Frequently Asked Questions

The main things that dictate how much a person or couple can borrow is income and current credit commitments. All lenders have different ways to calculate what someone can borrow.

You will need a minimum of 5% deposit. The more deposit you put in, the better the interest rates will be. For example, if you put in 15% deposit this will get you a better interest rate than a 10% deposit.

This will vary depending on the loan amount, the term of the mortgage and the interest rate.

A repayment mortgage is guaranteed to pay off your mortgage by the end of the term as long as all payments have been made. An interest only mortgage is where your monthly payments are only covering the cost of the interest and your loan amount will remain the same. At the end of the term, you would either need to sell the property to repay the mortgage or find another source to repay the loan.

As a minimum, the building itself needs to be insured. We would usually recommend that you also insure the contents within your home too. Other insurances we recommend are life insurance and income protection insurance, all of which are quoted from across the whole of the market.

Yes. You can “remortgage” to another lender to take advantage of their better interest rates. As part of our service we will contact you as you approach the final few months of your existing mortgage deal to provide you with details of the options available to you.

There are various costs associated with buying a property which we’ve detailed below: - Stamp Duty Land Tax (SDLT): currently first time buyers are not required to pay SDLT. Current percentages payable can be found at https://www.gov.uk/stamp-duty-land-tax -Solicitor’s fees: These are based on the purchase price. Typically, First Time Buyers will pay £500-£1000. -Valuation fees: For most lenders these are also based on purchase price. Many lenders offer free valuations, especially for first time buyers and remortgages. -Lenders arrangement fees: These can usually be either added to the mortgage or paid up front and average at about £999.00. -Mortgage broker fees: We charge competitive broker fees to our clients. Existing clients get a significant reduction. We also offer a price-match guarantee – if you can find a broker fee elsewhere that is cheaper, then we will match it.

Yes, however you could have early repayment charges to pay if you have only had your mortgage product for a short amount of time.

Yes, most lenders allow up to 10% of the mortgage balance to be overpaid each year without incurring any penalties.

A Buy-to-Let mortgage is where you buy anther property specifically as an investment with the intention of letting it out.

Normally a minimum of 25% deposit.

Not for your main residence, but if you have investment properties that were bought on a Buy-to-Let basis, these will be subject to Capital Gains Tax.

This is a score that we all have and is based on how we have conducted our finances over the preceding six years and is used by Financial Services companies to assess our credit worthiness.

You can improve your score by proving that you can repay debt and cope with any credit commitment you have, such as loans and credit cards and by paying things like mobile phone bills and utility bills on time. Also, it helps to be on the electoral role.

Contact us at Britto Brokers for a free no obligation assessment.

Britto Brokers will assess you, your long term goals and situation to decide which help to buy scheme might be suitable for you. There are a few restrictions on these schemes, and considering these schemes are for first time buyers, the process can be quite daunting and confusing. Britto Brokers help establish what scheme is right for you and the steps to take to qualify, always making sure you are in the know and breaking everything down, jargon-free. We can explain and walk you through right to the end, whilst using our expertise to make sure you are getting the best deal possible.

You wanted to purchase a home for £200,000. You would put down a 5% cash deposit, which would be £10,000. The Government would then put in 20% towards your loan, which would be £40,000. You would then be left with a 75% mortgage from the lender, which would be£150,000. If you come to sell the house, and it goes up in price to £250,000, creating £50,000 ‘profit’, you would get £200,000 (£150,000 from the mortgage, £10,000 from cash deposit and £40,000 as 80% share of the ‘profit’) You would then pay back £50,000 to the government (the original 20% borrowed at £40,000 plus 20% share of the profit at £10,000). If there was anything outstanding on the mortgage, you would have to pay it back from your share.

You wanted to purchase a home for £200,000. You would put down a 5% cash deposit, which would be £10,000. You would then be left with a 95% mortgage from the lender, which would be£150,000. However, the next £30,000 would be Lender covered by the Government guarantee. If you come to sell the house, and it goes up in price to £250,000, creating £50,000 ‘profit’, you would get all £250,000, without having to pay anything back to the government.

