Whether you’re looking to buy your first home, upsizing/downsizing, investing in property or need to release some equity, Downton Mortgages and financial services can help.
We offer expert, mortgage advice that should make buying property as hassle-free as possible. When it comes to mortgages, we are here to give you the best advice on getting the right mortgage to suit your needs; with access to a wide range of mortgage products, we don’t just look after your immediate needs, we look towards your future plans too.
At the start of our mortgage journey together, we will ask for key information about your current situation, your future plans and dreams so that we can really start form the basis of your application. Our aim is to secure you the perfect mortgage product to see you seamlessly though your initial mortgage period. With Downton Mortgages and Financial Services, there are no websites for you to trawl through, no difficult conversations with lenders to be had nor any complicated forms to work through; we do it all for you.
We will give you fully explained, jargon-free recommendations and will be on hand to provide you with a truly personalised mortgage experience. Holding your hand throughout the whole process is all part of our service. To help you understand what kind of mortgage product you need, we have come up with a handy list of mortgage products with a brief explanation of what they can do for you. Take a look and if you have any questions, we’d be only too happy to chat further.
Mortgage – In simple terms, a mortgage is a loan designed to help you buy a house. You’ll need to
put down a percentage of the cost of the property value as a deposit and the remaining amount you need to buy your property is covered by the mortgage, borrowed from your lender. This money is paid back every month for the remaining mortgage term – which can now span up to 40 years on standard mortgages. Interest is paid on the sum you have borrowed.
First Time Buyer Mortgage – Taking that first step onto the property ladder and buying your first home is exciting. It is also one of the biggest financial decisions you’ll make at this stage of your life. The first key step is to understand how much you can borrow, which gives you a clear steer on what options are open to you. Downton Mortgages and Financial Services can help you through the entire process taking the stress out of buying your first home.
Re-mortgage – Re-mortgaging is the process of moving your mortgage on your existing property from one mortgage lender to a new provider. Most homeowners should look to re-mortgage if your term is coming to the end of your existing rate, and you are looking for a new deal, and one that is better than on offer from your current lender.
Buy to Let Mortgage – BTL mortgages are for people who want to buy a property and rent it out as an investment, rather than live in it. The are a few specific aspects around Buy to Let mortgages which are specific to them, but the fundamentals of a mortgage remain the same. If you want to discuss a potential Buy to Let purchase we will happily talk you through, we can look at both individual names and Ltd Company Buy to Let mortgages, which are also available.
Equity Release Mortgage – If you are aged 55 or over, this is a way of taking out money against the value of your home without the need to move. It is a long-term loan which is repaid using your home once you pass away or go into long-term care. Until that point, you can remain in the house, and won’t need to move out. This is also known as a Lifetime Mortgage where you keep the ownership of the property or Home Reversion where you become a tenant but without paying rent.
Offset Mortgage – Simply put, an offset mortgage allows you to link your mortgage to a savings account. The savings balance is used to reduce the amount of interest charged on the mortgage. By having your savings ‘offset’ against the value of your mortgage, you only pay interest on your mortgage balance minus the savings balance in the offset savings account. Your savings aren’t being used to repay any of your mortgage so are still fully available for you to withdraw and use but while in the savings account they sit alongside it to reduce your interest payments or reduce the term of the mortgage, whichever is your preference.
If you’d like more information on the mortgage products available, please arrange a no obligation call to see how Downton Mortgages and Financial Services can help you.
Most Buy-to-Let mortgages are not regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.
A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status. The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate.
For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made.
This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.