0800 073 73 76
Penn Mortgages 197-199 City Road London EC1V 1JN
Expert help for first time buyers. Guiding you through every step and providing you with practical help for first purchase.
Go to First Time Buyers
You can rely on our Solicitors in Penn Chambers to deal with the sale of your old home and the purchase of your new one.
Go to Home Owners
With our vast experience of dealing with auction property we can ensure you buy a goldmine not a landmine.
Go to Auctions
Welcome to Penn Mortgages
Your professional yet personable mortgage brokers who are personally committed to providing you with a very high quality service at using state of the art technology to ensure that we get the best deals available on the market to you as quickly as possible whilst maintaining exacting high standards of service.
Many companies provide mortgage services - some are very large professional looking companies, and some very small companies but none of which provide holistic solutions to your mortgaging needs. In that respect we are unique.
Not only can we provide you with the very best of mortgage rates from the whole of the market - we can also instruct our sister company Penn Chambers to undertake the necessary legal work.
Simplicity in itself
Your professional yet personable mortgage brokers searching for the best remortgage deals in the market that suit you best. Go to Remortgaging
Whether you our "buying out" your former spouse or partner or whether you are making tax savings we transfer your joint asset swiftly and painlessly.
Go to Transfer of Equity
With so many insurance options in the market nowadays it makes sense to simplify the process with us to ensure you get the best deal.
Go to Insurance
First Timers
Buying your first property can give you as much excitement as it does worries and headaches but planned correctly, and fully researched, your first home can turn quickly into a fun and pleasurable experience without the hassle.
As a first time buyer, not only will you probably be unaware of the process of obtaining a mortgage and what lenders look out for when they trawl through your credit history, but you will probably be completely unaware of the legal process too.
To get these things right, you need to tick many boxes. But dont let that put you off - our mortgage advisors are experts and are approachable, friendly and easy to talk to.
Getting the right mortgage in place is crucial. With literally thousands of options on the market it takes skill of a surgeon and the patience of a saint to decisively consider them all and pick the right one.
Our mortgage advisors are skilled in the whole process that is all they do, day in day out everyday and with our sophisticated mortgage sourcing software they can do all this for you very quickly indeed.
Dont forget, we have no preference personally as to which mortgage you take out, and we do not limit ourselves to certain lenders but search the whole of the market with our mortgage searching software to ensure that you have up to the minute correct mortgage rates available to you. For that reason using a skilled qualified mortgage broker is crucial to ensure that you get the right policy at the most competitive mortgage.
Part Buy/Part Rent
One way to get on the property ladder is to buy your home on a shared ownership basis. For example, you could own 75% while someone else (usually a Housing Association) owns the rest. You pay a mortgage on your 75% and rent on the other 25%. This often has the positive effect of reducing your overall borrowing needs and can often reduce your overall outgoings in relation to your home.
You may also have the option to buy of the equity back from time to time until you own the whole property.
Our expert mortgage brokers are fully familiar with the whole process of securing funding for part buy schemes of various types.
Easy.
Home Owners
Buying a property as a home can bring tranquillity to our lives and make us feel happier in ourselves and maybe even feel part of a community.
Having bought a home previously, you may be seeking to move up the property ladder, perhaps because you have a new addition to the family or because your income position has improved.
You may also wish to move to a smaller property now that the children have flown the nest and the space is no longer required.
Either way, purchasing a new home for the second or maybe third time means that you are more aware of what to look out for, know more exactly what you want and how to manage your finances.
If you have been managing your previous mortgage payments properly, obtaining mainstream lending for you should be very easy. The real issues are whether your existing mortgage is portable, that is, whether you can carry on with your mortgage on the same terms for your new home, what type of mortgage you want this time round and the competitiveness of the mortgage itself.
Our mortgage advisors can offer you deals from the whole of the market. We have no preference personally as to which mortgage you take out, and we do not limit ourselves to certain lenders but search the whole of the market with our mortgage searching software to ensure that you have up to the minute correct mortgage rates available to you. For that reason using a skilled qualified mortgage broker is crucial to ensure that you get the right policy at the most competitive mortgage.
You could use what is known as a tied agent or someone who does not search the whole of the market, someone for example in your local Bank; but did you know that they can only sell you their own policies, whether they are the best on the market or the most suitable to your needs or not?
Why limit yourself to choosing a policy from a restricted pool of policies when for the same time and effort, and possibly for less cost you could choose a policy from the entire market?
Considering this and the fact that we are closely connected to our sister company Penn Chambers who can undertake all the conveyancing work for you, does it make any sense not to use our services?
Auctions
One of the most profitable long-term investments is purchasing property. That can become even more lucrative when purchases from an auction.
Auction properties have increased enormously in popularity over the years and are no longer the exclusive preserve of the wealthy.
Auction properties are now reasonably in the reach of many who have a good eye for a bargain.
There are risks to buying auction properties but with an expert Solicitor in place to guide you such as our colleagues in the property department at Penn Chambers coupled with our expert mortgage broking ability you are bound to succeed.
