Mortgages

Mortgages - Assisting Your Next Move

Whether you are a First Time Buyer, looking to Move Homes, seeking a Remortgage or Buy To Let options, we help you find the right mortgage for your budget, unique circumstances and needs while providing expert unbiased advice and guidance through the process.

It is difficult to choose the right mortgage with thousands of different options available and each lender having different requirements and criteria, we provide you with different options to make sure you can still afford your monthly mortgage payments in case rates start to increase.

Potentially you could borrow anywhere between 3 – 4.5 times your salary (if you’re buying as a couple it’ll be more like 2.5 times your combined incomes).

First Time Buyer:

A First-time buyer is someone who has never owned a residential home of their own, however this excludes ownership of Commercial properties. One of the first boxes that needs to be ticked by a first-time buyer is the amount of deposit they are going to put down, as this will establish the amount of borrowing required from a mortgage lender.

The loan to value popularly known as LTV varies from lender-to-lender and hinges on the amount of deposit the borrower is willing to put down. The higher the deposit, the more options there are available, in terms of interest rates.

As part of the First-time buyer mortgage application process, the mortgage lender will look at several aspects pertaining to the applicant and the property including affordability criteria credit history, property valuation and conveyancing.  Once satisfied the lender would make an offer and if successful this would proceed to completion.

Conveyancing is not regulated by the FCA.

Remortgages:

Remortgaging is a process when you change the mortgage you have currently on to a new deal, this can be done with the current lender or you can look to move the mortgage to another lender. At the outset, a mortgage lender would offer a 2 year or 5-year deal at the end of which the rate of interest would usually revert to a higher standard variable rate. Going on to the Standard Variable Rate results in higher monthly repayments, hence one of the primary reasons for people to Remortgage, is to save money.

Some of the types of Remortgages that are available are:

  • Fixed Rate: With a fixed rate mortgage, the repayments remain constant for the entire deal period, which is usually 2 years or 5 years. At the end of the deal period the fixed rate automatically switches to the lender’s standard variable rate if not remortgaged.
  • Standard Variable Rate: The said rate is what the customer reverts to when their existing rate has ended. The Standard Variable rate is usually higher than other competitive remortgage rates available in the market.
  • Tracker Rate: With the tracker rates, the interest rate is linked to the Bank of England base rate which means the applicable interest rate could be either the same, above or lower than the base rate. These are popular and beneficial, as when the Bank of England base rate drops the interest rates linked to this will also reduce, which in effect can save customers money.

Buy to Let Mortgages:

A Buy to Let mortgage is essentially an investment made by the borrower where the objective is to rent the property rather than reside in it as their primary home. Buy to Let mortgages are generally more expensive, than a standard residential mortgage with lenders expecting higher deposit amounts to be put down by the borrower and the interest rates can be higher too.

In most cases, a Buy to Let mortgage will be taken out on an Interest only basis, rather than Capital repayment basis. On an Interest only the borrower would repay only the interest component to the lender, while the capital would still be outstanding at the end of the mortgage term. To ensure that the customer will be able to repay the capital at the end of the term, the lender may require details of the proposed repayment vehicle.

The eligibility of a Buy to Let mortgage is assessed by lenders differently to the way they would assess a Residential Mortgage. For a Buy to Let mortgage, the lender will expect the rental income on the said property to be higher than the expected repayment on the mortgage.  

Some forms of Buy to let mortgages are not regulated by the FCA.

The quickest way to discover the maximum you can comfortably borrow is by speaking to an experienced residential mortgage broker, such as ourselves, to check the mortgage deals available, that way you can be sure you get the right deal.

Contact us now to get your home move moving!

Use these quick links to get an idea about how much you could borrow and apply today.
Search The Market Yourself

Call us on 0208 1080 266 or send us an email to enquiry@prismfinserv.co.uk if you would like to find out more.

What our past clients have said

As first-time buyers me and my husband were really unsure and sceptical about the whole process of buying a house. But we were relieved from that tension when we met Prasanna. Prasanna helped us at every stage of this process, from securing the best home loan to guiding through every step till we got the possession of our house. Every little query we use to turn to him and he never disappointed us. He was always a call away very patiently answering all our questions and clearing our doubts. He also made sure we understood what all options we had and advised us to choose the best ones from the available loans. He was always on the same page with us, when deciding what will work out best for us. I wouldn't hesitate to recommend Prasanna and Prism Mortgages to everyone. We will be definitely using his services again. Thanks again for all the support and expert advice.
Shweta Tandel & Sateesh Tandel. Durham, England.
I highly recommend Prism Financial Service for Mortgage and Life Insurance Cover. Their staff members are friendly, approachable and always available on phone. I did my mortgage and life cover with them and it was quick and hassle free. Thank you Rajesh, Pravin and Prasanna for your support.
Nilotpal Mandal. Slough, England.
Prasanna and the team at Prism finances have been very proactive and extremely helpful in find us the right mortgage provider to remortgage our home. Prasanna's tireless effort and constant involvement was very commendable and impressive. We would highly recommend him
Mr. & Mrs Joshi. Leicester, England.
Pravin, thank you very much for making a consolidated life cover for me and my wife. We are very happy the way you dealt with amending the life cover, critical illness cover and mortgage protection cover, to suit our requirement and budget. We wish you all the very best for future.
Nitin & Parul Dobhal. Glasgow, Scotland.
Prasanna and his team at Prism have been amazing and very helpful in every aspect of mortgage process. Prasanna guided me through whole process and able to find us mortgage better than what we were hoped for. Prasanna also gave us financial advice which helped us to obtain two mortgages at the same time. I was able to complete everything over the phone. Very approachable and reliable. We will highly recommend Prasanna and his team.
Anson & Olivia Dias. Nottingham, England.
Prism Financial Services helped me get my dream home. As this is our first home, we were not sure with process and time involved. Pravin Singh, his confidence and approach made the process like a pleasant journey which once looked like a mountain. He always stood by us with his vast experience and informed advice. I am now living happily with my family in our new home. Thank you, Pravin & Prism Financial Services.
Ajit Kaur. London, England.
Why choose Prism Financial Services?
Our clients choose to trust us over the competition because of the way we conduct our business.
We provide our services to suit you, whether face to face, telephone or email
We search the whole market to ensure we find the right mortgage for you
We continue to monitor the market place and will keep you updated on opportunities
We provide access to your own Client Portal for secure messages and document uploads
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Prism Financial Services is a trading style of Prism Global Services Ltd - FCA reference number is 937225, an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority, registered in England and Wales no. 09832887, registered address: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH.

Prism Global Services Ltd trading as Prism Financial Services is registered in England and Wales no. 12331294

Some forms of Buy to Let Mortgages are not regulated by the Financial Conduct Authority

Conveyancing, Wills, Estate Planning and Commercial Mortgages are not regulated by the Financial Conduct Authority.

The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK

We charge a fee of up to 1% of the mortgage amount, for our service in relation to mortgage contracts.

Speak to Us
0208 1080 266
Prism Financial Services
Head Office:
Floor 3, Block A Room 20
50 Salisbury Road
London
England
TW4 6JQ
Click here to get details of our office in the Midlands