Equity Release

Equity Release

Equity release is available to homeowners who are aged 55 or over, and could benefit from either an additional lump sum of money or a more gradual injection of funds over time...

Because the money raised using equity release belongs to you in the first place – You’re simply releasing it – the cash that you receive is tax-free and can be spent on whatever you like. However, if you have a mortgage secured against the property, some of the money you release must be used to pay this off.

Furthermore, with the most popular form of equity release, the lifetime mortgage, there are no regular monthly repayments to make and you continue to own 100% of your home throughout.

Here are some popular examples of how equity release could help you:

* Improve your home
* Clearing your Interest Only mortgage
* Making a one-off purchase, such as a car, caravan or holiday
* Helping family members

Find out if your qualify – If your a homeowner aged 55 or over, you could be eligible to take advantage of releasing equity from your property.

Call us today on 01227 379 860 to find out how much equity you could release.

Equity Release refers to home reversion plans and lifetime mortgages. To understand the features and risks, ask for a personalised illustration.

For Equity Release we act as introducers only.

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Life Insurance

Life Insurance

You need to consider what would happen to you, your partner and your family if you couldn't pay your mortgage due to considerable change in circumstances...

Coombes & Wright Mortgage Solutions have access to a range of protection providers to help ensure, should the worst happen, you can keep the roof over you and your family’s head.

Life Insurance 
Life insurance gives you peace of mind that your loved ones will be provided for should you die. There are many different ways to arrange life cover and our advisors can help you find the best deals available. Life insurance ensures that in the event of death your mortgage will be repaid and the costs not passed on to your dependents or loved ones. Level term insurance provides a set level of cover for the term you choose. Decreasing term insurance covers you for the term you choose, but the level of cover decreases through the term of this policy.

Critical Illness Cover
Critical illness cover pays a cash lump sum on diagnosis of a specified critical illness and can be the solution to your financial worries at this time. For this relatively small cost, you could help your family cope for a while without income to pay household bills and debts. This type of cover will pay out a lump sum which could pay for other things like:

Private treatment
Prescribed drugs not available through the NHS
Changes to your home
Paying off all/part of your mortgage

Only some forms of Cancer, heart attack and stroke are covered under critical illness insurance.

Income Protection
This offers customers the security of knowing that their essential repayments will be made if anything happens. For example, if you are in an accident and are unable to work for a while, a lack of comprehensive income protection cover means you will rely solely on state benefit – around £70 per week – which is unlikely to be sufficient to meet your mortgage repayments. This is where income protection can help as it provides a tax free monthly payment until you are able to return back to work. 

Accident, Sickness & Unemployment Cover (ASU)
Accident, Sickness & Unemployment insurance typically costs £4.10 a month for every £100 of monthly benefit. This is based on a 39-year-old customer choosing £1,000 of accident, sickness and unemployment monthly benefit with claims paid after a 30-day deferred period. The cost of this insurance depends on a number of factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances. There are other providers of Short-term Income Protection and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk.

Accident, sickness and unemployment cover insures you against changes in your circumstances due to redundancy, disability, or illness. Usually payments are made for up to a maximum of 12 months. If you would like to be covered for longer than this you may want to consider taking out income protection. For Accident Sickness and Unemployment Insurance our advisors usually offer products from a limited panel of providers.

Buildings & Contents
Our advisors offer a range of competitive insurance products if you are a Homeowner, Landlord or Tenant from a number of leading UK insurers. For your added peace of mind, our advisors can also arrange adequate contents insurance so that your belongings are covered against things like fire, theft and flood. For Buildings and Contents Insurance our advisors usually offer products from a limited panel of providers.

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

*For Buildings and Contents insurance we act as introducers only.

*For Accident, Sickness and Unemployment (ASU) plans we act as introducers only.

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Remortgages

Remortgages

Remortgage means switching your mortgage deal and/or mortgage lender. Remortgaging is a good way to escape high and/or increasing variable rates and is a good way to save money or borrow additional funds...

