Mortgages
Independent, whole of market advice assisting you to obtain and manage financing for your perfect home.
Appointments to 9pm, Low or No Fees, with all Financial Advice services available in house.
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Mortgage Advisor
What we do
We implement and advise on all mortgages across the UK market. We work with you to find the right lender, product and interest rate for you and your specific circumstances and requirements.
How we do it
With 10 years’ experience, Open Financial Advice has full detailed knowledge of mortgage acceptance criteria for each bank and building society – each is different to the other. We understand exactly what is required throughout any full process from start to finish to guide you and we also have a business relationship with all UK lenders. All of this enables us to act on your behalf for the best client outcome both initially and for the future in a long-term working relationship.
Why work with us
Putting you first is at the very heart of what we do! We offer low fees and can beat any fee quotation from an alternative firm, arrange in person, telephone or virtual meetings up to 9pm and we take a fully holistic approach to your personal finances. We advise not only on the initial mortgage, we’ll also automatically be in touch when it’s time to renew again, always.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Residential Mortgages
When seeking a mortgage for a residential property purchase for a property for you to live in, the multitude of lenders and their extensive product offerings can make it difficult to weigh up their true cost, benefits and restrictions. With varying criteria and affordability considerations, the process may also seem overwhelming in starting to a resulting completion.
Our expertise guarantees that we can navigate through this complexity, identifying the most fitting option for you and providing recommendations on the most suitable product. Residential mortgage affordability is based upon income vs expenditure calculations, and we’ll be able to confirm the best option for you.
First time buyers
We have a special affinity for First Time Buyers!
Purchasing your first home is a significant milestone, and we see it as an honor to assist you in reaching this goal. First Time Buyers often enjoy perks such as smaller deposits and no stamp duty. Throughout the entire process, we’ll be with you every step of the way, identifying the most fitting product and scheme for your needs, and simplifying explanations along the journey. Any clients advised for on mortgages will automatically be contacted as they reach the six month interest rate expiry window under our duty of care to review remortgage/product transfer/rate switch options which you can find information on below.
Remortgages
Re-mortgaging involves transferring your mortgage to a new lender, typically as your current product approaches its expiration. This ensures you have a competitive scheme in place for the end of your current rate. The process is straightforward, though subject to affordability and typically a free valuation and free conveyancing is available.
Due to being Whole of Market, relying on our expertise to guide you towards the right lender and product has the potential to save you thousands of pounds in interest payments. A remortgage can be prepared within the last six months of an existing mortgage interest rate coming to the end of its introductory term with a view to ensure there is a plan in place to protect against any lenders variable/SVR rate which is much higher.
Any clients advised for on mortgages will automatically be contacted as they reach the six-month interest rate expiry window under our duty of care.
Speak To An Expert
We’re here to advise you in a holistic way to help you meet your goals now and in the future.
Product Transfer / Rate Switch
Product Transfers and Rate Switches (terminology depending on lender but are identical) are products available for existing mortgage borrowers with the existing lender which we can also access for you. These products are typically available when there are no mortgage arrears and no late payments within the term of the original interest rate. This process requires no affordability assessment, valuation or conveyancing process and as a result can be straightforward for clients. As a result, this is a rigid process – no capital raising, debt consolidation or material change can be made to the mortgage account typically in this process.
Banks tend to offer different product transfer/rate switch products to those the same bank offers on the remortgage market which can be positive or negative and often a specific product type that may be needed could potentially not be available. Comparing both whole of market remortgage options against product transfer/rate switch rates is a core part of initial remortgage advice to ensure the best outcome can be made for you.
Buy–to-let
If you’re embarking on the journey to acquire a property for the purpose of becoming a landlord and renting it out, a Buy-To-Let mortgage is essential. These mortgages come with distinct criteria, primarily assessing affordability based on rental income, and each lender has unique underwriting requirements. With our comprehensive market advice service, we are well-equipped to guide you in selecting the most suitable lender and scheme tailored to your individual needs.
The Financial Conduct Authority do not regulate buy to let mortgages.
Offset & Interest Only
If you’ve accumulated substantial savings, an Offset Mortgage could be the optimal choice. Your savings, held with a lender offering Offset mortgages, are used to offset the interest charged on your mortgage, resulting in considerable savings in interest charges.
For those with substantial equity, a high income, or both, Interest Only may be a suitable option for you to free up more disposable income for use in other purposes. Interest Only results in debt not being repaid and can be more difficult to obtain that standard repayment residential mortgages. Buy to Let mortgages are typically Interest Only as standard.
Commercial, Bridging Finance and Specialist Buy-to-Let
These areas of property financing are often bracketed together due to their specialised nature and purposes often requiring a more specialised collective view. Many of the same lenders that offer one type of financing of this kind also offer the other and are typically not accessible without an adviser. The uses of this financing type can range anywhere from a property development bridging loan for a property, purchase at auction, to business use commercial or industrial property financing or refinancing, to large HMO rental properties too large for standard buy to let lending. Through our experience we’re able to identify how best your specific requirements will be met with interest cost and value being at the forefront of our advice.
The Financial Conduct Authority do not regulate buy to let mortgages.
Self Build Mortgages
Building your dream home is likely a universal aspiration, and with the assistance of self-build mortgages, it could become a reality. These mortgages are intricate and specialised, releasing funds at various stages of the construction process. Self-build mortgages encompass multiple facets, including acquiring a plot, meeting lending criteria, and engaging a builder for the project. Despite the complexities, the advantages of constructing your own home are clear.