Our Company – Mortgage Broker in Brighton

Looking for a Mortgage Broker in Brighton? Mortgage Pro Sussex was founded by Richard Branson. He has over 13 years’ experience in the Financial Industry and those years have been spent in the Brighton and surrounding areas, like Worthing and Shoreham.

Our aim is to help all our client realise their dreams and achieve their goals with the very best advice. Getting a mortgage can be a challenging and complicated process. That’s why you need regular access to expert guidance and support from people you know you can trust.

We are whole of market brokers, this, means that we deal with all available providers when advising you about a mortgage or protection product, including exclusive deals not available on the high street, and of course we won’t charge you for an initial consultation. 

Whether you’re looking to buy your first home, remortgage or even and experienced buy to let landlord, we have all the right skills and experience to give you the very best advice. So if you’re looking for a mortgage broker in Brighton, get in touch today.

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Mortgages – Mortgage Broker in Brighton

Homemovers

If you’re contemplating a house move it can be difficult to know where to start.

• How much is my home worth now?
• What are the costs involved?
• How much can I borrow?
• What will the monthly mortgage payments be?

We welcome your call to be able to provide you with a full advice and recommendation service. We can help to answer all your questions and put your mind at rest, we will aim to make the process clear and simple.

We can assist with porting your mortgage (taking the mortgage from your current home and putting it on another) too.

We will also review your existing protection insurance policies to make sure that they are still suitable for your needs, providing advice and recommendations where necessary.

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Remortgage

Are you currently paying Standard Variable Rate (SVR)? Are you coming to the end of your fixed period deal? 

When your fixed deal comes to an end you will bounce to SVR which may be considerably higher than the rate you are currently paying.

We can assist you with your re-mortgage up to 6 months in advance of your current deal ending. This means that you can secure a product earlier than when your re-mortgage is due. Don’t worry, the new product will come into effect after your current deal ends, ie, after the early repayment charge no longer applies. The ability to secure a product which may have a better rate at an earlier stage in the process could potentially save you money!

We are also able to assist you with securing another deal with your current lender (product transfer) if this is considered the best way forward after assessing your circumstances.

In addition, we can help with raising capital i.e, extra funds for home improvements, wedding costs, debt consolidation etc (further advance). Think carefully before securing any other debts against your home. Your home my be repossessed if you do not keep up repayments on a mortgage.

We pride ourselves in providing tailor made advice and guiding you throughout the entire process, from initial contact right through to securing your new rate. So if you’re looking for a mortgage broker in Brighton, get in touch today.

We won’t stop there…we offer a financial review of your protection insurance to ensure that it is still suitable for your needs.

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Buy to let

Buying a property to let is an investment, therefore it is crucial you speak to a broker with experience in arranging Buy To Let Mortgages.

With significant changes to the buy to let market in recent years, it is now more important than ever to get expert advice.

At Mortgage Pro Sussex, we have access to the most competitive rates from leading lenders and can arrange buy to let mortgages in your personal name or through a limited company.

We can assist with a range of scenarios, from clients buying their first buy to let, holiday lettings or large property investors looking to expand or refinance a portfolio.

If you own 4 or more mortgaged buy to let properties, you are now classed as a professional landlord. Lenders will assess the strength of your whole portfolio, therefore requiring far more information than normal, all of which can be very time consuming.

No matter how complex your circumstances are, we will find a finance solution that meets your needs or advise on the next best alternative option.

The Financial Conduct Authority does not regulate some forms of Buy to Lets. Your property may be repossessed if you do not keep up repayments on your mortgage.

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Shared ownership

The Shared Ownership scheme enables people who may not be able to afford a mortgage big enough to buy an entire property, or have a suitable sized deposit, to purchase a share in one. The share is generally one quarter, one half, or three-quarters, and the balance is owned by a government-backed housing association. The homeowner then pays rent to the housing association for the share they have not purchased.

If you start out with a 25% share and your circumstances change, meaning you can afford a bigger mortgage, then you can increase your stake at a later date to 50% or 75% or with some schemes up to 100% for full ownership. The rent paid will decrease in line with the reduced amount of the property owned by the housing association.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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Contractors

What is the definition of a contractor?

A contractor is typically someone who charges by the day and offers a professional service such as consultancy. It can cover a wide range of disciplines, project management, business analysis, marketing, sales. The majority of contractors will contract through either their own limited company handling their tax & NI or an umbrella company. There are now many people who prefer the freedom of choosing which assignment they work on next and don’t want to be tied to one employer.

What is a contractor Mortgage and How do I get one?

A contractor does not need to apply for any special mortgage and can have access to all the lenders in the UK. The key thing is that someone who contracts needs to consider is how each lender calculates their income. This can vary drastically from lender to lender. Some lenders will want to see a full 3years history of contracting including tax returns and trading accounts, other lenders may be happy only to see a copy of your latest contract and use your current day rate to calculate your annual income.

As well as having the correct documentation to prove your income, lenders will also want to know.

