Buying your first home.

At Mr and Mrs Mortgage Broker, we understand that buying your first home is an exciting yet daunting experience. That's why we're dedicated to supporting our First Time Buyers every step of the way. From our very first meeting, we take the time to understand your unique needs, financial situation, and homeownership goals.

We guide our First Time Buyers through the entire journey, ensuring a smooth and as stress-free as possible process. We provide personalised advice and assistance tailored to your individual circumstances, helping you navigate through the complexities of the property market with confidence.

From helping you secure the right mortgage deal to explaining the intricacies of the buying process, we're here to answer your questions and address  concerns you may have. We'll keep you informed and empowered throughout the process, ensuring you feel confident and supported every step of the way.

On the day you collect the keys to your new home, we'll be there on a call with you to celebrate, knowing that we've played a crucial role in helping you achieve your dream of homeownership. At Mr and Mrs Mortgage Broker, it's not just about finding you a mortgage – it's about guiding you towards your new home with care, expertise, and unwavering support.

Remortgaging your property.

Your mortgage is a significant commitment, but that doesn't mean you're locked into the same provider or deal forever. We advise securing a new deal six months before your current mortgage's incentive rate ends, a practice most lenders now allow. At Mr and Mrs Mortgage Broker, we work closely with you throughout the entire process, ensuring you grasp your options fully and secure the most suitable mortgage product available.

Our proactive approach enables us to monitor the market for potential rate changes and where possible, allow us to change your rate ahead of completion.

Thanks to our expertise and unwavering dedication to our clients, we're equipped to support you in finding a suitable mortgage product, regardless of your personal circumstances or reasons for refinancing your home.

Remortgaging: This involves transitioning your current mortgage to a new deal with a different lender. Typically, this occurs when your current mortgage deal is ending or when you're seeking a more favourable interest rate, terms, or wish to release equity from your property. With our expertise, we manage the entire process, helping you secure the most suitable deal based on your circumstances and lenders' criteria.

Product Transfer: Opting for a product transfer means switching to a new mortgage deal offered by your current lender, without the need to change lenders. Unlike remortgaging, this process doesn't involve borrowing additional funds and it doesn't require conveyancing. We handle all the paperwork and administrative hassle, ensuring a smooth transition to a better deal with your current lender.

At Mr and Mrs Mortgage Broker, our mission is to make refinancing your property as hassle-free as possible. Let us handle the work while you focus on more enjoyable pursuits.

Mortgage advice for home movers.

Are you getting ready for your next home purchase?

Stepping into a new property marks an exciting chapter, but handling both buying and selling simultaneously can feel like a daunting task. Balancing solicitors, estate agents, mortgage providers, vendors, and sorting out moving logistics, insurance, and paperwork adds to the already bustling mix. Trust us, we've personally experienced moving six times to date, so we truly understand and appreciate the pivotal roles each professional plays in supporting us throughout the journey—from the diligent estate agent to the communicative solicitor, and of course, a flexible Mortgage Broker who offers convenient appointments and provides tailored advice for your unique circumstances.

In the midst of all this hustle and bustle, overlooking the most suitable mortgage deal is genuine concern, potentially leading to higher payments or extended repayment terms. That's why it's crucial to carefully explore your current mortgage options. While transferring your mortgage with your current lender to the new property is an option, it requires careful consideration.

Luckily, as your dedicated mortgage advisors, we're here to take charge of navigating all available options on your behalf. With access to a diverse and wide array of lenders, we're equipped to secure the ideal deal tailored precisely to your needs. Our expertise lies in meticulously evaluating charges, fees, and terms to pinpoint the most favourable rates for you.

We provide insights into borrowing limits, mortgage terms, rates, and monthly payments, alongside securing an Agreement in Principle. We handle the entire application process, collaborating with lenders, solicitors, and estate agents, allowing you to focus on envisioning the layout of your new home and practicalities of moving home (schools, utilities, change of addresses, etc).

Types of mortgage.

There are several different types of mortgage. Below is a list of the most common mortgages and how they work.

