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To save time and make it easier for you to find out if we can help with what you're looking for, we thought we'd list our services in a handy little blog!
For our new followers, keep reading to find out how Key Mortgage Advice can help you with finding the best possible deal, whatever your needs and circumstances:
Whether you’re looking for your first or fifth property, we can help you get the right mortgage. Every lender has a unique set of policies and criteria, which must exactly match the circumstances of the borrower. Therefore, arranging a mortgage has never been more complex. Our wealth of experience and knowledge of the underwriting criteria for each individual lender allows us to successfully direct applications and complete on over 95% of all mortgage cases. We have access to the whole market of mortgage products, meaning we are truly independent and will help guide you to the most competitive and suitable mortgage product for your circumstances.
Many lenders now offer discounted interest rate deals for an introductory period – normally for two, three or five years. At the end of the introductory period, they’ll usually revert to a higher rate. However, that doesn’t mean you have to stick with the higher rate; like most things nowadays it is important to shop around to see if you can save some money. If you want to know more about how we can help you to save money on your monthly mortgage payments, or to swap to a better interest rate, then contact us and we’ll see if we can get you a better deal.
If you’re a homeowner, you may have seen the value in your home increase over time. Lifetime Mortgages allow you to tap into some of this value and release a cash sum. A lifetime mortgage is designed for people over the age of 55 and allows clients to either buy a new home or release money from their current property without the need to make any monthly repayments during the lifetime of the loan. This is because the loan and interest are rolled up and repaid by the sale of your property when the plan ends; this is normally when you die or move into long-term care.
In many cases, we can visit you in your own home or, if you prefer, we can provide a telephone consultation. If you wish to proceed with a recommendation, we offer full support with the mortgage application, legal forms and completion matters to ensure the process is as straightforward as possible. In addition, we will offer you our full support going forward, should you require any further advice.
Buy-to-let mortgages are specifically designed for investors who want to buy a property and rent it out. These are usually more expensive than normal mortgages, but they could help you to become a property investor. If you don’t own your own home outright, or with a mortgage, finding a buy-to-let mortgage may be difficult.
Most buy-to-let mortgages are interest-only, meaning that you won’t be paying off the mortgage itself and you’ll have to pay the outstanding capital at the end of the mortgage term. The other key differences from normal mortgages include:
However, any rental income you earn from a property can be offset for tax purposes against the interest only mortgage payment, so owning buy-to-let properties can be a tax-efficient investment product.
Since March 2016, buy-to-let mortgages have come under greater scrutiny. New affordability tests were implemented which mean that older home-owners may struggle to get a buy-to-let mortgage as lenders often require borrowers to repay the whole loan back before they retire.
Obtaining a commercial mortgage relies heavily on the attractiveness of the proposition to a lender. Therefore, the involvement of an experienced and well-connected advisor is hugely important. As independent specialists, we negotiate business mortgages with a range of lenders including major banks, commercial building societies, regional and local building societies, and specialist commercial asset lenders. The appropriate commercial lender is purposefully selected to meet your needs. Terms for business mortgages are not set in stone and our role in the transaction is to negotiate the best mortgage rate and terms. Our wealth of experience and market knowledge means we understand what is likely to be achieved given a specific set of circumstances. We are able to assist with transactions for purchasing premises to trade from or for investment opportunities for commercial landlords.
In addition to the services listed above, we can also assist and advise on a whole host of other products, including:
If you need expert advice on any of the above, click the button below and book a free consultation with one of our expert advisors:
Many people start to think about getting a mortgage as they approach retirement, perhaps to downsize from their current property, possibly as an investment. Often, they get put off because they assume it will be a lot of hassle. However, that couldn’t be further from the truth.
It’s actually relatively easy to acquire a mortgage loan, right up to the age of 80. So, to answer our title question, “Can I get a mortgage if I’m retired?” – Yes, you absolutely can!
There’s no hard-and-fast age limit for getting a mortgage loan. The maximum age of applicants varies from lender to lender, but most tend to have an upper limit of 60 to 80. This means that you can potentially acquire a new mortgage loan as long as you will be 80 years old or younger when the policy is due to begin.
Most lenders also set a maximum age limit for the end of the loan period, too. So, although you can get a loan up until you’re 80, you’ll have less time to repay it if you wait until that age. Most lenders set the maximum age upon settlement between 70 and 85.
If you’re already retired, you should know how much you get per month from your pension. This will be taken into account along with any income from other investments you’ve made, such as property or shares.
If you’re still working but plan to retire before the end of the mortgage, you’ll need to contact your pension provider. They should be able to give you information on your retirement date and the expected income from your pension – Your potential lender will then make a decision based on this information.
There are plenty of different mortgage options available to retirees. There are many fixed-rate loans on offer, as well as mortgages which track the base rate. In addition, there are often cashback, offset, stepped, and discounted mortgages available at any given time. It will depend on market conditions when you apply, but you won’t be short of choice!
