Mortgage Advice Services
At Stan Sherlock Associates, our expert team of mortgage advisers, based in Carlisle, can access a range of mortgages from over 50 of the UK’s best-known lenders, including Santander, Halifax, Nationwide and Virgin Money. Our mortgage brokerage service can access some exclusive deals that you won’t find on the high street.
Our knowledgeable advisers and brokers, together with our dedicated support team, will work with you to understand your personal goals and home buying needs. We will discuss your current finances and repayment options to assess the best mortgage solutions for you.
We can advise you about the different types of mortgages and help you decide what best suits your circumstances. This might be a fixed rate mortgage, variable rate mortgage, a tracker mortgage or offset mortgage or perhaps another mortgage advice solution entirely.
Our mortgage advisers will then research the market, discuss your options, and recommend the most appropriate deal for you based on interest rates, loan periods, repayment methods and interest payments.
Our mortgage advice services are ideal for:
First Time Buyers
If you’re buying your first home, mortgage advice can seem complicated and overwhelming.
Our expert advisers will help you understand the process and support you to achieve your dream of owning your first property.
We can access deals and incentives, which may include cashback on your mortgage, reduced mortgage interest rates or lower levels of deposit against your property value.
Help to Buy
Help to Buy is a Government scheme to help first-time home buyers get a mortgage with a small deposit. There are two types of Help to Buy schemes, the Help to Buy Shared Ownership (or Shared Equity) Scheme and the Help to Buy Equity Loan.
Our expert advisers can help you understand which scheme is suitable for your needs, find the best mortgage deals to support your shared ownership or equity loan and guide you through the whole process.
A remortgage is where you take out a new mortgage on a property you already own, either to replace your existing mortgage, or to borrow more money against your property. You can remortgage without moving to a new house and there are various reasons and benefits for considering a better mortgage deal.
Remortgaging may not be right for everyone and getting good advice is essential.
Small Business Owners
If you run your own business or are self-employed as a sole trader or limited company director, our mortgage advisers and mortgage brokerage service can understand your accounts and earnings and help you present them to potential lenders to find the right mortgage solution for you.
Frequently Asked Questions
The UK has one of the most developed financial sectors in the world, with the mortgage sector particularly liquid. Most lenders will offer a mortgage of up to 4.5 times the salary of an individual or a combined joint application, subject to status. In certain circumstances, some mortgage lenders will offer more than 4.5 times their income, which may involve an additional degree of security. In light of the 2008 financial crisis, the UK government introduced an affordability test for all mortgage applications. This was recently lifted, giving mortgage lenders greater flexibility.
The mortgage application process is relatively straightforward in principle but a little more complicated in practice. The basic stages are:-
- Gather income and employment details together with details of outgoings
- Approach a mortgage provider for a decision in principle
- If you receive a favourable principle decision, apply for a mortgage
- Purchase your property
It is now commonplace for those looking to acquire a property to appoint a financial advisor with experience and expertise in the mortgage sector. Mortgage brokers can cast their net over the entire market to find the best deal for your situation. In addition, experienced mortgage brokers will have an array of contacts in the market, allowing them to potentially negotiate favourable terms and conditions not readily available to the general public.
Traditionally, it takes between two and six weeks to arrange a mortgage, but with remortgages, it is usually completed a little quicker. If the mortgage provider has additional questions or requires proof of income, this timescale can be extended. Rather than visiting potential future homes and then arranging mortgages, many people start the mortgage application process before looking for a property. This ensures potential buyers know the reach of their finances. As much of the groundwork has already been done, the mortgage confirmation process can be shortened.
As soon as you decide to look for a property, this is the time that you need to research the latest mortgage deals and your eligibility. This allows you to go through all options before committing to a house purchase.
There is no minimum deposit requirement set in stone. However, to access some of the more competitive mortgage rates, the average deposit is around 20%. A more significant deposit creates broader headroom between the outstanding mortgage debt and property value. This reduces the lenders’ risk, opening the door to more competitive mortgage rates.
Historically, the UK government has offered various degrees of financial assistance to first-time buyers. This has included numerous help-to-buy schemes where the minimum deposit can be as low as 5%. These schemes allow homeowners to acquire 75%+ of a property through mortgage finance, 5% via a deposit, with government funding of up to 20%. After the initial purchase, homeowners can buy equity from the government, increasing their share of the property. The cost is based on the market value at the time.
Need to know more? Get in touch with our team:
Why work with us?
At Stan Sherlock Associates, arranging a mortgage is not a one-off transaction. We aim to build long term relationships with our clients and provide you with an advice service over the lifetime of your mortgage which ensures you always have the right deal for your situation.
Although based in Carlisle, our clients come from much further afield. We regularly work with clients from across Cumbria (including Kendal, Keswick, Penrith, Whitehaven and everywhere in between), the Scottish Borders, and North East England. Many of our mortgage advice services can be provided by phone and email but our mortgage advisers are always happy to meet you face to face.