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Mortgages

Investments

Pensions

Protection

Mortgages

Moving home

Like moving house isn’t stressful enough but choosing your next mortgage just adds to this stress. If you are moving during your current fixed rate period one option with your current deal could be to port your current product to your new property to avoid early repayment charges, or a new mortgage with a new lender is an option. Let us take away this element of stress!

First time buyer

Buying a house is one of the biggest and hardest decisions you are likely to make so obtaining the right advice to make the right decision is vital. There are many new options available to first time buyers to get their foot on the property ladder.

Bridging Finance / Second Charge

Bridging finance are short term finance option, usually used by property buyers to ‘bridge’ the gap between the sale of their current home and completion date on the purchase of their next home. These loans let homeowners who are struggling to find a buyer for their current home move into a new property before selling their current home. Bridging finance can also be used to develop a property and repay the loan when you sell your current property.

Bridging loans are usually for a term of 1 -18 months and the loan is repayable in full at the end of the term with no monthly payments during the term, all interest is rolled up and added to the amount borrowed.
A second charge mortgage allows you to use any equity you have in your home as security against another loan, it means you have two mortgages on your home. The first charge is your current mortgage and this will be cleared in full before the second charge receives any money.

Some Bridging Finance is not regulated by the Financial Conduct Authority

Further Advances

This style of borrowing is from your current mortgage lender. This is typically at a different rate to your main mortgage. This route can make sense if: your lenders further advance rate is competitive, or you are currently in your fixed rate term and can avoid remortgaging to a different lender and incurring early repayment charges. All scenarios will be explored because even switching lenders and paying the ERC could be financially beneficial in the overall costing over the new term.

Equity Release

In a nutshell, it is a way to release equity from your property and turn it into a cash lump sum. You can do this from the age of 55 and you do not have to have cleared your mortgage to do this. The interest is rolled up throughout and repaid along with the original amount released, usually when the borrower dies. Many standard equity release allows you to move home and you will always retain use of your home and ownership. You will need to take legal advice before releasing equity from your home as Lifetime Mortgages and Home Reversion plans are not right for everyone.  

A lifetime mortgage is not suitable for everyone, and it is important to seek financial advice before taking and action. All other options available should be explored before choosing equity release.

Interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time,reducing the equity left in your home potentially to nothing. Please discuss with your family and beneficiaries. 

Remortgaging

This is a process of switching your existing mortgage to a new deal with either the same lender or a new lender. When your current mortgage deal comes to an end you will move onto the lenders standard variable rate therefore your mortgage payments may increase. The process can start up to 6 months before your current deal ends so do not leave it too late to get in touch. When remortgaging you can also factor in – releasing capital to purchase another property, releasing money to fund vital or desired home improvements, consolidating current debts and much more. If your percentage of mortgage loan to value of your property (LTV) has lowered you could potentially save yourself a significant amount each month.

Buy to Let / Let to Buy

If you wish to purchase a property to let out to tenants then it is classed as a buy to let. Normally a 25% deposit is required and obtaining a mortgage is based on the rental income the property is or will achieve. Some lenders require a minimum income from the applicant but there are some lenders that do not, so you do not need an income to obtain a buy to let.. Let To Buy could be seen as an upside down buy to let, if you currently own a residential property and wish to purchase an onward residential property, you could raise capital from the let to buy property to help fund your onward purchase.

Some buy to let and let to buy mortgages are not regulated by the Financial Conduct Authority

Help To Buy / Shared Ownership

With a Help To Buy: Equity Loan the government lends you up to 20% of the cost of newly built home, so you’ll only need a 5% deposit and a 75% mortgage to make up the rest. You won’t be charged any loan fees on the 20% loan for the first 5 years of owning your home. Due to the government loan meaning you take out a 75% mortgage instead of a 95% mortgage the rates are far more favourable with your 5% deposit, it also stretches your affordability by adding the 20% to what you could borrow. Shared Ownership allows buyers to purchase a share of a home – usually between 25% – 75%. Purchases will pay a mortgage on the share that they own, and a below-market-value rent on the remainder to a housing association, along with service charge and ground rent.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

Get an initial Free Consultation

The M Solution is a team of experienced Financial Planners who are committed to helping you make the most of your future.

Investments and Pensions

Investments

With over 20 years experience of investing The M Solution can help you understand the world of investments. We can tailor a solution to your appetite for investment risk and advise you on the most tax efficient solution.

The value of the investment and the income they produce can go down as well as up and you may not get back as much as you put in.

Pensions

What will fund the longest holiday of your life ? Pension planning is vital for you to have a great quality of life for when you have left the 9-5 behind.

Let The M Solution help you with your pension planning.

This can include starting a pension or moving plans you have already built up.

The value of the investment and the income they produce can go down as well as up and you may not get back as much as you put in.

Protection

Ensure that your future is in safe hands.

Life Cover

 Life Covers pays out a lump sum when you die or diagnosed with a terminal illness during the term of the policy.

A decreasing life cover term assurance is normally taken out to run inline with your mortgage amount so at any point during the policy it will pay out an amount equal to your remaining mortgage so it can be cleared in full and the survivor will be mortgage free, the money will go to the beneficiaries of the policy.

Life Cover can be taken out for non-home owners to provide a lump sum pay out to the beneficiaries of the policy during the policy term.

Family Income Benefit

Family income benefit is a special type of life insurnace policy.

Generally, with life insurance, your loved ones will receive a lump sum payout from your policy when you die. It’s then up to them to handle that money as they wish.

With family income benefit, your loved ones will instead be paid a regular income for a set period to replace the lost income.

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Income Protection

Income Protection (IP) is exactly that – it replaces your income if you can’t work due to illness or sickness. The policy will pay you a monthly payment – just like your salary – and can cover up to 80% of your pre-tax salary. If you have sick pay through your employment you can then defer the start of the policy payments until your sick pay expires, this will also reduce the premiums.

Short term can be 2 or 3 year benefit or long term which will provide monthly payments until retirement.

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Critical Illness cover

 ‘Critical Illness’ (CIC) is a life threating condition, which is strictly defined. Most critical illness policies provide a lump sum benefit if the policyholder is diagnosed as suffering from one of a number of specified terminal illnesses.

Keyman Business Insurance

Keyman Insurance can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the employers key employee (keyman) and the benefit, in case of a claim, goes to the employer.

The reason this coverage is important is because of the death of a key person in a small company can cause the immediate death of that company.

The purpose of the policy is to help the company survive the blow of losing its key employee who makes that company work.