At the best of times the mortgage market can be a bewildering place, at the worst it can be a minefield.
A number of significant changes have taken place since the banking crisis of 2007 leading to the mortgage application process being a more drawn out and complicated affair than was previously the case. The affordable housing sector brings with it an additional element of complexity and not only is independent advice crucial but so is a degree of specialism. Choosing the wrong lender can be a time consuming and costly process and in the worst case scenario can lead to a property being withdrawn and allocated to someone else.
With this in mind tsop have drawn together a panel of mortgage advisers with specialist knowledge of affordable housing schemes. The schemes include Shared Ownership, Shared Equity, Help to Buy, Discounted Market Sale, Right to Buy and will also embrace future Government initiatives such as the Starter Home scheme, once the full details are known.
The services are comprehensive and include:-
- carrying out an initial FREE financial assessment to establish general affordability and to provide an indication of both set up and ongoing monthly costs
- assisting with identifying a suitable lender and submitting the mortgage application on your behalf
- providing a full progress chasing service liaising closely with the housing association or housing provider, mortgage lender and the solicitor handling the legal aspects of the transaction
- advising on suitable life assurance and serious illness protection to safeguard your home in the event of death or not being able to work due to ill health
- following the mortgage closely through to completion (moving-in), providing updates as required and being on hand to trouble shoot any problems that may occur
- providing an after-care service throughout the life time of the mortgage to deal with any future mortgage related requirements
- If you are a RP, LA or Developer with your own advisors we can manage the whole process for you.
Lenders have very different attitudes to the types of scheme they will consider and the terms they are prepared to offer. Some will lend on shared ownership and some won’t. Some will lend at 95% loan to value whilst others will restrict to lending to 75% loan to value. Some will lend less on brand new properties whilst others don’t differentiate between new and old. Additionally, some lenders recognise the services offered through specialist advisers by making exclusive mortgage products available on preferential terms. Similar products are not generally available on the high street.
See more at: www.tsop.org.uk/mortgages/
For more information or to make an enquiry please use the form below.