30Jan2019

Why You Need a Conveyancer When Moving Home

Moving home is a complicated process, especially if you are buying a house, or in a house chain where you are both buying and selling a property. The many legal ins and outs can be difficult to get right without the requisite knowledge and experience, and that is why it is always beneficial to hire the services of a professional conveyancer to ensure that everything runs as smoothly as possible when moving house.

A specialist conveyancer is helpful in many different ways. From start to finish they are with you throughout the process, from the moment you put in an offer on a property, until completion. A good conveyancer understands the processes and potential restrictions and pitfalls that you may face and will handle all the legal contracts relating to the sale or purchase of a property.

They will be there to offer experienced legal advice at every stage of a property transaction, and perform the relevant legal duties and searches that help a property transaction to be completed as smoothly and quickly as possible, including all land registry applications and local council searches. They will also transfer funds to pay for the deposit of a property once an agreement has been made.

If you would like to find out more about the importance of conveyancing, and would like to speak to a friendly member of our team, please feel free to contact Central Mortgages today on 01277 630 183 or email office@centralmortgages.net.

18Jan2019

What to Look out For When Buying a New-Build Home

When you are in the market to purchase a home you will have a few considerations to make, from the location, your budget and mortgage requirements, as well as whether you would like to live in a traditional property or a new-build home.

If you have decided to go with a new-build home you may have been invited to view the property before completion, it is always worth getting an independent inspection as part of the process. Although a new-build suggests everything should be spot on as it is brand new, there are little snags and defects reported in many new-build homes once people have moved in.

Take the time to view the property and list any problems or potential problems prior to moving in. Equally, you may have been asked to customise certain aspects of a new-build that make it different from the show home on site. Little things from the positioning of a plug socket, to a light fitting can make a huge difference to how you live in the home, so make sure everything is in the right place, and ask yourself is it worth paying for relatively small changes in the grand scheme of things.

Before agreeing to purchase a new home, don’t be afraid to haggle on the price with the developers or, if they will not move on price, enquire on any potential incentives they can offer. Always be prepared for the time it takes for construction to be completed, and expect delays.

At Central Mortgages we have access to a wide range of mortgage providers. If you are interested in finding out more information about mortgages for new-build homes we are here to help. Speak to a member of our team on 01277 630 183 or office@centralmortgages.net.

11Jan2019

What are the Changes to HMO Rules?

1st October 2018 saw changes to the law around HMO (House in Multiple Occupation) legislation, and if you are considering purchasing a property with a buy-to-let mortgage it is important to understand exactly where you stand, and what your own legal responsibilities and obligations are.

The changes to HMO licensing scrapped the three-storey rule, with mandatory licensing previously applying to HMOs of at least three-storeys and at least five occupants in two or more family-units. The changes brings into play purpose-built flats where there are up to two flats in the block.

Properties will now be subject to mandatory HMO Licensing if they fit the following criteria:

  • There are five or more people occupying the building
  • There are two or more separate households
  • The property meets: the standard test, self-contained flat test, converted building test

The Order applies to all HMOs in England but does not apply to any blocks of flats that have been converted. These are bound to section 257 of the Act. For any landlord or potential landlord subject to the new HMO mandatory licensing there are a few minimum requirements to adhere to.

These include minimum room sizes, with no room under 4.64m2 legally allowed as sleeping accommodation. Any rooms under this size must be stated clearly to the local authority.

If you are considering becoming a landlord of an HMO and you are looking for mortgage advice, our friendly team at Central Mortgages is here to help. You can speak to us by calling 01277 630 183 or by emailing office@centralmortgages.net.

4Jan2019

Weighing Up Whether to Buy an Old House

Choosing what type of house you want to buy is a crucial decision that will shape how you live your life for the next few years, maybe decades. There are many pros and cons to both old, traditional houses and new-build properties, and it is important to fully understand the entire picture before committing to a mortgage on a property.

What are the benefits of moving into an old house?

