Address
119 Commercial RoadPoole
Dorset
BH14 0JD
Telephone Number
01202 716777Fax Number
01202 716788Email Address
info@bluepebblemoney.co.uk
Mortgages
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Mortgage Types
First Time Buyers
Buying your first home is a huge financial commitment and probably the largest investment you are likely to make. Try our Mortgage Borrowing Calculator to find out how much you can borrow. A Mortgage Promise can help you secure your first home. Blue Pebble Mortgages can arrange you a Mortgage Promise with the lender most likely to offer you the mortgage best suited to your needs. Mortgage Lending Criteria varies between lenders. Find out more by clicking here.
Re-mortgage
You could be paying less for your mortgage! If your mortgage rate is due to revert to the standard variable rate, or your current mortgage no longer suits your circumstances, Blue Pebble Mortgages can help you find the right mortgage for you. We operate on a 'whole of market' basis, which means that we can search over fifty lenders for the right mortgage for you.
Purchase
Purchasing a property is likely to be the biggest financial investment you will ever make. Every lender will have specified criteria from which they determine the maximum loan available to borrow. To help you decide what level of commitment you can afford, try our Mortgage Calculator and Payment Calculator. Or read more about Mortgage Lending Criteria.
Buy To Let
The Investment Property market is well established and thriving in the UK. More and more of us are choosing to purchase rental properties as a secure, long-term investment.
Mortgage providers will assess Buy-to-Let applications according to separate criteria to residential applications. Blue Pebble Mortgages may be able to help you raise capital for an investment property, by re-mortgaging an existing property. More information on Buy- to-Let Mortgages is available in Mortgage Lending Criteria.
Self-Employed
If you are self-employed and can prove your income for a three year period, then you are eligible to apply for a mainstream mortgage. Lenders will verify your earnings with your accountant. If you are unable to evidence your income, then you will need to apply for a 'Self-Certification Mortgage'. Lenders consider Self-Certification mortgages to be a greater risk and consequently will charge a slightly higher interest rate than the mainstream mortgage products. Check our Mortgage Lending Criteria guide for more information about Self-Certification mortgages.
Adverse Credit
If you have suffered financial difficulties in the past, you may have difficulty obtaining a mortgage from the high-street lenders. Blue Pebble Mortgages can source a lender that specialises in offering mortgages to borrowers with an adverse credit history. These mortgages are often referred to as 'Sub-Prime'. If any of the following apply to you, please contact us to discuss the options available to you with one of our experienced mortgage specialists.
- County Court Judgements (CCJs) & Defaults
- Individual Voluntary Arrangement (IVA)
- Bankruptcy
- Mortgage Arrears
- Self-Certification, employed
- Self-Certification, self-employed
County Court Judgements (CCJs) are issued against an individual and generally result from non-payment to creditors. CCJs remain on your credit record for six years, even after it has been satisfied (i.e. paid in full). CCJs will affect your credit score which may restrict your choice of mortgage lenders. However, this does not mean that you will not be able to obtain a mortgage. Blue Pebble Mortgages will assess your individual situation and approach the appropriate lenders on your behalf.
Individual Voluntary Arrangement (IVA) describes a payment agreement between the debtor and his/her creditor, to repay a percentage of the original debt, over a specified period of time. IVAs will affect your credit score but are viewed by lenders more favourably than bankruptcy. Blue Pebble Mortgages can help you to find a mortgage if your IVA is running satisfactorily, or has recently completed.
Bankruptcy - Blue Pebble Mortgages may be able to secure a mortgage for you if you are a 'discharged' bankrupt from specialist lenders. Lenders consider loans of this nature to be high risk and typically result in higher interest rates and a decreased LTV rate (Loan to Value). Consequently, the percentage of the value of the property that the lender is willing to loan is reduced, thereby requiring an increased deposit. Contact Blue Pebble Money to speak to one of our experienced mortgage specialists for more information.
Mortgage Arrears - Your mortgage is a loan secured against your home. If you fall into mortgage arrears you are at risk of losing your home. To prevent your home being repossessed by the lender, it is important to act quickly and review your financial situation. Blue Pebble Mortgages may be able to assist you to re-mortgage your home, in order to pay off your mortgage arrears and possibly reduce your monthly payments.
Self-Certification, employed - Most employed applicants are able to prove income via payslips and P60s. However, if you receive additional income you may be able to apply for a self-certification mortgage.
