Mortgage broker in Portsmouth
We have brokers available to find you a mortgage in Portsmouth, whether you need a home mover mortgage, a buy-to-let or a remortgage.Speak to a broker
Mortgage advisor and broker in Portsmouth
With over 1000+ reviews and counting, we’re confident we can get you the information you need to make your move.
FCA approved mortgage brokers covering the Portsmouth area
Our business and our team of professionals are regulated by the FCA (financial conduct authority) so when you come to us for advice, or speak to us over the phone, you’ll know that the information passed onto you is accurate and provided with the best intentions.
The FCA regulates financial lending in the UK, so they oversee our processes to ensure that we’re sourcing affordable mortgage deals that make financial sense for the people we help. These are principles we uphold regardless of the FCA but it’s good for you to know that our advice is continuously monitored.
Our mortgage brokers are also CeMAP qualified and regularly take training courses for self-progression. We only work with individuals that have this qualification but professionalism and a kind heart are equally as important to us.
We provide advice to people in:
From application to completion
When you come to us for help with finding an affordable mortgage, we don’t just rush you into making a decision. A mortgage can span upwards of 35 years so it’s in your interest and ours (if we want a good review!) to take time to compare the pros and cons of the mortgages that you could be eligible for.
It’s not all about interest rates, though this does affect how much your monthly repayments could be. Our brokers examine all the costs involved and look at the terms and conditions of each lender’s mortgage deal so that you’re aware of exactly how signing with them could affect your finances and personal circumstances.
We take the hassle out of the process by:
Checking your eligibility
Calculating how much you can afford to borrow
Finding you a range of lenders to choose from
Explaining the pros and cons of each mortgage agreement
Making sure your application is free from errors or typos that can cause delays
Chasing up any solicitors, surveyors or the lender so that you don’t have to
Being there for you to answer any questions and communicate the progress of your application until you complete
First-time buyer mortgages
Surrounded by salty seas and summer sun, Portsmouth is a hotspot for first-time buyers looking for a mixture of city life with coastal views. The city draws in thousands of first-time buyers every year, so demand for affordable property is high.
That’s why getting the right amount of mortgage is crucial to securing a home. If you’re competing with cash buyers and investors who are acquainted with the property market, you need to be in the best position to make an offer. Having a mortgage in principle, which is like a loose promise from a lender that they’ll lend you a certain amount of money if you pass their application process, gives you a better chance of putting in a successful offer.
Some sellers won’t even let potential buyers view the property without one because they don’t want time wasters without finance behind them. It can be tough but with the right advice and a broker managing your application, owning your first home in Portsmouth is possible.
Typically, you’ll need a 10% deposit to buy a home but if you’re not quite there yet, know that 5% deposit mortgages are available with a selection of lenders. Your broker can also show you new-build developers within Portsmouth that offer shared ownership and other affordable housing schemes as well as provide you advice on how to boost your credit score and affordability so that you might be eligible for lower deposit deals.
The average property price change in Portsmouth during 2022 was just £476 unlike the rest of the UK which saw a £3,400 increase. That might not sound significant but if you’re a property owner with equity i.e. you’ve paid off part of your mortgage or you are one of the few Portsmouth residents that have experienced a growth in property value, you might be in a great position to remortgage.
There are lots of reasons why you might be considering this route. One being to access the money you’ve paid into your mortgage over the years, perhaps for renovations, a holiday or to consolidate debt. Remortgaging is typically cheaper than borrowing on a credit card or getting a personal loan but that really depends on your personal circumstances, like your bad credit and how much of your mortgage you’ve paid off.
Some people remortgage to borrow more money while others switch lenders or stick with their lender but move to a better deal, to save money. Interest rates vary between lenders and it’s always worth checking with a broker who has access to a wide range of lenders, that you’re still on the best deal.
Our experts analyse the fees related to remortgaging, like early repayment fees, exit fees or booking fees, all of which could affect how much money you pay overall and how long it’ll take you to clear your mortgage.
Home Mover mortgages
If you’re hoping to move home, whether that be to leave or move to Portsmouth, you’ll need to know what your budget is. A short conversation with a broker can sort that out. They can listen to what you need and learn more about your current financial circumstances, including how much equity you have in your current property and then use their magic to find and categorise the best lenders.
They’ll look at things like interest rates but they know that exit fees, transfer fees and arrangement fees all affect your bottom line cost and they’ll work hard to present you with the most affordable options.
The Mortgage Hut team manages home mover mortgages day in and day out. Upsizing to a bigger family home is a common reason for needing a bigger mortgage but with property prices in Portsmouth averaging at £319,000, even a downsize can require additional borrowing.
The average rent in Portsmouth in May 2022 was £1,437 per calendar month but as a buy-to-let landlord, the amount of rent you can charge for your chosen property will depend on your ability to market, the demand in the area, the quality of the property and rental yield. These are all factors that our brokers can calculate for you to help you find the appropriate amount of mortgage to finance your property purchase.
BTL mortgages differ from regular residential mortgages and require larger deposits because of the increased risk of loss to a lender, given that the mortgage repayments are reliant on your ability to find paying and regular tenants. Many lenders require their borrowers to generate a rental income that exceeds their repayment, so expect to have a plan for marketing your property at a price that generates 125% of your mortgage cost.
Your own income can play an important role in the application process and some banks and building societies have minimum income requirements which can vary depending on the mortgage amount you’re applying for.
Lots of BTL borrowers take out an interest-only mortgage which requires payments for the interest each month but not the full capital amount. While this might mean your monthly repayments are cheaper than a residential mortgage, you’ll need to consider how you’ll repay the full cost of your mortgage debt at the end of the loan term.
Your appointed broker can help make a plan for this, as well as talk to you about tax implications and arranging property management.
How does the process work with The Mortgage Hut?
We’ll guide you through the whole process from finding a mortgage lender, applying and getting you the approval you need. Our service doesn’t stop when we find you a good deal because getting a mortgage over the line requires attention to detail and communication with you and every other professional involved in the process, including your solicitor, surveyor and estate agent.
We take care of your application by proof reading and identifying errors that could otherwise halt the process and to save you the stress, we chase up anyone involved that’s dragging their heels or slowing you down. For you to secure the property you love, you need your mortgage within good time.
What to expect from a broker at The Mortgage Hut
Quality advice delivered by professionals without judgement of your situation. We help people with low deposits, bad credit, fluctuating income and part-time income. We’ve seen it all, so expect to be greeted by a broker that’s willing to help, not shut you down because you’ve missed a credit card payment or taken time off work because of poor health. We’re not here to add to your problems, we’re here to find solutions.
Find out more about what your mortgage options are, whether you’re employed, self-employed, a limited company director, on maternity leave or retired.
Qualified mortgage brokers who provide a comprehensive comparison of lenders within Portsmouth and the rest of the UK.
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