Mortgages & Lending

Understanding which mortgage is right for you can appear as complicated as ‘rocket science’. There is so much choice, lots to consider and an abundance of opinions and all of it in ‘financial ‘speak’! Not to mention the questions. Fixed or Tracker? What’s best? How long for? Who with? How much deposit? How fast?

Key Life strips it right back to basics; whether you’re looking to secure a mortgage as a first-time buyer, a buy-to-let, a foreign national, a remortgage, or a mortgage that gives you the best return on your investment. We turn the financial jargon into advice, that is simple to understand and gets you the result you are looking for.

Our qualified advisors will work with you from the start through to the finish line, pre-empting any obstacles along the way. The whole process becomes easy and efficient with us by your side.

Our mortgage solutions cover:
  • Residential Purchase and Remortgage
  • Consumer Buy to Let
  • Let to Buy
  • Commercial Buy to Let Mortgages*
  • Ltd Company Buy to Let*
  • Contractor Mortgages
  • Bridging Finance
  • HMO Lending

 

Would you like to know more about mortgages? Visit our Mortgage Jargon Page.

 

 

*These products are regulated by the Financial Conduct Authority.

Generally, you can re-mortgage your home at any time.

However, you should bear in mind that If you are on a fixed rate deal and your current product is not due to expire in the coming months or years, a re-mortgage before this comes to an end may incur early redemption penalties which will be payable to your existing mortgage lender.

These tend to be a percentage of the total outstanding loan, so can be quite large in some instances. It is always best to time a re-mortgage to fall in the window where you product is expiring (if this is possible). There may be circumstances where waiting until the end of the existing deal may not be an option.

We liaise with both you and the lender and as a whole of market broker we will find the the best current rate available to you on the market.

Yes you can get a buy to let mortgage on a multi-unit property, however not all lenders will consider lending on this type of security as it is not a property type that can be easily sold to a single family. An example of a multi-unit property could be a single house which has been converted or split into two of more units, but the overall property is on a single title.

The lenders that usually accept this property type, will require for the individual units to be self-contained with separate access, own utilities, and they must not have individual leases on the units, if you are looking to lending against the whole building.

Some lenders will also require a minimum amount of landlord experience, before they will consider lending on this property type.

There are three repayment methods available:

Capital & Interest – Your monthly payments will include repayment of the capital (loan amount borrowed) and interest. Your mortgage will reduce over time and will be repaid in full at the end of the term.

Interest Only – Your monthly payments will only pay the interest charges on your loan, and not any of the capital borrowed. Your outstanding mortgage balance will not reduce over the mortgage term and will still need to be repaid off in full at the end of your mortgage term.

Part Interest Only/ Part Repayment – This is a combination of capital repayment and interest only. The capital repayment element will be paid off by the end of the term. However, the interest-only element will still need to be repaid off in full at the end of the mortgage term.

Yes, you do not necessarily need to own a property to obtain a buy to let mortgage. You can essentially be a first time buyer, first time landlord.

If you currently have a fixed-rate or Tracker mortgage (not all), then Early Repayment (Redemption) Charges may be payable for paying off this mortgage early. This usually ranges between 1-5% of the total loan amount and will depend on the length of the fixed period, i.e. the longer the fixed period remaining, the higher the early repayment charges payable. Exact details of this can be found on your mortgage offer and/or annual mortgage statement.

When the fixed period ends, there are usually no Early Redemption Charges payable. A Mortgage Exit Fee (or Redemption Fee) may be payable to close the mortgage account. Your lender may also charge a nominal fee to cover the administration costs associated with closing the mortgage account down.

If you are on the lender’s standard variable rate mortgage, then no Early Repayment Charges are payable.