Spring has sprung when it comes to the mortgage market

Tuesday, 17th May, 2016

Whilst the current inclement weather isn’t (strictly speaking, at least) shouting spring, the mortgage market is.

In fact, spring has really sprung this year with reports that 161,990 properties were sold in March compared with 92,690 in February.

Although this is likely to be, in part, down to the ‘property rush’ associated with the change in stamp duty that took place on 1 April, which saw a 3 per cent surcharge levied against property purchases that are not the purchaser’s main residence. However that aside, spring is generally a time when people look to arrange a mortgage and as a Guildford mortgage broker, we’ve certainly seen activity relating to the South East property market dramatically increase.

What is interesting is that applications for first-time buyer mortgages are up considerably, however this is, to a degree, at the expense of buy-to-let mortgages, which have dipped slightly since the introduction of the new tax structure on property investors.

Of course it always has been – and always will be – a challenge for first time buyers to get their feet on the property ladder. Yet in the wake of the recent stamp duty tax change and the phasing in of the changes that will see landlords taxed on 100 per cent of their rental income, we anticipate that the challenge will lessen as the proportion of buy-to-let investors decreases.

Figures already released by the National Association of Estate Agents (NAEA) indicate that this shift is already underway, with 28 per cent of property sales in March attributable to first time buyers. And not only has competition from investor landlords subsided, but the NAEA has also reported that the number of properties selling for more than asking price has also decreased, too. How long that window will remain open for is unknown however what we do know is that recent tax reforms, compounded by that ‘spring feeling’, has created a perfect storm for those ready to enter the property market for the first time.

So, the future looks bright for first time buyer mortgages and, more importantly, those applying for them. Now, all we need is the sun; only then will we truly feel that spring has arrived.

And although the weather is not something we can help with, we can offer a wide selection of mortgages for first time buyers in the UK. Simply get in touch with the Complete Mortgages team to discuss your options, establish what products are open to you based on the size of your first time buyer deposit and the mortgage that is best suited to you and your lifestyle.

Whilst this spring is the season for first time buyers, Complete Mortgages specialises in the whole spectrum of mortgages ranging from commercial mortgages through to bridging loans, both of which we would handle via our specialist arm, Complete Mortgages Property Ltd. To speak with a reputable Surrey mortgage broker call Complete Mortgages on 01483 238280 or email info@complete-mortgages.co.uk and find out how we can help you.

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

Will commercial mortgages be the new buy-to-let in 2016?

Thursday, 7th January, 2016

Now that we’ve hit 2016 running, it’s always interesting to reflect on the preceding year – and 2015 was interesting for a number of reasons.

From the perspective of a Guildford mortgage broker, the most notable point was how the Surrey mortgage market went from strength to strength, with the revelation that banks lent more in October than any other point since 2008 when the financial crisis hit.

Another significant point was how the buy-to-let market remained hugely buoyant at the beginning of the year, only to then be rocked by the Chancellor’s announcement that the amount landlords will be able to claim will be capped at the basic rate of 20 per cent. This is being phased in up until 2020 however it has made buy-to-let investors reassess their mortgages in the interim.

As part of this reassessment, many investors have even refocused, moving away from traditional buy to let mortgages, opting instead for commercial property investments where rental yields can often be higher – a route many of our clients have avoided thus far because a) it’s seen as something other people (namely businesses) do, and b) arranging a commercial mortgage is, for some reason, perceived as being more difficult.

The good news is that it isn’t any more difficult and it’s also open to anyone. Not only that but it’s often a much quicker process based on the high number of commercial properties available compared with those in the residential sector.

Of course, using a reputable mortgage brokerage with access to a comprehensive range of commercial mortgage products, a thorough understanding of the commercial mortgage market and who knows how to navigate the commercial mortgage application process is crucial.

So, regardless of whether you’re a well-seasoned buy to let investor looking to venture away from the residential market, or a newcomer considering their options in the wake of the imminent tax changes, then why not make Complete Mortgages your first port of call in the New Year.

Our team of experienced professionals will advise you on your best options based on your finances, help you select a mortgage that complements your lifestyle and handle the entire application on your behalf. It couldn’t be any easier.

In the meantime, the team and myself watch with interest as we anticipate that 2016 will be the year of the commercial mortgage.

Discover what mortgages are available to you in 2016. Get in touch with the team on 01483 238280 or email info@complete-mortgages.co.uk.


