Mortgages
First Time buyers
Your homebuying journey begins here with Evolution Private Finance. We simplify mortgages, guide you through the process, and compare market deals to help you secure your first home.
WHO QUALIFIES FOR A FIRST-TIME BUYER MORTGAGE?
You are a first-time buyer if you have never:
- Owned another residential property anywhere in the world worth more than £40,000.
- Inherited and sold a property, even if you didn’t live in it.
- Own, or have owned, a commercial property with attached living quarters.
You may not be eligible for certain first-time buyer benefits if:
- You are taking out a joint mortgage with a property owner (some exceptions apply).
- A parent or guardian who owns or has ever owned a home buys the property for you.
First time buyer schemes:
Mortgage Guarantee Scheme:
Allows home purchase with a smaller deposit, backed by a government guarantee, making homeownership more attainable, especially for those struggling to save for a big deposit.
First Homes Scheme:
Offers discounts on new-build homes, easing affordability issues for first-time buyers and key workers, reducing the need for large mortgages and deposits.
Lifetime ISA:
Helps save for a deposit by providing a government bonus, making it easier to accumulate funds, even with limited monthly savings capacity.
Help to Build: Equity Loan:
Assists in self-building or purchasing a new home with an interest-free loan, reducing financial barriers associated with self-building projects.
Shared Ownership Scheme:
- Allows you to buy a share of a property. As your income increases, you can purchase additional shares until you own 100% of the property. This scheme is ideal for those with lower incomes, providing a pathway to homeownership with manageable deposits and mortgages. Usually, these properties are purchased through local or national housing associations. You buy a share of the property, and when you sell the property, if you have not purchased the remaining share, the sale proceeds will be split, according to the percentage owned, between you and the housing association.
Help to buy Wales:
Scheme extended again until September 2026
Help to buy is available on new-build properties in Wales.
To qualify you must:
- Be buying an eligible home, with a maximum price of £300,000 (from 1 April 2023) from a builder who is registered with the scheme.
- Be able to fund at least 80% of the property price through a combination of a repayment mortgage and a minimum deposit of 5% of the purchase price. • Take out a first-charge repayment mortgage with a qualifying lender.
- Not sub-let any part of the house you are buying through the scheme.
- Not be renting your existing home and buying a 2nd home through the scheme.
The shared equity loan needs to be repaid within 25 years. However, you are free to pay off the shared equity loan at any point within that period.
You can repay either a proportion of the loan you received or the loan in its entirety without selling the property – this is known as staircasing. Under the terms of the loan:
- You can staircase at any time after completion.
- Following any staircasing, the remaining balance of the Help to Buy shared equity loan must be at least 5% of the market value.
A few other buying schemes are available to first-time buyers, but they tend to have tighter eligibility criteria. Please speak to us for more advice on securing the best deals for your situation.
Please note:
Your home may be repossessed if you do not keep up repayments on your mortgage.
We typically charge a fee for arranging a mortgage. For a standard residential mortgage, the fee is usually £149 payable on application and £549 payable on completion. The exact amount will depend on your circumstances, and may be more or less than this. Buy-to-let and highly complex cases have bespoke fees based on the complexity of the transaction. The fee will not exceed 1% of the mortgage amount, unless bespoke fees are applied.
Homeowners
Enhance your homeownership journey with Evolution Private Finance. Our tailored services cater to your evolving needs, whether you’re moving home, remortgaging, or considering equity release for retirement. Discover how we can elevate your experience.
Moving Homes
If you’re planning to move to a new property in the UK, our expert services are here to streamline the process and ensure a smooth transition:
- Mortgage Assessment: We evaluate your financial situation and explore mortgage options that align with your new property, helping you secure the right financing.
- Property Valuation Assistance: Our specialists can provide guidance on property valuations, ensuring that you make well-informed decisions regarding the sale or purchase of your property.
- Timing Strategies: We offer insights into timing your move to maximise the value of your existing property and find the ideal new home.
Remortgaging
When considering a remortgage you want the best rates and terms available based on your needs and circumstances. Evolution Private Finance offers expert advice and guidance to ensure you are making the right decision:
- Interest Rate Analysis: We assess the current mortgage market to identify opportunities for better interest rates, potentially reducing your monthly mortgage payments.
- Additional Borrowing Options: Our experts help you explore the opportunity to release some of the equity in your home as part of the remortgaging process, allowing you to access funds for renovations, investments, or other financial requirements.
- Debt Consolidation: We can assist you with consolidating high-interest debts into your mortgage, helping you manage your finances more efficiently. Consolidating debts into your mortgage may mean the cost of repaying them is higher as your mortgage term is likely to be longer than the term of the finance agreement. We will provide details of the difference in overall cost when providing our Mortgage Record of Suitability Report.
Product Transfers
Transferring your mortgage to a new product with your existing lender may result in improved terms and rates. Evolution Private Finance provides:
- Product Evaluation: We assess your current mortgage product and compare it to current market offerings both with your existing lender and the wider market to identify the best options.
