Thameside Mortgages are the local expert for first-time buyer mortgages in Dartford and the surrounding areas.

Buying your first property can be a daunting and overwhelming experience, but when you have a locally trusted and highly rated mortgage broker guiding you from start to finish, it can be transformed into an enjoyable one.

The first step to securing your first-time buyer mortgage is arranging a no-obligation consultation with our mortgage experts in Dartford.

We will help you understand how much you can borrow, the costs of buying a property, and the likely monthly payments. We can obtain an Agreement in Principle (AIP) which you can use to show estate agents you are ready to make an offer on a property.

We’ll help liaise with your estate agent where they require you to be ‘financially qualified’ and we also work closely with local and experienced solicitors enabling us to offer reassurance throughout the process.

Our experts will advise you with the various forms of protection, such as life assurance, income protection, critical illness, and home insurance too, ensuring all aspects of the First Time Buyer process are covered under one roof.

Once your offer has been accepted, the next stage will be to secure the best mortgage deal.

Our qualified mortgage experts provide professional assistance with remortgages in Dartford. As mortgage rates have risen significantly since the turn of 2022, getting the right advice has never been more important.

Thameside Mortgages will offer the right advice and reassurance to help you decide on the best mortgage available to you from the thousands of products out there from more than 90 different lenders. We’ll also invariably have access to your existing mortgage lender, so you have the reassurance of being provided with the best advice.

If you’re looking to raise funds for home improvements, we can add this at the same time. If your current mortgage has 6 months or less before the end of the current deal, book a free, no-obligation consultation with one of our experts.

Our mortgage brokers in Dartford will help you secure home mover mortgages if you are relocating. If you are purchasing a property of higher value, you’ll need to access the home mover mortgage market which is what we can help with.

The first step is to obtain a valuation on your property with an estate agent. It is likely that you already have a mortgage and may be tied into a fixed rate with your current lender, which we can help with.

Moving home can be a stressful experience which is why Thameside Mortgages cover the whole process for you including dealing with estate agents, solicitors, paperwork, and further legal forms. It’s our mission to make the transition into your new property an easy and stress-free experience.

Buy to let mortgages – also commonly referred to as investment mortgages – are a great way to help secure your financial future. If you’re looking to create additional income, renting our property is a great way to achieve that. But of course, before you can do that, you need the help of approved mortgage brokers to help source and secure you the best possible deal. Thameside Mortgages are highly experienced in dealing with buy to let mortgages.

Our mortgage brokers can help to secure you a fixed-rated mortgage which is usually the best option for both you as the investor and also the renters. This is because monthly payments will be the same over the course of 2-5 years, or longer in some circumstances, which provides security for all parties.

A fixed-rate mortgage is a mortgage type in which the interest rate remains unchanged for a specific duration, typically ranging from two to ten years. This ensures that the borrower’s monthly mortgage payments remain constant throughout the entire fixed-rate period, regardless of any fluctuations in the Bank of England’s base interest rate or other economic factors.

Once the fixed-rate period concludes, the mortgage often transitions to the lender’s standard variable rate (SVR), which can lead to a significant increase in the borrower’s monthly payments. To avoid this potential rise, borrowers may opt to remortgage or switch to a different mortgage type before the fixed-rate period ends.

Fixed-rate mortgages offer borrowers stability and predictability, facilitating easier budgeting and future planning. However, the initial interest rate for a fixed-rate mortgage may be higher compared to a variable-rate mortgage, and borrowers may miss out on potential savings if interest rates decrease during the fixed-rate period.

A tracker rate mortgage is a mortgage type where the interest rate is linked to an external benchmark, typically the Bank of England’s base rate. The interest rate on a tracker mortgage fluctuates in sync with the benchmark rate, which means that if the base rate increases or decreases, the interest rate on the mortgage will also rise or fall accordingly.

For instance, a tracker mortgage could be advertised as “base rate + 1.00%,” indicating that the interest rate on the mortgage will be set at 1.00% above the Bank of England’s base rate. If the base rate is currently 4.00%, the interest rate on the mortgage will be 5.00%. If the base rate rises to 5.00%, the interest rate on the mortgage will increase to 6.00%.

