cert APR is 7.9%.

Secured Loans

Many lenders now cater for those who may be tied into their main mortgage and who have not been granted further borrowing or a 'further advance' by their current lender. In this case, it may be possible to put a secured loan or 'second charge' on the property. This is secured in exactly the same way as your mortgage and although rates may be slightly higher than with the first charge, it may be an ideal way to acquire that vital extra capital. You may need permission from the main mortgage lender.

Gifted Deposits

Buying off-plan, or before a new-build development is complete, can be a good way of gaining instant equity. Many people ask about gifted deposits because some vendors, especially those offering new-build properties use these as an incentive. You must be sure the gifted deposit is genuine. Then you need to find a lender who accepts gifted deposits. At the time of writing there are some who accept the gift, some who accept a level of gift as long as you contribute too. A builder gifted deposit is usually viewed more favourably than a vendor gifted deposit because mortgage lenders can be wary of artificially inflated market values by some unscrupulous selling agents. Although the number of lenders who are amenable to these concepts has fallen, Atlas Mortgages can put you in touch with those who still are.

Bridging Finance

When buying a property with a short completion deadline, some buyers find bridging finance useful. Bridging is not suitable for all situations but may be required to secure a purchase before refinancing. We have access to several bridging loan companies. Finance is typically available within a week or so - to a maximum of about 70-80%. Rates are higher than for standard mortgages and this should be regarded as a short-term solution.

Commercial Loans

A commercial loan or commercial finance is sometimes needed where residential finance may not be available. This may be because the property is commercial premises itself or because it is near to commercial premises. In these instances, a commercial loan may be needed. We have access to these as well. Generally, the maximum available on a commercial deal will be 70-85%.