• How long have you been contracting for
• Whether you were employed previously in that same profession
• How long you have left on your current contract
• Whether your current client has previously extended your contract

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Specialist Lending – Mortgage Broker in Brighton

Large Loans

• Typically, this when you are borrowing £1m+
• Sometimes a Private Bank is more suitable for these large loans
• Borrowing £500k+ will often be placed with a High Street Bank premier underwriting team
• High value mortgages differ with lender type

When looking to take out, or when refinancing large mortgages, we will start by talking to you about your objectives, background, plans and goals, as that will then drive the type of lender we talk to and what type of products we may recommend.

The FCA recently defined a High Net Worth Individual as someone who earns £300,000+ or has £3 million worth of net assets. This is very helpful as if you at this level or above, lenders can be more flexible, and it is quite commonly the bar to entry with most Private Banks.

With large mortgage loans the ‘affordability’ rules are more sophisticated. Therefore, we can choose to stay on the high street and use some of the lenders you know well, or we may veer off into the world of Private Banks and use some lesser-known names. The purpose is always to get you the best outcome, so this is how we look at things.

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Adverse credit

If you’re thinking of buying your first home or moving house, you’ll want to start looking for a mortgage. However, if you’ve had problems with adverse credit in the past you may be rightly concerned about your chances of finding an affordable mortgage deal. 

When you apply for any mortgage, your application will be rigorously checked by your chosen lender. These checks include looking at your outgoings and income, checking out your deposit and examining your credit history. For anyone who has problems with credit in the past, a poor credit report could mean they find it harder to find a lender who will approve their application. Even if you can find a lender bad credit mortgage rates are generally higher than standard mortgages, and you may find the options unaffordable. 

We have years of experience of securing mortgages for mortgage applicants with an adverse credit history. We know how to find the best mortgage lenders for adverse credit, and which of those adverse credit mortgage lenders would be the most appropriate for your circumstances. 

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Bridging finance

If you find yourself in a position where you need to purchase your new property but have not yet sold your old property, then you will need some financing to bridge the gap to give you the time to sell. These are known as bridging loans or bridging financing because they bridge the gap so you can complete on your new home before your old home has sold.

Bridging loans

This type of loan is a short-term solution and as such often has a much higher interest rate, but it can be the financing your need to bridge the gap before the sale of your old property is finalised. Missing out on your dream home or property investment opportunity for the sake of a few weeks is not an option for many people so these bridging loans can be the answer if you are eligible and understand the type of loan you are agreeing to.

Bridging loans can also be known as caveat loans, are useful in many different types of property purchase scenarios including having to move home quickly as you are being relocated for a new job or perhaps you are a property investor, and you must complete on a sale or lose the deal you wanted. Because of their higher interest rates and higher administrative fees those considering this type of loan do need a clear end date and exit in mind from the loan or the costs can increase quickly. For those that need a short bridge this type of loan works well and gets them where they need to be, it however is not a replacement for traditional lending.

Bridging Finance Options

If you need a bridging loan working with an expert mortgage advisor is the best way to understand the type of loan you are agreeing to, the rates and fees associated with it. As with every type of financial product there are many different lenders willing to agree to bridging loans if you meet their criteria and a mortgage advisor can match your personal circumstances with the lenders available to get you the right deal at the best rate for you.

Second Charge

Second charge mortgages are also known as second mortgages, and this means having two mortgages on your home. If you are looking to release the equity in your property, then a second charge mortgage may be the right solution for you. So if you’re looking for a mortgage broker in Brighton, get in touch today.

Second Charge Mortgages

Your property is your biggest asset and if you are looking to release funds or borrow funds from another source then taking a look at the option to get a second mortgage on your home may be the right choice for your personal circumstances. Many homeowners opt for a second mortgage rather than a re-mortgage for a variety of reasons. Speaking with the expert team at Rosebank Mortgage Brokers will let you explore all your options and get the best rates and the best deal for you.

There are many reasons people choose to take out a second mortgage on their home, they may want a large loan (to do a home extension for example) and the rates are better on a second mortgage than that of a personal loan, they may want to consolidate their existing debts but can’t secure the funds as a personal loan, their current mortgage has a high early repayment charge making a second mortgage cost effective, or their credit rating has gone down since the last mortgage application so the rates will be higher.

Second Mortgages 

Sometimes a second mortgage can be cheaper than re-mortgaging, but this, as with everything concerning personal finance, will be dependent on your personal financial circumstances as what is right for you will not be the right solution for the next person. This is why speaking with expert mortgage brokers really helps, they can look at your finances and your goals and match that with the best products that meet your needs on the market.

Second charge mortgages are assessed in a similar way to a standard mortgage in that they will take into consideration your current financial position, credit and repayment history and affordable lending criteria when looking at your application. Just as standard mortgages are secured on your home, so are second charge mortgages.

The financial conduct authority regulate secured loans. Think carefully before securing any other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Commercial

Commercial Mortgages are designed for individuals and companies purchasing a business property as an asset, profiting from rents and property value appreciation. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property. Commercial mortgages are not just for buildings. They can be used by companies who simply want to invest – maybe they need more money to take on more staff, or possibly bring in new and improved equipment. Property developers often take out commercial mortgages to allow them to purchase a plot of land and build upon it.

