As a first-time buyer, you are embarking on an exciting yet overwhelming journey of purchasing your first home. 

At Thameside Mortgages, we understand the challenges of this experience and are here to assist you as your 5-star rated mortgage broker in Gravesend and the surrounding areas.

With access to more than 90 lenders, we can identify the most appropriate products to obtain the right mortgage deal for you as a first-time buyer. Our knowledgeable mortgage brokers have already helped numerous first-time buyers in Gravesend and the surrounding areas to secure their initial mortgage and dream home.

Our process commences with an initial conversation with one of our small, but friendly team, to understand your needs and preferences to guide you towards purchasing your first home in the location of your choice. 

Following this, we’ll submit an initial application to obtain an Agreement in Principle (AIP). Once your offer on a property is accepted, we will move forward with submitting a formal mortgage application to a mortgage lender.

Remortgaging involves transferring your current mortgage to a new lender or deal with your existing lender, offering new terms and the possibility of borrowing more money. This process can help reduce your monthly payments, release equity from your property, or consolidate other debts. 

It is usually considered when your existing mortgage deal is about to expire or when better deals are available in the market.

Thameside Mortgages, your trusted mortgage broker in Gravesend and the surrounding areas, can simplify the remortgaging process for you and help determine if it’s the right option for your financial situation. 

It’s best to start considering a remortgage at least 6 months before your current agreement expires to allow enough time to explore alternative lenders and negotiate better mortgage rates.

With our extensive knowledge and access to over 90 lenders, we can identify the most suitable remortgage products for you. You can choose between fixed-rate or variable-rate mortgages, depending on your preferences and goals. Fixed-rate mortgages provide stability in your monthly expenses and may be a better option if you prefer predictability.

A home mover mortgage is designed for those who already own a property and wish to move to a new one. If you are currently in a mortgage deal, it may be wise to “port” your existing mortgage to avoid early repayment charges, which can be expensive. 

Porting involves transferring your existing mortgage to your new property by meeting the eligibility criteria set by your mortgage lender. Any additional borrowing will be at the rate available at the time of application.

At Thameside Mortgages, our qualified and accredited mortgage brokers in Gravesend and surrounding areas understand that moving homes can be a stressful experience. 

That’s why we simplify the process for you by handling everything from initial application and obtaining an Agreement in Principle (AIP) to liaising with estate agents and solicitors and finding the perfect home mover mortgage to suit your needs and financial situation.

A buy-to-let (BTL) mortgage is different from a residential mortgage because it is specifically designed for people who want to purchase a property with the intention of renting it out to tenants. Unlike a residential mortgage, where the lender is primarily interested in whether the borrower can afford to make their mortgage payments, a BTL mortgage lender will also consider the potential rental income the property could generate.

The rental income can be used to cover the mortgage payments, and the lender wants to be confident that the borrower can generate sufficient income to cover the mortgage. BTL mortgages typically have different interest rates and lending criteria than traditional residential mortgages, as they involve an investment in a property with the intention of generating rental income rather than purchasing a property as a primary residence. 

Typically, a deposit of at least 25% is required to secure a buy-to-let (BTL) mortgage in the UK. However, some lenders may accept a lower deposit, depending on the borrower’s circumstances and financial situation. It’s important to note that a larger deposit may result in better mortgage rates and more favourable terms.

It’s no secret that mortgages are one of the biggest financial commitments you’ll ever make. Therefore, it makes total sense that you acquire professional advice and assistance from a local mortgage broker in your area. There are often thousands of products available to you and it can get overwhelming quite quickly. However, when you decide to use qualified mortgage brokers, you benefit in more ways than one. Below is why it’s essential to use a local mortgage broker:

1. Convenience: Dealing with a local adviser can be more convenient than dealing with a remote adviser, drop off paperwork, and get updates on your application more easily.
   
2. Supporting your local Community: A local mortgage adviser is more likely to have roots in the community. They may have established relationships with local estate agents, solicitors, and surveyors, which can help speed up the home buying process. Additionally, a local adviser can offer face-to-face meetings, which can provide a more personal and tailored service, and give you the opportunity.
3. Ongoing support: A local mortgage adviser can provide ongoing support beyond the initial mortgage application, such as advice on remortgaging or renewing your mortgage. They can also keep you informed of any changes in the local property market that may affect your mortgage.

We are commonly asked; why use a mortgage broker in Gravesend? Here is your answer…

A fixed-rate mortgage is a type of mortgage where the interest rate remains the same for a set period of time, typically between two and ten years. This means that the borrower’s monthly mortgage payments will remain the same for the entire fixed-rate period, regardless of any changes in the Bank of England’s base interest rate or other economic factors.

