OUR SERVICES

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FIRST TIME BUYER MORTGAGE

A first-time buyer mortgage is a type of home loan specifically designed for individuals who are purchasing their first property. These mortgages often come with special features or benefits tailored to help those who are new to the property market. They may include lower deposit requirements, reduced interest rates, government-backed schemes, or flexible terms to make homeownership more accessible for first-time buyers. These mortgages aim to support individuals who may not have owned a property before and may have limited financial resources. As we are whole of market at No.37 we can make sure you have the most suitable mortgage for you and can access all the specialist products available in the market to make the dream of owning your own home a reality.

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HOME MOVER RESIDENTIAL MORTGAGE

A home mover residential mortgage is a type of mortgage designed specifically for individuals who are already homeowners and wish to move to a new property. When someone is looking to sell their current home and purchase a new one, they may need a home mover mortgage to finance the new property.

This type of mortgage typically takes into account the borrower's existing property and any outstanding mortgage on it. The lender will assess the borrower's financial situation, including their income, credit score, and the equity they have in their current home. Based on these factors, the lender will offer a mortgage for the new property that considers the equity from the sale of the current home.

Home mover mortgages are different from first-time buyer mortgages because they involve the sale of an existing property as part of the transaction. The process can be more complex due to the coordination of buying and selling properties simultaneously. However, these mortgages are designed to help homeowners make a smooth transition to their new home. No.37 will closely work alongside any solicitors and estate agents to make sure this is as easy and stress free as possible for you.

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REMORTGAGE

A remortgage, also known as refinancing, is the process of switching your existing mortgage to a new one. We would compare what your current lender is offering to stay with them, against what you could get switching to a different lender. Remortgaging is done to potentially secure a better
interest rate, change the mortgage term, or release equity from the property. People often remortgage to get the best interest rate available, reduce the overall cost of the loan, or access funds for home improvements or other purposes. It involves paying off the existing mortgage with the funds from the new mortgage. It's important to consider any fees or costs associated with remortgaging to ensure it makes financial sense for your situation. No.37 would provide you with a clear breakdown of everything involved in this process and what the most cost efficient option would be for you.

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You may have to pay an early repayment charge to your existing lender if you remortgage.

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BUY TO LET MORTGAGE

A buy-to-let mortgage is a type of loan designed for people who want to purchase a property with the intention of renting it out to tenants. The mortgage allows investors to borrow money specifically for buying a property to generate rental income. The rental income is typically expected to cover the mortgage repayments, with the goal of making a profit over time through rental earnings and potential property value appreciation. The amount lenders would look to lend you is determined by the expected rental income you would achieve on the property each month. If you are interested in getting an investment property, please give us a call today and we can check the affordability for any specific properties for you.

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Not all Buy To Let mortgages are regulated by the Financial Conduct Authority.

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HOLIDAY LET MORTGAGE

A holiday let mortgage, is a type of mortgage specifically designed for purchasing a property that will be used as a holiday rental. Unlike a standard residential mortgage, which is intended for the borrower's primary residence, a holiday let mortgage caters to properties that are rented out to tourists or short term tenants for holiday purposes.

Key features of a holiday let mortgage include:

1. Rental Income Consideration: Lenders often take potential rental income into account when assessing the borrower's eligibility and the affordability of the mortgage. They would look at high and low season.

2. Short term Rental Market: The property is typically expected to be available for short term rentals for a significant portion of the year.

3. Specialist Lenders: Holiday let mortgages are offered by certain lenders who specialise in this niche market.

4. Higher Deposit Requirements: Lenders may require a larger deposit compared to standard residential mortgages.

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5. Specific Property Types: The property may need to meet certain criteria, such as being in a desirable tourist location or having specific amenities to attract renters.

6. Tax Implications: There may be tax considerations when renting out a property as a holiday let, and its essential to seek advice from a tax professional.

With Airbnb and similar propositions becoming increasingly popular for investment purposes there are some specialist lenders coming to the market to offer these. No.37 would be happy to research your options and find the best solution for your investment needs.

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BRIDGING FINANCE

Bridging finance, also known as bridge loans or bridging loans, is a short-term financial solution that helps individuals or businesses bridge the gap between the need for immediate funds and the availability of a more permanent source of financing. It's commonly used in transactions to cover the period between selling a property and purchasing a new one. The loan is typically repaid once the permanent financing is secured, or the property is sold.

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These are arranged by introduction only.

