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You can't buy a new home without any money


Cheapest is not always best!

Most people have to borrow money from a bank or building society to buy their new home. The good news is that even after the credit crunch there are still a lot of lenders and an even larger number of different mortgage products to choose from…which makes it quite difficult to source your own mortgage and match the deals that are available to you from professional advisers.

At Westosan the phone is answered until nine o'clock at night, seven days a week, for your convenience. We know that clients have to work during the day and want to see their children when they get home…common sense?

We also know that cheapest is not always best - partly because what appears to be cheap isn't always so after you read the small print. We take account of set up and exit costs, flexibility and treatment of hardship cases as well as income multiples and service levels. If you aren't confident of carrying out a full comparison yourself you should ask for professional help. This could save you a lot of money and frustration over time!

Non status and self certification mortgages have all disappeared along with 100% mortgages, but maybe you fit one of the following groups, all of which are alive and well:

First time buyer - see the Stop Press page
Key worker
Guarantor mortgages
Home mover
Re-mortgage (You may have to pay an early repayment charge to your existing lender)
Second mortgage
Lifetime mortgage (you must be aged at least 55 years)
Home reversion plans (you must be aged at least 55 years)
Buy to let (Non-regulated by the FSA)
Let to buy
Commercial mortgage (Non-regulated by the FSA)

Going direct to a lender means that you will only have access to that particular lender's products and, perhaps more importantly – you won't receive any advice from the lender (and that assumes it is not after five o'clock when most of them go home). Through Westosan you will benefit from 'whole of market' research.

Most mortgages these days are arranged on a capital and interest basis (repayment) where each month you pay a little bit off the debt and you pay interest on the rest. Interest only mortgages are available from some lenders providing you have a deposit of at least 25% but you do have to show details of your repayment vehicle (e.g. ISA) and if you do it properly the cost of interest only is no cheaper than capital and interest.

A popular choice for first time buyers is to buy a shared equity or shared ownership property where the mortgage costs are lower and part of the property is either rented or financed by a third party. There is a link on this site to find out more about these schemes, or you can Contact us. Key Worker mortgages are also available in some parts of the country for certain occupations.

If you want to see some figures please use the mortgage calculator on this page.

Home reversion plans and Lifetime mortgages are complex products. To understand the features and risks, ask for a personalised illlustration.

Warning - do not borrow more than you can afford to repay each month...common sense?

Do not be tempted to lie about your income because it's called mortgage fraud and you really don't want to go there (criminal records tend to hang around and cause you all sorts of trouble when you go to insure your car or borrow money…or apply for a job).

There is one important thing to be aware of when you arrange a mortgage (which is secured against your house) : -


Mortgage Calculator

   
Term (Yrs)
Mortgage Amount
Int Rate %

Monthly payment
Total to pay back
Total interest paid
 
This calculator information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you choose a mortgage. The information provided by the calculator does not constitute a formal mortgage offer.

The monthly costs are for a capital and interest mortgage

Your home or property may be repossessed if you do not keep up repayments on your mortgage
or any other debt secured on it



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