J P Financial Mortgage Brokers - Mortgage Advice

Are you a home owner looking to remortgage your home for a more competitive deal. Have you considered the benefits of a new lender, more often than not a new mortgage deal will be cheaper for new customers than existing ones.

Loyalty and length of time served are not rewarded in the mortgage market.

Changing from one mortgage provider to another is a simple and straight forward process, but many people are daunted by the process or simply do not have the spare time to do the research.

Here at J P Financial we not only search the whole of the market for you, but will complete all of the application on your behalf.

Some lenders do not always ask to see proof on income, they may not ask to see payslips or a P60. If you are worried that you may not be able to prove all of your income we may be able to help.

Mortgage lenders criteria changes on a regular basis, for more information on criteria, rates and deals click here and enter your details to request a call back  or call 01202 512340 lines open 9am - 7pm Monday to Saturday and speak to a mortgage advisor now.

Do you want to earn money by referring people to us for their mortgage?

Are you one of the many Estate Agents, Accountants, Solicitors, Commercial Brokers and Property Developers that are not regulated to provide mortgage advice, but are always being asked for advice by your clients? If you are, why not contact us today and turn those enquiries into a solid income revenue.

Introducer Partner Scheme Features

As an approved introducer partner you will receive a generous commission on the completion of any of the following referrals:

• Regulated mortgage business such as residential mortgages and re-mortgages
• Buy to let mortgages
• Secured loans
• Insurances - commercial and personal
• Investment business - pension transfers, investments etc

We are looking for people to introduce business to us and be paid for it.  No qualifications needed as you will not be expected or required to give mortgage advice to your clients.

Your clients complete a mortgage enquiry form that we provide and once you forward it to us with the information, we do the rest!!

Work from home as a mortgage introducer, top commission paid.

For more information on how to become a mortgage introducer call 01202 512340 today

Millions of home owners in UK undertake home improvement projects every year. With current environment of strong housing demands and historically low interest rates, home improvement mortgages in UK have experienced incomparable activity. 24% of 2.4 billion mortgages taken every year, in UK, are for home improvement.

Home improvement loans will serve their purpose well if you take them for any of the following reason -

• Adding a new room like a bedroom
• Adding or remodeling a bath
• Adding or enclosing a garage
• Improving the kitchen
• Landscaping
• Health and safety repairs
• Electrical and Plumbing
• Roof, gutters, sewer or water lines repairs

Home improvement not only provides comfort and peace but it increases the value of your home. Home improvement help to build equity and achieve financial security.

Remortgage Release Equity For Home Improvements

Are you looking to raise money for a new extension to your home, carry out home improvements or raise further funds to complete the work already started.

As a homeowner you have a number of options available to you to increase the value of your property. You could remortgage to release equity for a loft conversion; some people take out a further advance to build an extension. You could remortgage release equity to paint and decorate.

Apply for a homeowner secured loan

Using a Secured loan for home improvements is a great option if you are currently tied into your existing mortgage and face heavy redemption penalties for leaving early. With a second charge home owner loan you can raise the money you require, complete your home improvements and then when you are free of redemption penalties consolidate the secured loan into your mortgage.

Remortgage to pay for a new Bathroom or Kitchen

Another option that many home owners choose is to simply remortgage and release the equity built up to pay for a new kitchen or bathroom. Remortgage for home improvements are available for interest only and repayment mortgages. There is a choice of fixed, tracker and variable rate mortgages available.

For more advice on which home improvement mortgage would be best for you contact our mortgage advisors today to discuss your requirements. Call 01202 512340 lines open 9am -7pm Monday to Saturday, or complete the contact us form to arrange for a mortgage adviser to call.
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Five times salary mortgage are available for first time buyers, home movers and remortgages, If you are looking at borrowing 5 times your income to get a new mortgage there are lenders available.

Most lenders these days will offer around 3 and 1/2 times your income for a new mortgage. However there are some lenders who will lend up to five times your income depending on credit score and deposit/Equity.