Not all commercial mortgages are not regulated by the Financial Conduct Authority.

There will be a fee for arranging a commercial mortgage and the precise amount will depend upon your circumstances.

This fee would typically be between 0.50% and 1.00% of the mortgage amount and it is payable upon completion. We will let you know exactly what our fee will be once we understand the nature and complexity of your enquiry.

Complete Mortgages Property Limited is authorised and regulated by the Financial Conduct Authority under number 690735 in respect of consumer credit activities only.

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

Is it time to reassess your buy to let mortgage?

Wednesday, 5th August, 2015

There has been a great deal written about buy to let since the recent budget announcement, leaving many unclear as to what changes will be taking place and over what timescale.

The first thing to point out is that none of the changes announced by the Chancellor will be happening imminently. Instead, they will be introduced over a four-year period from April 2017. So, if you have a buy to let property there is plenty of time for you to consider your options.

At present, anyone buying a buy to let property can deduct a range of expenses from their rental income, including any buy to let mortgage interest. However under the new rules the amount landlords will be able to claim will be capped at the basic rate of 20%. This will particularly affect higher-rate taxpayers who are currently able to claim as much as 45% tax relief on their mortgage interest.

The changes will be phased in as follows:


The tax deduction from property income will be restricted to 75% of finance costs, with the remaining 25% being available as a basic rate tax reduction.


The finance costs deduction will amount to 50% with the remaining 50% given as a basic rate tax reduction.


The split will amount to a 25% finance costs deduction and 75% given as a basic rate tax reduction.


All financing costs incurred by a landlord will be given as a basic rate tax reduction.

Another area that will change relates to the ‘wear and tear allowance,’ which allows landlords who let out furnished properties to reduce the tax they pay by offsetting 10% of rent charged as an expense. Landlords are currently able to do this regardless of whether any actual improvements to the property have been made however under the new rules to be introduced from April 2016, landlords will only be able to get tax relief on costs they actually incur.

Whilst we’re advising landlords and prospective landlords not to worry, we do suggest that those with buy-to-let mortgages who are concerned about how these changes will affect them to seek mortgage advice as there are number of ways in which to mitigate any potential negative tax implications.

Remortgaging represents a viable solution to offset any shortfalls left as a result of the tax changes. And, as a mortgage broker with comprehensive access to a wide range of mortgage products, Complete Mortgages will make sure you have access to the best mortgage deals and the best mortgage advice.

Whether you’re considering remortgaging your buy to let mortgage or about to become a landlord for the first time, get in touch to find out how we can help on 01483 238280 or email info@complete-mortgages.co.uk.

Is it time for you to think about a remortgage?

Thursday, 23rd July, 2015
best mortgage rates

Mortgage rates are at an all time low, but it isn’t just first time buyers that can benefit from the offers currently available on the market.

Homeowners at every stage of ownership, from first time buyers through to buy to let investors, can benefit from these lower rates, too, yet many people rarely consider remortgaging or are unaware of the benefits of doing so.

Simply put, remortgaging means moving your mortgage from one mortgage provider to another without necessarily moving home. Whilst it isn’t an option we would recommend to everyone it’s certainly one to consider and we can talk you through the options.

As an independent mortgage broker with whole of market knowledge, Complete Mortgages will work with you to make sure you get the best mortgage deal and the best mortgage advice – whether you’re a first time buyer looking for your first mortgage or you’re looking into remortgaging.

There seems to be a misconception that remortgaging is a process that homeowners undergo when wanting to free up equity in their property. This simply isn’t the case. Similar to changing to the energy provider with the most competitive tariffs, remortgaging involves switching to the lender with the most competitive mortgage deals.

The days of staying with one lender for the duration of a mortgage are over. Homeowners are now savvier when it comes to choosing how they pay back their loan. And who can blame them when the monthly savings can be in the region of hundreds of pounds.

Remortgaging offers a range of benefits, particularly if you are on a Standard Variable Rate mortgage (SVR) and your introductory mortgage rate is about to come to and end (when you’ll more often than not be automatically put on a higher rate).

According to research undertaken by Virgin Money, remortgaging to a 1.59% 2-year fixed rate mortgage could save you £417 a month if you are looking to borrow £250,000. That’s an annual saving of £5,005.

The good news is that there’s no need to wait until your current mortgage deal comes to an end to think about remortgaging. In some cases it will benefit you to switch mid-way through your current mortgage term. Either way, we will assess your situation, establish the best option for you and ensure that your decision will generate an overall saving. More importantly, we’ll take on all the administration and the legwork so that you don’t have to.

