Equity Release

Equity Release Brokers in based Droitwich Spa and Stourport

Equity release is a way for homeowners aged over 55 to release tax-free cash from their homes without having to move. It is an increasingly popular way for people in, or approaching, retirement to boost their finances.

If you’re in or approaching retirement and have owned your home for some time, chances are you’ve benefited from the dramatic rise in UK house prices over recent years. So now you’re living in your most valuable asset, but your pockets are no deeper because the money is actually tied to bricks and mortar. If this sounds like you, equity release can help you unlock some of the cash tied up in your home, without you having to move out.

With more of us living longer, retirement has become a new phase in life to hopefully been joyed for many years. An exciting prospect but also a potentially challenging one when it comes to money.

Releasing some of the equity in your home can give you a tax-free lump sum or smaller cash injections to top up your retirement income.

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Your property may be repossessed if you do not keep up repayments on your mortgage.

Commercial mortgages, some Bridging Finance and Buy to Let mortgages are not regulated by the Financial Conduct Authority.

You will need to take legal advice before releasing equity from your home as Lifetime Mortgages and Home Reversion plans are not right for everyone.  This is a referral service.

How Should I Remortgage?

Remortgaging is all about getting a better deal and making the most of your financial situation. Switching at the right time to the right deal can help you save on repayments and interest rates, as well as raise funds by releasing equity.

It’s best to start looking into your remortgage options half a year before your current deal expires, so you have enough time to properly consider all options. Some of the most common situations where people come to us for help with their remortgage include:

• Looking for a better deal at the end of a fixed-rate mortgage deal

• In need of a substantial amount of cash for a big purchase

• Wanting to remove a name from a mortgage in a divorce

• Worried about changes to your current mortgage

• Any other complications to your mortgage situation

If you are not certain how a remortgage would impact you or if it’s the best solution for you, our remortgage brokers in Droitwich Spa, Worcester and Stourport can advise you on the most suitable mortgage deals in the region.

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How Can We Help?

As established mortgage brokers in Droitwich Spa, Stourport and Worcester with nearly 40 years of combined experience, our advisors here at Dream Financial, have access to thousands of remortgage deals. With our industry insight, you can make use not only of deals from major banks but also local lenders, who may be offering exclusive conditions.

The first step is to get in touch with our mortgage advisors in Worcester, Stourport and Droitwich, so we can learn more about your current mortgage, your needs and your financial situation. From there, we can advise you on whether remortgaging is the right route for you, depending on whether any penalties apply under the conditions of your old mortgage.

If we find that remortgaging your property is the right choice for you, we will compare thousands of deals to offer you the right solutions for you. Once you have found your perfect mortgage deal and you are happy to proceed with the remortgaging application, we will guide you through the entire process from collecting the required documents to filling in all the paperwork and getting your new mortgage deal approved and the process is completed.

Why Choose Us

At Dream Financial, we are proud to offer reliable and professional service from the moment you first speak to us to the day your remortgage is complete. Our team of remortgage brokers in Droitwich, Stourport and Worcester are here to help you with:

• 1000s of mortgage deals in Stourport, Droitwich Spa and Worcester

• Four decades of combined industry experience

• Honest financial advice by our experts

• Team of remortgage brokers by your side

• Excellent service tailored to your needs 

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What does it mean to remortgage?

It means changing your mortgage deal by switching to a new lender or getting a better deal from your current lender. The remortgage is taken on the same property that you are currently residing in. 

Is remortgaging a good idea?

Remortgaging allows you to get a better deal than the one you already have and save money on the prices. Also, it could give you the opportunity to take advantage of limited-time deals from lenders that may not have been available at the time when you agreed to your original mortgage.

Can I remortgage to release equity?

Remortgaging can be used as an easy way to obtain cash. You can contact your current mortgage provider or speak to a new lender to release the money. Since mortgage rates are usually lower than loan rates, it’s an appealing solution if you need to borrow large sums of money.

How long before I can remortgage?

Typically, lenders allow you to remortgage after a minimum of 6 months have passed on your mortgage deal.

Do I need to pay extra fees when remortgaging?

The fees owed when remortgaging are similar to the fees you pay in a normal mortgage deal. Your remortgage brokers in Droitwich, Worcester and Stourport will calculate those for you and they will be taken into account when discussing your best options.

What documents do I need for a remortgage?

To apply for a remortgage you will need to show a proof of ID, a proof of address and bank statements for the last three months. In addition to that, you should be able to provide your three most recent payslips (if you are employed) or your accounting history for the last two years (if you are self-employed).

Can  I remortgage if I have a bad credit history?

It is possible to remortgage even if you have had credit issues in the past but you may be required to put up a larger amount of money for the deposit.

How many times can I remortgage?

You can remortgage as many times as you like but it’s always best to consult with a remortgage advisor to find the right option to switch to and to ensure that there are no extra payments that you will need to make based on your current deal.

How can our Buy to Let mortgage advisors help?