These days lenders have more sophisticated ways of calculating how much they will lend; it is nearly always taken on a case by case situation. Affordability is the keyword and many factors are now taken into account when lending such as:

Single or joint application

Do you have any children

How much credit has already been extended to you.

Your credit score

Employment status

Are you a professional (doctor, accountant, solicitor)

If you would like more information or to see if you qualify for a high income multiple mortgage call 01202 512340 lines open 9am -7pm Monday to Saturday, or complete the contact us form to arrange for a mortgage adviser to call.

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Self Build Mortgage products are now a viable option for those wanting a low-cost home and willing to put in some hard work.

According to self build Advice Company Build store, the numbers of people doing self build themselves are remaining steady but TV programme’s such as Channel 4’s Grand Designs, coupled with high house prices, are fuelling interest. But many people are still put off by the perceived amount of capital required, the time it can take and a lack of experience.

Why Do Self Build?

Self-build can offer many benefits over a traditional house purchase, such as typically being worth 30 per cent more on completion than it cost to build. Another important factor is individuality; self build customers can make their properties unique and can customise their homes to match their own specific needs.

The most important function of the self-build scheme is to oversee and manage the project from start to finish, rather than actually doing the building themselves. These days there is a lot of help available from companies such as Buildstore which offers advice on everything from finding land and buying materials to finding a self build mortgage and appointing a project manager.

Buildstore spokesman John Hay says: “Self-builders usually get a project manager or architect and get them to manage the build. Their fees are usually based on a percentage of the costs. Project managers offer varying levels of involvement from just negotiating contracts and getting quotes, to overseeing each stage through to completion. Essentially the more you spend on a project manager, the quicker the job will get done.”

For those wishing to manage the project themselves, be warned that it is not as easy as it looks. “The biggest mistake is people not treating it as the project it really deserves to be, and it’s a more difficult project if they don’t have any of the skills themselves. You might need 20 different tradesmen in the right order at the right time, and it’s when time scales slip that’s costs go up.”

How do Self Build Mortgages Work?

In the past the only types of mortgage on offer were arrears staged-payment self build mortgages, which meant a stage had to be finished before funds were released and customers needed to be cash rich at the beginning to get the build under way.

Accelerator Self Build Mortgage

With the accelerator self build mortgage funds are released prior to the start of each stage and customers can borrow up to 95 per cent of the land costs and up to 95 per cent of the construction costs.

Key Benefits of t he Accelerator Mortgage

• Money released in advance of each stage
• Up to 95% of land costs
• Up to 95% of construction costs
• Up to 95% of the final value of your home
• Competitive rates of interest
• Ability to stay in your home until your new one is complete

Stages For Self Build and Renovation Mortgages

John Hay says: “Stages are logical break-points in the project, such as the foundations being finished, or the property being treated to protect against wind and water. The last stage is to complete the house and fit the bathrooms and kitchens.”

Customers can choose any product from its mortgage range and take it on an Accelerator basis. It also offers a three-year finance deal, called the Advance product, for borrowers who want to stay in their existing home while they build, but who will not require a mortgage once they have sold it off.

Meanwhile Accord Mortgages offers the only offset Accelerator mortgage, which benefits people who have sold a property to fund the build and have cash reserves that can be offset against what they owe.

Gone are the days when people self building their own home lived on-site in a caravan. Hay says: “Self build mortgage products are designed to allow you to remain in your current house and keep the mortgage running while you’re building. But the existing mortgage is treated as an expense and reduces the maximum you can borrow. Another option is to sell up and rent accommodation while building.”

A good plan with full costings is essential to any self-build project, as are organisational skills and knowledge of local suppliers. A contingency fund is vital, as most projects cost more than anticipated.

Do you want fee free self build mortgage advice?

For more information on self build mortgage products from our professional mortgage advisors contact us today.
Enter you details in the contact us form Once you complete the brief enquiry form, we will contact you to discuss your options. Or call 01202 512340 lines open 9am - 7pm Monday to Saturday and speak to a mortgage broker now.

