A mortgage is a long term loan secured on a property which typically runs for a period of 25 years.

A mortgage is generally used to purchase a new home, however, a mortgage can also be used to raise additional capital from your existing home, or purchase a property for investment.

Mortgages are available in all shapes and sizes and there are a multitude of lenders now offering great mortgage deals. So, whether you are buying your First Home, Moving Home, Buying-To-Let or simply adding a conservatory; there WILL be a mortgage that suits your needs.

plusmortgages is here to help you find that mortgage. For further assistance, either fill out our enquiry form; request a call-back; or freephone 01708 76 55 55 to talk directly with an advisor.

Your home is at risk if you do not keep up repayments on a mortgage or other loans secured on it.

With a multitude of lenders offering a multitude of mortgage deals, getting A mortgage is easy. Getting the RIGHT mortgage takes know-how.

A mortgage is one of the largest financial commitments you are likely to make, and that commitment could last for 25 years. It is wise therefore, when looking for a mortgage, to engage the services of an Independent Mortgage Advisor to help determine what mortgage package is RIGHT for you, both now and in the future.

An Independent Mortgage Advisor can

• Help assess your financial circumstances to determine the amount you can borrow;
• Explain the different mortgage options available and the costs involved in getting a mortgage;
• Search through thousands of mortgage deals to find the one that best suits you;
• Help complete the necessary mortgage application forms and liase with your chosen lender.

As Independent Mortgage Advisors, plusmortgages have access to thousands of mortgages packages from hundreds of lenders. So, to find the RIGHT mortgage for you either fill out our enquiry form; request a call-back; or freephone 01708 76 55 55 to talk directly with an advisor.

Your home is at risk if you do not keep up repayments on a mortgage or other loans secured on it.

Prior to looking for a property it is necessary to calculate how much you can borrow; how much of a deposit you will need; and to consider the associated costs involved when buying a property.

Borrowings
Most mortgage lenders base the amount you can borrow on your income. In most cases, this works out at three times your income if you are buying alone or two and a half times your joint income if buying with a partner. In certain cases, additional income such as bonuses and overtime can be taken into account when calculating your income.

Deposit
Unless you are taking out a 100% mortgage you will have to pay a deposit of around 5% of the property purchase price. If you have a larger deposit, it may be possible to obtain a better mortgage deal.

Associated Costs
When buying a property there are many associated costs involved that should be considered and budgeted for. Some of these costs include; Solicitors Fees; Stamp Duty; Valuations & Surveys; Buildings & Contents Protection; Mortgage Protection and Removal Costs.

plusmortgages can help determine how much you can borrow and discuss in detail the associated cost involved when buying a property. For further information, either fill out our enquiry form; request a call-back; or freephone 01708 76 55 55 to talk directly with an advisor.

Your home is at risk if you do not keep up repayments on a mortgage or other loans secured on it.

As well as a taking out a mortgage, there may be a number of one-off costs that the buyer will incur when buying a property.

Deposit
It is usual for the borrower to contribute a percentage of the amount of the mortgage. This is commonly called the deposit. The size of the deposit will affect the amount the borrower will need to borrow as well as the cost of the loan.

Conveyancing Fee
All legal aspects regarding the buying and selling of a property need to be dealt with by a conveyancing solicitor.

Local Authority Search Fee
Your conveyancing solicitor will need to check if there are any plans in the neighbourhood that may affect the value of the property you are buying.

Land Registry Fee
The land registry registers your ownership of the property.

Stamp Duty
All transfers of property of £60,000 or over attract stamp duty. For property transfers between £60,000 and £249,000 stamp duty is charged at 1% of the property price, for properties between £250,000 and £500,000 then the rate is 3%. The rate of stamp duty for transfers of property over £500,000 is 4%

Valuation and Surveys
The lender will insist a survey and valuation is done on the property. A more comprehensive survey may be selected to check for any structural or other defects.

Removal Costs
This cost will be entirely dependent upon the number of possessions and the distance involved in moving them. A quotation from one removal company may differ greatly to that of another one so it may be wise to obtain several quotes.

For further information, either fill out our enquiry form; request a call-back; or freephone 01708 76 55 55 to talk directly with an advisor.

Your home is at risk if you do not keep up repayments on a mortgage or other loans secured on it.

Buying a property either to live in or for investment can be a stressful and time consuming process which can take upwards of 8-12 weeks. There are many steps to complete and people to involve before the buying process is complete and you become the new owner of the property.

To help understand this process and best prepare you for the task ahead, plusmortgages have listed the following points that outline the process of buying a property.

1. Consult an independent mortgage adviser will help you calculate how much you can borrow, and what price of property you can afford.

2. Investigate the area you want to buy in and then contact a local estate agents, browse local papers and arrange viewings for many types of properties.

3. With the assistance of your independent mortgage adviser, decide on the type of mortgage that is RIGHT for you.

4. Once you've found a property that matches your requirements, your ready to make an offer. Your offer, if accepted, is subject to contract and until the contract is signed, there are no legal obligations for you to buy or the seller to sell the property.

5. Appoint a solicitor and instruct them to begin the conveyancing process.

6. Consult your independent mortgage adviser now you have found a property, and arrange for your mortgage lender to carry out a valuation. It may also be advisable to instruct a surveyor to carry out a home buyers report. For an older property a full structural survey is recommended.

7. Your solicitor will carry out the necessary searches and preparation of contracts.

8. If the valuation is satisfactory, an Offer of Advance will arrive from your lender. At this time the results of any surveys should arrive. These documents should be taken to your solicitor where he or she will have other documents to study and sign.

9. Once searches, any enquiries, surveys and mortgage offers are completed to your satisfaction, you are now in the position to exchange contracts and set a completion date.

10. Your solicitor and the seller's solicitor will now exchange contracts. It is now that your deposit is paid. Once contracts are exchanged, the buyer must buy and the seller must sell, otherwise financial penalties will be incurred by the party that withdraws.

11. Completion will normally take place within 2-4 weeks of the exchange of contracts, or sooner if agreed by all parties. This is when you become the new legal owner of the property.

For further information, either fill out our enquiry form; request a call-back; or freephone 01708 76 55 55 to talk directly with an advisor.

Your home is at risk if you do not keep up repayments on a mortgage or other loans secured on it.