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ADVERSE CREDIT MORTGAGES

Adverse credit mortgages, also referred to as subprime or bad credit mortgages, are home loans designed for individuals with a less-than-perfect credit history. These borrowers may have a history of late payments, defaults, County Court Judgments (CCJs), or even bankruptcy, which makes it challenging for them to qualify for conventional mortgages. These mortgages are becoming more and more common with slight blips on credit files meaning you don’t fit high street lenders' criteria.

No.37 have great experience in going above and beyond to make sure that if there is a mortgage available to you out there, we will find it.

Lenders offering adverse credit mortgages typically consider higher interest rates and require a larger deposit to mitigate the increased risk associated with lending to borrowers with a less favourable credit profile. These mortgages can provide an opportunity for those with adverse credit to purchase a property, but it's essential to carefully assess the terms and ensure that the repayments are manageable.

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CONTRACT WORKER MORTGAGES

The employment world is changing, and more employers are offering jobs on fixed or zero term contracts. Mortgages for contract workers, also known as freelancer mortgages or self-employed mortgages, are home loans specifically tailored for individuals who work on a contractual basis or are self-employed. These borrowers typically don't have a regular, fixed income like traditional employees, which can make it challenging to meet the income requirements for a standard mortgage.

Lenders offering mortgages for contract workers assess the borrower's income and financial stability based on their contract income, tax returns, business accounts, and other relevant financial documentation. The application process may require additional paperwork to verify the borrower's income and work history.

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Some lenders may consider a track record of consistent contracts and a stable income stream, while others might be more flexible with their income verification requirements.

It's essential for contract workers looking for a mortgage to speak with a specialist mortgage broker and compare different lenders to find the best terms and rates suitable for their financial situation.

No.37 have experience in this area and are more than happy to look at all the options to get you the best rate available.

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SHARED OWNERSHIP MORTGAGES

Shared ownership mortgages are a type of home financing arrangement that allows individuals to purchase a portion (share) of a property, while the remaining share is owned by a housing association or the developer. The buyer then pays rent on the share owned by the housing association or developer.

This scheme is designed to help first-time buyers or individuals with lower incomes get onto the property ladder by making homeownership more affordable. It allows them to buy a share of a property rather than having to purchase the whole property outright. Over time, buyers have the option to increase their ownership share through a process called "staircasing".

To obtain a shared ownership mortgage, borrowers need to meet certain eligibility criteria and demonstrate that they can afford the mortgage payments and associated costs. The terms and conditions of shared ownership mortgages can vary depending on the lender and the specific
property being purchased.

Please speak with us today if you have seen any specific shared ownership properties you are interested in purchasing and we will happily check the affordability for you.

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SELF-BUILD MORTGAGES

Self-build mortgages are specialised loans designed to finance the construction of a property, where the borrower acts as the developer and builds the house themselves, or oversees the construction process. These mortgages differ from traditional home loans since the funds are released in stages, usually in line with the progress of the construction.

The stages typically include purchasing the land, laying the foundation, constructing the walls and roof, and completing the interior. As each stage is completed, the lender releases funds to cover the associated costs. This phased approach helps to reduce the financial burden on the borrower.

Interest rates and terms for self-build mortgages can vary, and lenders may have specific requirements and criteria for approving such loans. Borrowers need to present detailed plans, cost estimates, and demonstrate their ability to manage the construction project effectively.

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COMMERCIAL MORTGAGES

Commercial mortgages are loans designed specifically for businesses or individuals seeking to purchase or refinance commercial properties, such as office buildings, retail spaces, industrial facilities, hotels, or other income generating properties. Unlike residential mortgages used for personal homes, commercial mortgages are intended for investment or business purposes.

Commercial mortgages typically have different terms and conditions compared to residential mortgages. The loan amounts are usually higher, and the interest rates may be higher as well due to the increased risk associated with commercial properties.

The eligibility criteria for commercial mortgages involve factors like the borrower's creditworthiness, the property's potential income, and the overall financial health of the business. Lenders may also consider the property's value, location, and its potential for generating income when determining the loan amount and terms.

Commercial mortgages play a crucial role in allowing businesses to acquire or invest in commercial properties and expand their operations. It's essential for borrowers to carefully assess their financial capabilities and the potential risks and returns associated with the commercial property before taking on a commercial mortgage.

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These are arranged by introduction only.

