Homes provide a special place in our lives to create memories from, creating a safe haven from the hustle and bustle of everyday living. Whether your dream house is a city apartment or country estate, we want to help you achieve that dream by finding the right mortgage for you.

How much can I borrow?

Our mortgage professional will help and guide you through the mortgage minefield, to tailor solutions specific to your needs, by adopting an honest and consistent approach.

Whatever your mortgage requirements, The Protectors will do the hard work, so you don’t have to.

Buying as a First Time Buyer

Getting on the property ladder should be an exciting experience and not a scary one. We are here to be a guiding hand from the very first step until you receive the keys to your property.

Looking after customers with the dream of becoming a homeowner, is our favourite part of the job.

Get in touch to see how we can help.

Deposit

Lenders are no longer happy to take all the risk of buying your new home, and so do not lend 100% of the value of the property. If you are unable, in the future, to pay your mortgage, the lender needs reassurance that it can take your home and cover the loan by selling it. Less risk taking means lower loan-to-value (LTV) ratios, and personal deposits need to be larger than in the recent past.

You will typically need at least 5% as a first time buyer and commonly up to 20% to access the most competitive interest rates on the market.

The source of the deposit may come from your current property, savings, inheritance or a gift.

Be aware that deposit loans from family and friends can still not be accepted as a source of deposit by some lenders, or can influence how much they may lend you.

Valuation and survey fees

Before a lender will grant you a mortgage it will insist on a valuation to prove the property is worth what you’re paying for it. The size of the valuation fee will vary by lender and property value.

The basic mortgage valuation is for the lender’s benefit so that it feels comfortable lending against the property. You may feel you want to add a survey to the valuation that gives you a report on the general condition of the property.

If you are buying an older property, or one in a general state of disrepair, you may choose a full structural survey. This is a thorough survey that examines the structural condition of the property and gives you advice on repairs. Depending on the property expect to pay between £500 and £1,000.

Obtaining comparable examples in the same area and for similar property will help you obtain a benchmark.

Property type

Some properties such as flats over commercial properties, studio flats and ex-local authority premises can be viewed as having reduced future attractiveness and as such some lenders may not operate in that market. This may restrict your lending options.

Listed buildings (e.g. Grade 1, Grade 2) may have restrictions on how you can maintain or alter the property as well as buildings near to it (e.g. garage). Some unlisted properties can also be subject to similar restrictions (e.g. in an area of outstanding natural beauty).

As a mortgage is secured against your home, it could be repossessed if you do not keep up the repayments. Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.