Tracker mortgages offer flexibility and the potential for lower interest rates compared to fixed-rate mortgages since borrowers can benefit from decreases in the base rate. However, they also carry the risk of increased payments if the base rate goes up. It is crucial to carefully evaluate your financial situation and consider the potential risks and benefits before opting for a tracker rate mortgage.

The timeline for processing a mortgage application can vary based on various factors, including the nature of your application, the type of mortgage product sought, and the efficiency of the lender’s procedures. Here’s a general overview of the mortgage application process:

• Initial application: We will complete the majority of the application for you, saving you the time and effort of dealing with representatives at the bank or making appointments in distant branches. We handle the application process on your behalf, alleviating stress and ensuring it is completed accurately.
• Documentation: While you’ll need to provide supporting documents like proof of income, bank statements, and identification, we will assist you in preparing and presenting everything to the lender in the required format. The duration of this step varies based on how quickly you gather and submit the necessary documents.
• Valuation: The lender will conduct a property valuation to verify its value aligns with the loan amount. The duration of this step depends on the type of valuation conducted and typically takes a few days to a week.
• Underwriting: The underwriting process involves evaluating your application to determine if you meet the lender’s approval criteria. This step usually takes around 3-5 working days, considering the complexity of the application and the workload of the underwriting team.
• Offer: If your application is approved, the lender will issue a mortgage offer, which typically takes a few days, depending on the lender’s internal processes.

Overall, the mortgage application process typically takes 1-2 weeks from application to mortgage offer, considering the complexity of your application and the efficiency of the lender’s procedures.

It’s important to note that when considering the legal work involved, a remortgage can take approximately 5-6 weeks to complete from start to finish, while a purchase can range from 2-3 months up to 5-6 months, depending on the complexities of the chain.

Thameside Mortgages operates as a mortgage broker with access to an extensive range of mortgage lenders and products. This enables us to assist our clients in finding the right mortgage deal tailored to their individual circumstances.

Here’s how we leverage our access to over 90 lenders to secure the ideal mortgage for our clients:

1. Initial consultation: We begin by conducting an initial consultation with our clients to gain a comprehensive understanding of their unique circumstances, including their income, credit history, and property preferences.
2. Mortgage search: Drawing on our database of more than 90 lenders, we conduct a thorough search to identify mortgage products that align with our clients’ specific needs and circumstances.
3. Comparison and recommendation: After shortlisting several suitable mortgage products, we compare them side by side, taking into account our clients’ individual circumstances and preferences. We then provide well-informed recommendations to our clients.
   
4. Application process: If our clients agree with the recommended mortgage product, we guide them through the application process. This involves assisting with paperwork completion, submitting the application to the lender, and providing any additional documentation or information required.
   
5. Ongoing support: Beyond mortgage approval, we remain committed to supporting and advising our clients throughout the mortgage term. We assist in managing mortgage payments and keep our clients informed about any pertinent changes or updates that may affect their mortgage.

Overall, our extensive network of lenders allows us to offer our clients a diverse range of mortgage products. By doing so, we streamline the search process, saving our clients time and effort, and increasing the likelihood of securing a favourable mortgage deal.

If you receive advice from a mortgage broker or independent financial adviser, just like Thameside Mortgages, they may provide independent advice. This means they are not tied to a particular lender or product and are able to recommend mortgages from a range of lenders to suit your individual circumstances.

On the other hand, if you seek advice from a bank or building society, their advice will be limited to their own products and services, and they may not offer advice on mortgages from other lenders.

The length of a mortgage term can vary depending on factors such as the type of mortgage, your age, and your financial situation. However, the typical range for mortgage terms is usually between 25 and 35 years.

It’s important to understand that the duration of your mortgage term can impact the total amount of interest you’ll pay over the life of the loan. Longer terms generally result in lower monthly payments but result in higher overall interest costs over time. Conversely, shorter terms may involve higher monthly payments but can save you money on interest payments in the long run.

It’s also worth noting that lenders may offer different mortgage term options based on individual circumstances. For example, if you’re closer to retirement or have a shorter time until retirement, some lenders may offer shorter terms to ensure the mortgage is paid off before you retire.

Ultimately, the choice of mortgage term depends on your unique financial situation and goals. Seeking guidance from a mortgage broker can be helpful in determining the most appropriate mortgage term length for your specific needs.