If you are a property developer looking to renovate an old property or a business looking to purchase your own office building, you will need to acquire a commercial mortgage.

How do Commercial Mortgage work?

As with a residential mortgage, the property will be used as collateral by the lender against the loan, if there is a case of default, the lender will then repossess the real estate.

As with residential mortgages, lenders can be very picky about who they lend money to. It is important to either do your research or seek the help of a broker to find the right lender for you – one that is likely to accept your business for a mortgage.

The two main areas that IMC will look at before committing to your requirements are:

• Determine the value of the asset(s).
• Security of the individual or company taking the loan. Many times, a personal guarantee is required as security for the lender.

The Financial Conduct Authority does not regulate commercial lending.

Self Build

What is a self-Build Mortgage?

A self-build mortgage is a product designed for people who wish to build their own home. Unlike a traditional mortgage, funds are not released in a single lump sum – instead, the funds are released at pre-determined stages of the build.

There are self-build mortgage lenders who will fund the plot purchase as well, but many will not. Interest rates are often higher than with standard house purchase rates, with varying arrangement fees. Once the property is deemed habitable, certain lenders will allow the borrower to move onto a lower interest rate. Applications for this mortgage type will need to include detailed plans and a breakdown of the projected build cost. This will include the cost of the plot and the provision of a substantial contingency fund in case the project encounters any issues.

What is the best self-build mortgage for me?

Essentially, there are two types of self-build mortgage to choose between:

Arrears: In this type, stage payments are released as the project progresses from one stage to the next. An arrears form of self-build mortgage is best suited to borrowers who have a hefty amount of capital that they can put into the project.

Advance: With this type, the stage payments are released at the beginning of each build stage. This means the money is made available at the point when the initial costs of labour and materials need to be paid. This eliminates the need for any kind of short-term borrowing, bridging loans or personal savings to cover things. This type of self-build loan gives the advantage of assisting more with cash flow, but there are fewer lenders that accommodate it.

Some lenders will also lend on the purchase of a plot of land or an existing property, as well as those key stages of the build itself. The amounts will vary, but will usually fit into the following:

• 75-90% of the valuation or purchase price (whichever is lower)
• 80-90% of the build costs
• ~75% of the growth in value of the project at predetermined stages of construction

Be advised that many lenders will not lend on the land – they will only cover the build period. Deals will include things like:

• fixed interest rates
• discounts from the standard variable interest rate
• bank base rate trackers
• offsets

The stages where the funds are released will depend on the plans and the lender, but some common stages are as follows (a surveyor will confirm the move from one stage to the next):

1. Buying the land
2. Laying the foundations
3. First-floor joists
4. Wall plates
5. Roofing applied, so the property is wind and watertight
6. Plastering of interior walls
7. Completion

Our specialist advisers can answer any questions you may have.

Insurance – Mortgage Broker in Brighton

Life Insurance

different. These are policies to protect your family if you were to die, many families would struggle to pay the mortgage and other commitments if the main source of income was to die and so that is what life insurance is for. So if you’re looking for a mortgage broker in Brighton, get in touch today.

The life insurance policy you choose can have many different features, some pay out the policy in one lump sum and others can pay out in regular instalments over time. You can choose the level of insurance that you need, to ensure that the just the mortgage is covered, or insure for a larger amount to cover a range of expenses and bills too. You can choose to have life insurance for a specified period of time (for example until the mortgage is paid off) or have a whole life policy meaning the insurance will pay out regardless of when you die.

Deciding on whether you need life insurance and if so what type of cover you would need is a very personal decision to be made by you and as experts in this field we can work with your requirements to find policies that meet your needs and talk you through the pros and cons of each before you make a decision.

Critical Illness Cover

Insurance covering critical illness is similar to life insurance, but it pays out if you have an illness rather than if you die. The policy will have specific types of illness it will cover and sometimes will also specify the severity of the illness.

Critical illness insurance pays out in one lump sum and is there to cover your financial obligations like a mortgage of you become seriously ill and can no longer work. It can also be used to make alterations to your home, for example adding wheelchair access if your illness leaves you with changed circumstances.

Income Protection

For most people a loss of their monthly income would mean a considerable reduction in their standard of living, not to mention an increase in the stress and worry of how they will meet essential monthly bills. For those lucky enough to have savings these can quickly disappear if regular income stops, which often will compound the worry related to your financial future.

Income Protection provides the peace of mind that you will continue to receive a monthly income until you are ready and able to return back to work.

Family Income Benefit

No-one likes to think about dying. It’s not a nice thought what will happen when we’re gone, but (along with taxes) it’s the only certain thing in life.

While we can’t do anything about that, we can help you prepare for it should the worst happen. Many people choose to take out life insurance when they buy their first home or have their first child, and we would certainly recommend this.

But there are additional insurances that can really help in the event that one or other parent dies early. Family income benefit is one of these – it works in the same way that life insurance does with one big difference. Rather than paying out a lump sum following the death of the policy holder, it pays out a monthly income to their surviving family. This income is tax-free and is designed to help support your family’s cost of living.

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Mortgage Broker in Brighton - We are predominantly an online and telephone based brokerage