Mortgages
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What is shared ownership?
Read more: What is shared ownership?Shared ownership schemes are a mix of buying and renting. You buy part of the property and rent the other part at a reduced rate. Anyone is eligible for shared ownership providing household income is below £80,000 (£90,000 in London) Once you have bought your initial share you will have an option to buy a…
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What is the Help to Buy scheme?
Read more: What is the Help to Buy scheme?With a Help to Buy Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. With London Help to Buy the equity loan can increase up to 40%. You won’t be…
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What is a Help to Buy ISA?
Read more: What is a Help to Buy ISA?A Help to Buy ISA is a type of ISA designed to help first time buyers save for their first home. You will receive a 25% bonus on your saving when you use the money to purchase a property, up to a maximum of £3000. The accounts are per person rather than household, the maximum…
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How much deposit do I need?
Read more: How much deposit do I need?Typically the minimum deposit required is 5%. There are a select few 100% options that you could be eligible for from various lenders. The larger deposit you have available the better the interest rate will be available for you. Lenders also see customers with larger deposits to be less risky and may be willing to…
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What will a solicitor cost?
Read more: What will a solicitor cost?To help with the purchase of a property you will need a solicitor their fees will vary from around £800 – £2500 and again can be higher depending on the work required. If you are remortgaging many lenders will cover the cost of the legal work required for you. Once you have bought the property…
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How much will it cost to value my property?
Read more: How much will it cost to value my property?The majority of lenders do not charge to value your property if you are remortgaging and some may also offer a free valuation when purchasing. For those who do charge the fees will be linked to the value of the property and can usually range from £100 – £2,000.
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Do I have to pay all the fees upfront?
Read more: Do I have to pay all the fees upfront?Some mortgage lenders will allow you to add certain fees to the mortgage, typically this is usually the application fee for the mortgage.
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How much will the mortgage lender charge to apply?
Read more: How much will the mortgage lender charge to apply?This varies, but typically a lender will charge a product fee for the mortgage these can range from £0 – £2,000 but can be higher. We disclose all costs before applying for your mortgage.
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What fees will I have to pay to Bennison Brown?
Read more: What fees will I have to pay to Bennison Brown?We charge a £150 application fee, payable once your mortgage application is ready to be submitted. We typically charge a broker fee of £520 on receipt of a mortgage offer. The broker fee can vary depending on circumstances. We will disclose all costs to you before submitting an application so you are fully aware of…
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What happens at the end of my mortgage deal?
Read more: What happens at the end of my mortgage deal?Typically at the end of your initial mortgage deal with a lender you will move on to their Standard Variable Rate. This may mean you are not on the most competitive deal, you may find your monthly payments suddenly increase. Variable rates may increase, making your monthly payment more expensive, however you can move onto…
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What next now Help to Buy has ended?
Read more: What next now Help to Buy has ended?What next now Help to Buy has ended? Property experts are calling on the government to support SME builders and boost housing delivery after its Help to Buy (HTB) scheme ended on 31 March, having granted over 375,500 interest-free equity loans. The scheme was designed to support first-time buyers and boost the housing market by…
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Life insurance first timer?
Read more: Life insurance first timer?Life insurance first timer? Getting life insurance for the first time can seem daunting. Having to think about something as significant as how your loved ones will cope financially once you are no longer here can be quite overwhelming. We’re here to help break things down and help you make the right decision for your…
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Landlords prepare
Read more: Landlords prepareFollowing three years of pandemic disorder in the buy-to-let (BTL) sector, 2023 is shaping up to be another eventful year for landlords. With several major legislative reforms due to come into force this year, what can landlords do to prepare? So, what’s changing? The Renters’ Reform Bill, which is set to be voted on before…
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Preparing your documents
Read more: Preparing your documentsPreparing your documents Understandably, lenders are often handing over hundreds of thousands of pounds every time they agree a mortgage so it should come as no surprise that they are going to want to complete some due diligence to ensure that you are in a position to pay that money back. The extent of how…