First Time Buyers

Buying a house is one of the most important purchases you will make, and buying a home for the first time will be an even more daunting prospect. Our mortgage advisor in Reading will liaise with the right people to make sure you get the most suitable mortgage. We have access to a comprehensive range of mortgages from across the market, and some exclusive rates not available direct from lenders on the high street.

Ten Tips for First Time Buyers

1. Budget sensibly - when calculating what you can afford. Make sure that you factor expenses in addition to the purchase price, and other fees such as conveyancing and stamp duty.

2. Get a second opinion - Always take an experienced home buyer, e.g. a parent or home-owning friend, when viewing properties. There may be details in the houses you view, which you may not pick up.

3. Expenses - budget for expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs.


4. Council Tax - ask the selling agent what tax band the house you are interested in buying is in.

5. Good Local Schools - makes it easier to sell on in the future.

6. Car insurance - If you have a car, your insurance premium may increase dramatically if you move from a low to higher crime rate area, or if your vehicle storage changes from locked garage to on-road parking.

7. Public Transport - Consider the availability of public transport services, making sure you find out local bus routes, train services and even airports.

8. Local Amenities - what’s important to you? Shops, restaurants, pubs, sports centres, parks, pubs or cinemas? Find nearby local facilities you would like.

9. Internet - If you are a heavy internet user, check to see that broadband or other high speed internet is available.

10. Commuting - where possible, find somewhere to live that is close to your main place of work, as this can be one of the biggest household expenses.

Moving Home

We take the stress away from moving home. It is often said that moving home is one of the most stressful events that we will go through in life. Especially if you are selling and purchasing at the same time. With an expert mortgage broker in Reading by your side, we can help take the stress away.

We will be here to support you throughout the whole process, answering any questions you may have. We’ll talk you through the process and will always be at the other end of the phone when you need us.

Diamond Mortgages can search hundreds of mortgage products, to find you the best deal for your individual circumstances.

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Remortgaging is simply replacing your existing mortgage with a new one from a different lender. It can be great way to save money on your repayments, release equity for home renovations, or consolidate your debts.

Whatever your reason for remortgaging, we can give you the best advice on whether a remortgage is the right solution for you, or if there is a better way to manage your mortgage borrowing.

You might be looking to remortgage because:

• You’re coming to the end of your current mortgage deal

• You’re concerned that your current mortgage isn’t the best one for you

• You’re looking to do some home improvements and want to raise capital

• You need capital to invest in a new property

• You’re consolidating your debts

We have access to a comprehensive range of mortgages from across the market, so we can find the most suitable solution for you with access to some exclusive rates not available direct from lenders on the high street.

Sometimes a remortgage might not be the best solution for your circumstances. Rateswitch with existing lender ? Porting Mortgages

Feel free to call or pop in and see us for some straight-talking, no-obligation advice. We can even come and visit you at home or at work and, using the latest technology, show you how much further your hard-earned money can go.

We don’t just arrange your remortgage and leave it at that. We can review it on a regular basis, and keep you informed about what’s happening in the mortgage market and how it might affect you.

*Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator these services may be more suitable for you.

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The UK is currently experiencing a housing shortage. Many people can no longer afford to buy, and are forced to rent instead. This has led to an increase in investing in property to let.

Whether you’re considering Buy-to-Let as an investment possibility, already have a Buy-to-Let property or are in the process of building a property portfolio, Diamond Mortgage & Protection Solutions can help you with the essential information, advice and strategies to make sure you get a suitable mortgage deal.

Buy-to-let top tips:

1. Research the market – make sure a Buy-to-Let is profitable for you to invest in.

2. Look for an area to invest – this is somewhere where people will want to live, not necessarily the most expensive, cheapest or close to where you live.

3. Do the sums – look at the costs involved, there is more than the mortgage to consider.

4. Speak to us – find the best Buy-to-Let mortgage deals, available.

5. How hands on do you want to be – either run it yourself or look to pay a management fee to an agency who will have a network of traders.

