We here at First Place Financial Ltd have been advising on mortgages in this industry for 30 years. During this time much has changed to include technology and many lenders have come and gone. Now whilst we use up to date sourcing systems which have all deals available the computer is not always right. There is a heavy reliance upon us and our experience when placing mortgage business to sift through lender criteria to match it to your requirements, this personal touch is often lacking on a computer system and we feel makes all the difference when using us to place your mortgage business. Just because a computer says a deal is available doesn't mean you fit all lender criteria.
Why you should use us for your mortgage business.
- We are fully independent and use the whole of market
- Very competitive fee structure
- Access to our initial advice and ongoing advice and review process
- Only the best mortgage providers used
- Extensive market knowledge
Speak to someone today
If you would like to speak to someone directly today,
please give Howard a call.
Available Monday - Friday 9am to 6pm
When you make an enquiry we will automatically send you a copy of our privacy notice. Terms of Business which details how we work and our client authority to make policy enquiries on your behalf.
Before your first meeting you should prepare copies of your income and expenditure to bring to the meeting.
We will meet you to discuss your options
During our initial meeting we will have established firmly what you require and all of the options available to you.
We can inform you of an approximate mortgage value available to you based on your income and expenditure. We will then act on your instructions.
We will complete any relevant paperwork regarding your new mortgage lender to obtain your mortgage decision in principal.
Once you are ready to proceed we will complete all of the necessary paperwork at the second meeting and submit it to the lender concerned, having already obtained a decision in principal. This allows you to see and be a part of the process from start to finish.
We will see the mortgage application through to conclusion (usual mortgage offer).
Be advised that we do not cold call, we do not mail shot, we do not pester people, we do not force people to make decisions they do not want to. Everyone who we see is as a result on an enquiry led by them, meaning that the potential client has made the decision to look at and in most cases transfer their Final Salary Scheme or Personal Pension, or SIPP into a new arrangement be this a new Personal Pension or Annuity or Flexi Access Drawdown arrangement. Whilst we are not order takers, the point of this declaration is that we do not force or push people into making such decisions. We still go through a lengthy advice process to check viability, attitude to risk, product and fund selection and point out all of the pitfalls and benefits either way. In some cases we do not agree and this is pointed out to clients. We do not transact insistent client business.
Residential Mortgage, Purchase or Re-Mortgage
Key market areas for us are residential mortgages in the following areas:
- People whose current residential mortgage deal is ending and they need a new deal with the same lender.
- Re Mortgage. This could be because the current lender is not offering a follow on rate, there are better deals with other lenders, you wish to capital raise for home improvements etc and it is easier to re mortgage than ask for a further advance. Lending criteria may have changed with the current lender and they won't give you a new rate because you are out of criteria.
- You want to move, can't sell your current house, you have equity in it below 75% loan to value, you want to look at Let to Buy where you capital raise against your current home to let it out and purchase a new residential property.
- Home Mover. This is where you sell your current home and wish to purchase another property using a mortgage. You may wish to port your mortgage if you are currently tied in, or repay the mortgage if there is a small penalty or no penalty and use a new lender as the mortgage provider because you fit their criteria and they are offering a better deal.
- Credit Problems. Some people re mortgaged or ended up with impaired credit lenders on a self cert basis in the past and the credit problems are well behind them so they want to look at what is available for re mortgage purposes or home mover on a normal deal.
- Current Credit Problems. There are some lenders that will consider applications with certain issues. Needless to say if you have credit issues we can then help you steer a path back into criteria if you are not able to lend currently.
Buy to Let, Buy to Let Portfolio or single purchase, Buy to Let Re Mortgage
Key market areas for us are Buy to Let or Let to Buy mortgages in the following areas:
- You wish to by a buy to let. You have a 15-25% deposit. You are a new landlord.
- You wish to by a buy to let. You need to raise the deposit against your current property first via a second charge or re mortgage capital raise or current lender further advance and then purchase the buy to let at the same time.
- You are an existing landlord with other buy to lets and wish to add a new buy to let to your portfolio.
- You are an existing landlord with one or multiple buy to lets and wish to review your current lenders and deals.