- Seasonal or Contract work
- Non-guaranteed bonus, commission, or overtime
- Shift pay
- Casual Labour
Self-Certification, self-employed
If you are unable to provide evidence of earnings for three full years of trading, or your current earnings are significantly greater than your accounts can prove, then you could consider applying for a self-certification mortgage. The Lender will assess the affordability of the mortgage by reviewing both your income and expenditure.
Our Blue Pebble Mortgage advisors act responsibly and will ensure that you can afford to repay your new mortgage. To enquire how we can help you, please contact one of our mortgage specialists, or complete our online questionnaire to obtain a free, no obligation quote.
Mortgage Products
A. Blue Pebble Money source mortgages from the whole of the market. This means that we can offer over 30,000 products, subject to eligibility. Our experienced mortgage consultants will search for the market for the right product for you.
Choose from
- Fixed Interest Rate
- Standard Variable Rate
- Discounted Interest Rate
- Tracker Rate
- Capped Rate
- Stepped Rate
Fixed Interest Rate
Mortgage payments remain the fixed the same for a fixed period of time, usually 1 to 5 years. At the end of the fixed rate term, the mortgage will revert to the Lender's Variable Rate. You may choose to re-mortgage at this time. This type of mortgage would suit you if you need to know what your outgoings are.
Throughout the fixed rate period, you will know exactly what your mortgage payments will be. You will not be affected by any increase in the bank's base rate.
If the bank's base rate falls below the level at which your mortgage is fixed, your payments will remain at the pre-determined fixed rate. This means that your mortgage payments will remain the same, and you will not receive any benefits from a rate reduction.
Standard Variable Rate
The interest rate charged on the loan amount is linked to the Bank of England's base rate. This means that your payments may rise, or fall, in line with any fluctuations in the Bank of England's base rate. Therefore, if the base rate is increased by 0.05%, your repayments will also increase by 0.05%. This type of mortgage would suit you, if you can accommodate fluctuations in your outgoings.
If there is a reduction in the base rate, your payments will also be reduced, thereby saving you money.
If there is an increase in the base rate, your payments will increase by the same percentage. Therefore you will not always know what your monthly mortgage payment will be from one month to the next.
Discounted Interest Rate
The interest rate charged on the borrowed amount is linked to the Bank of England's base rate, in the same way as a Standard Variable Rate. However, this rate will be discounted by the lender for a fixed period of time, usually between 1 and 5 years. So, a typical product would offer 1.5% reduction against the standard variable rate for a 3 year period. This product could suit somebody starting out in business, who might be able to accommodate larger payments in the future.
As with a standard variable rate product, your payments will reduce in line with any reduction in the base rate.
Similarly, any increase in base rates will result in an increase to your mortgage payments and you will not always know what your monthly payments are going to be.
Tracker Rate
This is a modified type of variable rate product. The interest rate charged against the loan tracks a base rate (usually, the Bank of England's). The lender applies a 'margin' to the loan. A change in the base rate will result in a change to the mortgage rate payable. A typical Tracker Rate would be Bank of England Base Rate plus 0.29%.
If you can afford to pay more when rates go up, then this might be a good choice for you. However, if you are on a tight budget this type of mortgage may not be suitable.
A reduction in the base rate will mean a reduction in your mortgage payments.
An increase in base rates will mean an increase to your mortgage payments.
Capped Rate
A Capped Rate product provides a guarantee to the borrower that for a specified period of time, the mortgage interest rate will not rise above a pre-determined level, even if other interest rates increase.
If underlying rates decrease, the mortgage interest rate will also decrease. If the underlying rates increase, the mortgage rate will also increase but only to the pre-determined 'cap'. This means that you can take advantage of interest rate fluctuations, whilst having re-assurance that your mortgage payments will not rise above a specified amount.
These products have clear advantages for the consumer, but the same is not true for the lender. At the present time, these products are not widely available from the majority of lenders.
Stepped Rate
The interest rate charged on the borrowed amount is discounted by the lender for a specified period of time, usually between 1 and 3 years. At the end of the fixed term, the mortgage will return to the standard variable rate, usually for a further tie-in period. The mortgage rate applied for the first year, is usually very low, increasing in subsequent years. For example, the mortgage rates could be stepped as follows: Year 1 Rate: 4.9%, Year 2 Rate: 5.9% ,Year 3 Rate 6.9%, Years 4 and 5 (tie-in period) 7.5% (SVR).
This product could suit somebody starting out in business, who might be able to accommodate larger payments in the future.
The increased mortgage payments can be substantial and difficult to accommodate if they have not been budgeted for. In addition, long tie-in periods may mean that you are unable to take advantage of future interest rate fluctuations.