What can we help you with?
Whether you're a first-time buyer or an existing homeowner, we can offer expert advice and assistance on securing your dream home.
First-Time Buyers
If you are a first time buyer, Taylor-Hall are here to make your journey to owning a property a little easier.
With 50 years of experience in the financial sector, we are able to offer you reliable and professional advice on the best mortgage, to help you create your home for the future.
If you are finding it challenging to reach the minimum deposit that is required, you may be able to use one of the government mortgage schemes, including Shared Ownership Scheme, Mortgage Guarantee Scheme, and the First Home Scheme.
Understanding the process of taking out a mortgage is often one of the biggest challenges for first time buyers, but our friendly team of mortgage specialists are able to guide you in a way tailored to your circumstances.
We can help you with:
Finding out how much you can borrow
Pre-Approval, with a decision in principle
Locating the perfect property
Finalising your mortgage application
Finding a Conveyancing Solicitor
Moving-in day!
Pre-Approval
Getting a mortgage can be an incredibly stressful process and pre-approval can help alleviate that.
Mortgage companies can give you an informal document called either an Agreement in Principle (AIP) or Decision in Principle (DIP) to say that you'll be able to borrow from them if you meet their criteria.
Having these documents can streamline the process of approaching a seller. The documents say that you have enough funds to make an offer on the property.
Let us help you get pre-approved!
Purchase
One of the main reasons moving home is so stressful is that you will be purchasing and completing a sale at the same time.Whether you’re upgrading to a fancy new flat, downsizing to a cosy little cottage, or buying a New Build, moving home can be a busy and stressful time. With so much going on, there’s one thing you don’t want to be worrying about – your mortgage. We use the latest technology coupled with our 50 years' experience to search through 1000s of mortgage products to find the ideal one for your current financial and personal needs.
At Taylor Hall Financial Services, our experienced advisors are available to help walk you through the process of moving your mortgage to a new property. Whether you’re simply porting your current mortgage across, switching lenders after a change in circumstances, or applying for a new mortgage to cover the new property’s value, you can relax knowing that you’re in capable hands with our 5* Google reviews as testament.We've helped hundreds of valued clients from all over the North East move home quickly and easily using our professional, friendly mortgage advice. Your Mortgage advisor will take note of your current circumstances and help find the most suitable course of action. We walk you through every step of the way, handling all the paperwork and communications on your behalf; that's the Tayor Hall way!
Request a callback and we'll be in touch soon.
New Builds
Purchasing a New Build Property
Imagine stepping into a brand new home, fresh from the builders ready to be filled with life! That's the magic of a new build.
Modern Living: Everything is brand new and you have often had an input on interior finishes.
Energy Efficient: Usually, new builds are designed much more climate-consciously with eco friendly appliances and excellent insulation.
Financial Options: There are plenty of schemes like the 5% deposit scheme, Own New and many others to get you on the property ladder.
With a new build, you’ll often exchange contracts several months before you can actually move in. This might involve a short stop date and a long stop date, which are the dates when the developer expects work to be completed and when the home has to be completed by respectively.
Remortgaging
Our unique, fee free remortgage service.
In today's competitive market, many borrowers choose to switch their mortgage every few years, to take advantage of the new rates on offer. Those that remain on their lender’s SVR (standard variable rate) after their initial product ended could lose out on a range of potential benefits, not least the opportunity to reduce their monthly payments, which could be a significant margin in some cases.
Some common reasons for wanting to remortgage your home:
Remortgaging can help you save money if your fixed rate or deal is about to end. Rather than go onto your lender’s SVR, which is normally significantly higher than their introductory rates, you can change lenders and take out a new deal.
To Consolidate Your Debts:Remortgaging can allow you to consolidate other debts, like credit cards balances or unsecured loans. You release some of the equity in your home and take out a new mortgage with a new lender for a higher amount, then you use the additional money to pay off your other debts, consolidating them all into one loan, your new, bi-mortgage.
To Raise Money:Sometimes a higher income or a rise in your property's value means you could remortgage and raise more money to help pay for major outgoings, like home improvements, divorce settlement, a wedding or your child's university costs. This could save you from needing a separate loan.
