Residential Mortgages
A residential mortgage is a loan that individuals can use to purchase or refinance their primary residence. It is typically secured by the equity in the home. Our experienced brokers can help you navigate the process of securing a residential mortgage, and find the best deal based on your circumstances.
First Time Buyers
Millennial Mortgages Ltd provides exceptional service for first time buyers. We understand the importance of finding the right mortgage option for each individual customer and our team of experts is ready to help you navigate the process with confidence. Contact us today to see how we can help you with your home purchase.
Home purchasing schemes
We offer support with home purchase schemes such as Help to Buy, Shared Ownership Scheme, Right to Buy and Right to Acquire. Our experienced team of mortgage advisors are on hand to provide tailored advice to help you find the best scheme for you. Whether it is your first time buying a home, or you have bought before and need help to move up the property ladder, our team can help. We understand that each individual’s needs are different and we are here to provide the best advice and support to ensure you find the right scheme for you.
Remortgaging
When the initial rate period comes to an end it is the right time to consider all the options available when choosing a new deal. Please do not wait until it ends as you will be moved to a Standard Variable Rate (SVR).
This rate is often significantly higher than other rates available on the market. Hence, it is important to talk to one of our advisors in advance to ensure your mortgage is switched to a new deal on the same day your current deal ends.
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We offer a free consultation where you will be provided with a selection of the best available deals all tailored to your circumstances, once you are happy to proceed with the selected deal our advisor will be able to take you through the application process.
CAPITAL RAISING
Remortgaging gives you an opportunity to pay out capital that you have already repaid during the years of your mortgage or if the property has risen in value the difference by which it has increased. Some lenders offer up to 95% LTV on remortgaging with capital raising. You will need to pass standard affordability checks, and credit checks as well as the property may be subject to physical valuation. There are numerous reasons why mortgage lenders will allow capital raising;
Purchasing new residential property – If you are looking to move away from the area or require a bigger property but do not want to sell your current residential proper.ty a Let to Buy remortgaging may be the best option if you have sufficient capital in the property. Let to Buy type of application will require 15%- 25% of capital to be maintained in the property as a deposit. You could raise further capital to fund a deposit for the onward purchase.
Becoming a landlord – Rising costs of properties, stamp duty and large deposit requirements of at least 20% mean that many of us cannot proceed with the desire of becoming a landlord. However, if you have sufficient capital in your property by remortgaging you can release that equity to fund the deposit and all the other costs associated with purchasing an investment property.
Home Improvements – If you are looking to build an extension or any other home development such as renewing a kitchen, most lenders will accept this as capital raising purpose, but some may require a detailed schedule of work or quotation from qualified specialists.
Debt Consolidation – Another popular reason for a remortgage with capital raising is debt consolidation; such as paying credit cards, store cards, hire purchases, unsecured loans. All these types of credit often carry a significantly higher interest rate. If you are paying a hundreds of pounds per month on credit commitments but not seeing much of a reduction on the balance remaining, it might be worth consolidating your debt. This will reduce the monthly commitment, and improve your affordability but it is important to discuss the long-term costs associated with spreading the cost over a longer period of time.
Our advisors will be able to give you an estimated cost during your free remortgage consultation to ensure capital raising is the best way in your circumstances.
There are a few more reasons for remortgaging that are widely acceptable by mortgage lenders such as:
– Business purpose – often start ups and an injection of capital into companies that are reporting net losses are not allowable.
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– Divorce Settlement- affordability to maintain the current mortgage and paying off the ex-partner often can be a problem and may require selling and downsizing.
– School fees – paying for your or direct family member's school fees or professional fees is widely allowable.
– Redemption of equity Loan/HTB, purchasing more shares in the shared-ownership property
– Purchase of land or financing a self-build project.
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– Purchase of a vehicle or funding holidays.
Get in touch
07810 403 431
13 Kew Gardens
1 Kew Road
Weston Super Mare
BS232NP