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Trinity Financial calculates first-time buyer borrowing figures for thisismoney.co.uk

First-time buyers may be pushed into buying smaller, cheaper homes in less desirable areas if they pick the wrong mortgage lender, new analysis has revealed.

Mortgage broker Trinity Financial entered details of a fictional typical first-time-buyer couple into nine mortgage lenders' online calculators to find out how much they could borrow.

It found that mortgage lenders offer different loan amounts to applications with identical circumstances due to their varying mortgage affordability assessments.

Nationwide offers to lend up to six times annual income, via its Helping Hand scheme, which is available to eligible first time buyers with its five and 10 year fixed rate mortgages.

Securing a Helping Hand mortgage with Nationwide on a five-year fix with a 25 per cent deposit could mean a couple earning £40,000 each (£80,000 combined) could borrow up to £480,000. 

Aaron Strutt of Trinity Financial, told thisismoney.co.uk: 'Many first-time buyers do not realise that the amount they can borrow ranges so significantly depending on the lender they apply to for a mortgage.

'It does pay to shop around when it comes to mortgage affordability and borrowing the amount you need. Most lenders use completely different calculations to determine how much their customers can borrow, and as a result, the maximum loan sizes can vary significantly. 

'Lenders can also offer surprisingly large loans to joint applicants with clean credit histories and strong incomes.' 

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Call Trinity Financial on 0808 1642174 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Barclays for Intermediaries has lowered a selection of its fixed-rate mortgages again and brought back two-year fixed rates priced from 3.88%.

The new mortgages will undercut Nationwide for Intermediaries' cheapest two-year fixes for property purchases. Nationwide offers fixed rates priced around 3.90% with £1,499 arrangement fees, and they are available to borrowers looking to raise between £300,000 and £5 million.

Barclays has a range of two, three and five-year fixed rates priced below 4% typically for mortgages up to £2 million. The 3.88% rate is fixed for two years, with a £899 fee, and applicants must have a 40% deposit to qualify. The equivalent five-year fix is 0.10% more expensive with Barclays.

Aaron Strutt, product director at Trinity Financial, says: “Swap rates are used as part of the process of funding mortgages, as they are edging down again after they went up a few weeks ago. This means we may well see more rate cuts from the lenders pretty soon.“

“If you have a 40% deposit and you want a cheap three-year fix, then MPowered has a sub-3.90% three-year fix. It has a £999 arrangement fee and a maximum loan size of £1.5 million.“

Halifax has lowered some fixed rates for property purchases by 0.07% and remortgage rates by up to 0.18%. TSB is also lowering rates by up to 0.15%.

Representative example: A capital and interest mortgage of £500,000 payable over 30 years, initially on a 3.88% fixed rate for 30 September 2027 and then on a variable rate of 6.24% for the remaining 27 years, would require 26 monthly repayments of £2,352.62 followed by 334 monthly repayments of £3,032.81. The total amount repayable would be £1,075,256.66 made up of the loan amount, plus interest (££574,125.33) and £899 (product fee), £80 (final repayment charge), £35 (completion fee). The overall cost for comparison is 6% APRC representative.

Call Trinity Financial on 0808 1642174 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

• Nationwide to offer 5% deposit on new build house mortgages
• Nationwide offering up to 6 times’ income with a 5% deposit via Helping Hand scheme
• The deposit for new build flats to be lowered to 15% of the purchase price
• Mortgage offers on new builds will be extended to nine months 

Nationwide for Intermediaries is lowering the deposit required to purchase a new build house on Thursday, 26th June, as it ramps up support for the housebuilders and the government’s housing ambitions.

First-time buyers will also be able to use Nationwide’s Helping Hand to make their new build house purchases up to the maximum loan-to-value. Nationwide is the largest mortgage provider to allow lending of up to six times income with a 5% deposit.

According to Nationwide, mortgage new build sales in 2024 were approximately one-third lower than in the last full year of the government’s Help to Buy scheme in 2022. Deposit requirements and affordability challenges have played a major part in this and Nationwide’s latest changes will support the new build sector by tackling them.

New build flats: Nationwide’s support extends to the entire new build sector because, at the same time, Nationwide will also be increasing the maximum loan-to-value available for applications involving new build flats to 85% loan-to-value.

New build offer periods: Nationwide will also be increasing its offer period for new build properties from six months to nine months. Although the vast majority of new build purchases complete within a six-month period, this change will give customers and brokers greater certainty and flexibility during the construction process. The longer offer period reduces the risk of needing to reapply for the mortgage in the event the property takes longer to complete.

