Investment Finance and Residential Mortgages
Mortgages and investment finance through our partner brokers
We have partnered with two mortgage brokers with extensive experience in providing residential mortgages and finance for investment properties. They are independent mortgage brokers representing over 125 lenders. They are fully FSA accredited allowing them to offer residential mortgages and remortgages, as well as investment finance (not currently covered by the new FSA regulations that came into force on the 1st November 2004).
- OFM Group - specialise in online mortgages and provide pre-evaluations of properties including buy to let rental properties
- Guaranteed Home Loans - specialise in face-to-face consultations via their network of authorised representatives and mortgages for international properties
There are no brokers´ fees for any New Homes Direct members or registered subscribers!
Residential mortgages
Once you have registered, you can apply to either of our FSA accredited mortgage brokers for a new mortgage or a remortgage. You can apply for a mortgage online via OFM Group, or have a personal consultation with an authorised representative from Guaranteed Home Loans. Both companies will take your mortgage application over the phone. In most cases, you will receive a "mortgage offer in principle" immediately, or within a maximum of 2 working days.
Where possible, our brokers (or another partner agency) have carried out a pre-evaluation of the developments offered on New Homes Direct. Providing a combination of both a personal mortgage offer and a pre-evaluation, ensures that there will be minimal delay in receiving a mortgage offer. This is essential, as most developers require you to exchange within 28-days of reserving the property. In fact, we do not recommend that you reserve a property until you have an ´offer in principle´ from our brokers, otherwise the clock will start ticking before you are ready!
Our brokers do not charge any broker fees. They represent over 125 lenders and can offer high percentage mortgages. They can also find most applicants a mortgage, even if they have CCJ’s or arrears (subject to status).
. They represent over 125 lenders and can offer high percentage mortgages. They can also find most applicants a mortgage, even if they have CCJ’s or arrears (subject to status).Investment finance and buy-to-let mortgages
Both our mortgage brokers can offer buy to let and investment finance on a high percentage loan to valuation and/or competitive rent to mortgage cover (e.g. where of mortgage payments are equivalent to 100% of rental receipts). Most of our developments have had a pre-evaluation so we can confirm the market valuation with a range of lenders and the rental value with local letting agents. This allows us to check that the deal stacks up i.e. that the mortgage payments are covered by the rental income. In some cases, there are guaranteed rental schemes available.
Remortgage
If you are considering remortgaging your home to release equity and raise cash to invest in another property, then our brokers can help. Typically most remortgages are based on 85% ´self-certificate´ basis, but there are a range of other remortgages available (subject to status).
Overseas mortgages and funding for international properties
Some UK lenders will provide a mortgage or lend on international properties. However for certain countries there are many hurdles and disadvantages with this approach. You need to take each country on a case by case basis when buying overseas for either for yourself or as a property investment.
In some cases it is wise to take out a loan or mortgage in the local country as this may be at a much lower interest rate (many EU countries have mortgages with long term fixed rates, at very low interest rates). It also protects you from local currency fluctuations. We will be providing more details on international finance and mortgages for New Homes Direct Members, who can access the "members-only" area when they log-on.
Other brokers and mortgage lenders
Occasionally a developer will have already come to an arrangement with their own mortgage broker or lender, to provide finance or a mortgage on a particular property. This might be due to the particular offer or conditions, and be necessary to ensure that you get the best deal or discount.
Getting a mortgage from your own lender
In most cases you are free to use your own mortgage broker or lender, however, they may not be practised in providing mortgage offers in the time scales normally required by our property developers. We would therefore recommend that you get a firm mortgage offer before you make a reservation on a property. This will probably involve paying for a valuation by your mortgage lender. In such cases we cannot guarantee that another buyer will not reserve the property.
Please email or call us to discuss the best strategy and whether it will be practical to arrange your own mortgage or finance. We can tell you how popular the plots are and whether you will have enough time to get a mortgage through your own lender. You will also need to advise us that you wish to reserve the property without needing our standard valuation. In which case we would recommend that you reserve the property and email us immediately, so we can refund the valuation fee.
Online and telephone mortgage application
If you would like to find out more about our brokers then please see the details below, or click through to their web sites.
The OFM group | Guaranteed Home Loans | ||
Address | 3rd Floor, Suffolk House | Address | GHL House |
Web Address | Web Address | ||
Email Address | enquiries@ofmgroup.co.uk | Email Address | info@ghlonline.co.uk |
Phone | 0870 990 1641 | Phone | 01622 358000 |
