We think so. Take the stress out of homebuying with a qualified adviser.

Buying a house is one of the biggest financial commitments you can make and, for most of us, a mortgage is an essential way to get there. But the mortgage market can be complex, and the time and effort demanded by the homebuying process can be substantial.

Working with a qualified mortgage adviser can make things a lot easier. Here are five reasons to consider seeking mortgage advice.

They know the market

There’s a plethora of providers and products out there beyond the big high-street brands. But navigating the market is a mortgage adviser’s bread and butter. They’ll use their deep knowledge of different lenders and products to recommend the right mortgage for your situation, doing all the research so you don’t have to.

That can be especially valuable if your financial circumstances might limit your options, for example if you’re self-employed or have blips in your credit history. Mortgage advisers know which lenders are more comfortable taking on people in your situation, and they’ll help you adjust your finances to give you a better chance of meeting a lenders criteria.

They know what a good deal looks like

Low rate might seem like the most attractive option but other factors, like fees, loan conditions and the term, can have a substantial impact on the overall affordability of a mortgage.

An adviser will help you look beyond the headline rate and understand the total costs associated with a given product. That could save you thousands or even tens of thousands in the long run.

They do the hard work for you

Advisers do so much more than just find you a mortgage. They’ll help you complete your paperwork, liaise with solicitors and surveyors on your behalf and suggest other products to help boost your financial security.

You can do all this yourself if you wish, but support from a qualified adviser could alleviate a lot of the stress associated with buying a house, especially if it’s your first time.

They’re highly qualified

Our mortgage advisers are fully qualified and work to rigorous standards of excellence that ensure they provide fantastic service. They’re backed up by knowledgeable head office teams and they have a fantastic range of lenders and products to choose from. No matter your situation, they’ll find the right mortgage for you and make the homebuying process as smooth as possible.

Still not sure if advice is right for you? Contact one of our advisers today for a no-obligation chat about your mortgage needs.

YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Chapelgate Private Finance is a trading name of Chapelgate Associates Ltd which is an appointed representative of Altura Mortgage Finance, which is authorised and regulated by the Financial Conduct Authority.

We’re here to help. We are mortgage advisers and we can help you navigate the self-employed mortgage market and any of the challenges you may face.

What is a self-employed mortgage?

There isn’t a specific product called a self-employed mortgage, you will be applying for the same mortgages as those who are employed. The key difference is that lenders look at self-employed earnings differently and have lending criteria that considers borrowers that do not have an employer to back up their earnings.

So, when it comes to applying for a mortgage, you will need to prove your income will cover your monthly mortgage payments.

How do I prove my self-employed income?

The documents lenders require as proof of income will depend on how you run your business and will be different for sole traders, partnerships, limited company directors and contractors. These proof of income documents could include tax calculations, tax year overviews, tax returns, business accounts, and bank statements.

You will usually be required to provide at least two to three years of business accounts and bank statements to prove that you have been earning consistently for some time. But if you haven’t, don’t feel you’re automatically written off, even if you’ve only been trading for a year – it’s possible we can source a mortgage for you.

Seeking advice is a good thing

If you’re self-employed, it makes sense to get a helping hand from a mortgage adviser.

We’ll help you compile all the documents you need and help you access a wide range of mortgages including those that are only available from specialists – who may offer more flexible options. An expert in your corner can find a solution that’s completely tailored to your needs.

Ready to get started? Speak to an expert self-employed adviser today.

Call 020 7317 7311 or drop them an email on info@chapelgateprivatefinance.com

Chapelgate Private Finance is a trading name of Chapelgate Associates Ltd which is an appointed representative of Altura Mortgage Finance, which is authorised and regulated by the Financial Conduct Authority.

A credit score can range from 0 to 1,000, depending on the agency, and is worked out using the information in your report. Each agency might have slightly different credit scores for you and their own levels of what they rate as a ‘poor’, ‘fair’, ‘good’ or ‘excellent’ credit score.

What they all have in common is that they offer similar perspectives on how lenders may view you when you’re looking to do something that involves credit – applying for a loan, credit card, mobile phone contract or securing a mortgage deal.

Why your credit score is important

The higher your credit score, the better you may look to a bank, building society, credit card company or other lenders. Your score can help you understand how lenders might assess how risky it would be to lend you money and whether you’re reliable when it comes to paying it back, as well as deciding how much interest you’ll pay and what your credit limit could be.

Lenders also have their own processes and consider factors besides scores to help make their decisions about you – so just because you’re turned down from one doesn’t mean another will.

