Residential Mortgages

Mortgages for first-time buyers are essentially the same as any other type of mortgage for a house-purchase. However, the lack of experience that first-time buyers have in the property market means that we take additional steps to establish affordability and ensure that our clients can comfortably meet the ongoing costs of their mortgage.

 

As well as this, we are determined to ensure that first-time buyers are guided throughout the mortgage process and all of their concerns are fully addressed. For this reason, our expertise in the industry is an indispensable asset.

Mortgages do not have to be limited to private properties; rather, we can provide advice on how to purchase your existing council house or flat. A Right-to-Buy mortgage is treated largely in the same way as a conventional residential mortgage and a borrower can benefit from the same perks. In fact, recent government legislation has made acquiring a property via a Right-to-Buy scheme more attractive than ever. Public-sector tenants can be eligible to purchase their council homes at discounted rates below the market value and thus acquire a mortgage they otherwise might be unable to.

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However, with continuous changes to legislation and additional paperwork, we understand that a Right-to-Buy mortgage can be challenging to obtain. Criteria can often vary considerably between lenders with some not accepting a Right-to-Buy mortgage at all, and others entirely waiving a deposit requirement. Yet, these challenges can be mitigated with the help of an experienced broker like ourselves. 

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For home-movers, we recognise the additional challenges that come with moving into your dream home. Transferring a mortgage to a new property can be often be complex and the costs associated with moving are often high. The absence of stamp duty exemption and increased legal fees mean that we take extra care with our clients to ensure that they meet affordability requirements. However, we also recognise that the costs are not only financial but can be mental and emotional too. As such, we regularly work with our clients to ensure that the home moving process is as seamless as possible. 

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We can help you to 'port' your mortgage. Meaning, if you have an existing mortgage which you wish to transfer to another property or to a cheaper lender, we can do so and thereby save you thousands over the term of the mortgage.

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We also recognise that moving-home mortgages often involve the sale of a property which can accentuate the stress of an already difficult process. For this reason, we are committed to working and liaising with estate agents, solicitors and relevant parties to secure a smooth transaction.

A mortgage does not always have to be limited to the purchase of a property; rather, it can involve borrowing on the equity within your existing home. This is often an effective financing solution for borrowers who have equity in their current home and wish to spread their costs over a long period of time. 

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Remortgages can be taken out for a number of reasons, which include:

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1. Debt consolidation- the funds from a remortgage can be used to redeem existing short-term debt, which can often have high interest rates. The benefit of this is that the cost of debt repayments is spread over a longer term at a considerably lower rate. Although debt consolidation can be an effective solution, we realise that it may not be for everyone and will always consider alternative options when assessing what is best for our clients.

2. Capital raising- remortgage funds can be used for investment. This may be to purchase a buy-to-let property or for investment in a business. Whatever the reason, Hilton Finance is here to help you secure a remortgage.

An expat mortgage is a loan you would take out on a UK property if you are a UK expat i.e. a British citizen living abroad. This is different from an overseas mortgage, which involves taking out a mortgage for a property that’s not in the UK but overseas.

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Given this, expat mortgages present additional challenges to lenders. The difficulty of verifying the credit worthiness of an applicant, who does not live in the UK, means that the number of lenders available is considerably fewer. There is also additional complexity associated with income and taking into account multiple, complex sources of income, such as offshore investments. 

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For these reasons, having an experienced broker like Hilton Finance, who has access to a variety of specialist lenders, can become an invaluable asset in any expat application. In particular, if you're planning on returning to the UK and require a residence, we can help you secure a home for your homecoming.