Equity Release Mortgages |Lifetime Mortgages | Home Reversion Plans

Equity release schemes are aimed at clients over a defined age, usually 55, looking to release the equity within their homes in return for a cash lump sum or an additional income, or both. In many cases you can release equity without the need to make monthly interest payments.

As house prices have increased substantially over the past an equity release mortgage can be the ideal way to supplement a pension or extract cash out of your property to help children or grandchildren climb the first rung of the property ladder themselves. You could use the loan to pay for home help costs, modify your property, pay off an existing mortgage or even go on holiday! In fact the money you release can be used for any legal purpose.

There are other options available. You could move to a smaller property or move to a cheaper area. But with an equity release scheme you can stay in your home as long as you please. You could even use one of these schemes to move home to be closer to family or friends.

The schemes

There are two types of Equity Release - Lifetime Mortgages and Home Reversion plans.

Lifetime Mortgages are exactly that. Interest payments can be made in the usual way, or be added to the amount you borrow depending on the choice of product. The loan only has to be repaid when the last person on the mortgage dies. Lump sums can be repaid on some schemes and new flexible ‘Drawdown’ loans are available from some providers. A ‘drawdown’ facility means that you may take an initial loan of - for instance - £50,000 but have access to a further £100,000 whenever you need or want it. The amount available will be dependant upon your circumstance and property value.

Home Reversion Plans work differently. You essentially sell a proportion of your property to a provider in return for a lump sum or income. There are no repayments and the provider is paid back when the property passes into your estate or is sold. The maximum share you can sell to the provider is 100% of the property. Because the provider will allow you to live in the property rent free for the rest of your life, the amount you would receive would be somewhat lower than the open market value of the property.

Factors to consider

Equity release plans reduce the value of your estate for inheritance purposes. While this may not be a factor to consider for some, it will be for others. In the case of a lifetime mortgage, you will be reducing the equity in your property and with a home reversion plan you will be sacrificing a portion of your property.

If you are considering Equity Release we would encourage you to discuss it with your family.

An equity release scheme is not for everybody, there are other options available, such as financial assistance from other family members, moving to a smaller property, or even a traditional mortgage (subject to lenders’ criteria).

Entering into an equity release scheme may affect the range and amount of state benefits available to you and advice can be provided before you enter into any commitment.

Protecting inheritance

Equity release schemes will reduce the potential inheritance available from your estate, although it could also be possible to arrange a life insurance plan to neutralise any such reduction.

Costs involved

Costs will vary depending on how much cash you are releasing and the type of property you own. The main factors to consider are:

Solicitors - Legal costs will vary depending on who you choose to use. We would strongly recommend that you use a solicitor with experience in the Equity Release market. Feel free to challenge your solicitor on how much business they have done in this area. Estimated legal fees would be £1,500, depending on the choice of firm.

Lenders’ Fees - Lenders’ fees vary from no fee at all to a percentage of the loan borrowed. The best deal for you will depend on your circumstances and objectives.

Tax implications

Any monies released from your property are done so completely free of tax, so Equity Release can be a very effective way to counteract Inheritance Tax.

If you decide to take a monthly income, taxation of this income will depend on the type of arrangement made and a proportion of the income may be subject to Income Tax.

How much can I borrow?

The amount you can raise will depend on the type of scheme and the provider. There are a large number of schemes available to cater for most people.

You are eligible for an equity release scheme from the minimum age, which is usually 55, but the exact amount you can borrow will depend on your property value and type, your personal circumstances and your age.

The process

J P Financial does not advise on or arrange equity release schemes; however we work with a leading specialist, Key Retirement Solutions, for equity release schemes. We have selected Key Retirement Solutions as they are the largest broker of equity release schemes in the UK and have an excellent reputation. They also provide independent advice and are not tied to any provider ensuring that you get the best product for you based on your objectives.

For more information about Equity Release Mortgages enter your details in the contact us form to request a call back froma qualified equity release specialist.