FCA approved mortgage brokers covering Reading
The financial conduct authority regulates all the advice we give to the people we help. They supervise us and the guidance we give, making sure that everything we say is accurate and said with the intention to find you the most affordable mortgage based on your circumstances.
Our ethos is to provide honest, clear and accurate advice and we practise this day in and day out by treating the people we serve like our closest family members. We’re here to help, not push anyone into making a financial decision that’s not quite right for them.
We provide advice throughout Reading including in:
Alexandra Road
Calcot
Caversham
Earley
Eldon Square
Kennet Island
Pangbourne
Reading Town Centre
Sonning
Sonning Eye
The waterside
Tilehurst
Winnersh
Woodley
From application to completion
Your appointed broker at The Mortgage Hut takes the responsibility of getting your application over the line until you complete, on their shoulders, so you don’t have to. Researching lenders is just the start of the process.
They’ll listen to what you want from your mortgage and learn about your job, income, family, retirement plans, credit history, and from there, they can whittle down your choices, leaving you with the best ones based on the information you’ve provided.
Accuracy is key at this stage but that’s something our brokers are great at - checking your application has all the necessary details that lenders will want to see so that you don’t experience annoying delays that could cost you your dream property.
They’ll keep in communication with the rest of the professionals involved in the mortgage and moving process, like your solicitor, surveyor and estate agent, again, saving you the hassle of making endless calls and checking that they’re doing everything to make your move possible.
First-time buyer mortgages
Buying a first home isn’t easy in today’s climate but that’s where we come in.
A detached house in Reading could cost you an eye-watering £561,186 and in 2022 semi-detached houses average at £349,450. Terraced properties are on the market at £274,859, whilst flats and maisonettes are selling for £201,493.
That’s not to say that you can’t find a property within your budget and depending on your circumstances, you may be able to borrow more on a mortgage so that you can compete with the many other buyers, some of whom will have cash ready.
There are also first-time buyer incentives that could be available to you, again depending on your situation including how much you earn, whether you serve in the military or are classed as a key-worker. While the Help to Buy ISA is no longer open to new applicants, if you already have one, you could receive a 25% bonus on your savings to be used as a deposit. There are other ISA products that could help you save as well as affordable housing schemes like the first homes programme, right to buy, shared ownership and the key worker scheme.
Once you’ve checked your eligibility and explored all your options for making your first home purchase more affordable, getting a mortgage in principle (MIP) through a broker you trust is the next step towards making a successful bid on a home.
An MIP isn’t a mortgage offer, it’s like a nod from your chosen lender that if you meet their affordability checks (including a credit check, income and ID checks) that they’ll likely approve your final application for the amount you need. Having one lets you know what your budget is and lets sellers know that you’re a serious contender. Without one, some sellers and estate agents won’t even let you view a property.
Buying your first house or flat in Reading doesn’t have to be a stressful struggle. The Mortgage Hut team knows where to look for the best deals, what the most lucrative incentives and schemes are and how to take you from dreaming about buying to getting your keys and moving in.
Remortgaging
Remortgaging is the process of refinancing with a new mortgage deal to pay off your current mortgage. Lots of people make the mistake of sticking with their current agreement and not looking elsewhere but that can make your mortgage pretty expensive, given that most fixed-rate terms end after 2-5 years. After this period, the cost of your mortgage usually increases but it doesn’t have to be that way.
Looking around with a broker who has access to lots of different lenders can help you compare what else is out there and whether it’s worth you switching.
A Mortgage Hut broker can look at all the costs involved, like arrangement fees, early repayment fees or exit fees. Calculating all the costs helps you to make an informed decision so that if you do decide to remortgage, you know you’ve found the best deal.
You might also want to refinance for a larger mortgage and if you do, taking the same route of comparing all the costs involved can be a good way to check you’re not overpaying in interest for your new agreement. Your appointed broker will know the lenders that can offer a lower rate of interest but their experience has taught them to look at deals as a whole, so that you don’t end up paying more than you should for the other costs that come with refinancing a home, buy-to-let or commercial property.
Home Mover mortgages
Thinking about moving home might leave you feeling like you’re cheating on your current house but Reading has a lot to offer families, professionals and retirees hoping to upgrade or downsize their property. Moving home can be expensive if you don’t know where to look for your next mortgage deal and porting your mortgage with your current lender, even if for a smaller amount, might not always be possible.
If your circumstances have changed and your income is different to when you first took out your mortgage, you might be surprised at the checks involved with different lenders. Affordability is a big hurdle for lots of borrowers, especially if a credit report indicates to lenders that they haven’t managed their money perfectly over the last six years.
Don’t let that put you off though. Moving home, even with a credit score under 500, is possible in some circumstances. It might just be the case that you have fewer lenders to choose from.
Whether you have credit blips or a perfect credit report, asking a broker to manage your mortgage for a home move could save you money or help you to find a lender willing to approve a larger loan, if affordable for your circumstances.
Buy-to-let mortgages
The average asking rental price in Reading as of 2022 is £1,021 per calendar month (pcm). A 2-bedroom house is typically charged at £1,091, a 3-bedroom house £1,302 pcm and a 1-bedroom flat £697 pcm.
Buy-to-let investors seeking property in Reading will need to be prepared to compete with other investors keen to snap up potentially profitable property in the town. Reading is a major commercial centre, especially for information technology and insurance making it popular with working professionals.
Now on the official TLC tube map, Reading is a popular town for those commuting to London for work with regular trains going back and forth. It’s also a regional retail centre, serving a large area of the Thames Valley, and home to the University of Reading.
This combination of factors makes Reading a sought-after destination for students, families and workers alike, each in need of property that adequately meets their individual needs. As a landlord, you’ll need to market your property in a way that’s tailored to the people you want to attract as tenants.
As your broker, your Mortgage Hut expert can source you the most affordable BTL mortgage rates so that if you’d prefer, your monthly repayments are as low as possible, freeing up your money for other investments or to put in a savings account. Some landlords opt for a repayment mortgage that covers the interest and the capital so that they can clear their balance quicker and if this suits your situation, that’s something our experts can help you with.
How does the process work with The Mortgage Hut?
When you speak or chat with a broker from The Mortgage Hut, either face-to-face, online or over the phone, you’ll know instantly you’re in good hands.
Lots of people are unsure about how much they can borrow and whether or not they’ll get approved. We take away the doubt by getting to the crux of these questions quickly so that you can crack on with getting the mortgage you need to buy or refinance.
Your broker will explain every detail of the mortgage agreement you choose so that you know how you could be financially impacted if you decide to switch in the future. They’ll take you through the pros and cons, highlighting terms and conditions so you’re informed before you make a formal application. If you do want to apply, they can do that for you and keep you in the loop when there are any updates. Getting your approval is what our brokers do and our reviews speak for themselves.
What to expect from a broker at The Mortgage Hut
We know that you’re busy and that’s the beauty of having a broker - they do all the leg work for you and deal with people like estate agents and solicitors so you don’t have to keep popping out on your lunch break or during your weekend.
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 Reading and the rest of the UK.
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Find me a mortgage
Send us your questions and we’ll get you the answers you need. The Mortgage hut team are available in a manner of ways to make it as easy as possible for you to get in touch, so whether you prefer to see an expert face-to-face, talk over the phone, via Zoom or our online chat, we’re here for you.