Mortgages

Mortgage Services

Types of Mortgages I Offer:

I offer a wide range of mortgage options to suit your specific circumstances. As a Colchester-based mortgage adviser, I am here to help you navigate the following types of mortgages:

Fixed-Rate Mortgages
Variable-Rate Mortgages
Tracker Mortgages
Discount Mortgages
Offset Mortgages
Interest-Only Mortgages
Buy-to-Let Mortgages
Let-to-Buy Mortgages
Shared Ownership Mortgages
Remortgages
First-Time Buyer Mortgages
Adverse Credit Mortgages

First-Time Buyer

First-Time Buyer Mortgages: Your Path to Homeownership

Navigating the housing market for the first time can be daunting, but with the right guidance, securing your first home is within reach. At GWT Mortgages, I specialise in helping first-time buyers in Colchester and across Essex find the perfect mortgage to fit their needs.

My Top Tips For First-Time Buyers

Check Your Credit Report:

Review your credit report and correct any errors. Aim to improve your score by paying bills on time and reducing existing debt.

Save for a Deposit:

Aim to save at least 5-10% of the property's purchase price. The more you save, the better the mortgage deals you can access.

Calculate Your Budget:

Use a mortgage calculator to determine how much you can afford to borrow. Factor in additional costs such as legal fees, stamp duty, and moving expenses.

Get a Mortgage in Principle:

Obtain a mortgage in principle (MIP). This is an estimate of how much they are willing to lend you, which can strengthen your position when making an offer on a property. I offer this service free of charge.

Consult a Mortgage Adviser:

As a Colchester-based mortgage adviser, I can help you navigate the various mortgage options and find the best deal for your circumstances. I will also go through the house buying process with you and support you every step of the way.

Adverse Credit Mortgages

Adverse Credit Mortgages: Navigating Homeownership with Bad Credit

Adverse credit mortgages, also known as bad credit mortgages or subprime mortgages, are tailored for individuals with a poor credit history. These mortgages can help those who have faced financial challenges secure a home loan when traditional lenders may have turned them down.

What is Adverse Credit?

Adverse credit can arise from various financial difficulties, including:

Missed payments: Failing to pay bills or debts on time.
Defaults: Not meeting debt repayment terms.
County Court Judgments (CCJs): Court orders to repay a debt.
Individual Voluntary Arrangements (IVAs): Formal agreements to pay back debts.
Bankruptcy: Legal status indicating inability to repay outstanding debts.
Debt Management Plans (DMPs): Informal agreements to repay debts over time.
High credit utilization: Using a significant portion of your available credit.

Are you struggling with bad credit but still dreaming of owning your own home?

At GWT Mortgages in Colchester, I specialise in helping individuals with adverse credit secure the mortgage they need. With personalised service and access to a wide range of lenders, I'll guide you through the entire process, from improving your credit score to finding the perfect mortgage solution.

Together, we will work to create a long term plan to ensure you understand how to improve your credit score and how to achieve high street interest rates in the future .

Contact me today to take the first step towards achieving your goals.

Remortgages & Product Transfers

Remortgage

A remortgage involves switching your current mortgage to a new deal, either with your existing lender or a different one. People typically consider remortgaging for several reasons:

Securing a Better Rate: If your current mortgage deal is ending or you're on a standard variable rate (SVR), remortgaging could offer a lower interest rate, potentially reducing your monthly payments.
Releasing Equity: If your property has increased in value, remortgaging allows you to release some of this equity as cash for home improvements, debt consolidation, or other purposes.
Consolidating Debt: You can consolidate high-interest debts (like credit cards or personal loans) into your mortgage, potentially lowering your overall monthly payments.
Changing Terms: Remortgaging can allow you to switch from an interest-only to a repayment mortgage, or adjust the term length of your mortgage.

Product Transfer

A product transfer, on the other hand, is a simpler process where you switch from your current mortgage deal to a new deal offered by your existing lender. Key points about product transfers include:

Convenience: Product transfers are typically quicker and involve less paperwork compared to remortgaging with a new lender.
Limited to Current Lender: You can only choose from the mortgage products offered by your current lender. This may limit your options compared to remortgaging with different lenders.
Fees and Costs: Some lenders may offer product transfers with reduced fees or no fees at all, making it a cost-effective option depending on your circumstances.
Timing: Product transfers are often considered when your current mortgage deal is coming to an end, allowing you to switch to a new deal seamlessly without reverting to the lender’s SVR.

Whether you're looking to switch to a better mortgage deal with your current lender or explore new options elsewhere, I provide expert guidance to help you make the right choice. Contact me today to discuss how I can assist you in managing your mortgage effectively.

Buy-to-Let & Let-to-Buy

Buy-to-Let Mortgages:

Investing in property to let out to tenants can be a rewarding venture, but it requires careful financial planning and the right mortgage product. A buy-to-let mortgage is specifically designed for landlords and property investors:

Purpose: Buy-to-let mortgages are used to purchase a property that you intend to rent out to tenants.
Criteria: Lenders typically assess the rental income potential of the property rather than just your personal income. They may require a higher deposit (typically 25-40%) and the interest rates can be higher compared to residential mortgages.
Tax Implications: Income generated from rent is subject to income tax, and there are specific rules around mortgage interest tax for landlords.
Risk Management: Landlords need to consider potential void periods (when the property is vacant), maintenance costs, and changes in interest rates.

Let-to-Buy Mortgages:

A let-to-buy mortgage enables you to convert your existing residential property into a buy-to-let property while simultaneously purchasing a new residential property to live in:

Scenario: Let-to-buy is suitable if you want to move to a new home but keep your current property as a rental investment.
Process: You remortgage your existing property onto a buy-to-let mortgage and use the rental income to cover the mortgage payments. Simultaneously, you take out a residential mortgage for your new home.
Considerations: Lenders will assess affordability based on your income and the potential rental income from your current property. They may require a higher deposit for your new residential property.
Tax and Legal Implications: Seek advice on tax implications, such as capital gains tax when selling a former main residence and stamp duty for additional properties.

Whether you're considering investing in buy-to-let properties or converting your current home into a rental, I'm here to provide the support and expertise you need. Contact me today to discuss your buy-to-let or let-to-buy mortgage options and start maximising your investment potential.

Georgia Wilson-Turner T/A GWT Mortgages is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered office: Memorial Way, Colchester, Essex CO4 9AU

Copyright © 2024 GWT Mortgages - All Rights Reserved. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. PROTECTION - AS WITH ALL INSURANCE POLICIES, CONDITIONS AND EXCLUSIONS WILL APPLY.

BUY TO LET - NOT ALL BUY TO LET MORTGAGES ARE REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be £149.

Colchester Based Mortgage & Insurance Broker