Buying a new home should be exciting. A fresh start, new surroundings and chance to get things just how you want them. But finding a mortgage isn’t as much fun! At Pelier, we advise on all the key mortgage types, ensuring we secure the right deal for you, without the stress.
Your home may be repossessed if you don’t keep up repayments on your mortgage.
There has never been a better time to make that elusive first step on to the first rung of the property ladder - in other words, to become a first-time buyer. In the 2021 Budget the government has created a scheme which enables the major high street lenders to provide mortgages that cover 95% of the cost of your home, so that you have to save just 5% for a deposit.
However, if you can put together a larger deposit of 15% or 20%, so much the better – it will usually get you a better rate of interest, which means that, over time, you pay less for your mortgage.
At Pelier, we work with each of the major lenders to ensure you get the deal that is just right for you.
We’ll support you with every step, from the initial enquiry through to completion, letting you know what to expect at every stage.
Moving Home
When you are already a home-owner but are moving home, you may be upsizing to a larger property. Or, if the children are grown and have ‘flown the nest’, perhaps you are downsizing to a smaller home.
This is the perfect time for us to advise you on the best financial strategy to suit your particular situation. Do you increase your current mortgage, or would it be better for us to shop around to get you a new deal?
We can also clue you in on the hidden costs involved in a home move: we ensure that our clients are never taken by surprise by the combined expenses of stamp duty, solicitor’s fees, estate agent’s fees, and removal costs, which can add 10% to the total costs of your home move.
We ensure that our clients are never taken by surprise by the combined expenses of stamp duty, solicitor’s fees, estate agent’s fees, and removal costs.
Remortgaging
Did you know that you could well be paying more than you need to on your current mortgage? We can advise on how you may be able to switch to a new deal, with your existing or new lender, benefiting from a cheaper rate of interest thereby reducing the total amount repaid to the lender. We will advise if there are any early repayment charges or exit fees with your current arrangement, giving you a clear picture of the benefit of a remortgage. We can also look at whether this might be the time for you to consider a different type of mortgage, for example switching from an interest only deal to a repayment mortgage or reducing the term of your mortgage.
Remortgaging can be a great way to borrow a larger sum at a lower rate. And it can be a lot easier to arrange than you think
Buy-to-let
With a Buy-to-Let Mortgage, you can purchase a home where you do not intend to live yourself, instead you plan to let the property to a tenant. In other words, you become a landlord. The main risk involved is that property prices can fall as well as rise, and you could find that you are in ‘negative equity’, where the current value of your building is less than what you owe on your mortgage. This can be a problem if you are relying on selling the property to repay the mortgage, as you may fall considerably short of the price you had hoped to realise. We find that many people purchase a property with a view to it forming part of their retirement strategy. But there are many potential risks involved including, tax changes, falling properties prices, higher rates of interest, associated costs and no rental income.
And we frequently find that the level of rental income needed to achieve a desired level of borrowing is problematic. We can help you to explore all the pros and cons so you feel confident about the decisions you’re making.
By leveraging our extensive range of lenders we’ll simplify the process and narrow down your options to find what works best for you.
Equity Release
Equity Release enables you to access the equity or value you have built up in your home. However, it involves both costs and a level of risk, particularly the impact of rolling up interest. We will inform you of the potential risks involved. Equity Release can be a good option if you want or need to raise extra cash. This could be to retire early, pay for home improvements or essential repairs, consolidate burdensome debts or even give money to help your children or grandchildren.
We will advise you on the alternatives to Equity Release, such as other borrowing options, using other assets or downsizing to a smaller home.
The UK property market has experienced dramatic growth over recent years, which means you could have a large amount of value tied up in your home.
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