Fixed-rate mortgages: These mortgages offer a fixed interest rate for a set period, typically 2 to 5 years, however also available by some lenders for 3, 7 or 10 and 10+ years. These mortgage types provide stability in monthly payments regardless of fluctuations in the Bank of England base rate.

Variable-rate mortgages: With these mortgages, the interest rate can fluctuate according to changes in the lender's standard variable rate (SVR) or the Bank of England base rate. There are different types of variable-rate mortgages, including tracker mortgages and discount mortgages.

Tracker mortgages: Tracker mortgages follow the movements of a specified interest rate, usually the Bank of England base rate, plus a set percentage. This means that when the base rate changes, the mortgage interest rate changes accordingly.

Discount mortgages: Discount mortgages offer a discount on the lender's Standard Variable Rate (SVR). The interest rate can fluctuate with changes in the SVR.

Offset mortgages: With offset mortgages, the borrower's savings are linked to their mortgage account. The amount of savings is offset against the mortgage balance, reducing the interest charged. Borrowers can still access their savings if needed but will pay interest on the reduced mortgage balance.

Interest-only mortgages: With interest-only mortgages, borrowers only pay the interest on the loan each month, with the capital amount being repaid at the end of the mortgage term. These mortgages are less common and typically require a repayment vehicle, such as an investment or savings plan, to cover the capital repayment.

Repayment mortgages: In repayment mortgages, borrowers pay both the interest and a portion of the capital each month, ensuring that the mortgage is fully repaid by the end of the term.

Employment Types that can be used for affordability.

Each type of income is assessed differently by lenders, considering factors such as consistency, reliability, and predictability. Borrowers should be prepared to provide relevant documentation and consult with us to understand lender requirements and eligibility criteria based on their specific income type.

Here are some typical examples, however these are not 'written in stone'. Different lenders will consider different variables and there are other 'employment types' not listed here ie. Contractor or Zero-Hour.

Employed: Income from traditional employment, where the borrower receives a regular salary or wage from an employer. Lenders typically require 1 to 3 most recent payslips and P45 as proof of income stability.

Self-Employed (Sole Trader): Income earned through self-employment as a sole trader. Self-employed borrowers typically need to provide tax calculations and tax overviews (ie SA302) for 2 years to demonstrate income reliability.

Self-Employed (Limited Company): Income earned through self-employment as a Limited Company Director. Self-employed Directors typically need to provide tax calculations and tax overviews (ie SA302) for 2 years to demonstrate 'Dividend' income, business accounts for  2 years to demonstrate income reliability and business bank statements to show current cashflow.

Construction Industry Scheme (CIS): The Construction Industry Scheme (CIS) is a UK tax system for construction contractors and subcontractors, where contractors deduct tax from subcontractors' payments to pass to HMRC. Unlike standard self-employment, where individuals manage their own taxes, CIS ensures tax compliance through these deductions. Depending on lender, CIS income can be treated as either employed income or self-employed income. At Mr and Mrs Mortgage Broker, we know how important it is to present you to the right lender based on your needs and circumstances, providing tailored mortgage advice and support to navigate these complexities within the construction sector.

What income can be considered by the Lenders?

Employment Income: This includes wages or salary earned from full-time, part-time, or self-employment. Lenders often require payslips, tax returns, or employment contracts as proof.

Overtime and Bonuses: Additional income earned through overtime work or bonuses may be considered, but lenders often require a history of consistent earnings.

Commission: Income earned through sales commissions or performance-based bonuses may be included, typically requiring evidence of a stable commission structure.

Rental Income: If you own rental properties, the income generated from rent can be used to qualify for a mortgage. Lenders may require rental agreements and proof of consistent rental income.

Investment Income: Income from investments such as dividends, interest, or capital gains can be considered, although lenders may apply different criteria for assessing investment income stability.

Pension Income: Retirement income from pensions, annuities, or other retirement accounts may be used, with lenders typically requiring evidence of regular payments.

Benefits and Allowances: Certain government benefits or allowances, such as child support or disability payments, may be considered as part of your income for a mortgage application.

Each type of income is assessed differently by lenders, and eligibility criteria may vary. It's essential to provide accurate documentation and consult with us to determine which income sources can be used effectively in your mortgage application.