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PROTECTION

Insurance provides a safety net for you and your family in the event of unexpected circumstances, such as illness, accidents or death. It helps ensure that your loved ones are financially supported during these difficult times. It is essential to have a chat about your requirements, and we can offer a personalised package to suit your needs. It is a proactive way to protect your loved ones and show your commitment to their wellbeing.

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    LIFE INSURANCE:

Life insurance is a contract between an individual (the policyholder) and an insurance company. In this agreement, the insurance company promises to pay a designated sum of money, known as the death benefit, to the policyholder's beneficiaries upon their death. The policyholder pays regular premiums to the insurance company to keep the coverage active.

The main purpose of life insurance is to provide financial protection and support to the policyholder's loved ones after their passing. The beneficiaries can use the death benefit to cover various expenses, such as funeral costs, outstanding debts, mortgage payments, education
expenses, and daily living expenses.

Life insurance is an essential tool for individuals who want to ensure their family's financial well-being and security in the event of their premature death. It can offer peace of mind and provide a financial safety net during challenging times.

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    CRITICAL ILLNESS COVER:

Critical illness cover is a type of insurance that provides a lump-sum payment if the policyholder is diagnosed with a specified critical illness listed in the policy. The coverage is designed to offer financial protection to the insured and their family during times of severe illness, allowing them to cope with medical expenses and other financial burdens.

The critical illnesses covered can vary depending on the insurance provider, but they typically include serious conditions such as cancer, heart attack, stroke, major organ transplant, multiple sclerosis, and kidney failure, among others. The policy will specify the exact illnesses covered, and the policyholder will receive the lump sum payment if they are diagnosed with one of the specified conditions during the policy term.

Critical illness cover is often offered as a standalone policy or as an add on to life insurance policies. It is essential to review the policy terms and coverage details carefully to understand which illnesses are covered, any exclusions or waiting periods, and the amount of coverage provided.
Having critical illness cover can provide peace of mind, knowing that you have financial support in the event of a severe health crisis. It can help cover medical expenses, mortgage or debt payments, and other financial responsibilities, allowing you to focus on your recovery without added financial stress.

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    INCOME PROTECTION:

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Income protection cover is a type of insurance that provides financial support to policyholders if they are unable to work due to illness, injury, or disability. The policy pays out a regular income, usually a percentage of the insured person's salary, during the period they are unable to work, up to the end of the policy term or until they can return to work.

Key features of income protection cover typically include:

1. Benefit Period: The length of time for which the policy will pay out the income, which can range from a few years to until the insured reaches retirement age.

2. Waiting Period: The initial period after the illness or injury occurs during which the policy does not pay out. Policyholders can choose the waiting period when taking out the cover, which may range from a few weeks to several months.

3. Benefit Amount: The percentage of the insured person's pre-disability income that the policy will pay out. This can vary depending on the policy and may be subject to a maximum limit.

4. Medical Underwriting: Insurance companies may assess the applicant's health and occupation before providing income protection cover. Individuals in higher-risk occupations or with pre-existing health conditions may have higher premiums or exclusions.

Income protection cover is especially valuable for individuals who rely on their income to cover essential expenses such as mortgage or rent, bills, and daily living costs. It provides a safety net during times of incapacity, ensuring financial stability and allowing the policyholder to focus on their
recovery without worrying about their financial commitments.

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    BUILDINGS & CONTENTS INSURANCE:

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Building and contents insurance, also known as home insurance, is a type of insurance policy that provides coverage for two primary aspects of your property: the building (structure) and its contents (personal belongings). It is designed to protect you financially in the event of damage, loss, or theft of your home and its contents.

1. Building Insurance: This part of the policy covers the physical structure of your home, including the walls, roof, floors, windows, and permanent fixtures like built-in wardrobes and kitchens. It typically protects against damages caused by events such as fire, storms, flooding, vandalism, or
other insured perils. It is a lender requirement to have buildings insurance when you have a mortgage.

2. Contents Insurance: This aspect of the policy covers your personal belongings and household items, such as furniture, electronics, clothing, appliances, and valuables. Contents insurance provides coverage in case of theft, damage, or loss due to insured events.

Home insurance is crucial because it offers financial protection and peace of mind, allowing you to rebuild or replace your property and belongings in the event of unexpected incidents. Different insurance providers offer various coverage options, so it's advisable to compare policies and choose one that suits your home's value, location, and your personal possessions.

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As with all insurance policies, conditions and exclusions will apply.