To Avoid Moving Home:A remortgage can be a convenient way to raise funds for home improvements - like an extension, an upgraded kitchen or a second bathroom. That way, you can accommodate changing priorities within the family without the stress of moving.
*Capital Raising and debt consolidation cases have a small charge due extra administration work involved
Buy To Let
As an independent mortgage broker with over 50 years of experience, we're perfectly placed to advise you and find a mortgage that matches your property needs.
Whether you're an experienced portfolio landlord or are investing in a "Buy to Let" property for the first time, Taylor-Hall Financial Services can help you understand how to take out the right mortgage for your needs.
Buy to Let mortgages can be purchased in personal names known as private landlords, or through the formation of a Limited Company, which offers certain tax benefits. There are many benefits as well as risks and considerations when applying for a Buy to Let mortgage; book some time at the office to discuss which option is right for you.
Buy to Let Remortgage
Remortgaging a buy to let mortgage is a common way for owners to release equity from their current rental property to purchase another, carry out home improvements, raise capital for another purpose, or simply get a better deal to reduce your payments and increase your rental yield.
Strong rental demand and a competitive mortgage market mean that buy to let landlords can cover mortgage payments with the rent from their tenants whilst still releasing capital from their buy to let property. Taylor Hall can help you get the best buy to let remortgage deal for your current property.
Please note: although Taylor Hall Financial Services is authorised and regulated by the Financial Conduct Authority (FCA), the FCA does not regulate most Buy to Let mortgages.
Specialist Mortgages
Absolutely, yes. There's a number of lenders that are willing to lend in this situation, and actually specialise in this area. It may mean that you need a slightly larger deposit compared to someone that doesn't have credit blips on their file, but there are options. We have helped clients before with the following credit file markers:
- County Court Judgement (CCJ)
- Defaults
- IVA
- Pay Loans
Proving your income when you only have one year's records is the same process as if you have two years or more. It's a case of sharing a few documents including a set of accounts, certified by a qualified accountant.
You will need to supply your self-assessment tax return (SA302) stating your annual earnings, or your Tax Year Overview and Tax Calculations.
Lenders will also look at your credit score. If you've had credit problems in the past six years it may be more difficult for you to find a lender and could mean you face higher interest rates. Your history in the sector of employment could be advantageous depending on the lender.
Banks can take your day rate, and multiply it by the days that you work in a week. If your day rate is £500 and you work four days a week, for example, your average weekly income would be £2000.
We then multiply that, generally, by 46 or 48 weeks. That factors in any gaps between contracts and any holidays you might have. Most lenders do it by 46 or 48.
Foreign Nationals residing in the UK for the purpose of fulfilling a position of skilled employment, do so under a Skilled Worker Visa. These individuals do not ordinarily have indefinite leave to remain. Their length of stay in the UK varies, depending on employment need. But maybe up to five years, with the ability to extend, where required.
Skilled Worker Visa holders need to be able to speak, read, write, and understand English. You must earn a minimum defined income for the type of work you do, and work for an employer on the Home Office’s approved list.
Secured Loans
If you want to borrow small or large amounts of money, you may need our advice on whether to use your assets to take out a secured loan.
We know how hard it can be to get the loan you need from a bank or a lender, especially in the current financial climate.
One way to solve this problem is to use the assets in your estate; banks and lenders are much more likely to offer you a loan if it is asset backed, and using your property as security is often the cheapest option if you are a homeowner. There can be downsides, however, with there being a risk that you could lose your home if you miss the payments on your secured loan.
How do I know if it's right for me?
Also known as a homeowner loan, a secured loan is a credit agreement that is support by the equity in the property you own. Hence, they are only available to people who own their homes, and they can be used to borrow any amount from £5 – £125k.
Even if you fit this criteria, the amount you can borrow, the term you can borrow it for and the interest rate you receive will vary according to the equity already in your property, and your individual circumstances – this means that it is best to seek advice and information on secured loans and whether they are suitable for you before you apply.
There are consequences of taking out a secured loan if it is not right for you – talk to Taylor Hall Financial Services for expert advice.
To organise a completely free consultation with Taylor-Hall Financial Services, call us today on:
0191 581 9018.