Mortgages For First Time Buyers

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BOEThe Bank of England has held UK interest rates at a record low of 0.5% for another month

The size of the Bank’s economic stimulus programme, known as quantitative easing, was also kept unchanged at £375bn.

Last month, Bank governor Mark Carney hinted that rates could increase later this year as the UK’s economic recovery becomes more secure.

When it comes, any rise in rates is expected to be small.

Speaking last month, Mr Carney said “we expect that eventual increases in Bank rate will be gradual and limited”. He has also talked of rates hitting a “new normal” of 2.5% by 2017.

The number of people out of work is also falling, with the unemployment rate down to 6.6% in the three months to May.

On the other hand, there is little pressure to raise rates to keep prices in check – the inflation rate fell to 1.5% in May, down from 1.8% in the previous month. The Bank’s inflation rate target is 2%.

Interest rates have been at their record low of 0.5% since March 2009.

imagesCAU3ZMDP90% First time buyers

A two-year fix for first-time buyers available at 4.49% up to 90% LTV or a  two-year fixed rate at 3.79% up to 85% LTV to all homebuyers and remortgagers.

For further details on 85% or 90% deals call us on 01489 580020 or email us at quotes@parkgate.net where we would be more than happy to provide you with a personal illustration.

First time buyer

95% LTVFirst time buyer 5 year Fixed rate launched at 4.59 per cent five-year fixed rate up to 95 per cent loan-to-value for loans up to £300,000.

There is a £500 completion fee on loans to £500,000 and a 1 per cent fee for loans over £500,000. There is also a £199 booking fee.

If you are a first time buyer and have a 5 per cent deposit and would like to get on the property ladder, you should call us now for an initial assessment and you could be on your way to owning your own property.

Also available to First Time Buyers 90 per cent LTV to £400,000, 85 per cent LTV to £500,000 and 80 per cent LTV to £750,000.

Available to first time buyers for a limited period, do not delay, call us today.  Call now on 01489 580020,  email us at quotes@parkgate.net for a personal illustration or complete our enquiry form on our Contact Us form.

Looking for a competitive low 5 year fixed rate? Whether, you are a home mover, a first time buyer or just looking to remortgage. What about a 5 year fixed rate at 3.79% with low arrangement fees?

You might like to consider a shorter term such as a 2 year fixed rate at 3.29% for purchase and remortgage loans up to 60% loan to value.

Or maybe a 3 year fixed at 3.79% for purchase and remortgage loans up to 70% loan to vale.

Please call us on 01489 580020 for further details and to request a personal illustration or to arrange a meeting where we can assess your situation and provide the right advice.

Helping you take the first step onto the property ladder with help from your family with a family affordability plan.

Barclays have introduced a new scheme called Helpful Start ™ is designed to help more buyers get onto the property ladder. The first part of the initiative is the Family Affordability Plan, which enables parents to help their children get on or to move up the property ladder through a joint mortgage without giving a lump sum away.

How does the Family Affordability Plan work?

It allows parents to help their children over the long term with mortgage affordability and commitments through a joint mortgage. Income from parents can be used, alongside the child’s own income, to calculate how much they can afford to borrow. If eligible, they can use the total income on the mortgage application.

If the mortgage is approved, all parties will be liable for the monthly payments. The parent(s) will appear on the mortgage but they won’t be co-owners of the property.

You will therefore be jointly and severally liable for all mortgage repayments and other outstanding sums due under the mortgage. You should not enter into such a plan without fully understanding the risks involved and, as such, we require that each “borrower non-proprietor” take independent legal and tax advice prior to committing (fees will apply).

What happens when the individual wants to go it alone?

When your client is ready to manage the mortgage on their own, we can remove their parents from the mortgage by remortgaging – as long as we’re sure they can afford the monthly repayments by themselves. This is subject to application and status (fees will apply).

Eligibility criteria

All parties must meet the affordability criteria

The plan is only available to residents of England and Wales

Parents must take independent legal and tax advice before proceeding with the mortgage.

For further information or a personal illustration, please call 01489 580020 or email info@parkgate.net to arrange an initial meeting and discuss your requirements.

From a recent review of the UK mortgage market, there are currently two hundred 90% mortgages for first time buyers currently available. This may sound a lot, but a closer inspection reveals that not all of these mortgages are easy to come by or available to all first time buyers. Continue reading

Mortgages
life insurance
home insurance
equity release

We offer whole of market advice for all types of customers, whether you are a first time buyer, home mover or looking to purchase a buy to let property. Being independent we are able to offer impartial advice from the whole of the market to ensure you get the product that suits your financial needs.

Whether you are looking to protect your mortgage payments or your family, we provide independent advice for life insurance, critical illness cover and income protection from a wide range of providers.

Buildings Insurance is a requirement when you complete on a mortgage the cover is to provide security to the lender, the insurance covers the main structure of your home. It will cover you for subsidence, storm, flood, fire or smoke damage and cover the costs of rebuilding or repair.

Equity release is a way of releasing cash from your property, either through selling a percentage to the reversion company or taking a mortgage on it, while allowing you, the homeowner to continue living there as long as you wish.