IFA - Enlisting the professionals' help - The legal side

Required Reading


  


IFA - Enlisting the professionals' help - The legal side


I've decided to buy a place of my own, even though I'm not that confident of my ability to repay. Im a salesman for a small engineering company and I couldn't say my job was spectacularly secure. But I'd only have to pay rent otherwise -I don't have much choice.'

1 A repayment mortgage plus redundancy insurance, if possible.

G I'm freelance. I can count on a relatively secure income from various sources (and I expect it to be considerably higher than the 'base' figure I've done my sums on): I'm in my mid thirties and haven't got around to doing anything about a pension as yet.'

1 A pension mortgage.

Note: We have not covered pension mortgages as an alternative in this section, simply because most people are not eligible for them. If you are, however, and have survived the assault course provided in the last section, then a pension mortgage is likely to be the best option in more or less every case -certainly wherever endowment mortgages appear at or near the top of the list.

It's one of the Sunday newspapers, I think, that carries -or used to carry -the tag line 'All human life is here' -and a website on mortgages is not so different. Mortgages are only part of overall financial planning and, to consider them fully, you have to take into account all the other financial circumstances of your life: borrowing, saving, life assurance, your career, your family, your retirement.

Depending on the type of mortgage you choose, some of these aspects may already be covered within one package. But you shouldn't neglect the rest -the aim should always be to pick out all the right pieces of the jigsaw so that you get a complete picture whatever shape the mortgage is.


See:top ten mortgages

Which mortgage to choose? Fist time Last time


A 'I'm a first-time buyers, unmarried in my mid twenties; the mortgage rate is 11.25%. Property prices are rising. I'm going to be pushed for cash whatever I do. I'm buying a typical first-timer's flat and envisage moving in three or four years' time to somewhere much bigger and relatively more expensive. I'm more or less at the bottom of a career ladder, but expect to do a lot better.'

Choice, in order of preference:

1 A `low-start' repayment mortgage (very rare).

2 A gross profile mortgage (fairly rare).

3 A constant net repayment mortgage.

4 A low-cost endowment mortgage.

B As AA but mortgages are tight and difficult to get.'

1 Any mortgage I can (assuming I'm satisfied with the property . . .... see: Which mortgage to choose? Fist time Last time


Current Mortgage Offers

  • At Commercialise Yourself you can compare mortgages using our repayment calculator, look for special offers for first time buyers or for 95% loan to value mortgages and see the most popular choices, Nationwide, Accord etc, we now even have a buy to let section for the brave or heart or strong of pocket! You can send us an email if you want to know more about mortgages and what we do and we will get back to you as soon as we are able. offers@commercialise.org.uk

     

    Finding the right mortgage can be stressful, but we’re here to help you every step of the way.

    Even if you have no proof of income, poor credit rating or facing repossession of your home, we can normally say YES (even if the high street lenders have said NO)!

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but our average fee is 2.36% of the loan value. We are authorised and regulated by the Financial Services Authority for regulated mortgage and non-investment insurance contracts.