- What are the various types of mortgages available?
There are two primary categories of mortgages: Residential and Commercial mortgages. Within residential mortgages, there are further subdivisions such as Right to Buy, standard mortgages, help to buy, buy to let, let to buy, shared ownership, and more. Commercial mortgages encompass diverse types of commercial properties like office buildings, retail blocks, warehouses, and others.
- Which type of mortgage is currently recommended?
The most suitable mortgage choice depends on the individual’s circumstances and goals. For first-time investors or individuals looking to reside in the property, residential mortgages are generally preferable. Commercial mortgages, even for buy-to-let investments, typically require a larger deposit.
- How does a buy-to-let mortgage differ from a residential mortgage?
A residential mortgage is used to purchase a property intended for personal use, whereas a buy-to-let mortgage is obtained specifically for investing in residential properties to be rented out to tenants.
- How are people coping with the recent surge in interest rates?
Many individuals are facing challenges in keeping up with mortgage payments, particularly those with variable rate mortgages who might be unaware of the available solutions. Lenders offer various mortgage products to accommodate people in difficult situations, including lifetime mortgages, product transfers, interest-only options, and downsizing options. For instance, we recently assisted an elderly couple who believed their only choice was to sell their property due to the imminent end of their mortgage term. Not only did we help them retain their home, but they also facilitated the purchase of a new property for the couple to move into, subsequently enabling them to rent out their previous property, which had become too large for them.
- What assistance is available for mortgages, such as Help to Buy?
Different lenders offer various products tailored to accommodate different applicants. Depending on an individual’s income and credit profile, high street lenders may provide mortgages to those with clean credit histories, while specialist lenders cater to applicants with County Court Judgements (CCJs), defaults, and other adverse credit profiles. BSL specialises in helping individuals with adverse credit profiles get onto the property ladder.
- Where can I find advice on arranging a mortgage valuation or survey?
It is not advisable for individuals to organize their own mortgage valuation because lenders typically do not accept self-arranged survey reports as part of the mortgage assessment process. Seeking professional advice is crucial in this regard.
- Can BSL Financial Services provide guidance on insurance and mortgage protection?
Yes, we offer advice on a range of Protection Insurance products. They also provide guidance on matters such as Wills and Trusts, as well as various types of property finance funding.
- What online services does BSL offer?
BSL Financial Services provides both online and in-person advisory services to cater to clients’ preferences and convenience.
- Is there a free initial mortgage consultation available?
Yes, BSL Financial Services offers free initial consultations to new clients.
- What inspired the creation of BSL Financial Services?
The founding of BSL Financial Services arose from personal experiences working with different brokerage firms. As a new advisor lacking experience, it was challenging to gain clients’ trust. Consequently, the focus shifted to assisting clients neglected by more experienced advisors, specifically those with adverse credit profiles. This niche market was considered high risk by the previous companies. Dealing with adverse credit clients meant that compliance teams reviewed my cases 100% of the time. Thus, BSL was established to allow me to help my clients without unnecessary monitoring by compliance teams unfamiliar with the specialist mortgage market. This lack of understanding often stemmed from a lack of knowledge regarding ethnic minorities transitioning from cash-based societies to credit-based systems. BSL Financial Services was created to address these issues.
- Where can I find more information about BSL Financial Services?
You can reach BSL Financial Services through the following contact details:
- Office: 02083145658
- Email: info@bslfinancials.com
- Address: The Old Fire Station 340 Lewisham High Street, London SE13 6LE
- Website: www.bslfinancials.com
- Instagram: bslfinancialservice
