Home Horizons and Mortgage Solutions: Part One
Welcome to our new property and mortgage series where, in each instalment, we will delve into some fictitious, but realistic scenarios featuring our diverse range of homes and imagined potential buyers. We will be highlighting a range of different financial situations, so whether you're a first-time buyer, looking to upgrade, or simply curious about the process, this series aims to explore the relationships between the housing market and mortgage options and provide some inspiration for your next home buying venture.
We know that navigating the world of property and mortgages can be a daunting prospect, especially when it is coupled with the stresses of moving home. So, we’ve teamed up with our partners at Cooper Associates Mortgages, who are local mortgage advisors. In this series we hope to spotlight some potential scenarios by exploring a range of properties as well as some corresponding example mortgage and financial situations*.
We know that navigating the world of property and mortgages can be a daunting prospect, especially when it is coupled with the stresses of moving home. So, we’ve teamed up with our partners at Cooper Associates Mortgages, who are local mortgage advisors. In this series we hope to spotlight some potential scenarios by exploring a range of properties as well as some corresponding example mortgage and financial situations*.
Finding Serenity: The Story of a Divine Chapel Home
Many people dream of relocating to a peaceful and picturesque rural setting and for one couple, this dream is becoming a reality. While browsing through estate agent listings, they stumbled upon a charming chapel that had been lovingly transformed into a one-of-a-kind home. Its high ceilings and arched windows immediately captured their imagination, and they knew they had found the perfect place to start a new chapter in their lives.
Having sold their family home in the city, Paul and Sarah were able to place down a sizable £350,000 (75%) deposit on their new countryside retreat, which leaves themselves a reasonable amount of money for renovations to the property, trips away and dining out in-and-around their new community. As a result of their deposit amount, the loan amount Paul and Sarah will be borrowing from lenders is £115,000.
They have long yearned for a change of pace and scenery, which will still provide plenty of space for their family and grandchildren to visit. After many years of city living they are finally able to embark on an exciting journey to purchase and inhabit this beautiful period home nestled in the serene countryside village of Ilton, Somerset.
Paul and Sarah wanted consistency in their monthly payments while they settled into life in their new home, allowing for easier budgeting while they adapt to their new lifestyle. However, keen to be mortgage-free as soon as possible, the couple also hoped to free up extra capital to pay off a large chunk of their mortgage in the near future, which they will be able to do when they come to remortgage. As a result of this, their mortgage adviser suggested the couple opt for a 2-year fixed rate, offering a balance between stability and flexibility.
As a couple in their 50’s, Paul and Sarah were more limited on the mortgage terms available to them, and opted for the maximum offered by lenders, which was a 20-year term.
Their lender offered them a mortgage rate of 4.14%, which resulted in monthly payments of £704.64.
As they envision their future in the West Country, Paul and Sarah eagerly anticipate the opportunities that their move will bring, but were mindful about keeping a degree of flexibility with their finances. Since considering the different mortgage options available to them and having reassurance that the mortgage product is tailored to their individual circumstances, they look forward to embracing their new home and all the exciting opportunities it will bring.
Paul and Sarah’s journey to a rural retreat showcases the enduring allure of unconventional homes and the timeless appeal of country living for those seeking solace, beauty, and a deeper connection to nature.
If you are contemplating your own property sale or purchase, our friendly, local property experts are here to help provide independent advice and also offer free, no obligation market appraisals. Get in touch with your local office today or book a valuation online.
If you are looking for advice surrounding your mortgage options Cooper Associates Mortgages have a team of experts ready to help you find the right mortgage for you. Find out more and submit a mortgage enquiry or visit their website Cooper Associates Mortgages - Award Winning Mortgage Advisors.
View this beautiful property in Ilton, Ilminster – Sold STC**
Disclaimer:
Greenslade Taylor Hunt does not offer any financial or legal advice. Please always speak to a financial advisor and/or solicitor when enquiring about mortgages and contracts. Greenslade Taylor Hunt works in partnership with Cooper Associates Mortgages but does not provide mortgage advice directly. Completed enquiry forms will be shared with Cooper Associates Mortgages for the purposes of contacting you about mortgage products. Your personal details will not be shared with any other third parties, other than Cooper Associates Mortgages.
Please Note:
*Your property may be repossessed if you do not keep up repayments on your mortgage. The above figures are an example only and are correct as of 14/10/24, they are also subject to affordability checks, credit scores and lender approval.
**Property statuses and guide prices are correct at the time of posting. For up-to-date property status please see the listings on our website via the links shown above.
***These articles are based on scenarios that could be realistic, however they do not feature real life clients and the mortgage figures are an example only.