In a bid to help first-time buyers onto the property market, the Government has suggested that it is considering rolling out a Treasury-backed 99% loan-to-value (LTV) mortgage scheme. This means that any buyer using the scheme only needs a 1% deposit to be able to purchase a home. How does the 99% mortgage work? In the South West, the average cost of a first home is £220,000. Usually, banks and other lenders would – at a minimum – require a 5-10% deposit. This would mean first-time buyers needing to save between £11,000 and £22,000 (plus solicitor fees) before they can, realistically, begin ho ..read more

Mistakes on your mortgage application can lead to annoying delays or worse still, a rejected application. Applying could also affect your credit score, as it may require a hard credit search. Therefore, submitting multiple applications could have a negative impact. As your mortgage adviser, we want to help you avoid issues and secure your mortgage approval as soon as possible. Moving into a new home is exciting, and we know you want to get there seamlessly. To do so, we outline the top six mistakes people make when applying for a mortgage and explain how to avoid them. Incorrect income proofs ..read more

There’s a lot to think about when buying a home. When choosing a mortgage, you need to consider payment options, interest rates, deposits, and potential benefits. To help you get started, we’ve listed a few options you’ll need to think about below, highlighting the pros and cons of each. If you want to discuss any of them further, or if you’re ready to find the perfect mortgage for you, reach out to our award-winning mortgages team. We’re here to help you get your feet on or up the property ladder. Payment options Choosing the right repayment option for your mortgage is crucial. This will be w ..read more

Cooper Associates Mortgages is celebrating two fantastic achievements from the 20th annual ESTAS ceremony on Friday 20th October. We received the regional Gold award for Best Mortgage Broker in the South West and Silver for the Best Mortgage Broker Office in the UK. The awards, hosted by Phil Spencer, the TV property expert, are powered by the ESTAS own customer review platform which recognises the best mortgage brokers and estate agents for customer service, based on ratings from clients who have been through the whole moving experience. This year’s results were calculated from over 300,000 c ..read more

What is a mortgage term? A mortgage term is the number of years it will take to repay your mortgage in full. As a standard, most homeowners start by looking at a 25-year mortgage. Usually, this ensures that they’re mortgage-free before they reach retirement age and gives a good base for understanding the anticipated costs of the required mortgage. Some lenders stipulate in their terms and conditions that they won’t allow homeowners to borrow for a term that takes them passed their anticipated retirement age. This is mainly because retirement income is likely to be less than working income, so ..read more

For the first time since December 2021, and after 14 consecutive Base Rate increases, rates have plateaued thanks to a better-than-expected inflation rate decrease on the 20th of September. At last, inflation is slowing and heading in the right direction. But what does this and a plateauing Base Rate mean for mortgages? Our Managing Director for Mortgages, Thomas Jackson, explains. “With Base Rate holding at 5.25%, it’s likely we’ll see some lenders reduce their rates in due course, especially as some have already begun to drop some fixed-rate mortgage deals below 5%. They’re  ..read more

In August, the Bank of England increased the base rate again, making this the 14th successive time since December 2021. The base rate currently stands at a 15-year high of 5.25%, and experts anticipate another increase later this year. This is in an attempt at reducing inflation to the 2% target.   These rapid increases have played havoc with the mortgage market. Interest rates have peaked and troughed, making it almost impossible for homebuyers and homeowners to find stability. However, as we head into the latter half of 2023, things are looking a little brighter.  With inflation si ..read more

In this guide, we answer the three key questions first time buyers may have in one easy place. What schemes are on offer for first time buyers? Making your way onto the property ladder isn’t always easy, especially in the current economic climate. With inflation figures and the cost-of-living both still high, saving for a large enough deposit is difficult. However, there are several schemes on the market designed to help first time buyers reach their home buying goals. Shared ownership You can use the shared ownership scheme to purchase both new-build homes and existing properties. Anyone usin ..read more

You probably know that your home is a valuable asset. But did you know that you can unlock its financial potential without having to move out or sell? Equity release is a brilliant way to make the most out of your home. It enables homeowners aged 55 or over to convert the sometimes substantial, but otherwise dormant, asset of home equity into a cash supply. Types of equity release  Equity release products come in two forms: Home Reversion Plans and Lifetime Mortgages. Home Reversion Plans involve selling a portion or the entirety of your home to a reversion company. You retain the right t ..read more

The property market is looking uncomfortable. It’s very similar to the one we saw less than 12 months ago when the mini budget took place. Rates have returned to where they were when Liz Truss and Kwasi Kwarteng turned the nation and our economy upside down. Unfortunately, we don’t have the positivity of a new government on our side to help settle things down.   September 23rd 2022 caused chaos for the property market. However, things steadied when Rishi Sunak took over and support measures were brought in. This gave lenders the confidence to become more competitive again. New deals ..read more