First Time Buyer
Getting on the property ladder
Taking the first step onto the property ladder can be exciting, confusing, and sometimes stressful, but ultimately rewarding. We aim to prepare you financially and mentally to help you become a first-time buyer with confidence.
First-time buyer mortgages are specifically designed for people who are new to the housing market. Some companies may use incentives such as cashback schemes or free valuations to entice you to get a mortgage with them. Lenders can offer up to 95% mortgages, which only require a 5% deposit. But remember that you'll still need to meet strict affordability criteria to get approved.
We will talk you through all of your buying options, from buying on the open market, to shared ownership and Help to Buy.
We will discuss all of the associated costs of buying a home, besides the home purchase itself. This can include legal and valuation fees, stamp duty, and removal costs.
For more information, click here
Home Mover
Thinking of Moving
A home mover is someone that already owns a property and is looking to purchase a new one.
Whether you are looking to downsize, upsize or relocating we are on hand to help.
Completing a full cost of moving is vital to knowing how much you will be looking to put down as deposit on the new property and how much of a mortgage will be needed for your new 'dream' home.
Re-mortgage
New deal or Capital Raising
Re-mortgaging can mean a lot of things to different people.
You could be looking to re-mortgage simply because you took out a 2 year fixed rate and it is due to come to an end of its initial term, so you want to look for a better deal rather than revert to the lenders higher standard variable rate. It could be your existing mortgage provider are able to offer you a good deal as an existing customer, it could be worth shopping around to see what other lenders could offer to you as they may have more competitive products.
You could be looking at re-mortgaging because you wish to complete some home improvements on your property, have a new kitchen installed or get that conservatory that you've always wanted.
Protection
Mortgage & Personal Protection
The type of insurance policy you might need depends on your individual situation and circumstances.
A life insurance policy will pay your dependents a lump sum or regular payments if you die unexpectedly. If you have a partner or children, life insurance can provide you with the reassurance that they will be able to cope financially without you.
A critical illness cover plan can offer a lump sum benefit to you in the event you suffer specific type of life changing condition.
Income protection insurance is designed to support you financially if you are unable to work due to illness or injury and your income drops. This type of policy is particularly relevant for anyone who is self-employed and wouldn’t get any sick pay.
You might consider getting short-term income protection insurance. This type of policy will pay out a monthly sum, for a set period of time, if you lose your source of income due to illness or injury.
Buy to Let
Investment Property
Some Buy to Let mortgages are specifically for landlords who want to buy and then rent property out. There are several key differences with Buy to Let mortgages compared to residential. Although lenders have their usual affordability assessments to complete, the rental income that is achieved by a property will dictate how much lenders will allow you to borrow.
Lenders have a different set of rental calculations that they will use depending on the type of mortgage product that you want to go for, whether it is a short or longer term deal. Your tax status will also have an impact on what lenders will offer to you.
If you own 4 or more properties then lenders will consider you to be a 'portfolio' landlord which also comes with additional considerations and underwriting for lenders.
When considering a Buy to Let property we would always recommend speaking a with a tax specialist to discuss the tax implications of owning an investment property.
Some Buy to let mortgages are not regulated by the Financial Conduct Authority.
Green Mortgages
Energy Efficient Mortgages
A green mortgage in the UK is a mortgage that offers buyers of energy-efficient homes favourable mortgage deals for this choice of property.
Lenders can offer a lower rate of interest or cashback on green mortgages.
The 'EPC' will show the Energy Performance of the property that you want to buy and if this hits certain bands then lenders are offering incentive products.
Credit Impaired
Adverse Credit
Adverse Credit
This is the term used if the borrower has suffered a poor credit history. This could include previous mortgage or loan arrears, CCJ's or bankruptcy. Other terms used to describe an adverse credit mortgage include:
Credit impaired mortgage
Bad credit mortgage
Poor credit mortgage
No credit check mortgage
No credit mortgage
Low credit score mortgage
Although these can add an additional layer of complexity, there are specialist mortgage lenders that will be able to consider these types of applications.
Conveyancing
At K L A S Mortgage Services Ltd we understand that the conveyancing process of purchasing, selling & re-mortgaging a property can be daunting and confusing.
Your dedicated Mortgage Adviser will help you through the whole process from instructing the conveyancer, chasing for updates and guiding you to completion.
Through our portal we will instruct the right conveyancer for your circumstances. You will then have a named conveyancer who will deal with your case from start to completion.
Conveyancing is not regulated by the Financial Conduct Authority.