Save Money
Potential savings could be made by remortgaging on to a lower rate than your existing mortgage. The chances are that if you have been with the same lender for a number of years, then Coombes & Wright Mortgage Solutions can save you money by researching a comprehensive range of mortgages from across the market.

Additional Funds
If you wish to borrow additional funds for home improvements, consolidating debts or perhaps to buy a second home or a property to let out – releasing equity in your home through a remortgage could be the solution.

Search a comprehensive range of mortgages from across the market
Coombes & Wright Mortgage Solutions can research the mortgage market to find the most suitable remortgage deal for your circumstances. With our advances sourcing systems we can search the market for mortgage deals offering the following:

Free Legal Fee’s
Free Survey’s
No Lender Arrangement Fee’s

Think carefully before securing other debts against your home. Your property may be repossessed if you do not keep up repayments on your mortgage.

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Home Movers

Home Movers

Moving home can be a stressful experience - not least when trying to find and arrange the right mortgage for your needs...

Cost Of Moving 
You may move to a bigger house and require additional funds or you may downsize and lower your monthly repayments. Coombes & Wright Mortgage Solutions offer a moving cost appointment which we will help calculate what you will have available for your next purchase taking into account the following:

Estate Agency Fees
Legal Fees
Stamp Duty
Survey/Home Report Costs
Lender Fees

Should I Stay or Should I Go?
If you are moving home you can often port your existing mortgage over to your new house. Coombes & Wright Mortgage Solutions can compare this option with other mortgage deals from the mortgage market to ensure you get the best possible deal available to you.

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Buy To Let

Buy To Let

A buy to let mortgage is designed for people who want to buy a property to let out. With having access to a comprehensive range of mortgages from across the market Coombes & Wright Mortgage Solutions can find the best deal for your circumstances and can also source deals for...

Student Let’s
House Of Multiple Occupancy
Buy To Let Portfolio’s

Deposit
The deposit you will be required to put down for buy to let mortgage will be typically larger than a standard residential mortgage. The borrower will usually be required to put down at least 20% deposit and normally expected to own their own property.

How much can I borrow?
For buy to let mortgages lenders usually calculate how much you can borrow based on the potential rental income from the property instead of your annual earned income. The expected rental income usually must exceed 125% of your monthly mortgage payments. Coombes & Wright Mortgage Solutions can obtain an accurate borrowing figure based on investment property.

Investment
Like any investment, buy to let comes with no guarantees, but can be more reassuring for those who have more faith in bricks and mortar than the stock market. 

*Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority. 

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First Time Buyers

First Time Buyers

How much can I borrow? What will the repayments be? What fees do I need to pay? What if I don’t have a deposit?
Our advisors will talk you through the financial aspects of the buying process and provide you with advice from a comprehensive range of mortgages from across the market to find you the best mortgage 
suited to your circumstances. 

Deposit
Currently mortgage lenders will lend up to 95% of the value or purchase price, whichever is the lower. This means that you will be required to put 5% deposit down and the more deposit you can produce the better deal lenders will offer. 

Don’t worry if you can’t produce this size of deposit, Coombes & Wright Mortgage Solutions can look at alternative ways of getting you on the property ladder which include:

Shared Equity
Shared Ownership

How much can I borrow?
The majority of mortgage lenders will calculate how much they will lend based on affordability where they analyse your monthly income and expenditure. Coombes & Wright Mortgage Solutions can obtain an accurate borrowing figure based on your circumstances. 

Solicitor
Buying your first property is probably the first time many clients have ever needed a solicitor. Our advisors can provide you with a solicitor who offers very competitive legal fees when you arrange your mortgage with Coombes & Wright Mortgage Solutions. 

Buying a house is one of the most important purchases you will make. At Coombes & Wright Mortgage Solutions we know that buying a home for the first time can be an intimidating process with many questions needing answered...

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