By searching for “retirement mortgages” online, you will be able to find some available deals from reputable lenders. However, we recommend speaking with an independent advisor who will have access to the whole market and may be able to find you a better deal. Key Mortgage Advice offer free consultations, where we’d be happy to discuss your circumstances and options, with no obligation.
To book an appointment with one of our independent advisors in Southport, Preston, or Garstang, simply click the button below and send us a message, and we'll be in touch as soon as possible!
Lifetime mortgages are a form of equity release, providing you with a long-term loan which is secured on your property. You can continue to live in your home and you don’t have to make any repayments until the end of the term (dependent on the type of mortgage you choose), usually when you die or go into long-term care.
At the end of the term, your property is sold to pay back the amount borrowed and the interest. You can, however, keep back some of the value to pass on to loved ones as inheritance and they will receive this once your home has been sold. If your estate can cover the cost of the mortgage without selling the property, your beneficiaries can choose to do so if they wish.
Bear in mind that if the sale value of your home does not cover the mortgage repayment, your beneficiaries will have to pay the outstanding balance from your estate. To prevent this situation from arising, many lenders offer a “no-negative-equity guarantee” – This guarantee ensures that you/your beneficiaries will never have to pay back more than the value of your property, even if the mortgage debt is greater than your property’s value at the time of sale.
There are two main types of lifetime mortgages:
With an interest roll-up mortgage, you don’t make any repayments until the end of the mortgage term. You can choose to receive your loan amount in a lump sum or as a regular income payment. The interest is accumulated throughout the term and is paid with the loan amount upon the sale of your property. It is advisable to get a no-negative-equity guarantee if you choose this type of mortgage, as the interest can quickly add up and could exceed the value of your home.
In the case of an interest-paying mortgage, you receive a lump sum and make regular payments to prevent the interest from building up. The loan amount is then paid off upon the sale of your property. It’s worth considering a fixed-rate deal or one with an interest rate cap, as a change in interest rates could mean that your payments increase.
Before applying for a lifetime mortgage, there are some important factors to consider:
If you’re looking at lifetime mortgage, it is a good idea to seek advice from an independent advisor. At Key Mortgage Advice, we can walk you through the process and answer any important questions you may have, such as:
To book a free consultation, head over to our “Contact Us” page where you can email us directly, or find the telephone number for your local Key Mortgage Advice branch.
Planning for life after retirement is essential if you want to ensure that you will be able to live comfortably once you leave work. It’s tempting in our younger years to leave this until we’re older but the truth is, the earlier you start, the better prepared you’ll be:
The first step is to work out how much you will need per month to live comfortably after retirement. Considering that most forms of debt (loans, mortgages etc.) should leave be repaid before you leave work, this will depend on the type of lifestyle you wish to lead upon retirement and can vary greatly from person to person.
There are many ways that you can save money for your retirement, but most people choose either a conventional pension plan, an investment portfolio, or to save privately. Many people use a combination of these methods. We recommend speaking to an independent financial advisor and discussing your options with them since there is always an element of risk associated with investing in any form of financial product.
Employers are now required to offer a workplace pension, which is worth considering as many employers will make a monthly contribution to the pension plan on top of your own. Your employer will be able to provide you with information on the pension plan(s) they offer. It is also possible to purchase your own pension plan, where you will have the choice of thousands of available products, but may not receive a contribution from your employer. Again, we recommend discussing your options with a financial advisor.
It is now easier than ever to enter the stock market, and with the right knowledge, it is possible to successfully raise capital at a rate far better than an average financial product. However, it is also possible to lose money and the element of risk will depend on many factors such as the product your trading, the number of options you own, and the predicted volatility of the market. Many people are wary of investing in this way as it can be rather complicated, but a professional will be able to help you when considering your options.
There are other forms of investment too, such as investing in property for rental income, all with varying levels of risk and potential reward. It is worth discussing your plans with a financial advisor to ensure that you understand the risks and make the best decisions for your future.
Most people will have some form of private savings by the time they reach retirement age. It is possible to save for retirement using private savings entirely, however, this may not be the most effective way to prepare, and could see you lose potential earnings through interest. Many people prefer to have a conventional retirement product and keep private savings for emergencies or to pass on to loved ones as an inheritance.
Equity release (now commonly known as a lifetime mortgage) is one way to raise capital after you retire. If you own your home, it is likely that its value will have increased by the time you retire. A lifetime pass mortgage allows you to release some of that profit, pay no monthly instalments, and settle the loan after you away. An independent mortgage advisor will be able to provide you with information on the thousands of available products, should you want to consider this further.
If you would like to chat with an expert about planning for your retirement, feel free to contact us directly. You can pop into our offices in Preston, Southport or Garstang, or find our contact details here.