There are many advantages of buying property at an auction such as:
1. No Gazumping - There is no risk of being gazumped (which is where prior to exchange of contracts in a standard sale another person offers a higher price for the property which means you lose all the money and time you have invested in the property)
2. Safe Purchasing - There is no danger of the vendor 'pulling out' as the contract of sale is binding as soon as the gavel falls.
3. Auctions often offer a wider range of properties and can include repossessions or properties in need of renovation or modernisation
4. Time Saving - Because all the legal work and surveys should be completed prior to the sale you can enjoy a speedy purchase and completion which is usually within 28 days.
In exactly the same way that you may go to an auction to purchase say a car or some antique furniture you can also attend an auction to purchase a property.
Property auctions often offer a wider range of properties and can include repossessions, properties in need of renovation/modernisation or from the estate of a deceased. Some auction properties are not even available for purchase through a high street estate agent.
Choose Penn Mortgages as your trusted advisor to purchase your auction property. We will be with you all of the way.
Deal done.
Remortgaging
Remortgaging a property often needs to be undertaken at short notice and we are all too aware of time constraints imposed in our lives.
Our expert mortgage advisors are familiar with working to tight deadlines and ensuring that remortgages are done on time every time.
Having the huge advantage of working with our colleagues in the property team in Penn Chambers gives you even greater confidence that not only will you get a great remortgage deal from us but that the mortgage deal with be put in place very quickly.
Remortgaging is when a borrower who already has a home loan with one lender switches to another mortgage deal with the same lender or moves his borrowing to a completely new lender.
The practice was relatively rare until about 10 or 15 years ago, when lenders mostly offered only basic variants of variable rates and most lenders and borrowers just presumed you had one mortgage with one company until you had paid it all off.
The process of remortgaging is similar to a purchase since the mortgage lender will still want to be satisfied that their loan advance ( the mortgage money) is safe and secure against the property and thus usually further new seaches aagainst the property need to be undertaken as well and a fresh vaulation of the property itself.
In the early 1990s, as property prices fell and the market was in the doldrums, mortgages became much more competitive as lenders realised that the only way to win new business was to battle for each others existing borrowers.
Initially, they tried to keep borrowers tied in by applying heavy redemption penalties, sometimes stretching many years after the special deals that first attracted the borrower in the first place came to an end. Nowadays however, most penalties apply only to the lifetime of the deal itself.
With more competitiveness in the mortgage market and introductory lower or fixed period interest rates, borrowers have discovered the art of switching from lender to lender taking advantage of offers on the market that can slash the amount paid over the term if you as the borrower consider things carefully.
Transfer of Equity
As property prices are generally considered to be quite high, more often than not two or more people enter into an arrangement to purchase a property together, whether to save money or because they are cohabiting.
When these arrangements change, and for example one of the owners of the property buys out the other owner, what appears to be a simple process is more often than not more complicated that it appears.
However, with an expert Solicitor in place to guide you such as our colleagues in Property and Family in Penn Chambers - coupled with our expert mortgage broking ability you are bound to ensure that the process proceeds swiftly and without incident.
A transfer of equity is where two or more owners of a property transfer the ownership of the property to one or more of the remaining owners of that property.
A typical example of a transfer of equity is where a husband and wife own a home in joint names and following a separation or divorce one spouse, say the husband, transfers his share or interest in the home into the sole name of the wife.
Whilst the process of a transfer of equity is not as complicated as a sale or purchase - the complete process needs to be followed, especially where there is a mortgage still in place as the mortgage lender will want to still be satisfied that the risk posed to them is minimal and that the proerty still represents a good risk to them to continue to loan the mortgage monies to the remaining owner.
There are several reasons why you may wish to change the legal ownership of your property such as:
1. Marriage/Civil Partnership - Following a marriage or Civil Partnership, you may wish to make your new spouse or civil partner feel equal in the ownership of the property and transfer the matrimonial home into joint names.
2. Divorce/Separation - Following a divorce (or dissolution of civil partnership) or separation you may wish to transfer a jointly owned property back into your sole name or the sole name of your ex partner.
3. Tax planning - Sometimes there are advantages to transferring a property or even a family home into the names of spouses and even in some case the children.
Insurance
We would all agree that obtaining the correct level of insurance gives up peace of mind and so much more.
The brokers at Penn Mortgages are very experienced in ensuring that you, your loved ones and your property are covered with adequate insurance.
Whether that is life cover, accident sickness and unemployment cover to protect your loved ones from losing an income which would otherwise pay the mortgage or whether that is buildings and contents insurance to protect you against lifes mishaps.
Whatever your insurance requirements are - Penn Mortgages are here to help; guiding you through the maze of policies to find the one that fits you best.
Choosing the correct policy and ensuring that it adequately meets your needs, can be time consuming and confusing to say the least, and the policy exceptions could make the process of choosing even more of a headache.
By contacting us at Penn Mortgages, we can ensure that we talk in ordinary English to you, explain all the advantages and the disadvantages of each policy and leave you to enjoy your new found home ...with your loved ones.
That way, you have peace of mind that a professional who is an expert in dealing with these matters has carefully and sensibly recommended the right policies for you.