“The higher your credit score, the better you may look to a bank, building society, credit card company or other lenders.”

What can affect your credit score?

It’s normal for your credit score to move up or down, but it’s a good idea to check it regularly to make sure it isn’t changing too much, as this could be due to inaccurate information in your credit report, or even due to someone fraudulently using your details.

The way you work with and use your credit can affect your score. It could be a change to your credit card balance, opening a new account somewhere, closing an account or simply making (or missing) a payment on a credit card. Other factors include your payment history, presence of any public records (like bankruptcies) and your credit usage, including if you’re keeping your debt to manageable levels.

The age of your credit accounts matters too, as it shows your experience in managing credit. Your credit limits and how much available credit you have access to can affect your score, along with any new account openings; making many credit applications at once may signal to lenders you need money.

What can affect your credit score?

You’re legally entitled to access your statutory credit report for free – online or by post – by requesting them directly from each of the three main credit reference agencies. To find out your credit score, try Credit Karma, TotallyMoney or sign up for a trial with checkmyfile.

“Only use your credit card for purchases you can afford so you’re in a stronger position to make your required payments every month.”

 Six ways to improve your credit score

1. Pay your bills on time, to show lenders you’re reliable at paying things like your rent or mortgage, utility and credit card bills.
2. Only use your credit card for purchases you can afford so you’re in a stronger position to make your required payments every month. Avoid using the maximum credit limit on your card – aim for a limit of a smaller portion of your total credit limit.
3. Use your credit card responsibly. Keep your oldest credit accounts open because having established accounts in good order shows lenders you’re experienced and reliable when it comes to managing credit.
4. Avoid withdrawing cash using your credit card. Lenders could see this as a red flag, and it can also be expensive.
5. Correct any errors on your credit report by writing to the agency concerned. These could include an incorrect address, letting them know you’re no longer linked to a joint bank account, or flagging any credit activity that hasn’t come from you.
6. Put yourself on the electoral register. Registering your details on the electoral roll helps lenders quickly verify your identity if you want to take out a loan.

Get in touch

Speak to your financial expert to help you improve your credit score.

Please get in touch to arrange a time to chat, call 020 7317 7311 or email, info@chapelgateprivatefinance.com

The mortgage market is going through another unpredictable time with mortgage lenders withdrawing mortgage deals and increasing rates in a reaction to the recent news that inflation is slowing at a less- -than-expected rate.

Do you need to remortgage now?

If you’re due to remortgage now, don’t panic! The good news is that help is at hand.

Despite the recent withdrawal of some mortgage products and rates, we still have access to thousands of mortgage rates and can search an extensive panel of lenders for you, finding deals and options that you may not have even considered. We’ll also be saving you hours of searching time and mortgage comparison headaches.

Speaking to an adviser can help during these unpredictable times

If you’re worried about remortgaging, seek mortgage advice from an expert. We have our fingers on the pulse of the mortgage market and are equipped with in-depth knowledge of the different mortgage products on offer. Our insider knowledge can make your remortgaging process simple, so are you ready to find the right mortgage for you? Speak to us today.

Call us on 020 7317 7311 or drop us an email, info@chapelgateprivatefinance.com

Why plan ahead of your fixed rate ending?

The earlier you plan your remortgage, the more mortgage options you have! And in the current economic climate, it really does pay to know your options. An expert adviser can find the deal for you. 

If you’re due to remortgage in the next year or so, take a look at our handy list of does and don’ts that will help you plan ahead with confidence.

• DO give yourself time to weigh up your options. Leaving anything to the last minute can be incredibly stressful – even more so when it’s something as important as your mortgage! Take a weight off your shoulders and give yourself plenty of time to look at what’s available – it’s worth speaking to an adviser so you can get the ball rolling.

• DON’T accept the first deal you find. Keep an open mind, it can be very tempting to snap up the first mortgage you see that looks good. But there are so many different mortgages out there – some of which you might not even have considered! We’d recommend getting the help of an expert adviser to help you find the right deal. Which brings us to… 

• DO seek the help of a mortgage adviser to help with the search and application process. There are so many mortgage options on the market, it can feel a bit overwhelming. With the help of an expert adviser, you can choose with confidence. We’ll help you through the whole remortgaging process – from choosing a good fit, to going though the small print and completing the process. Plus, we’ll save you time spent searching, as well as mortgage comparison headaches.

