We have over 30 years' experience finding the perfect mortgages for our clients
Are you a first-time buyer? Or are you looking to move home? Maybe you want to review your interest rate or borrow more money? Perhaps you are unsure about the Help to Buy equity loan, or you might be thinking about remortgaging. No matter what your situation, our advisers can help. We provide a personal and efficient service, tailoring our advice to your individual needs.
Help to Buy
The Help to Buy scheme, which played a significant role in helping individuals and families step onto the property ladder, has now concluded.
The government-backed initiative supported first-time buyers and existing homeowners in purchasing a new-build property with a small deposit. It provided an equity loan from the government, allowing buyers to contribute a minimum deposit of 5% of the property value. However, the scheme no longer accepts new applications.
So what are your options for purchasing a home?
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Remortgages
The decision to remortgage is one that should never be taken lightly.
When your current product rate ends, you will revert to the standard variable rate and you should always review the options available. The market is competitive, and you should not pay more than necessary each month. Have a look to see if there are savings to be made.
Our team of advisers will consider your existing lender terms compared to those offered by other lenders in the market.
Whether you undertake a product transfer (take a new deal from your existing lender) or arrange a remortgage (switch your current mortgage to a new lender), it is important that you review your mortgage every two to five years.
You may also want to consider borrowing more money; whether for home improvements or debt consolidation. You might even have had a change in circumstances and want to reduce the term or make an overpayment. It is vital that we understand your circumstances. And only then will we make a recommendation according to your individual needs.
Many lenders will offer various incentives, typically a free valuation and free legal transfer service, but all fees will be discussed in detail during the consultation.
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Buy to Let Mortgages
From 21 March 2016, due to the Mortgage Credit Directive (MCD), a buy-to-let mortgage falls into one of the following categories: Consumer buy-to-let (regulated) or 'Business' buy-to-let (unregulated).
When lenders are considering approving a buy-to-let loan, they generally base their decision on the likely rental income from the property and not necessarily the applicants' income. All lenders have their own rental assessments to determine the maximum loan available.
Landlords also have a choice between interest-only and repayment mortgages.
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Moving Home
There are many things that happen in life which make us consider moving home. For example, you could be raising a family, moving to a new school catchment area, changing your job or downsizing.
All these situations will mean there is a material change in your financial position, so there are points to consider before you make your final plans.
When considering a house move, you should start by having your house valued as well as obtaining an up-to-date mortgage statement from your existing lender. This will outline the mortgage amount outstanding.
Estate agents charge different fees and services, so consider who you approach carefully. You should also think about whether you have additional savings that can be used towards your deposit.
We will help and advise you every step of the way. We will confirm all the fees associated with moving to a new house, so you know where you stand. And once we know what deposit you have available, together with your income/expenditure, we will also confirm what the lenders will allow you to borrow. We will then be able to give you an indication of the price range you should be looking at for your new home.
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First Time Buyers
Buying your first home should be fun, not frightening. Please do not feel overwhelmed. We can help guide you through the entire process.
We will guide you through the journey of buying your first home from the beginning to the end. We will answer all your questions, such as - how long does the process takes? What can we borrow? What is our maximum purchase price? How much will it cost? We will explain and help you with everything you need to know as part of our service.
We will complete the application forms, liaise with the lender and estate agent, help you find a solicitor and even a surveyor should you need one.
We will also make you aware of the insurance products available so that when you eventually settle into your new home, it is protected.
Shared Ownership
If you can't afford to buy outright, shared ownership is an alternative way into home ownership. You can part-buy/part-rent your home. You might buy a 25%, 50% or 75% share and pay rent on the remaining share.
The bigger the share that you purchase, the less rent you have to pay. When you can afford to do so, you can buy more shares until you own your home outright. This is known as 'staircasing'. The share you don't own and what you pay rent for is usually owned by a housing association.
Shared Equity
Shared equity is not the same as shared ownership. With shared equity, you generally use an 'equity loan' to form part of a deposit but the person buying the home owns the whole property (though the provider of the equity loan usually has an agreement to share in any appreciation).
From a customer's perspective, the main difference between the two schemes is that you are likely to need a larger deposit on shared equity. The shares typically start from 75%, compared to as little as 25% on shared ownership.
Also, the main providers of shared equity and other equity loan schemes tend to be major housebuilders. The main shared equity schemes are usually for new build homes, currently known as Help to Buy.
Mortgage Capability Report
A Mortgage Capability Report is a comprehensive analysis that delves into your potential borrowing power. This insightful analysis aims to ensure that you strike the right balance between the mortgage amount you can secure and your ability to manage it within your financial means.
Our MCR is custom-made just for you, taking into account your unique information. With four fantastic variations, we present your situation in a credible way that empowers you to make crucial decisions confidently.
Learn moreWhat makes us different
We don't
- Make you wait a long time for an appointment
- Use one lender or a limited panel
- Have advisers working from a script
- Keep you holding on the phone or pass you to a different departments
Choice Mortgages UK
- Can offer an appointment within 24 hours
- Are independent, accessing all lenders within the market and have thousands of products at our fingertips
- Have a team of advisers who take time getting to know you and understand your requirements
- Do not have several departments, all our staff work in the same office. Therefore we answer your call, respond to emails or give you the option to leave a message which is responded to same day
- Complete all applications and keep you updated on the progress
We can help you find the perfect mortgage
Your local independent mortgage experts
- Our advisers have unbiased view to the whole mortgage marketplace
- Over 100 years experience between our four advisers
- We deliver a personal and efficient service
Call us on 01780 480600
Speak to an adviserMaria and Toby
We first used Choice Mortgages in 2015 when we were struggling to complete a mortgage due to the complexity of a building certificate on a new build property. Nicola reviewed our situation and found solutions to move the purchase forward. We would not have been in our home if it wasn't for the excellent knowledge. We have subsequently used their services again for a remortgage and are now exploring another house move. We wouldn't consider going anywhere else. Nicola's knowledge never ceases to surprise us, and the firm provides an excellent service.
You made it easy and understandable and we wouldn’t go anywhere else
We can help your find your perfect mortgage
Our mortgage brokers have an unbiased view of the whole market
Based in Stamford, Lincolnshire
Providing mortgage and insurance advice nationwide.
Choice Mortgages is an independent mortgage broker; having access to thousands of mortgage and protection products on the market. Our office has been located in Stamford for over 20 years and we have a team of professional advisers with a vast amount of experience.
Locally we are a short distance from Peterborough, Oakham, Oundle and Spalding.
We offer a free no obligation consultation and help you find the most suitable solution. Understanding lenders criteria and how you are eligible for a mortgage is paramount.
We provide a dedicated personal service and work closely with you every step of the way; organising the paperwork and taking care of the entire application process, making the transaction far less stressful for you. We know lives are busy and we can alleviate the time pressure, by offering telephone or face-to-face appointments.
About Choice Mortgages