Products

Click on the following to go to the required information:

Self-certification / Self employed mortgages

First time buyers / 100 % mortgages

Re-mortgaging

Buy-to-lets

Adverse credit mortgages

Right To Buy

Overseas mortgages

Self-certification mortgages and the self-employed

Self-certification mortgages are aimed at those who can find a reasonably sized deposit but are unable, for a variety of reasons, to show their true income. They are therefore ideal for the self employed - either people with their own business or those on short-term or part-time contracts.

Although mainstream banks and building societies prefer to cater for those in standard full-time employment, there are an increasing number of specialist lenders who offer innovative solutions to those with different working patterns, or those dependent on large bonuses for their income and require a more flexible approach.

The amount of deposit required for self-certification mortgages usually depends on the value of the property: normally a 15 per cent deposit up to £250,000, and between 20-25 per cent for properties worth over £250,000.

The great benefit of self-certification mortgages is the amount you borrow is based on the income you claim, stated in a signed declaration in the mortgage application form. You do not have to prove your income on the basis of audited accounts.

The overall cost for comparison is 8.8% APR. Actual rate available will depend upon your circumstances. Please ask for a personalised illustration. Rate correct as of 7/6/2008
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First time buyers and 100 % mortgages

(100% mortgages not available until the mortgage market has improved)

Getting on the property ladder without specialist help can be a daunting experience. Which is why many first time buyers find Homesearch Mortgages market expertise and jargon-free advice invaluable.

One hundred per cent mortgages allow you to buy a property outright - i.e. your house costs £120,000 and you borrow £120,000. They are ideal for borrowers who don't have a deposit, often first time buyers.

There are some good deals around for 100 per cent mortgages and lenders often offer a range of inducements and incentives, such as stamp duty and legal fees. However, you will pay a higher interest rate for these mortgages and will most likely have to pay a higher lending charge.

Homesearch Mortgages can help you avoid the common pitfalls and will keep you updated with the progress of your mortgage offer. In other words, we can take the worry out of the mortgage process - so you can concentrate on choosing your colour scheme!
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Adverse credit mortgages

Over the past few years, lenders have become much more sympathetic to those with previous or existing credit problems. There are now many competitive schemes available for first time buyers, re-mortgaging, buy to let, council right to buy, self-employed and shared ownership.

The overall cost for comparison is 8.8% APR. Actual rate available will depend upon your circumstances. Please ask for a personalised illustration. Rate correct as of 7/06/08
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Re-mortgaging

Are you thinking about re-mortgaging? If you’re unhappy with your current lender or believe you are paying too much, why not talk to Homesearch Mortgages. We are on hand to give friendly and clear advice when you need it.

Many of us in the UK are currently paying our mortgage lender’s Standard Variable Rate (SVR), which does not represent good value for money. By switching to a market-leading rate, you could save money, release equity or both. Re-mortgaging simply means switching your mortgage to a different lender.
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Buy-to-lets

Over the past few months amidst all the doom and gloom about the housing market and about buy-to-let properties in particular there is at last a glimmer of hope for buy to let investors and therefore would be buy-to-let landlords.

Firstly rents are on the increase- particularly in London. This steady increase is being fuelled to a great extent by all the uncertainty in the property market causing many prospective buyers to rent rather than buy whilst they save their deposit, particularly first time buyers.

However, there is much more exciting news which will bring a smile to the face of every buy to let landlord. In a nutshell there are tremendous tax savings to be realised with immediate effect.

Although it is not widely known, the Inland Revenue has recently clarified the rules with regard to the tax deductibility of mortgage interest against rental income, with surprising results.

It has long been the accepted wisdom that mortgage interest can only be offset against rental income if the borrowings have been taken out specifically to purchase or improve the property which generates the rental income.

The Inland Revenue, however, have now reclassified buy-to-let income and now accept that since buy-to-let- investments are a business like any other the profits and capital introduced can be used or withdrawn as the proprietor sees fit.

As a consequence of this owners of buy to let properties who are looking to perhaps expand their property portfolio have the ability to re-mortgage and release equity from their existing properties and use it as a deposit on new properties whilst gaining hitherto unobtainable tax benefits.

Similarly those owners looking to re-mortgage in order to improve the property, could now benefit from a tax deduction for the total interest borrowed and not just the initial loan, obviously subject to rental income meeting lenders buy to let criteria.

The key to all this is the value of the properties when first let- our advisers are waiting to discuss with you the detail of how this works in practise.

Buy to Let mortgages may not be regulated by the Financial Services Authority.
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Right to buy

If you have been given the right to buy your council home, and assuming you receive your discount entitlement, you may not even require a deposit to become a homeowner and stop paying rent.

The overall cost for comparison is 8.2% APR. Actual rate available will depend upon your circumstances. Please ask for a personalised illustration. Rate correct as of 7/06/08
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Overseas mortgages

You can now get mortgages to buy overseas properties as holiday homes and investment purposes.

With many owners enjoying hugely increased equity in their UK property, after the phenomenal growth of the UK property market in the last few years, in our opinion there has never been a better time to buy a second property abroad as a holiday home, or to invest in a property abroad as a more long term project, either as a retirement home or complete lifestyle change.

If you have a residential property here in the UK, you could re-mortgage to a better rate and capital release at the same time if you wish to purchase abroad.

When purchasing properties abroad in a local currency, it is vital to remember that fluctuating foreign exchange rates will directly affect the Sterling price that you pay for your property. In many cases, buyers will need to make a number of staged payments over the duration of the property purchase and it is essential to understand the implications of rate fluctuations over that period. In recognition of this fact, and to help our customers, Homesearch Mortgages recommends HIFX Foreign Exchange .

Homesearch Mortgages specialise in helping clients buying in South Africa.

Overseas Mortgages are not regulated by the Financial Services Authority
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We do charge a fee for mortgage advice. The precise amount will depend upon your circumstances. A typical fee would be £395.