There are many factors to consider when applying for a Buy to Let mortgage from getting the best interest rates to the higher deposit requirements, the property type, expected rent and any other legal requirements, such as a landlord’s insurance. This is why having an experienced Buy to Let mortgage advisor by your side can be invaluable to navigate the process.

Get in touch with us for a free consultation and we’ll help you decide on the best steps to take next. Once we know what’s right for your circumstances, our Buy to Let mortgage brokers in Droitwich, Stourport and Worcester will present you with the most competitive deals available for you to choose from. Once we’ve found the best fit, we will help you deal with all the documentation and secure your perfect Buy to Let mortgage deal.

Some of the things we commonly help landlords deal with include:

• Switching to a different Buy to Let mortgage deal

• Expert advice in a complex mortgage situation

• Capital raising solutions

• Retired landlord deals

• House in multiple occupations (HMO) Buy to Let mortgages

• Limited Company Mortgage advice

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Why Choose Us?

Our team of Buy to Let mortgage brokers is always ready to help you master the highly-specialised matter of Buy to Let mortgages. As experienced mortgage brokers in Droitwich, Stourport and Worcester, we also have invaluable knowledge of the local market and we can offer a number of benefits, including:

• Choice of thousands of local and exclusive Buy to Let mortgages

• Industry insight with 40 years of combined experience

• Clear, reliable and comprehensive financial advice  

• Support throughout the entire mortgage process

• Bespoke approach and attention to every client

Who Are Buy To Let Mortgages For?

Thanks to the increase in demand for rental accommodation in Worcester, Stourport and Droitwich Spa, Buy to Let mortgages attract more and more people, as they offer the potential for long-term ROI, an additional source of funds in retirement, as well as an opportunity to expand an already-existing investment portfolio.

Buying your first property? Looking to become an Airbnb host? With our experienced Buy to Let mortgage brokers by your side, the entire process of finding the right deal, applying and securing the fund will go as smoothly as possible. Even if you don’t have experience in dealing with mortgages for landlords, we do - four decades of it, so we can support you from start to finish.

If you have 4+ Buy to Let mortgages, you are officially considered a Portfolio Landlord, as per the Prudential Regulation Authority (PRA) regulations. This means that additional rules will apply to your case and lenders are likely to ask you for additional information. Our Buy to Let mortgage advisors will be happy to assist you with any expert advice you may need.

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What is the criteria for a Buy to Let mortgage?

The criteria will depend on many factors, such as the type of borrower, the type of property, as well as its value and location. Usually, one of the main criteria for getting a Buy to Let mortgage is your ability to pay the deposit. It is usually 25% of the property's value but it could go up to 40%. Also, the projected rental income of the property is taken into account. It must be at least 125% (sometimes 145%) of the mortgage payment value.

Is it illegal to rent a house without a Buy to Let mortgage?

Yes. You are not allowed to let a property under a residential mortgage. You must apply for a Buy to Let mortgage instead.

Is it legal to live in a property under a Buy to Let mortgage?

You cannot use a property that you have financed using a Buy to Let mortgage as your residential home. You will need to remortgage it under a residential mortgage. 

Can I get a second Buy to Let mortgage?

Yes, you can have more than one Buy to Let mortgage. If you have four or more Buy to Let mortgages, other rules may apply, so please contact our mortgage advisors in Droitwich, Stourport and Worcester for more information.

Should I get an Agreement in Principle?

Having an Agreement in Principle drafted and ready to go along with your offer can increase the chances of your offer on the property being accepted.

Why Choose Us

Your first house is not just a property. It is your first home. Having a team of experienced mortgage advisers for first-time buyers in your corner guarantees that the process will go smoothly and you will get the best deal on your first mortgage. Here at Dream Financial, we can offer:

Nearly 40 years of combined experience

Our team of mortgage advisers have been helping first-time buyers secure their dream homes for nearly four decades. This extensive combined experience gives us the industry knowledge to negotiate your way to the best first-time buyer mortgage you can get.

1000s of mortgages to compare

We don’t just look at the first few first-time buyer mortgages on offer. We explore thousands of options, both provided by banks and mortgage lenders who work exclusively with mortgage advisers. By doing this, we ensure that you never miss a great deal.

Tailored approach to each client

Every person’s situation is different and we always take the time to understand you and your needs. You can leave the stress of taking a mortgage behind as we support you along your journey to buying your first home.

We are honest about your finance

We give you the knowledge you need to make informed decisions about your finances by offering straightforward advice. We will help you understand the processes involved and the factors that can influence your financial future.

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How does getting a first-time buyer mortgage work?

If you are a first-time buyer in Worcester or Droitwich, you probably want to know what lies on the road ahead of you. Here’s a step-by-step guide to getting your first mortgage to help you prepare for what’s to come.

