Residential Mortgages

A residential mortgage is a large loan designed to help one or more individuals buy a property to live in. The property must be used as a residence by those taking out the mortgage, so you won’t be able to buy the property to rent out to tenants or use for commercial purposes.

Re-mortgaging

A remortgage is the process of paying off one mortgage with a new mortgage on the same property. You would usually do this in order to secure a better rate, often because your current mortgage deal is coming to an end, you are currently on the standard variable rate or perhaps you want access to some of the equity in your property (see Capital Raising below).

Capital Raising

As part of a re-mortgage, capital raising mortgages are usually ways of remortgaging your house to release funds for other purposes. The cash could be for home improvements, a holiday, a new car or simply to consolidate existing debts

Second charge

A second charge mortgage, also known as a ‘secured loan’ or ‘second mortgage’ allows you to borrow money, whilst leaving your existing mortgage in place. A second charge mortgage requires you to provide your home as security.

Bridging Finance

Bridging Finance, or a bridging loan works as a short term loan that finances the purchase of a new property while you are selling your existing property. Bridging loan can also provide finance to build a new home while you live in your current home.

Types of buyer:

First Time Buyer

First-time buyer mortgages are specifically designed for people who are new to the housing market. Some companies may use incentives such as cashback schemes, to entice you to get a mortgage with them.

Home Mover

This is a mortgage deal designed for people moving from one house where they already have a mortgage to another property where they will need a new mortgage to cover the purchase price.

Impaired Credit Mortgage

Having bad credit does not mean you cannot get a mortgage. It could vary depending on your credit rating – as there can be a fine line between ‘fair’ and ‘bad’ credit scores. Some lenders offer mortgages designed for people with bad credit. But these can include higher interest rates and fees

Buy to Let

If you are buying a property and intend to rent it out then you will need a buy to let mortgage. Unlike a residential mortgage which is based on your personal income, typically the amount you can borrow on a buy to let mortgage is calculated based on the rental income of the property. The minimum deposit required for a buy to let mortgage is usually around 25% but can often be more depending on the rental income the property is likely to attract.

Ltd Company BTL

As a landlord, you can buy your properties as an individual and pay income tax, or you can buy them through a limited company and pay corporation tax.
If you set up a company for your buy-to-let portfolio this is known as incorporation.
Landlords who own their properties through limited companies also receive their rental income differently as it belongs to the company. This means you can either pay yourself a salary from the company or take your rental income as dividends.

Protection

Income Protection

Income protection is a long-term insurance policy that makes sure you get a regular income until you retire or are able to return to work.

Critical Illness

Critical illness cover helps to support you and your loved ones financially if you’ve been diagnosed with a specific condition. You’ll receive a lump sum payment to eother pay off a mortgage, help cover the costs of treatment, or to help pay the bills. Critical Illness Cover is designed to help protect against the financial impact a critical illness could have on you and your family

Life Insurance

Life insurance, which can also be known as life cover or life assurance, is a type of policy that protects your loved ones with financial support if you die. It can help minimise the financial impact that your death could have on your family and offer peace of mind to those you care about most.

Family Benefit Cover

Family income benefit insurance is a type of term life insurance that will give regular financial support to the family of a policyholder if they die or are diagnosed with a terminal illness

Key Person Cover

Primarily, a keyman insurance policy provides cover for death. It will pay-out for a critical illness or disability, which prevents your employee from working.

The policy is owned and paid for by the employer, so any pay-out is payable to the employer.

Relevant Life

Relevant life insurance is a type of policy that a business can take out to provide life insurance for an individual employee. It’s an alternative way employers can provide death-in-service benefits for employees outside of a registered group life scheme.

Shareholder Protection

Shareholder protection allows business owners to buy shares back from a co-shareholder who is diagnosed with a critical or terminal illness, or dies. This policy helps surviving owners stay in control and minimises disruption to the business.

Business Loan Protection

If a business has any outstanding loans linked to a particular director, shareholder or key person, business loan protection provides the money to ensure these loans can be repaid in the event the named person dies. These loans could be anything from a director’s loan or mortgage payments.

Household Insurance.

Home contents insurance covers you against loss, theft or damage to your personal and home possessions. It can also cover you if you take items out of the home, on holiday, for example. The insurance covers your own possessions and those of close family members living with you.

Landlords Insurance

Landlord buildings insurance protects you as the property owner from financial losses connected to the rental, such as theft, fire, or weather damage and can be extended to include coverage for things like unpaid rent and malicious damage by tenants.

Landlord contents insurance is cover that pays out for the cost of repairing or replacing items belonging to a landlord in a property occupied by tenants. It offers protection for things like furniture, appliances and furnishings if they’re damaged or destroyed

Business Insurances

The different types of business insurance that you need to be aware of are:

• Public liability insurance.
• Employers’ liability insurance.
• Product liability insurance.
• Professional indemnity insurance.
• Business interruption insurance.
• Business contents insurance.
• Credit risk insurance.

At One Stop Financial Solutions, we can offer assistance with all of the above as we work alongside partnering firms to source you competitive quotations.