The first thing to comment on is the real positive character and aesthetic that can be found in many traditional homes. Older houses have a lot more detail and fancy finishing touches that you find in the majority of modern day homes. The older the home, the more charming it is likely to be.

Older homes are also built to a larger size than modern homes in most cases, with much more space for you to experiment with and utilise spaces in different ways. If you are looking for a home to grow into, if you have plans to raise a family or a business from home, an older property might provide you with more space.

It is also worth looking at the cost of maintenance and other factors that will affect the price of both older properties and new builds, as this will impact on your ability to live in the property in a cost efficient manner over the years to come.

At Central Mortgages we understand how to find you the best mortgage solutions for your specific desires and budget. If you would like assistance in finding the right mortgage provider to help you secure an old house, contact our team on 01277 630 183 or office@centralmortgages.net.

30Dec2018

How to Choose the Right Path When Purchasing Foreign Property

It is important to have an in-depth understanding of your finances when buying property in any location, but it is even more important when looking to purchase property in a foreign country. At Central Mortgages we have a wide range of contacts within the mortgage market, and can help you find the right financing to suit your needs, no matter which country you are seeking to buy within.

With our connections, knowledge, and insight, you can have peace of mind that everything is being done on your behalf to secure the right type of funding for your dream property abroad.

Having the knowledge of expert mortgage specialists is a must when it comes to looking for property to buy abroad. Here at Central Mortgages we can help you understand the fluctuations and complexities of the exchange rates and how this can have an impact on the value of your property, as well as the case being used to pay for deposits and mortgage repayments in the longer term.

The mortgage rates will also vary from country to country, quite drastically so in some cases. It is therefore vital that you have complete understanding of the lending rates in each country, as well as overcome potential obstacles and restrictions to foreign ownership in some locations. All of this is vital before committing to any long-term mortgage deal.

You might still be able to acquire a mortgage for a foreign property in the UK, but it isn’t always a practical option. For more information, help, guidance, and access to our network of specialist mortgage providers, contact Central Mortgages today on 01277 630 183.

21Dec2018

How to Put Away the Right Amount of Deposit as a First Time Buyer

As a prospective first-time homeowner in the UK things have never been tougher. The traditional UK lending streams have put in place much stricter terms for securing a mortgage, and the average deposit on a property now stands at around 20% of the total value of the property. This proves a stumbling block to many people wishing to own a home and put the first steps on the property ladder, but it isn’t impossible.

There are a few options open to those looking to put together a deposit for a property. Parents and other family members may have the means to lend or gift a lump sum; help-to-buy schemes are in existence, as well as the choice of shared ownership of property with friends or strangers. All of these options can help to reduce the burden of saving for a large deposit on your own.

It is important to understand the amount of money required in order to put down a deposit. Research the locations and areas that you would like to live, work out average house prices, and take on board professional advice as to what you can expect to receive from a mortgage lender. From there you can work out a strict budget and savings plan to help you meet your target goals.

Once you stick to a regular plan the end result is in sight. Speak to the friendly team at Central Mortgages and we can help you find a mortgage lender that suits your specific needs and budgets, helping you to secure your first home. Call us on 01277 630 183 or email office@centralmortgages.net for more information.

15Dec2018

What is Mortgage Protection Insurance?

Securing a mortgage is a dream for many people. Setting up your finances in a way that secures a mortgage on a property where repayments are manageable and within your means is vital and must be carefully considered prior to any agreement.

There are dreadful circumstances beyond out control however, that could mean we are unable to make those important mortgage repayments. What happens then? With mortgage protection insurance, you have that peace of mind that in the worst-case scenario, your mortgage is covered and you don’t have to worry about you and your family losing the home.

The first area where mortgage protection insurance is important is should you have suffered an accident. Whether an accident at work, a road traffic accident or other type of accident, an injury can lead to a long-term change in lifestyle, home modifications and inability to work in some cases. The same stands for long-term illness and sickness, with those suffering from terminal illness wishing to keep up with mortgage repayments despite being unable to work and requiring intensive treatment.

