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MORTGAGE FAQs
Do you charge a fee to arrange my mortgage?
No. We receive a fee from the lender when your mortgage completes and we will disclose the amount to you before you go ahead with any application.
Can I have an Agreement in Principle before I have found the property I wish to buy?
Yes. We will search for and identify the mortgage that will suit you, before you find a property, and can get you to the point of having an Agreement in Principle. This can be helpful in getting the process going, but the lender won't make a formal mortgage offer until a valuation has been carried out on the property you wish to buy.
How long will it take for me to get a mortgage offer?
Generally between 2 and 4 weeks depending on the lender.
Can I still get a mortgage if I have a poor credit rating?
Yes. Various lenders offer mortgages specifically for people with adverse credit. (e.g. County Court Judgements, Payment Defaults and Payment Arrears). Rates are dependent on the severity of the adverse credit.
What are the benefits of using an Independent Financial Adviser (IFA)?
Mortgages are complex and there are many different types available from a large number of lenders. An IFA can help you choose a mortgage that is suitable and appropriate to your personal circumstances. An IFA saves you time, as they do the leg work for you and are committed to work in your interest.
What is an interest only mortgage?
This is a mortgage whereby you only service the interest on the loan and do not repay any capital. This means that unless you make any overpayments during the mortgage term, you will still owe the same amount of money as when you started. Most lenders will insist on you having a repayment vehicle in place designed to repay the mortgage at the end of the mortgage term. E.g. Pension or ISA (Individual Savings Account).
What is a repayment mortgage?
This is a mortgage whereby you are servicing the interest along with repaying the capital, and this guarantees to repay your mortgage at the end of the mortgage term, so long as you maintain your monthly payments.
Some additional Jargon explained
APR - The Annual Percentage Rate is intended to help you compare the true cost of loans offered by the different lenders, as it takes into account not only the interest charges but also all fees and administration costs too.
Advance - The money that is lent by the lender
Completion - When the property becomes legally yours, and you finally get the keys,
Equity - The difference between what your property is worth and how much you owe on all loans secured against it.
Exchange - The time when the identical contracts between the buyer and seller are exchanged and the deal becomes legally binding.
Purchaser - The person or persons buying the property.
Term - The number of years the mortgage loan is due to be repaid.
Vendor - The person selling the property.