The benefit of this scheme is that you would own the property fully, therefore you would accrue any appreciation on it and repay as you would with any other mortgage. Whichever scheme you choose to go with, Britto Brokers makes the whole process straightforward and easy for you, so you can focus on the important things.

The Let-to-Buy mortgage, in essence, allows you to take out a new mortgage on a new home, whilst keeping your existing house and renting out to tenants. Depending on the equity on your existing property, you may even be able to take out a let to buy mortgage without a cash deposit. The management of two properties and dealing with the responsibilities can be hard enough - that's why Britto Brokers uses its expertise and contacts to carefully navigate you round a Let-to-Buy mortgage.

If you do decide to choose the Let-to-Buy option, it has lots of benefits and advantages. Your current property will be become a long term investment - the mortgage is covered by the tenants rent and could potentially be the start of a property portfolio. Perhaps you have to or want to relocate, Let to Buy means you can move anywhere in the UK and purchase a new property, all whilst earning rent on your existing one. If you are considering a ‘chain situation’ where selling your property isn't going to plan and proving difficult, Let to buy can ultimately make all the difference.

Different lending have different calculations on Let-to-Buy mortgages, and often a huge variety of factors are taken into consideration when you are accessed by lenders. At Britto Brokers we use our vast expertise and knowledge to really personalise and find the best deals for you and your lifestyle. We take care of the main concerns such as; affordability, proposed rental income, becoming a landlord and consent to let and much more. We take out the stress and make the steps easy. Britto Brokers always aim to make the whole process as straightforward and uncomplicated as possible - so you can focus on earning money and moving into your new home.

No matter the basis and the goals, remortgaging could potentially reduce monthly repayments, generate extra funds and provide huge savings as a result. Britto Brokers offers bespoke packages catered to each circumstance to provide you with the best solution for you and your property in the most cost-effective, quickest way. We search the whole mortgage market and our advisors can give you impartial advice on whether you could benefit from remortgaging. We base our finds not only on costs, but every individual feature and detail to cater to your needs, whilst giving you a step by step jargon free guide from start to finish.

The property and mortgage market may of changed quite a bit since you last moved house. Since 2014, some major revisions have been made by the FCA (Financial Conduct Authority), these involve the ‘interest only’ mortgages, which probably won’t be available to you anymore. The mortgage assessment is more stringent and stricter than ever before, with reviews on lifestyle choices being a large part. Britto Brokers help to explain and make this process as straight-forward and , letting you concentrate on the other important issues of moving.

Once you have made the decision to move, there are certain steps required to get the ball rolling. We help with organising a valuation of your current property and review your outstanding balance on it. From there we can analyse your situation and give you viable options for the future and when and how you can move house. Britto Brokers provide the peace of mind for you to confidently put your house up for sale and begin the next phase of moving out and moving into a new property, with complete clarity and certainty.

In such a competitive market, Britto Brokers understands the importance of not only arranging a competitive interest mortgage, but a plan that works for your preferences and lifestyle. Whether you are a first time landlord looking to buy your first property or a more experienced landlord with several properties; Britto Brokers recognises that taking the stress out of deciding on the best mortgage for you is paramount to us, meaning you can focus on your tenants and property. Our advisors do more than just help choose a suitable mortgage, we guide you through the whole process from beginning to end.

Most people have to borrow money when they buy a house. Typically this involves some type of mortgage from a bank or building society. Mortgages are now regulated by the Financial Conduct Authority and nothing is straightforward any more! Systems designed to prevent borrowers from over committing sometimes make it particularly difficult for first time buyers and this is where Britto Brokers can really help. Our knowledge experience and contacts help us to pair prospective borrowers with the right lenders - saving you huge amounts of time and frustration.

We establish what type of Mortgage is best for you as a first time buyer.  1. What suits you best: a fixed interest rate or a tracker?  2. Do you even know what these terms mean?  3. What mortgage term is right for you? 4. Can you afford a five year mortgage deal?  5. Can you afford NOT to have a five year mortgage deal? With our advice you will understand the answers to all these questions and more. You really do need to know the answers, because the wrong choices can have very expensive consequences. The knowledge, experience and contacts of your Britto Brokers could be the difference between getting a mortgage and not, and whether or not you pay over the odds - for a good few years!