It is always difficult to predict how much insurance you will need. By speaking to our advisors at Penn Mortgages, who are all expertly trained in these matters, they can quickly and sensibly guide you in the right direction to ensure that you do not take out too much insurance, which may be costly, or too little life insurance, as this may be disastrous for your family.
That being said, the amount of cover you need is likely to depend on the ultimate purpose of the insurance and what assets you seek to replace in an unfortunate situation arising.
Your mortgage lender may stipulate certain minimum levels of insurance that they require you to have in place at all times as a condition of the mortgage you have with them.
Limitation Of Liability
This website has been prepared with the aim of providing general information only. It is not intended in any way whatsoever to provide legal advice, accountancy advice, financial services advice or mortgage advice. You should not rely on any of the information contained in this website in any way whatsoever and should always take professional advice before taking any course of action in relation to your personal affairs especially in relation to, but not exclusively, legal, accountancy, financial services or mortgage matters.
Owing to the nature of the Internet we cannot guarantee that this website or the websites to which it is linked will always be available to users. You should ensure that you have appropriate protection against viruses and other security arrangements in place whilst using the Internet.
Although every reasonable effort has been made to ensure that the information on this website was accurate at the time of publication, it is subject to variation at any time without notice and we do not give any warranty that any such information will be accurate or complete at any particular time or at all.
This website and any information or other material contained in it are made available strictly on the basis that you accept it on an 'as is' and 'as available' basis. Where you rely on any information or other material contained in it, you do so entirely at your own risk and you accept that all warranties, conditions and undertakings, express or implied, whether by common law, statute, trade usage, course of dealings or otherwise in respect of this website are excluded to the fullest extent permitted by law.
We exclude all liability whatever, to the fullest extent permitted by law, in respect of any loss or damage resulting or arising from any non-availability or use of this website or of any other website linked to it, or from reliance on the contents of this website or any material or content accessed through it.
Professional Details
Please note Penn Chambers is NOT regulated by the Solicitors Regulation Authority. The Individual Solicitors are INDIVIDUALLLY regulated by the Solicitors Regulation Authority. No other companies within the Penn Group of Companies are regulated by the Solicitors Regulation Authority.
Please note that ONLY Penn Mortgages Limited (FSA registration number 473059) is an appointed representative of Mortgage Next Network (FSA registration number 300866) which is authorised and regulated by the Financial Services Authority. No other companies within the Penn Group of Companies are regulated by the Financial Services Authority (save Penn Financial in a different capacity as stated immediately below).
Please note that Penn Financial is the trading name of Penn Financial Limited. Penn Financial is an appointed representative of Sage Financial Services Limited which is authorised and regulated by the Financial Services Authority. No other companies within the Penn Group of Companies are regulated by the Financial Services Authority (save Penn Mortgages in a different capacity as stated immediately above).
No other companies within Penn Group are professionally regulated.
Business Name
Penn Mortgages is the trading name of Penn Mortgages Limited. Registered in England number 06242712 and whose Registered Offices are at 197-199 City Road London EC1V 1JN.
Penn Mortgages VAT registration number is 923 4771 19
Complaints
We aim to provide all our clients with a quality service throughout the life of their case and even beyond. There are rare occasions where we do not get it right and we aim to address all complaints swiftly and fairly.
If you are dissatisfied with the quality of service that you have received in any way, then please do let us know. We welcome the feedback, which in turn helps us to improve the quality of our service to you. Each company deals with complaints in a different way depending on whether they are regulated by a professional body. Please go to the "Info" page of the compnay that you have cause to complain about for details as to how you can complain.
If in the unlikely event you have a complaint regarding Penn Mortgages you can:
a) Request our Client Care Report at any time, complete it and return it to us or
b) E-mail the client care team at clientcare_penngroup.co.uk or
c) Write to us at Penn Mortgages 197-199 City Road London EC1V 1JN.
About News Articles
Welcome to our News Articles pages.
On each page you will find a brief summary of the main article in question. If you wish to read the whole article - feel free to download the PDF.
You can download as many of the Articles that you wish all completely free of charge.
If you would like to see an article written about a topic of interest to you which you feel may benefit others, please do not hesitate to contact us.
Of course, we are sure that you will appreciate that the Articles are meant to provide information only and may not be appropriate for your individual circumstances. You should always consult us before taking any course of action.
Happy reading.
The Death Of Buy To Let Mortgages?
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Saving My Home From Repossession
Credit Crunch Special - What Really Went Wrong?
No More Self Cert Mortgages?
Auction Property - A Goldmine Or A Landmine?
Buying Out My Ex Partner (Transfer of Equity)
Please bear with us whilst we update our news articles
It will be worth the wait. Promise.
The Death Of Buy To Let Mortgages ?
Auction Property - A Goldmine Or A Landmine
Penn Mortgages
Fourth Floor
197-199 City Road
London
EC1V 1JN
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Main fax number - 0844 257 8135
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© 2010 Penn Tech Limited | This website was last updated on 17 November 2010 | A full list of Directors for each company is available for inspection at the Registered Office at 197-199 City Road London EC1V 1JN