Aaron Strutt, product director at Trinity Financial, says: "Many other lenders would not be comfortable offering a product like this, but from a borrower's perspective, it gives many people the chance to get on the property ladder and buy a new home."

England’s population is projected to grow by more than 6% over the next decade, with significant regional and demographic disparities that may reshape demand for housing and mortgage lending, according to the latest figures from the Office for National Statistics.

Call Trinity Financial on 0808 1642174 to secure a new build mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Fixed and tracker rate mortgage availability in the buy-to-let market has reached a record high, with the average two-year fixed rate having dropped below 5% for the first time since September 2022. This is according to the latest analysis by Moneyfactscompare.co.uk.

Overall buy-to-let product availability (fixed and variable rate) rose to 4,144 deals, its highest count on Moneyfacts records. Deeper analysis shows a larger quantity of five-year fixes versus two-year fixed deals.

Average buy-to-let fixed rates over two- or five-year fixed terms overall fell month-on-month, for the fourth consecutive month. The average two-year fixed rate is at its lowest point since September 2022, whereas the average five-year fixed rate is at its lowest point since October 2024.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said: “Landlords must ensure their property has a minimum Energy Performance Certificate (EPC) rating of C, by 2030 at the latest, according to the Government’s latest proposals. This is why a buy-to-let investment might not work for accidental landlords who are not able to fork out the costs to make renovations." 

In addition to the potential changes landlords need to make to their properties to increase energy efficiency, there are also tax changes that have priced many landlords out of the market. Other landlords have been forced to sell up or take out a limited company buy-to-let mortgage.

Demand for property is not slowing down

Despite the challenges in the buy-to-let market, there remains a significant demand for property, which is unlikely to subside anytime soon. With England’s population projected to grow by more than 6 per cent over the next decade, according to the latest figures from the Office for National Statistics, more rental properties will be needed. 

Call Trinity Financial on 0808 1642174 to secure a buy-to-let mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Whether you're moving up the property ladder, downsizing, remortgaging your home, or buying your first property, working with a reputable mortgage broker can save you time, effort and money. 

In some cases, using an award-winning mortgage broker, like Trinity Financial, can be the difference between getting a mortgage to buy the property you want or not.

But what is a mortgage broker, exactly? What services do mortgage brokers provide? In this article, we will address the most frequently asked questions about mortgage brokers.

1. What does a good mortgage broker do?

A mortgage broker acts as a middleman between you and the mortgage lenders. They:

• Provide a private and confidential service. 
• Research the market to find the most suitable and cost-effective mortgage.
• Take the time to understand your personal and financial property-related needs and requirements.
• Apply to lenders on your behalf once you have provided them with permission, the necessary documentation and proof of identity.
• Work to secure the mortgage loan size their clients need at the lowest possible rate.
• Often get access to deals not widely available.
• Notify you if a cheaper mortgage rate than the one you have applied for with a lender is available.
• Contact business development managers to obtain approval for complex cases, even if the applicant does not meet the standard acceptance criteria.

2. Is it quicker to use a Mortgage Broker or apply to a lender directly?

In many cases, it is much quicker to get a mortgage through a broker. 

Trinity Financial regularly submits mortgage applications for our clients before they have been able to get an appointment with their bank or building society's mortgage adviser.

It typically takes ten working days to produce a mortgage offer; however, if an application is straightforward, it may be possible to receive a mortgage offer within a few hours or a few days. 

Brokers accounted for 87% of all mortgages written in the UK in 2024, and this figure is expected to rise according to the Intermediary Mortgage Lenders Association. 

3. What documents will I typically need to provide to a mortgage broker?

To provide you with bespoke mortgage advice and submit an application to the recommended lender, your adviser will need you to complete and return a mortgage questionnaire and supply the following documents (for each applicant, as applicable). They will also want to have a 15-minute consultation.

At Trinity Financial, we will request proof of Identity, proof of address, and proof of income (three months' payslips if employed or the last two years' SA302 tax computations and tax year overviews if self-employed. Or a copy of your contract(s).

Additionally, provide three months' bank statements (full monthly statements showing salary credits, which can be online-generated), proof of deposit funds (if applicable for a purchase), details about your work plans, and your anticipated retirement age. Plus, a copy of your visa is required if you are a foreign national.

