Looking to take out a mortgage for the first time, or returning after a long time away? Whatever your enquiry, we’re here to help.
Whatever stage you’re at, a mortgage can feel like a lot, and everyone’s situation is different. Whether you’re buying your first home, moving, remortgaging, purchasing a new build or investing in buy-to-let, we’re here to guide you through it and find the right deal for you.
As a whole-of-market broker, we have access to a wide range of lenders in the UK, including deals you won’t find on the high street. That matters most when things aren’t straightforward: if you’re self-employed, have adverse credit, variable pay or additional income, or you simply want to borrow as much as you sensibly can. We’ll know the right lender to place your mortgage with – whatever your circumstances, you can be confident we’ll find a mortgage that’s right for you.
When buying a home, it’s worth budgeting for additional costs such as stamp duty, legal fees and survey costs.
Always check the stamp duty calculator on the government’s website for the latest rates, as these can change year on year.
Legal fees can also be costly, so we’d always suggest checking your quote with us to see if it’s reasonable. Most solicitors provide much the same service, and a higher cost doesn’t always mean a better service. Equally, a very cheap quote can sometimes be a sign of a firm keeping prices low to win volume, and they may be less able to act quickly for you.
A mortgage deposit is the amount you pay upfront when buying a property, with your mortgage covering the remaining cost. Most lenders require a deposit of at least 5%, as this reduces the amount you need to borrow and demonstrates your financial commitment. Generally, a larger deposit can also give you access to a wider choice of mortgage deals.
How much you’ll need largely depends on the value of the home you want to buy. The bigger your deposit, the less you borrow, which usually means lower monthly repayments and less interest overall. As a rule of thumb, you’ll typically need at least 5% of the property’s value: so for a home worth ÂŁ200,000, that’s a ÂŁ10,000 deposit. If you’re buying a second home, a buy-to-let or a specialist property, you may need more, often 25–30%, depending on the complexity of your circumstances.
The size of your deposit is one factor, but how much you can borrow also depends on your income, your regular outgoings, your credit profile (lenders will run a check, often referred to as a credit score) and whether you’re applying on your own or jointly. Together, these give the lender a picture of what you can realistically afford to repay. The best way to get a clear figure is to have a quick chat with us. We’ll look at your circumstances and help you understand how much you may be able to borrow and what you can comfortably afford.
Some lenders offer mortgages with a deposit as low as 5%. If you have less, specialist options may be available. For example, a family member could place money in a linked savings account for a set period. However, you may need a larger deposit depending on your credit history, debts and overall circumstances.
Most people save their deposit before buying, but as the process can take around 12–16 weeks to complete, there’s sometimes time to save a little more before completion.
Open a help to buy ISA to allow the government to give you some money back if you purchase an amount below a certain property value, if you have kept the money in the ISA for a set amount of time( normally longer than 6 months).
You may have the option of a gifted deposit from a family member or, in some cases, a close friend. In most circumstances, this needs to be declared as a genuine gift rather than a loan; if it’s a loan, it counts towards your affordability and can reduce how much you’re able to borrow.
It’s also worth noting that whoever gifts the money usually has no stake in the property once the sale completes, and will normally be asked to confirm in writing that it’s a non-repayable gift with no interest in the property.
Our team’s in-depth knowledge of the market and available incentives is key when you’re buying a new build, whether you’re buying off-plan or through a specific scheme such as affordable housing or shared ownership.
We will find the most suitable mortgage deal for your circumstances. Why not try our mortgage calculator to see what your payments might be, as rates can sometimes be slightly higher on a new build with a lower deposit. Deals can also be better on a property with an A or B EPC rating, which can lock many lenders’ ‘green’ mortgage deals.
New build homes are properties that have been built recently and typically haven’t been lived in before. We say ‘typically’ because a new build doesn’t lose its shine just because someone lived in it for a year or two, it’ll have the same qualities and benefits; you’d simply be missing the initial design phase. A new build can be anything from a single-family home to an apartment, so there’s plenty of choice.
The construction process is usually managed by a developer or housebuilder, who oversees the design, planning and build. You'll liaise with the developer if you're buying off plan.
One of the main benefits is that everything is brand new, so there should be fewer hidden issues such as structural problems, leaking roofs or old plumbing. Many new builds also come with warranties covering repairs and maintenance for a set period. They're designed with modern living in mind too, often open-plan, with larger windows and features such as smart thermostats and home automation.
New builds are typically more energy-efficient than older homes. Built to modern standards, with energy-efficient appliances, insulation and heating, they can mean lower energy bills and a smaller carbon footprint.
Buying a new build is slightly different from buying an older property. You’ll typically reserve the property before it’s built, then exchange contracts as it nears completion. That means you won’t move in straight away, but you’ll often have the chance to customise some aspects, such as kitchen and bathroom fittings.
It’s important to work with a reputable developer or builder; check their track record, read reviews from other buyers and ask for references. You may also want a solicitor or conveyancer who specialises in new builds to help with the legal process.
We’d always recommend getting a snagging list for a new build. You can give this to your developer if you find issues with your new home. Anything from cosmetic damage or missing door handles to something more pressing like problems with the roof, walls or plumbing.
Remortgaging is the process of switching your existing mortgage to a new one, usually with a different lender. It can also mean raising money against a property you own for a specific purpose, such as home improvements or buying another property.
At Trust Mortgage we make the process easy and efficient, with advice at every step, from finding the best new lender to checking the rate genuinely works out better before you commit.
