3 minute read
Business & Finance
Your “Whole of Market” Financial Advisor.
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At Commodore Finance we help all our clients achieve their financial goals, dreams, and independence. We will discuss your current situation and establish your financial objectives and more importantly when you want to achieve them. We can then develop a practical plan designed to help you meet your financial needs.
We will never use jargon that you do not understand. TAKING CARE OF YOU - With 37 years’ service, we can say with confidence that you would find it hard to find a situation that we have not dealt with. WE ARE RECOMMENDED - We are a “Top Rated Adviser” Verified by Vouched for 2020 and 2021 as shown in the Times and Telegraph. A 5* Gold Winner in the British Property Awards for Denbighshire. Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Commodore Finance Ltd is an appointed representative of Julian Harris Financial Consultants, which is authorised and regulated by the Financial Conduct Authority.
Tel: 01745 850653 or 07766920035 paul@commodorefinance.o.uk www.commodorefinance.co.uk
Unit 9, Tai Tywyn Business Centre, Sandy Lane, Prestatyn, Denbighshire, LL19 9LW
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Paul Williams of Commodore Finance Ltd explains the mortgage support available to would-be purchasers with a 5% deposit
It was pleasing to see Rishi Sunak, Chancellor of the slightly different underwriting process when looking to accept Exchequer announce the resurgence of the mortgage guarantee scheme to help people with limited savings who are looking to buy a property.
The scheme, which is capped at a maximum purchase price of £600,000, is likened to the 2013 help-to-buy scheme that helped to restore property sales after the impact of the credit crunch. A benefit is that the applicant will have full ownership of the property unlike shared equity or shared ownership.
What’s more, the scheme is available both to first-time buyers and to existing homeowners who are trying to move to a new property, particularly where they need to borrow 95% of the purchase price or valuation.
The Government’s aim is to encourage more lenders to offer mortgage funding to this level. Whilst there are lenders who will offer 95% mortgages without the backing of the guarantee scheme, they typically look for applicants with an excellent credit profile with little or no evidence of poor credit history.
Lenders who offer the guarantee scheme can apply a an application, resulting in more people being accepted for 95% mortgage arrangements. It is common knowledge that the Government is striving to make home ownership a reality for as many people as possible so they can enjoy the benefits of owning their own place as opposed to renting. The Covid-19 pandemic has brought about a situation where few lenders would offer 95% mortgage deals. Under the scheme, more are willing to offer loans to this level. Look for a mortgage intermediary who can offer advice from the whole of the market, as they will be better placed to help you locate a lender and plan most suited to your personal needs. Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
“More lenders are willing to offer loans to this level” Commodore Finance Ltd is an appointed representative of Julian Harris Financial Consultants, which is authorised and regulated by the Financial Conduct Authority.