- You are an existing landlord with one or multiple buy to lets and wish to capital raise against one or more properties to purchase a new buy to let property.
- You wish to start purchasing buy to let property and wish to set up a Ltd Company to hold the property in.
- You wish to start a buy to let portfolio using a Ltd Company. How can you achieve this.
- You are looking for development finance. (See our commercial section)
Mortgage Market Overview
The mortgage world has been in a constant state of change since 2006 and the following market crash and recession. The mortgage world was rocked by lender practices and the goings on behind the scenes mainly and it seemed to start in the USA which then impacted the UK. Mainly the flow of money which then caused lender problems and also changes in lending policy and criteria have served to make mortgages far more difficult than they were previously. Home purchase is ever more difficult and the change of regulation of both residential lending and Buy To Let to the Financial Conduct Authority (FCA) has now seen further tightening of lending policy by the lenders.
We have a situation where young potential home buyers can no longer get the deposits required and also can fail on affordability. Affordability is measured by income versus outgoings and a stress tested mortgage amount. Recently the Bank of England has advised the lender stress test to be increased on residential mortgages which means individuals will have to earn more to get a mortgage thus making it more difficult. This is frustrating when many can afford rent in the expensive rental market, but can’t get a mortgage because of affordability. Also when renting and out in the real world can’t save a deposit because they are renting. The government help to buy scheme has an end date to it but helping buyers in this way is also fraught with danger because the interest only loan that is given is taken into account in the affordability process at the beginning but not paid for, for 5 years and lots can happen in 5 years so there could be problems there with some. As such we have not been party to any of these loans which is a business policy decision.
The home mover wishing to port their mortgage is no guarantee of continued borrowing with the current lender as like always they take into account everything about your current situation so it is basically a full mortgage application again at today’s rules which may differ from when you took the mortgage out in the first place. The only benefit to port is to avoid any redemption penalty you may have otherwise when moving one should look at the whole market. Needless to say just because you are with your current lender doesn’t mean they will lend to you again under the new lending criteria porting or moving.
Can’t Sell, Need To Move Home. This has given birth to the Let to Buy market. In essence you re mortgage your current residential property onto a Let to Buy product, raise capital for deposit on the new property and secure a new mortgage on the new family home. The Let side of it has to fit all buy to let criteria and then is self funding and the purchase has to fit all lender criteria. These two mortgage’s need not be with the same lender but not all lenders are keen for this type of business so the experience and help we can provide can be essential in helping you secure such a proposition.
Some clients wish to raise capital from their residential property and purchase one or more Buy to Let properties which in many cases form part of their long term retirement income strategy. We can of course help with all of this.
Some serial property investors build up large property portfolios over time and often seek new lenders as many lenders have a maximum property amount and or maximum lending amount so there is skills in putting lender portfolios together. Needless to say we can assist Buy to Let Portfolio investors so please get in touch.
Buy to Let Property Management. There are two ways of looking at this. You can manage it yourself or get a management company to do it for you. If you do it yourself then you are dealing with all aspects to include the legal side and formal notice procedures if you wish to remove or give notice to a tenant. Also if there is an issue with the property to the point of even changing a light bulb then you have to deal with it yourself or find a tradesman.
If you opt for a management company to take away all the hassle then it will usually cost 8-10% + VAT so this is an expense you have to weigh up. If your property is close then it is easier to deal with it yourself, if far away then an agent may be better.
Finding a tenant can be difficult to get a good one so we always recommend at least using a letting agent to do all of this for you. Of course you have the final say but they advertise the property for rent and link it to all the main used internet platforms, carry out searches and references on the applicants, take deposits, set up the Assured Short hold Tenancy (AST) usually for a 6 month period, carry out a property inventory for you, set up all the banking to collect rent and pay it to your account all for a fixed fee. If you manage the property yourself then when the tenants move in it is then your responsibility, if the agent does then they continue to manage it and sort out any teething troubles etc plus take care of any law changes and keep the gas and electric certificates up to date for you.
Likewise we have a panel of letting agent management companies who are trustworthy and will look after your property for you.