By remortgaging and switching to a better deal you might be able to pay off your mortgage sooner, use the savings to invest in improving your property or even free up enough funds to arrange a buy to let mortgage and purchase an investment property.

Are you ready to remortgage? If so, get in touch and find out how we can take the strain whilst saving you money on a monthly basis on 01483 238280 or email info@complete-mortgages.co.uk.

By Mark Finnegan, Director at Complete Mortgages

Buy to let mortgages are back. But what do you really need to know?

Monday, 30th March, 2015

Once again, the buy to let market is booming.

And, as is often the case when it comes to buying property as an investment, there is a mixed response in the media about what it represents, particularly to first time buyers looking to exit rented accommodation and enter home ownership.

However, buying property as an investment isn’t something that will ever go away. So, if you’re in the market for a buy to let property and looking to find a buy to let mortgage, then here’s some free mortgage advice.

1. To know the market is to know the risks

There is huge appeal with the prospect of making money AND getting your mortgage paid for at the same time. Let’s face it, the UK’s current interest rates mean that any return on your savings isn’t great. However there are risks that need to be considered before you make the jump and take on any commitment. Research the area thoroughly and make sure that you’re fully aware of the implications before making a decision.

2. Buy something that you would be prepared to live in

It sounds so straightforward however it can be so easy to overlook. Why? Because in the quest to enter into multiple homeownership people can ‘cut corners’ by buying something just to get on the buy to let market – even if they wouldn’t live there themselves. And if you wouldn’t live in it, then maybe your prospective tenants wouldn’t either, which takes us on to the next point…

3. Put yourself in someone else’s shoes

Keep your prospective tenants in mind. If your budget affords no more than a one bedroom flat, could you be attracting transient tenants and face having to repeatedly put your property on the market? Similarly, if you’re targeting students then maybe you don’t need to extend your budget to a luxurious two-bedroom apartment. Also, are you prepared to let your tenant make it ‘their own’ by adding their own design details to it? Allowing someone to create his or her own stamp on your property could potentially be the difference between a short-term and long-term tenant.

4. Location is everything

As a mortgage broker in Guildford, this is perhaps all too easy for us to say. As a large, affluent town that falls within the London commuter belt, property in Guildford and the surrounding areas is always in high demand and values continually grow. Of course, you have to buy what you can afford but don’t compromise on location (regardless of where you live), as this could be the difference between renting and not renting out your property. Key things to consider are distance to the nearest train station, schools in and around the area and whether or not it has good local amenities. Going back to point two, has it got enough to attract your attention if you were looking for somewhere to live? If not, then maybe you need to reconsider.

5. Get the best mortgage advice. Find a mortgage broker you trust

We couldn’t give you five top tips on buy to let mortgages without including a reference to mortgage brokers. As a team of independent mortgage advisers, Complete Mortgages provides you with access to every deal on the market. From first time buyer products through to commercial mortgages and, of course, buy to let mortgages, we can find the deal that suits your needs, lifestyle and affordability.

Get the best mortgage advice. Get in touch with Complete Mortgages on 01483 238280 or email info@complete-mortgages.co.uk.

Have you considered becoming a landlord?

Thursday, 27th June, 2013

Despite a turbulent economic climate, the buy to let market has been going from strength to strength. With the average first time buyer now being 37 years old*, there has been an increase in demand for the rental sector, so now may be a great time to invest in property.

The latest Paragon survey shows the highest level of buy to let mortgages per quarter since the financial crisis began.  With first time buyers finding it difficult to raise the deposits required to get on the property ladder, alongside improved mortgage products from lenders, landlords have increased confidence in the buy to let market and have seen significant growth.

Lenders have recognised this area as a growing market and there are a large number of competitive mortgage products to help investors take advantage of this opportunity and become a first time landlord.

As with any investment, purchasing properties to let does carry risks but by seeking financial advice you can discuss all aspects of the buy to let market so you can feel secure in your decision.

Why not speak to us here and we can take you through all your options and help find the right buy to let mortgage for you. We are able to provide a full advice service and guide you through the whole process. There are many things to take into consideration when taking out a mortgage such as general insurance and protection; thankfully we all offer a full service in insurance so why not contact us today?

Thinking of becoming a landlord? Get in touch today on 01483 238280.

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

*Source: Money Supermarket