 Mortgage protection insurance is also a safety net where unemployment is concerned. If you have gone through a redundancy process you may struggle to make ends meet and have the means to pay bills in the short-term. This cover enables you to keep your home safe whilst you look for new work.

For more information regarding mortgage protection insurance contact the Central Mortgages team on 01277 630 183 and we’ll be happy to discuss your specific situation and other financial service that could assist you at this time.

7Dec2018

Benefits to Taking Out a Mortgage

There comes a time in life when you start to consider whether to gain a foothold on the property ladder or stay renting for the foreseeable future. If you are considering buying a home, the experts here at Central Mortgages can help you secure the right type of funding to make the dream a reality.

In terms of benefits, there are several when it comes to taking out a mortgage. Purchasing property to live in is a massive transaction, maybe the biggest you can make in life. This shouldn’t be daunting though, as it is a payment spread over 25-30 years in most cases, lessening the burden and ensuring you have an affordable future.

With our range of contacts you’ll also have access to a wide range of financial services and mortgage-related products. We can help you choose the right type of mortgage for your specific needs and budgets, from a fixed-rate mortgage, to a tracker mortgage, discount mortgage or offset mortgage. Even if your situation changes at some point in the future, you’ll have the property to pay back the mortgage.

Having a regular mortgage repayment to make also helps your overall credit score and history. In the future, if you are in need of a loan or wish to remortgage your property in order to release finance, your credit score will have an impact, and will have been improved through regular mortgage repayments.

For more information about how to secure a mortgage, speak to our friendly experts at Central Mortgage by calling 01277 630 183 or email office@centralmortgages.net and we’ll return to you at your convenience.

29Nov2018

Why You Should Sign Up For Critical Illness Cover

You can never be entirely sure what is going to happen in life. At certain times in life we can suffer from illness and injury that takes us away from our everyday life and prevents us from continuing to work and make a living. One way that you can place a safety net on your life and finances for the future is to purchase critical illness insurance cover.

With critical illness cover you are safeguarding your future, with a secure plan of action that saves you and your family in the worst situations where money could potentially be tight.

Critical illness cover can help you be prepared for a range of medical situations, including:

  • Permanent disabilities caused by an injury or illness
  • Debilitating conditions, such as Multiple Sclerosis
  • Some types and stages of cancer
  • Heart attacks and strokes

There are certain conditions that have to be met with every type of critical illness cover, with the ability to claim a tax-free lump sum payment upon a confirmed diagnosis that meets the criteria in your cover. The lump sum payment is made to the beneficiary listed, ensuring that mortgage payments are continued, and that bills can be paid on time.

Central Mortgages has a team that is here to help you with your queries. We are happy to set you up with financial services that provide you with a safety net for the worst future circumstances. For more information you can call us on 01277 630 183. Alternatively, you can email office@centralmortgages.net.

22Nov2018

Protection from Future Problems with Mortgage Protection Insurance

If you own your own home you will be fully aware of the stress and complexities with acquiring a mortgage in order to see your dream become a reality. Once all of that hard work has come to fruition, you’ll be wondering about potential pitfalls in the future. What would happen, for instance, should you be unable to keep up with mortgage payments due to unforeseen circumstances?

Mortgage protection insurance is a safeguard in such instances, helping you to build a home and a life, with peace of mind that you are covered in the worst circumstances.

Sickness and Long-Term Illnesses – If you have suffered an illness or sickness that has meant an extended time away from employment, or you have been diagnosed with a terminal illness, your cover ensures you can keep up with mortgage repayments.

Accident or Injury – You might have been involved in an accident at work, slipped in a public place or been involved in a road traffic accident. If you require some time off work in order to recover, mortgage protection insurance can cover the cost.

Redundancy – Those individuals who have suffered redundancy will be working through a range of emotions, worried about where the next payday is coming from. With this type of cover you can at least ensure your home remains safe whilst you look for new work.

If you want to protect you and your family from future problems with mortgage payments, should unforeseen circumstances change your life, mortgage protection insurance could be for you. To find out more, call our team today on 01277 630 183.

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