Moving home is an exciting time, viewing houses, exploring new areas, choosing furnishings, though the more stressful parts, like arranging a mortgage, can overshadow it, particularly if you have special requirements such as a non-standard construction or specialist property type.
It’s more common to switch mortgage products when you buy a new house than to move your existing mortgage across. Sometimes people switch because their lender won’t let them port their current mortgage, but usually it’s simply because there are better deals available. When you switch to a new product, your existing mortgage is repaid when your current property sells, and a new mortgage is taken out on the new property, again, at completion.
Whether you’re a first-time landlord (or even a first-time buyer looking to purchase a buy-to-let), adding another property to your portfolio, or simply remortgaging a buy-to-let, you’ll be well looked after at Trust Mortgage. We’ll help you find the best buy-to-let mortgage, with expert guidance and support at every step.
A buy-to-let mortgage is designed for people who want to buy a property to rent out, rent out a property they already own, or build a portfolio, either in personal names or, as is increasingly common, in a limited company name.
You'll pay income tax on any rental income, and you may pay capital gains tax if you sell a buy-to-let property at a profit. For stamp duty, if you own more than one property and are buying an additional one (rather than replacing your main residence), the higher rate usually applies. We'd advise using the government's stamp duty checker so you're aware of the cost, and speaking to a tax adviser about your position.
Rental property can be a great source of income, provided the rent you charge exceeds the costs of owning and maintaining it. Longer term, many landlords use it as retirement income, as rents have historically tended to rise over time.
Alongside rental income, property is often held as a longer-term investment for its potential to grow in value over time. As with any investment, values can fall as well as rise, so it's worth taking a long-term view.
Landlords can claim tax relief on some of their expenses.
Demand for rental property is high, so you should find a tenant provided you're charging the right rent and the property is well-maintained and in a good location.
We have access to a wide range of buy-to-let products and lenders, some only available through brokers. We'll help you find the mortgage best suited to your needs and portfolio, taking into account your financial situation, investment goals and the properties you're interested in, rental income is key to securing most buy-to-let products, so this will need to be assessed. We'll also discuss whether buying in your personal name or through a limited company is more beneficial for you.
Our buy-to-let experts will guide you through the process one step at a time, with personal support and a point of contact whenever you need it.
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As trends in the UK change, specialist buy-to-let is becoming more common, from owning in a company name to buying semi-commercial or multi-unit properties. At Trust Mortgage, we have the right advice for you.
Special Purpose Vehicle (SPV) buy-to-let up to 85–90% LTV (in certain cases)
Multiple applicants – more than two people buying, or multiple directors/shareholders. The deposit can be gifted to a director from another director or the business, and a gift of equity is acceptable where a director sells a property to a limited company they own
Flexible criteria – buy-to-lets often have no minimum income requirement, and many lenders have no upper age limit, so you can buy later in life than with a traditional mortgage
Flexible affordability, especially over five years, with unlimited portfolio sizes, HMOs with unlimited bedrooms, and semi-commercial properties where the residential element is up to 50% of the property
Complex property types – multi-unit blocks with no maximum number of units, freehold flats, refurbishment projects, and properties bought with bridging finance or remortgaged shortly after purchase (for example when bought quickly or at auction)
A limited company buy-to-let mortgage lets you buy a rental property through a limited company rather than in your personal name. The company is named on the mortgage and listed as the owner, which can help keep your personal and business portfolios separate. It can also offer certain benefits depending on your situation. Bear in mind these details are recorded at Companies House, including the lender’s charge, so they’ll be publicly visible.
Setting up a limited company buy-to-let mortgage is similar to arranging one as a private landlord: you’ll need to meet the lender’s criteria and have a suitable repayment vehicle in place.
It’s best to use a broker for a limited company buy-to-let, as many of these lenders only lend through an intermediary like Trust Mortgage.
It’s also important to consult a tax adviser and/or accountant to make sure everything is set up correctly, including adding the SPV and ensuring the SIC code is right, so the lender allows you to buy through the limited company.
A limited company can offer improved tax efficiency and planning
Holding buy-to-let property in a limited company may offer tax benefits for some people, for example, some higher-rate taxpayers find it more tax-efficient than owning property personally. You pay corporation tax rather than income tax, which can be lower, and you can currently deduct certain expenses, including mortgage interest, from your taxable income, which may reduce your tax bill.
We can’t advise on whether you should set up or own a limited company or LLP to purchase or hold property. You should always speak to a qualified accountant about any potential tax benefits or liabilities.
At Trust Mortgage we have many years’ experience helping clients secure a mortgage when they have issues on their credit file. We have access to adverse-friendly lenders, including specialist providers you won’t find on the high street, and will do everything we can to find the right mortgage for your circumstances.
Whatever the issue, a payment arrangement, defaults, CCJs, or simply having fallen behind on payments recently or in the past, we’ll guide you through the process and help you feel confident you’re in safe hands. Depending on your income and deposit, many types of adverse credit can be considered, from recent bankruptcy, IVAs and CCJs to unpaid unsecured debt and repossessions. Generally, the more time that has passed since the event, the more options may become available to you, so time really can work in your favour.
Paying off outstanding debts is usually the first thing we’d recommend, though some lenders won’t require this. Please note that specialist lenders may charge higher rates, and we may charge a slightly higher fee for this type of case, which we’ll always explain upfront.
Sometimes a mortgage may not be the right answer, or may not be possible right now, in which case we may be able to refer you to someone who can help, such as a second charge or specialist adverse broker. We’ll also always suggest seeking advice from other sources where appropriate, such as Citizens Advice, or speaking to the firms you owe, who can sometimes help with payment plans or ways to clear the debt.
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