Mortgage Force West Midlands has developed excellent working relationships with the leading mortgage lenders, which means we often hear about the latest deals before they hit the market. We can help you find mortgages to suit most circumstances, including mortgages for new homeowners, commercial premises, retirement accommodation, buy-to-let properties, and even a mortgage that helps you to build your own home.
A mortgage broker works with you to provide the best possible mortgage based on your circumstances. Because we work for you and not the lender, we are fully accountable and required to provide compensation if any of our advice is incorrect. As an experienced broker, we can often access to a wide range of possibilities from multiple suppliers, which would not be the case if you went to the lender directly.
At Mortgage Force West Midlands, we are able to offer expert and impartial advice on all the main types of mortgages, including repayment (capital and interest mortgages), interest-only mortgages, discount variable, fixed rate, tracker and flexible mortgages. Our services include advice on re-mortgaging, commercial mortgages, buy-to-let mortgages and secured loans, through our partner organisation Charles Frank Finance.
We are authorised by the Financial Conduct Authority to provide mortgage advice and to arrange suitable mortgage payment protection insurance for your needs. Again, as independent brokers, we are able to negotiate on your behalf and aim to find insurance that will cover your individual circumstances, without incurring unnecessary costs in the long run. We are also able to offer advice on and provide related forms of insurance such as life/critical illness cover, family and income protection cover, buildings and contents insurances.
What different types of mortgages and loans are available?
Mortgages can be broadly divided into repayment mortgages and interest-only mortgages. With interest-only mortgages, you repay the capital at the end of the loan period with money you've saved elsewhere. In the case of repayment mortgages, you typically repay some of the capital you've borrowed and some of the interest you owe each month, although the particular combination will vary. At the end of a fixed term, which is usually 25 years, you will have paid back everything you owe and will own the property. If you want to move earlier than this, you may be able to take the mortgage with you, or take out a new one (these are called remortgages – see also below) and repay the original one.
A discount variable or discounted rate mortgage, as the name suggests, offers a variable interest rate – so your payments can go up and down according to the lender's Standard Variable Rate (SVR). Fixed rate mortgages involve the repayment of a fixed amount each month for a set number of years, which range from two and ten years. At the end of this period, you'll be charged in accordance with the lender's standard variable rate (SVR), unless you switch to a different fixed rate mortgage. The repayments of tracker mortgages, on the other hand, move in line with a nominated interest rate, which is usually the Bank of England's base rate.
For more experienced borrowers
Equity release services are for when you are approaching or have already reached retirement. They have the potential to allow you to release cash or equity that is tied up in your home after you reach the age of 55 if you are looking to fund something special, supplement your income or pay off your existing residential mortgage. However, it is important to be aware of any fees, the ways they will affect the value of your estate, and how this equity will affect your entitlements to any state benefits.
With buy-to-let mortgages, the amount you can borrow is related to the amount of income you expect to receive from a property. Remortgaging is the process of switching from an existing mortgage to a new product from the same or a different lender. The most common time to switch is when the fixed, introductory tracker or discounted rate (see below) on your mortgage ends. If you decide to switch your mortgage in this way, you'll need to balance the costs of potentially reduced or fixed payments with arrangement fees, and any other associated costs (such as exit fees if you are changing provider, along with legal and other costs). You'll also need to think about the amount of deposit you pay and any early repayment charge for the new product.
Secured loans can allow homeowners to borrow a large sum of money, usually at better rates than an unsecured option. The amount you borrow, the term and interest rate all depend upon the equity you have in your property, your credit history and your personal circumstances. As with a traditional mortgage, you need to think about any borrowing that is secured on the basis of your home, as it can be repossessed if you do not meet your payment commitments.
Commercial investment mortgages are designed to help individuals and companies purchase or refinance a commercial property to rent out. This can allow them to benefit from rental income and property-value appreciation. Commercial mortgages are also available for mixed-use and semi-commercial property.
Whichever type of mortgage you are interested in, you will need to decide how long your mortgage term is for and whether you are looking for a fixed- or variable-rate mortgage. The experts at Mortgage Force West Midlands will be pleased to guide you in finding the right mortgage product for your needs.
Why choose Mortgage Force West Midlands?
We will save you lots and lots of time, as well as money. Arrange an appointment with us, and our expert mortgage advisors will find out about your circumstances and search hundreds of products for you. Using the latest industry-standard software, we receive up-to-the-minute rates and deals from all the major lenders in the UK market. Using this information, we endeavour to find the best deals that are available and get our clients the best rates available. As mortgage brokers and non-investment insurance advisors, we are authorised and regulated by the Financial Conduct Authority (FCA). Our advice is impartial, and we can provide you with details on far more different options than you would receive if you went direct to a lender.
For any of our mortgage services, a fee of £399.00 payable on completion. We will also be paid commission by the lender. As part of our will receive a key facts illustration when considering a particular mortgage which will tell you about any fees relating to it, as part of our obligations under the FCA. We are also overseen by the Financial Ombudsman service for the advice we provide you with and the manner in which we deal with your loan.
You can see the testimonials section of our website to find out more about how we have helped other customers. We are based in Bloxwich and pride ourselves on fulfilling the highest levels of professional services for our customers in the West Midlands. We provide a full range of property finance solutions and operate with the highest regard for our customers. To access our services simply drop us a line about your circumstances using our web contact form with your, or you can phone or send us an email.
For expert and impartial mortgage services, speak to the friendly team at Mortgage Force West Midlands.