4. What are the advantages of using a mortgage broker? And the disadvantages?

Advantages of using a mortgage broker

• They could save you time and money.
• They possess the necessary expertise, systems and contacts to secure mortgages quickly and efficiently.
• It is convenient. You do not need to stay on hold to chase mortgage lenders. You also do not need to complain if something goes wrong with the application, because any decent broker will have access to the decision-makers at the banks and building societies.
• A reputable broker should be able to secure the lowest rates and the most generous loan sizes for you.
• A good broker will also work closely with your estate agent and solicitor to help ensure the property purchase is completed smoothly.

Disadvantages of using a mortgage broker

• There may be costs involved.
• Some brokers offer a limited number of mortgage deals.
• The quality of brokers varies.

5. Understand their access to lenders

Some brokers have access to a vast network of lenders, while others work with a smaller panel of lenders. You’ll want someone who can shop around for the best rates and terms, rather than just pushing one product.

Trinity Financial's brokers have access to a wide range of lenders, including large and small banks, building societies, and specialist and bespoke lenders. Plus private banks seeking high net worth clients.

6. Check their reviews and testimonials

• Look on Google or Trustpilot for reviews about their company. See if the firm has taken the time to respond to the reviews. 

7. Evaluate their communication skills

Good brokers are:

• Transparent about costs and timelines.
• Easy to reach and responsive, ie they pick up the phone and reply to emails. At Trinity, each broker has a designated mortgage administrator that our clients have access to. They help keep clients updated at each important stage of the application process.
• Willing to explain terms and options in plain language.
• A good broker will inform you of the lender they recommend as part of their advice and recommendation process.

8. Watch for red flags with Mortgage Brokers

Avoid brokers who:

• Pressure you into quick decisions.
• Do not tell you the name of the lender they recommend.
• Are vague about fees or charge upfront fees.
• Promise unusually low interest rates without explanation.
• Force you to use them if you want to buy a property through the estate agent they are linked to.

9. What other services do they offer?

A mortgage broker's primary role is to secure a mortgage for their client, but financial protection policies are also crucial. At Trinity our specialists arrange:

• Financial protection policies, such as life insurance or critical illness cover. This is designed to help ensure borrowers can remain in their property in the event of death or illness.
• Building and contents insurance.
• Wills and Trusts.

Call Trinity Financial on 0808 1642174 to secure a mortgage or book a consultation

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage 

Nationwide for Intermediaries has lowered its mortgage rates again after increasing them a few weeks ago. The lender now offers two, three and five-year fixed rates priced around 4%.

Nationwide, the UK's largest building society, has a two-year fix at 3.90%, with the three-year and five-year fixes up to 0.2% higher. The 3.90% mortgage is available to borrowers purchasing a property with a 40% deposit and borrowing between £300,000 and £5 million. There is a £1,499 arrangement fee, and early repayment charges apply. 

Aaron Strutt, product director at Trinity Financial, says: "If you are on the hunt for a mortgage, there are still some great options to choose from, but there are fewer sub-4% mortgages available than there were a few weeks ago. Nationwide has bucked the trend by launching these rates at a time when other major lenders have been increasing their rates.

"While the lowest rates are available to borrowers with a 35% or 40% deposit, the fixes with a 30% or 25% deposit are not much more expensive. Lenders are working hard to attract borrowers, especially now that the stamp duty rate has been increased."  

Nationwide representative example: A capital and interest mortgage of £300,000 payable over 30 years, initially on a fixed rate basis at 3.90% for 24 months and then the standard variable rate currently at 6.99% for the remaining 28 years. The 3.90% rate would require 24 monthly repayments of £1,415.00 followed by 336 payments of £1,962.41. The total amount repayable would be £694,843.76 made up of the loan amount, plus interest (£393,329.13) and £1,499 (product fee), £65 (final repayment charge), £15 (completion fee). The overall cost for comparison is 6.7% APRC representative.

Should you opt for a two, three or five-year fixed mortgage? 

The price difference between the most competitively priced two, three and five-year fixed-rate mortgages has increased in recent weeks, but it remains relatively small. 

The length of the mortgage rate borrowers choose often depends on their attitude to risk and the choice of products available to them at the time of application. It also depends on their financial and personal situation.

Some lenders offer one-year fixed-rate mortgages to both new and existing customers. There are also 1.5-year, 3-year, 4-year, and 10-year fixes. There are also fixed-term mortgages, which means borrowers can lock in for terms ranging from 11 to 40 years. There are tracker rates, and many do not have early repayment charges.

Trinity's brokers can help you choose the most suitable rate.

Call Trinity Financial on 0808 1642174 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage