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.


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.


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.


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.


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.


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.


How to Protect Your Property with Landlords Insurance

A landlord has many different spinning plates to take care of at any given moment. There are vacant properties to fill, tenants to screen and look after, maintenance and repair issues and acts of damage (accidental and otherwise). Landlords insurance is a way of protecting against certain scenarios that are beyond your control, including any legal liabilities linked to the misuse of property by tenants, or structural damage.

Landlords insurance will help you to protect your long-term property investment. It provides a landlord with peace of mind, as it is can be, at first, a worry to hand over a property to tenants that you don’t know and hope that they look after it well. After all, it is your financial investment.

You’ll also be able to guarantee rent in the event of a tenant breaking your contractual rental agreement. If a tenant is refusing to pay rent, or the property is being repaired and you cannot charge rent for a short period of time, your insurance cover can make up the slack. You can identify a policy that covers a certain period of time in these situations.

With the right type of insurance cover you can make sure that when an emergency repair or structural maintenance or repair job comes up, the work can be completed as quickly and effectively as possible, without losing out on much time.

The Central Mortgages team can help you discover the benefits of a range of Landlords Insurance policies. For more information call us on 01277 630 183, or email office@centralmortgages.net.


Be Prepared When Applying for a Buy-to-Let Mortgage

If you are considering a buy-to-let mortgage there are a few things that you need to consider. A traditional residential mortgage is taken over an average period of between 25-30 years. In these cases, the salary (or salaries) of the applicants will be taken into account.

For a buy-to-let mortgage there are a few things to understand before applying:

The first thing is to understand that you will most likely require a larger deposit than you would for a residential mortgage. Buy-to-let mortgage applications run through stricter criteria and require a bigger financial commitment up front.

Be thorough with your rental forecasts and business plan for the property. Your personal income will be taken into account when applying for the mortgage, but you should also have a thorough forecast in place for expected future rental income.

Choose wisely between traditional mortgage repayments and interest only payments. It will take you longer to pay back a mortgage with interest only payments, but there are tax benefits and lower monthly payments, which are enticing at the early stages of owning a property.

Whatever you choose to do, be prepared for periods where your property is vacant. Void periods happen to every property at certain times, and you need to have a plan in place to cover for those periods and be able to make mortgage repayments.

A buy-to-let mortgage is a perfect opportunity to build a property portfolio. Call us at Central Mortgages on 01277 630 183 to find out how we can help you get started.


The Benefits of a Buy to Let Mortgage

Buy-to-let mortgages are still a popular option for many property investors in the UK despite the complexities faced with Stamp Duty and the impending Brexit process. There will always be a demand for housing, and a buy-to-let property could be the perfect option for a successful new business plan. Let’s take a look at the benefits of a buy-to-let mortgage.

Investment in property offers a reliable source of investment as it provides you with a real asset that can be used for future financing of projects, as well as providing a potential steady source of income.

As a regular source of income you can build a property portfolio that includes high rental yields in multiple properties. Another source of income is through general capital growth, especially if you buy property in an area where property and rental prices continue to rise.

With renting remaining a popular accommodation option for large portions of the population you will always have a steady income, but even in cases where a property is left vacant, your asset will continue to appreciate in value.

The cost of a buy-to-let apartment could be the perfect scenario for a new property investment, with a lower price than a house, but with an attractive option for many single, young professionals in terms of rental yields.

Buy-to-let property also gives you the chance to build a long-term project, with long-term tenants providing you with a stable foundation from which to grow.

If you would like to find out more information about buy-to-let mortgages contact our expert team today. You can speak to a Central Mortgages specialists by calling 01277 630 183 or email office@centralmortgages.net.


Tips for First Time Home Buyers

It can be difficult to gain a foothold on the property ladder as a young person in the UK these days. High deposit requirements and stricter lending requirements in the last ten years has led to a more pessimistic outlook than in previous generations. At Central Mortgages we believe that everyone deserves a chance to own a property if they are willing to demonstrate a plan for the future. Here are some tips for first time buyers looking for a home to call their own.

Keep Saving – It might sound simple, but it is vital. Come up with a strict saving plan that you can stick to. We have a wide range of mortgage providers as part of our network, and with high loan to value ratio mortgages on the marketplace, if you manage to save a large amount for a deposit, you can lower your monthly repayments in the process and cover legal fees.

Budget Accordingly – Take a good long look at your incomings and outgoings each month, and look at areas where you can cut your spending. This can be as simple as taking lunch into work everyday rather than buying lunch and drinks in the office or on your break, to switching energy provider or car insurance.

Check Your Credit Score – Before applying for a mortgage it is important that you have an awareness of your credit history. We can help those applicants with adverse credit but the better your credit history the better the mortgage you can get. Look at your credit report and analyse for any faults, as incorrect information can make a big difference to your chances of acquiring a first-time mortgage.

To find out more information about finding a mortgage as a first-time buyer, call Central Mortgages on 01277 630 183 or email office@centralmortgages.net.

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