1. Book a consultation with a mortgage adviser to hit the ground running

2. Decide what type of property you are looking for and which area you want to live in

3. Calculate how much money you can save each month for your mortgage repayments

4. Get your documents in order. You will need a proof of income (a payslip or SA302s for self-employed professionals) and a recent bank statement

5. Discuss any existing debts with your mortgage broker

6. Got a bad credit score? Speak to your financial adviser on how to improve it

7. Collect money for the deposit. You need to have a minimum of 5% of the property cost

8. Plan your budget and take into account costs such as stamp duty, solicitor fees, broker fees, valuation fees, etc

9. Find out if you are eligible for the Government’s Help to Buy scheme

10. Find a property solicitor to legalise the purchase

11. Get your home insurance and protection sorted

When Should I Contact a Mortgage Advisor?

There are various situations when a first-time home buyer would need to speak to one of our mortgage specialists in Worcester or Droitwich Spa. Take a look at the most popular scenarios below.

Want to know how much you can borrow

You’ve found the perfect property in Worcester or Droitwich Spa and you are ready to book your viewing? Our first-time buyer mortgage advisers can help you calculate how much you can borrow based on your financials.

Need a Mortgage Agreement in Principle

As a first-time buyer, it could be a good idea to have a Mortgage Agreement in Principle drafted before you place an offer on any property. It’s a way to demonstrate commitment and support your position as a serious buyer.

Ready to proceed with a mortgage application

Your offer has been accepted already? Congratulations! Now it’s time to speak to a mortgage adviser to help you find the best first-time buyer mortgage and submit your mortgage application.

A bank has already rejected your first-time buyer mortgage application

Being rejected by the banks can be a discouraging experience for anyone. Your homeowner dream is not over just yet though! Speak with one of our first-time buyer mortgage advisers in Worcester and Droitwich, so we can look at your options in more detail and find a solution.

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We understand that as a first-time buyer you will have dozens of questions about the process of getting a mortgage. We’ve tried to answer the most common questions below but for more information, feel free to contact the Dream Financial team at any time.

Who can get a first-time buyer mortgage?

If you have never owned a property before, you could qualify for a first-time buyer mortgage.If you want to buy a property jointly with your partner but either one of you already owns a property, you will not be eligible for a first-time buyer mortgage.

What are the criteria for a first-time buyer mortgage?

To be approved for a first-time buyer mortgage you must be able to provide enough evidence to convince the lender that you will be able to repay the mortgage. 

The factors that will be taken into account are:

You earnings to determine whether you will be able to make monthly payments

Your savings to demonstrate you have enough money to pay a deposit

Your credit history to ensure you have no recent defaults, IVAs, CCJs, or bankruptcies

What credit score is needed for a first-time buyer mortgage?

There is no set minimum requirement for a credit score for first-time buyer mortgages in the UK. However, a bad credit score will significantly reduce your chances of securing a mortgage.

How much deposit will I need?

You should have at least 5% of the property price in savings to be able to get a mortgage. Normally, deposits are between 5% - 20%. Contributing more from the start helps reduce the amount of money you need to borrow.

How much can I borrow as a first-time buyer?

The answer to this question depends on various factors. When calculating how much you can borrow, your first-time buyer mortgage adviser will look into the following:

• How much you earn

• How much you spend on average each month

• Do you have any outstanding debts

• Your age (people aged over 65 might find it difficult to get a first-time buyer mortgage)

• Your credit history

• The property you want to buy (older properties in need of extensive repair or unconventional constructions may discourage lenders)

Does being a first-time buyer give me an advantage?

Yes, not having a property to sell means you don’t have to worry about the property sale chain. This could make your offer more attractive.

Repayment mortgage vs interest-only mortgage?

When you choose a repayment mortgage you have lower interest rates and you pay a chunk of your mortgage every month. Once this is repaid, you fully own the property.

With an interest-only mortgage, you keep your outings to a minimum as you repay the interest only (which is usually higher). Once this is repaid, you will have to find other ways to pay the outstanding balance for your property.

What types of mortgages are available?

There are three main types of mortgage repayment plans you can choose from:

Fixed rate mortgages: Your interest rate will remain the same for the agreed period of time (2, 3, 5 or 10 years)

• Tracker rate mortgages:
Your interest rate will go up and down in relation to the Bank of England’s base rate

• Offset mortgages:
You can use your savings to reduce the length of your mortgage or the monthly repayment amounts

How long does it take to get a first-time buyer mortgage?

Usually, if everything is in order, the mortgage application process takes between 4 and 6 weeks to be completed.

Do I need to hire a solicitor?

Yes, you will need to hire a solicitor to make sure the property purchase contract is legally binding. 

What schemes are available for first-time buyers?

There are several schemes available for first-time buyers in the UK, including the Help to Buy and Right to Buy schemes.

Do I need to take insurance or protection?

Yes, it is important to take the necessary insurance or protection to keep your new home safe.

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Insurance and Protection Services

Protection refers to different types of life and other protection insurances which are put in place to help protect you, your income and your family from unforeseen events such as critical illness, death or extended periods off work.

Your protection needs will change throughout your life as your family situation, employment and financial situation changes. It is important to consider what you may need and require but also ensure that this is reviewed regularly to make sure that it is still suitable for your needs.

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Choosing a mortgage is one of the most important financial decisions you will make. At Dream Financial we aim to take the stress out of that decision by providing you with fully tailored support, and at any time and location which suits you. 

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