Buying a new home is an exciting milestone, but if you’re looking to finance it, the process of finding the right mortgage among thousands of options can feel overwhelming. This is where instructing Onesta Mortgages can be invaluable.
Here at Onesta, we bring extensive market knowledge and experience, allowing us to match you with lenders offering deals that are both affordable and suited to your specific circumstances. We also provide expert guidance and can help speed up the approval process for your mortgage application.
Benefits of using a mortgage broker to secure the best financing for your new home
The biggest advantage of using Onesta, instead of approaching lenders directly, is the higher likelihood of securing a better mortgage deal. This happens for several reasons.
Firstly, Onesta will give you a much broader view of the market than you would have if you navigated the process alone. Part of our job is to carefully search through the available deals from a wide range of lenders, allowing us to introduce you to a variety of mortgage options you might not find on your own, increasing your chances of landing a more affordable deal.
Additionally, Onesta can save you money by offering greater transparency regarding the deals you’re considering. With our extensive experience, we know how to spot hidden fees and unfavourable terms. By working with a us, you’ll be well-informed and better equipped to make the best financial decision for your mortgage.
The main types of residential mortgage that Onesta can help you with are:
First-Time Buyer
A first-time buyer mortgage is designed specifically for individuals purchasing their first home, who have not previously owned property.
These mortgages often come with lower deposit requirements, typically around 5-10% of the property’s value, and sometimes offer special incentives like cashback, lower interest rates, or help-to-buy schemes.
Lenders assess the buyer’s financial situation, including income, credit history, and affordability, to determine the loan terms. First-time buyer mortgages aim to make it easier for people to get on to the property ladder.
Here at Onesta, we pride ourselves on our approach with new buyers and look forward to helping you with your first purchase.
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Remortgage
A remortgage involves replacing your current mortgage with a new one, either with your existing lender or a different one. Homeowners typically remortgage to secure a better interest rate, reduce monthly payments, release equity, or switch to a different mortgage product.
It’s commonly done when an initial fixed-rate or discounted deal ends, to avoid moving onto the lender’s higher Standard Variable Rate (SVR). Remortgaging can also help consolidate debts or finance home improvements, but it’s important to consider fees and longterm costs before proceeding.
Our team of professional and experienced advisers will compare the merits of each and every option, and present these to you, allowing you to make a fully informed decision, before instructing us to proceed.
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Home-Movers
A home mover mortgage is for individuals who are selling their current property and purchasing a new one. It allows homeowners to either transfer their existing mortgage to the new property (known as porting) or apply for a new mortgage with different terms.
The process is similar to a first-time buyer mortgage but, sometimes, can involve additional costs, such as early repayment charges, if the existing mortgage isn’t portable. Lenders will assess the borrower’s financial situation, as well as the value of both the current and new properties, to determine the terms.
Our consultants are well versed in the various pitfalls that homeowners can come across, and will assess the merits of an existing mortgage, against that of taking a new approach, and all that comes with it.
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Product Transfer
A product transfer occurs when a homeowner switches to a new mortgage deal with their existing lender, rather than remortgaging with a different provider. Typically, this happens when the initial mortgage deal (such as a fixed or discounted rate) ends, and the borrower wants to avoid moving onto the lender’s higher Standard Variable Rate (SVR).
A product transfer is usually quicker and involves less paperwork than remortgaging, as there’s no need for new affordability checks or property valuations, but it may not always offer the most competitive rates compared to switching lenders.
Onesta will always ensure that the most appropriate option is recommended to you.
Click here to arrange a call to discuss your options.
