Help for first time buyers looking to get on the Housing Ladder...
First Time Home Buying Guide - Page 11 of 11:
We've almost reached the end of our Essential Guide to First Time Home Buying, our guide to help the first time home buyer get on the housing ladder - we hope you've enjoyed reading it so far and that you've managed to obtain some useful and helpful information.
However, before we finish off, there's just a couple more things we should take a look at. Let's discuss Mortgage Regulation and the Financial Services Authority's Treating Customers Fairly initiative (TCF), and explore how Shire Direct can help the first time buyer get up on to the first rung of the housing ladder.
Mortgage Regulation
Since 31st October 2004, mortgage products have been regulated by the Financial Services Authority (FSA), and since this time considerable measures have been imposed on both Mortgage Lenders and Mortgage Intermediaries to ensure that the FSA's 'Treating Customers Fairly' Initiative (TCF), is adopted by all firms and employees that are either directly authorised or are authorised representatives engaged in regulated mortgage transactions.
The FSA insists that all regulatory requirements and commitments are met. All Mortgage Advisors must be appropriately qualified, and separate qualifications are required for various types of regulated business, including:
- Regulated Mortgage Sales
- Regulated General Insurances
- Regulated Equity Release products
All Shire Direct Mortgage Advisors are suitably qualified, and you may find it interesting to check the professional qualifications and mortgage qualifications the members of the firm hold.
There are a number of legislative changes that were introduced during 2007. These measures have principally involved the home buying process with the introduction of Home Information Packs.
How we can help you get on the Housing Ladder...
Remember Shire Direct are here to help and would be delighted to hear from you if you're a first time buyer looking to get on the Housing Ladder and require mortgage funding.
Our professionally qualified advisors will ensure that we understand your circumstances and requirements, and comprehensively discuss the options that are available to you in a clear and easy to understand fashion. We will measure the benefits and disadvantages of each type of funding with you, and explore all the potential pitfalls to ensure there are no nasty surprises.
We'll also come up with a rapid in-principle decision, and help you through the financial minefield. You'll find our service to be friendly and attentive, helpful and caring, and not in the slightest bit stuffy! So if you would like to discuss your requirements with us, we'd be delighted to help in any way we can. You can enquire online at any time or if you prefer call us FREE on 08000 282 281, our lines are open until 10.00pm everyday - including weekends, and we would love to hear from you.
So hopefully this guide has given you a good insight into buying your first home, and helped you to understand the house buying process and the types of mortgage that may be available to help the first time buyer get on the housing ladder. It's important not to forget the potential costs involved with buying a property, as well as insurance protection and the other on-going commitments you will be making. Don't forget we are here to help - you'll find lots more useful information throughout our website and we're only ever a free telephone call or couple of mouse clicks away and would love to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