At the end of the fixed-rate period, the mortgage usually reverts to the lender’s standard variable rate (SVR), which can result in a significant increase in the borrower’s monthly payments. Borrowers may choose to remortgage or switch to a different type of mortgage before the end of the fixed-rate period to avoid this potential increase.

Fixed-rate mortgages can provide borrowers with stability and predictability in their monthly mortgage payments, making it easier to budget and plan for the future. However, the initial interest rate for a fixed-rate mortgage may be higher than that of a variable-rate mortgage, and borrowers may miss out on potential savings if interest rates decrease during the fixed-rate period.

The typical length of a mortgage term can vary depending on several factors, including the type of mortgage, your age, and your financial situation. However, the most common mortgage term lengths are between 25 and 35 years.

It’s important to note that the length of your mortgage term can affect the amount of interest you’ll pay over the life of the loan. Longer mortgage terms may result in lower monthly payments, but you’ll pay more in interest over time. Shorter mortgage terms may have higher monthly payments, but you’ll pay less in interest over the life of the loan.

It’s also worth noting that some lenders may offer shorter or longer mortgage terms, depending on your individual circumstances. For example, if you’re older or have a shorter time left until retirement, some lenders may offer a shorter mortgage term to ensure that you can pay off your mortgage before you retire.

Ultimately, the length of your mortgage term will depend on your individual financial situation and goals. You may want to consult with a mortgage broker to help you determine the best mortgage term length for your needs.

Absolutely! As your local mortgage broker in Gravesend, we are dedicated to helping you achieve your dream of homeownership. 

However, we understand that owning a home is a long-term commitment, and we take our responsibility seriously in ensuring that you remain in your home for many years to come.

One crucial aspect of this commitment is helping you to remain financially resilient throughout your life. We understand that life is unpredictable, and unexpected events can have a significant impact on your finances. That’s why we work with you to identify potential risks and develop a plan to help you mitigate them.

Our team of experts can assist you in evaluating your financial situation and provide you with recommendations to help you remain financially resilient. We will work with you to ensure that you have the necessary protection in place to secure your financial future and provide you with peace of mind.

We take great pride in our commitment to helping you achieve your homeownership goals while also ensuring that you remain financially secure throughout your life. Please do not hesitate to contact us to discuss your options further. 

We are here to support you every step of the way.

The time it takes to process a mortgage application can vary depending on several factors, including the complexity of your application, the type of mortgage product you’re applying for, and the efficiency of the lender’s processes. Here’s a rough timeline of the mortgage application process:

• Initial application: This can take anywhere from 30 minutes to an hour to complete, either online, over the phone, or in person. Using a broker can certainly take most of the stress away from this as they will deal with the application process for you. 

• Documentation: You’ll need to provide supporting documentation to your lender, such as proof of income, bank statements, and identification. This process can take a few days to a week, depending on how quickly you’re able to gather and submit the required documents. A broker will be able to confirm what documents you will need, and in what format the lender will accept.
• Valuation: Your lender will need to value the property you’re buying to ensure it’s worth the amount you’re borrowing. This can take a few days to a week, depending on the type of valuation being conducted.
• Underwriting: This is the process of assessing your application and determining whether you meet the lender’s criteria for approval. This process can take anywhere from a few days to a few weeks, depending on the complexity of your application and the workload of the underwriting team.
• Offer: If your application is approved, your lender will issue a mortgage offer, which can take anywhere from a few days to a few weeks, depending on the lender’s processes.

Overall, the mortgage application process can take anywhere from a few weeks to several months, depending on the complexity of your application and the efficiency of the lender’s processes. To help ensure a smooth and timely application process, it’s important to work closely with your broker, respond promptly to any requests for information or documentation, and be prepared to ask questions or seek clarification as needed.

When you apply for a mortgage, you will typically need to provide several documents to support your mortgage application. These may include:

• Proof of income: This may include recent payslips, P60 forms, or tax returns if you’re self-employed. Your lender will use this information to assess your affordability and ensure you can repay the mortgage.
• Bank statements: You’ll typically need to provide 3 months’ worth of bank statements to demonstrate your income and outgoings. This can help your lender to assess your affordability and determine whether you can afford the mortgage repayments.
• Identification: You’ll need to provide proof of your identity, such as a passport or driving licence, as well as proof of your address, such as a utility bill or council tax statement.
• Property details: You’ll need to provide details of the property you’re buying, including the address, purchase price/value, and any other relevant information.
• Employment details: You’ll need to provide details of your current employment, including your job title, salary, and length of employment.
  
• Existing debts: You’ll need to provide details of any existing debts or financial commitments, such as credit card balances, car loans, or student loans.
• Insurance details: You may need to provide details of any insurance policies you hold, such as life insurance or buildings insurance.

The specific documents required may vary depending on your individual circumstances and the lender’s requirements. A mortgage broker will be able to provide you with a detailed list of the documents you’ll need to provide as part of your mortgage application.