Protection


SO-Mortgages will provide you with free protection advice. We will only provide you with recommendations that suit your needs. Your advisor will be able to talk through the different protection we offer, this includes; buildings and contents, income protection, life insurance, critical illness cover and unemployment cover.


.

Mortgages


Whether you are a first time buyer, home mover, investor or remortgaging we will find the best mortgage for you. SO-Mortgages have access to the whole of the market including exclusive products you won't find on the high street. 


From your initial contact with us up to the completion of your mortgage, you will benefit from having a dedicated mortgage advisor. You will have one point of contact with direct access to the advisor's mobile number, meaning no call centre waiting times or being passed from pillar to post. Your advisor will always be on hand to offer assistance and updates directly to you. 


All of the advisors are trained to the highest standard to ensure that you are provided with all of the information and fees payable upfront so there are no nasty surprises. We will also provide you with a jargon free tick sheet which explains the mortgage process from start to finish.

SERVICES WE OFFER

A mortgage supported by the Help to Buy: mortgage guarantee scheme works in exactly the same way as any other mortgage except that under the scheme the Government offers lenders the option to purchase a guarantee on mortgage loans.

With this support, lenders taking part are able to offer home buyers more high-loan-to-value mortgages (80-95%).

You will still be fully responsible for your mortgage repayments. So if you have a 5% deposit, you will need to take out and pay back a 95% mortgage.


Help to Buy- Mortgage Guarantee Scheme .


Help to Buy - Equity Loan Scheme

Example: for a home with a £200,000 purchase price 

Typically we charge a fee of £295 for arranging a mortgage, however the actual fee will be depend on your circumstances and will not exceed 1% of the mortgage amount.


Your home may be repossessed if you do not keep up repayments on your mortgage.

As with all insurance policies, conditions and exclusions will apply

Example: for a home with a £200,000 purchase price 

Shared Ownership

With a Help to Buy: equity loan the Government lends you up to 20% of the cost of your new-build home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.

You won’t be charged loan fees on the 20% loan for the first five years of owning your home.

Shared ownership schemes (part buy/part rent) are provided through housing associations. You can buy a share of your home ( typically between 25% and 75% of the home’s value) and pay rent on the remaining share. You can buy bigger shares at a later stage when you can afford to.

With shared ownership you can buy a newly built home or an existing one through resale programmes from housing associations.

You’ll need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings.

Shared ownership properties are always leasehold and you can buy a home this way if:

Your household earns £60,000 a year or less. In London this is higher: £66,000 a year for a home with one or two bedrooms, or £80,000 for family homes of three bedrooms or more
You’re a first-time buyer (or you used to own a home, but can’t afford to buy one now).