• DON’T assume you have to stay locked in a deal before you remortgage. If you secure your rate early and then find an option that suits you better, you can change your mind and go for the new deal. The vast majority of lenders won’t lock you into a deal before your expiry date, which gives you the best of both worlds. If rates rise after you’ve chosen a deal, you will have secured the most competitive one available and should hold onto it throughout the mortgage application process. If rates reduce, your adviser will inform you and simply switch to a lower rate before you complete. Either way, you can sit back and relax, knowing we’ll have you covered.

• Do think long term. Early Repayment Charges (ERC) apply when you want to repay your mortgage early or pay your overpayment allowance. In some cases, paying the ERC (at 1% or 5%)* and securing a new rate straight away might actually save you money in the future. This is because you won’t be waiting until rates have increased, which could affect your next mortgage product. 

• Don’t default! If your current mortgage expires and you haven’t got another option in place, you’ll automatically roll onto your lender’s default rate – often at a higher standard variable rate. Avoid spending money where you don’t need to, and make sure you get in touch with a mortgage adviser. We can help you get another mortgage option in place when your current one expires.

Get a head-start on the remortgaging process by calling is now, 020 7317 7311 or email, info@chapelgateprivatefinance.com.

Whatever stage you’re at in the remortgaging process, a mortgage adviser can expertly guide you on your way. We’ll compare a huge range of lenders and mortgages on your behalf, finding a solution that’s completely tailored to your needs.

Ready to plan your next remortgaging steps? Speak to an expert adviser today.

* https://www.unbiased.co.uk/discover/mortgages-property/remortgaging/how-do-early-repayment-charges-work-and-how-can-i-avoid-them

Your circumstances have changed – will you be able to re-mortgage?

We all know life doesn’t stay the same. Our jobs, our relationships, our financial circumstances, they all evolve over time. So, if our lives are constantly changing, why should our mortgage stay the same?

Your life may have completely altered since you last re-mortgaged. You might be earning more or less than before, earning from multiple sources, or become self-employed. You might even be looking to climb onto the property ladder as a first-time landlord.

Or you might be worried about how a County Court Judgement (CCJ) or past mortgage defaults might affect your credit rating, and your ability to re-mortgage this time round.

The good news is that help is at hand. With careful planning, and an in-depth review of your mortgage options, an expert mortgage adviser could help you secure a mortgage that fits your circumstances.

We’ve put together some common re-mortgaging myths below. If you think these might hold you back from securing a mortgage, think again – we might be able to help you find a mortgage for your specific situation.

Myth: you won’t be considered for a mortgage if you’re earning your income from multiple sources.

It could be overtime payments, earning commission or a bonus, returns from your investments or simply the fact that you’re working more than one job – it’s becoming less likely for people to earn their income from just one source. You may think that because your income doesn’t fit into a standard template, you won’t be able to find a mortgage. But this isn’t the case!

We have access to and can search the specialist market on your behalf. With our help, you may be able to find a mortgage as unique as you are.

Myth: if you’re self-employed, you have to wait three years or more before you can be considered for a mortgage.

That’s not always the case. With access to an exclusive panel of lenders, we can connect with specialists on your behalf. So don’t feel you’re automatically written off if you’ve been trading for just a year. It’s possible we can source a mortgage for you.

Myth: lenders will only accept buy-to-let mortgage applications if you already have a mortgage.

Often, first time buyers will take out a residential mortgage and change it to a buy-to-let mortgage, which builds up their credit rating. But while it helps to already have a mortgage in place, it’s not an absolute necessity. You may have never needed to take out a mortgage because you’re living with a partner or parents. Whatever your circumstances, don’t let them put you off. Speak to an adviser, as they can help you find the right lender and guide you through the mortgage process.

Myth: you won’t be able to get a mortgage if you’ve recently had a County Court Judgement (CCJ) or defaulted on your mortgage payments in the past.

Whilst it’s true this could affect your mortgage deal, there are specialist lenders out there that will look at your individual circumstances. Certain factors will be taken into consideration, such as how long ago the CCJ or default happened, or whether you’ve had any trouble with your finances since then. An expert adviser will be able to help you through the process, so while it may feel dauting, it’s absolutely doable!

Whoever you are, seeking advice is a good thing.

Whatever your situation, it makes sense to get a helping hand from a mortgage adviser. We look at all circumstances and have access to a wide range of mortgages: from those not on the market, to those that are only available from specialists and sometimes harder to track down. An expert in your corner can find a solution that’s completely tailored to your needs.

Ready to get started? Speak to an expert adviser today. 

Call us on 020 7317 7311 or drop us an email on info@chapelgateprivatefinance.com