Mortgages Made Simple
  • info@mwms.co.uk
  • 01628 873304
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Residential

Why Remortgage?

  • An opportunity to consolidate other debts
  • To avoid being transferred onto your lender’s SVR (standard variable rate) as your introductory rate comes to a close.
  • Releasing funds to make improvements to your home
  • To cover one off, one time expenses.

Should you remortgage?

  • Early Repayment Charges (ERC) may be too high
  • If you are looking to borrow a sizable percentage of your properties value
  • If your mortgage is new (less than a year)
  • A remortgage may not be appropriate if your mortgage is smaller than £30k

What is shared ownership?

  • This scheme is in place to help first time buyers and home movers who are unable to afford a whole mortgage on a new home.
  • The scheme allows a mortgage to be taken out on a percentage of your home (25-75%).
  • The lender will charge you rent for the portion of the home that you do not currently own.
  • As your financial situation changes, you are able to increase the size of your share and buy more of your property, at a pace that suits your needs.

Who is shared ownership available to?

  • Over 18’s
  • Properties that are listed on the shared ownership scheme
  • First time buyers
  • Homeowners unable to afford their required housing
  • Your household earns up to £80k / £90k a year outside / inside London

Repayments?

  • You are required to make repayments for the mortgage on the percentage of your home. You will also pay the rent on the percentage of the property you do not own. If you gradually increase your share, your mortgage payments will increase and your rent payments will decrease.
  • Should you eventually own 100% of the property, all rent charges would drop.

Who is help to buy available to?

  • You’re at least 18 years old
  • The property is worth no more than £600,000
  • Must be a UK property
  • This will be your only home
  • It must be a new build property purchase
  • You won’t sublet this home or enter a part exchange deal on your old home
  • You don’t own any other property at the same time that you buy your new home Repayments?
  • For the first 5 years of your Help to Buy Equity Loan you don’t accrue interest.
  • You do not have to pay anything back until the 6th year of your Help To Buy Equity Loan.
  • For the first 5 years, there is monthly management charge of £1
  • Your mortgage repayments are separate to your Help To Buy Equity Loan and you will of course be expected to pay them each month.
  • After the initial 5 years there is an additional annual fee of 1.75% on the outstanding amount of your Help To Buy Equity Loan. This fee increases inline with inflation.
  • When you come to sell your property the government will reclaim a percentage stake in the selling price of your home, based on the value of your home when sold, not on the on the initial amount borrowed.

Repayments?

  • For the first 5 years of your Help to Buy Equity Loan you don’t accrue interest.
  • You do not have to pay anything back until the 6th year of your Help To Buy Equity Loan.
  • For the first 5 years, there is monthly management charge of £1
  • Your mortgage repayments are separate to your Help To Buy Equity Loan and you will of course be expected to pay them each month. · After the initial 5 years there is an additional annual fee of 1.75% on the outstanding amount of your Help To Buy Equity Loan. This fee increases inline with inflation.
  • When you come to sell your property the government will reclaim a percentage stake in the selling price of your home, based on the value of your home when sold, not on the on the initial amount borrowed.

Quick Contact

  • 30 Bridle road Maidenhead Berkshire SL6 7RP
  • 01628 873304
  • info@mwms.co.uk

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Mike Ward Mortgage Services is an Appointed Representative of Perpetual Independent Financial Advice, which is authorised and regulated by the Financial Conduct Authority.

FCA Number – 965941

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