Mortgages
Residential Purchase:
Our professional advisors work with you every step of the way to make the mortgage process simple, saving you time and effort on one of life’s biggest decisions. We have access to hundreds of products from comprehensive range of lenders and can find you the ideal product for your needs.
From working out how much you can borrow to picking up the keys to your first home, a dedicated member of our team will be there to guide you at every step of the way.
We know how daunting and stressful it can be trying to arrange your residential mortgage. Whether it’s knowing whether you’re getting a good deal or if your deposit is big enough, we can offer the advice you need and get you on your way to picking up the keys for your home!
Buy to Let mortgage:
Our buy-to-let mortgage advisers are experienced, with extensive knowledge about the buy-to-let mortgage market. Whatever your circumstances, our advisers will try to find a product that works for you.
Whether a property is old or new, in need of refurbishment, ex-local authority or bought off-plan, Elccara have a wide range of products available to suit any circumstance in which you might need a buy-to-let mortgage.
It can be tricky to know where to start when it comes to finding a buy-to-let mortgage or remortgage. Choosing the best buy-to-let mortgage deal will vary depending on your needs.
There are plenty of good deals out there for landlords who are interested in moving into the buy-to-let business. Buy-to-let rates will vary, and are dependent on the risk of the mortgage to the lender as well as other factors – buy-to-let mortgage rates are often greater than residential mortgages.
The Financial Conduct Authority does not regulate most forms of buy to let mortgages.
Remortgage
Regularly reviewing your mortgage and the mortgage market makes good financial sense. Residential remortgaging is the process of replacing your current mortgage product with a new product, usually either to switch to a better rate or release capital. The process is usually quick and easy, the legal aspect is simple, and doing so can ultimately put you in a much better position.
You should be considering a residential remortgage if any of the following apply:
- You are coming to the end of your initial rate and your payments are about to go increase.
- You are on your lender’s SVR (standard variable rate).
- It’s expensive to move – you would like to do work to your property to improve its value and give more living space,
- Raise capital for school fess or a car purchase
- Your circumstances have changed and you wish to increase / decrease your monthly payment or the term you mortgage is being repaid over.
- You would like to release equity for investment purposes (a buy to let, or other) To clear debts (this may well be much cheaper in the short term but more expensive in the long term so thorough consideration is strongly recommended).
- You would like to reduce your mortgage loan and secure new terms.
- You are planning to move house but would like to keep and let your current property.
It is always worth talking to your existing lender to see what they will offer.
You may incur an early repayment charge from your existing lender if you remortgage.
Commercial Mortgages:
commercial mortgages are the most popular type of mortgage used to buy buildings and land for business purposes, they are offered to start-ups, small to medium busineses and large businesses where the lender holds the legal rights over the business property/land until the loan is fully paid.
Why do I need a commercial mortgage?
It could be that you need:
- to expand or
- more storage space or
- to buy your own office premises.
The Financial Conduct Authority does not regulate Commercial Mortgages.
Bridging Finance:
Bridging Finance is a short term loan that provides fast access to funding when it is needed most. Bridging loans can be used to raise funds for any legal purpose, generally last no longer than 12 months for regulated loans, or 18 months for non-regulated loans and will normally require you to have a strategy in place to ensure that you can repay the loan.
The rates of interest and fees charged can seem high when compared to standard residential lending, but a short term loan now could mean you secure the place of your dreams, are able to renovate a property and increase its value beyond the cost of the bridging or are able to carry out essential repairs so that the property becomes eligible for mainstream lending.
- Portfolio restructuring, Auction purchase, Settle Tax liabilities, Cash flow, Probate cases, Downsizing, Chain breaks, Below market value purchases, Business restructure, Capital to support the purchase of another property and to fund portfolio growth, Capital release to discharge liabilities, such as tax bills or business debt, Refurbishment or modernisation to increase value
Here are some examples of where bridging finance can be used:
The Financial Conduct Authority does not regulate some forms of Bridging Finance.