6. If you are purchasing, haggle – there is no chain so you can offer a more secure and potentially quicker way for the vendor to sell.

We will source from a suite of lenders and compare products to ensure you have the best mortgage that suits your individual circumstances. We understand investors need to maximise on income, and ensure the right product to help you grow your investment portfolio. Our mortgage advisors based in Reading will understand your needs whether you are looking for that 1-time investment, or to build a portfolio of properties. Let our experts guide you.

*The Financial Conduct Authority does not regulate some forms of Buy to Let mortgages.

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• At Diamond Mortgages we understand that not everybody fits into the standard ‘one size fits all’ way of measuring applicants. The growing complexity surrounding employment and income structures create a need for a bespoke touch which can be found through specialist mortgage lending. Although high street lenders can offer tempting deals at competitive rates, they tend to be more rigid in terms of who they’ll lend to. Because of this, not everyone is eligible for these mortgages. Specialist mortgages are designed specifically for people who don't fit the narrow criteria of the high street banks or building societies and can overcome obstacles such as bad credit or a more complex income stream.

  Because they’re more niche, they aren’t usually available directly to you as a borrower. They won’t come up in online comparison sites and your banks won’t tell you about them - they only work through specialist mortgage brokers, like Diamond Mortgage & Protection Solutions. Below are examples of the types of specialist lending we can help you with:

• Adverse/Bad Credit - When it comes to buying a home, some lenders can take on a rather sanctimonious attitude. They want to deal only with those who have faultless credit histories, perfect work records and adequate deposits. But money problems can affect everyone. Adverse credit problems can be linked to a loan default, county court judgements or just being late on late on a payment.

 

  We specialise in helping people even in the most exceptional circumstances, so don’t worry if you have an adverse credit history; we are here to understand the situation you’re in and provide the very best solution that we can.

• Renovation Mortgages - A renovation mortgage is designed to cover the cost of buying and renovating a property that isn’t move in ready. Different to regular mortgages, it can be used to fund significant changes, such as fixing structural issues, modernising interiors, upgrading old kitchens, bathrooms or even for Converting lofts, basements, or outbuildings.

  A key difference with renovation mortgages is the funds you borrow for home improvements are usually released in stages as your project progresses. The amount you can borrow is also calculated different as its based on the estimated value after the work is completed rather than the actual purchase price.

• Shared Ownership Mortgages - A shared ownership mortgage is a home loan that helps you buy a house through the government-backed shared ownership scheme, which allows you to buy a share of a property - usually between 25% and 75% - and then you pay rent on the rest.

  Shared ownership is designed to help people onto the property ladder who either can’t afford the mortgage repayments on the total value of a property they want to buy or don’t have enough deposit. The properties available under this scheme are limited to what is currently available through your local housing association or council.

• Right to Buy Mortgages - The Right to Buy Scheme was set up by the UK government to give council tenants the opportunity to buy your council home at a big discount. To be eligible you need to fit the following criteria;

  • Be a secure tenant of a public sector landlord, such as a council or housing association.

  • The property is your main or only home

  • You have to be living in the property for at least three years

  • The property is self-contained, with its own kitchen, bathroom, and living room

  Your Right to Buy discount depends on where you live, whether you’re in a house or flat and how long you have lived their for.

• New Build/Off-Plan Mortgages - There are lots of good reasons to buy an off-plan new build home, but arranging a mortgage can be more complicated. Buying off-plan means that you agree to purchase a property before it has been built. This can be daunting as you will need to rely on the developer’s floor plans, price lists and other related property documents to make your decision.

  Our Diamond mortgage advisors have the contacts and know-how to find the perfect new build mortgage solution for clients buying off-plan. A new build mortgage product is designed specifically to help new homeowners overcome the hurdles of buying off-plan. 

There are many more schemes such as Tier 2 Mortgages, Deposit Unlock Scheme, Zero Hour Contract Mortgages, Self Employed Mortgages to name a few which our expert advisers at Diamond Mortgages would be glad to advise and assist you with.

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