- Negotiation Services: Our team can negotiate on your behalf to secure the most favourable terms when transferring your mortgage.
- Seamless Transitions: We ensure that the transition from your current product to a new one is smooth and trouble-free.
Understanding your mortgage options is crucial for making the right decisions. At Evolution Private Finance, we’re here to help you every step of the way to ensure you understand your choices and secure the best possible deals for your situation.
Please note:
Your home may be repossessed if you do not keep up repayments on your mortgage.
We typically charge a fee for arranging a mortgage. For a standard residential mortgage, the fee is usually £149 payable on application and £549 payable on completion. The exact amount will depend on your circumstances, and may be more or less than this. Buy-to-let and highly complex cases have bespoke fees based on the complexity of the transaction. The fee will not exceed 1% of the mortgage amount, unless bespoke fees are applied.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Landlords
Investing in the UK property market can be a rewarding endeavour, and Evolution Private Finance is here to help you make the most of it. Whether you’re a seasoned investor or a first-time landlord, our expert guidance and personalised solutions are designed to assist you in making informed decisions that optimise your investment potential.
Our dedicated team of experts offers a comprehensive range of services:
- Tailored Financing: We specialise in securing buy-to-let mortgages tailored to your investment properties, ensuring you receive the most suitable financing options for your unique portfolio.
- Interest Rate Analysis: We assess the current mortgage market to identify opportunities for competitive interest rates, helping you maximise your rental income and overall returns.
- Portfolio Diversification: Our experts can assist in diversifying your portfolio with different property types and locations to mitigate risk and enhance your investment strategy.
Portfolio Review
If you have multiple properties in your portfolio, it’s essential to keep them working efficiently for you. Our portfolio review service aims to optimise your investment strategy:
- Performance Assessment: We analyse the performance of your existing properties to identify potential areas for improvement, such as rental income optimisation and cost reduction.
- Market Trends: Our team keeps a close eye on the property market, helping you stay ahead of market trends and make informed investment decisions.
- Expansion Opportunities: We help identify opportunities for expanding your property portfolio while ensuring it aligns with your long-term financial goals.
Mortgage Product Analysis
We meticulously analyse and recommend the best mortgage products for your specific buy-to-let requirements. This service includes:
- Product Comparison: We compare various mortgage products to find the one that offers the most favourable terms and flexibility for your investment properties.
- Affordability Assessment: We assess the financial sustainability of your chosen mortgage product, ensuring it aligns with your long-term investment strategy.
Contact us today to embark on your journey towards successful buy-to-let investments in the UK.
Please note:
Your home may be repossessed if you do not keep up repayments on your mortgage.
We typically charge a fee for arranging a mortgage. For a standard residential mortgage, the fee is usually £149 payable on application and £549 payable on completion. The exact amount will depend on your circumstances, and may be more or less than this. Buy-to-let and highly complex cases have bespoke fees based on the complexity of the transaction. The fee will not exceed 1% of the mortgage amount, unless bespoke fees are applied.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Changes in the exchange rate may increase the sterling equivalent of your debt.
Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority.
Commercial Mortgages
What is a commercial mortgage?
A commercial mortgage is a loan secured by a non-residential property, such as an office building or warehouse. There are two types: business mortgages for operational use and commercial investment mortgages for property investment. Each loan is evaluated independently based on factors such as property value and borrower’s financial status.
Who can apply for a commercial mortgage?
Eligibility for a commercial mortgage extends to individuals, limited companies, Special Purpose Vehicles (SPVs), and offshore entities. To apply with Evolution Private Finance, submit a proposal with a full credit summary. The property is then valued, and if approved, the lending institution issues a mortgage offer. Requirements vary, but common factors include credit history, experience, loan amount, purpose, ability to repay, and security offered. While some lenders consider adverse credit, a clean credit record enhances options. Past rejections don’t necessarily prevent future applications.
Where can I find the best deals?
When searching for the best deals for commercial mortgages, while the high street is a common starting point, the most competitive options may not always be readily available. For the best mortgage deals, consider looking beyond the high street. As a specialist broker, Evolution Private Finance works with strategic partners who covers the entire market to secure competitive options. Our services include assisting you in finding mortgages through our strategic partners. The options available to you may include options tracking the bank base rate and attractive fixed-rate choices. Whether you prefer capital repayment or interest-only, both options may allow mortgage overpayments. Contact Evolution Private Finance for personalised advice and to explore the most advantageous deals in the market.
Please note:
Your home may be repossessed if you do not keep up repayments on your mortgage.
We typically charge a fee for arranging a mortgage. For a standard residential mortgage, the fee is usually £149 payable on application and £549 payable on completion. The exact amount will depend on your circumstances, and may be more or less than this. Buy-to-let and highly complex cases have bespoke fees based on the complexity of the transaction. The fee will not exceed 1% of the mortgage amount, unless bespoke fees are applied.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Commercial mortgages are not usually regulated by the Financial Conduct Authority.
Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority.
Commercial mortgages are arranged by Introduction only.