We understand the importance you place on your mortgage, so we make every attempt to keep you informed, and make the process as easy as possible for you.
You want a qualified professional, who will provide you with no obligation, whole of market advice, who has years of experience.
You want to deal with a broker who understands the lender systems and their terms and conditions in detail.
You want a broker who will work around your busy life, a broker who can be contacted evenings and weekends to suit you.
You want a broker who will be clear and concise with their costs at the early stage of the process.
what deposit do i need?
You will only be lent a certain percentage of either the purchase price or the property valuation, whichever is lower. So you will need to use some of your own money to buy the property – a deposit.
As well as your deposit, there are other costs associated with buying a property and taking out a mortgage. Typical ones that apply to most buyers include conveyancing fees, Stamp Duty Land Tax, valuation fees and Land Registry fees. There are often unexpected costs too in buying a property, so it’s a good idea to have a reserve fund to cover them.
how does an agreement in principal differ from a mortgage offer?
An Agreement in Principle, also known as a ‘Decision in Principle’ or ‘Mortgage Promise’, is useful if you haven’t found a property you want to buy but would like to know how much you could borrow.
All we need is a few personal details about you and anyone else who will be named on the mortgage. Then we’ll contact a credit reference agency for a credit search and give you a credit score. If you reach the pass mark, you will get a certificate, so that you can show the seller you can get a loan. Lenders will be able to see that we’ve made an enquiry about you.
A mortgage offer is issued by a lender once your mortgage application has been received and the necessary checks, such as the property valuation and confirmation of your details, have been carried out. It sets out the terms under which the lender is prepared to offer you a loan.
what should i consider when applying for a mortgage?
Mortgages can last for a long time, so it’s important you get the one that’s right for you. You’ll need to think about such things as the type of loan, how long you want it for and what type of product you’d like.
Methods of repayment – there are three different ways of repaying your mortgage. These are repayment, interest-only, and a combination of repayment and interest-only.
Mortgage terms – mortgage terms of up to 40 years are available. How long the mortgage lasts will affect your monthly payments and the total cost of the mortgage.
what insurance will i need?
It is a requirement of your mortgage to have buildings insurance. This covers the bricks and mortar, fixtures and fittings. It’s also a good idea to take out contents insurance as well – this protects all your possessions in your home, from furniture to jewellery. You may want to look into insurance to protect your mortgage for example Life Cover and Critical Illness Cover.
You may be charged a mortgage account fee which is an interest-free fee charged on new mortgage completions.
Depending on the mortgage product, there may be a product fee to pay. Any product fees can be added on to your mortgage on completion. There could be other charges and standard costs which you may have to pay during the course of setting up your mortgage.