FAQs

Mortgage Lenders like you to have insurance in place because if anything was to happen; for example you have bought your home in joint names and one of you were to die it may not be possible for you to keep the house due to affordability and whilst you are grieving you could also lose your home at the same time and this would then  add to a nightmare scenario and make things far worst.

This will vary on the type of property that you are buying but it can be as little as 5%.

We are representative of the whole of market. So we can use any lender that will deal with mortgage brokers. If a lender has direct only deals we are unable to provide these, but we may have exclusives ourselves or can find a more suitable rate elsewhere.

This may be possible but it will depend on what this was for, how often and how long ago. There are lenders out there that specialise in this area that we deal with.

This is where you have a bank account that you have your everyday money or savings in that is deducted from the mortgage balance and your payments are either slightly lower or the loan is repaid earlier.

We have an initial chat, complete a fact find and request some documents, do some research, explain to you what is the best product based on your criteria and then look to do a decision in principle. If you are accepted we submit the full application and send the request documents to the lender. These will be assessed and when they are happy they will instruct a valuation. Once the valuation is back this will be assessed and if satisfactory will be sent for final checks and then your mortgage is offered. It is advisable to look at Protection and Buildings and Contents, which we also offer an advised service on.  The next part of the mortgage process is down to your solicitor.

Capital and Repayment is when you pay a small amount off your mortgage each month and the remainder is interest for the mortgage you have borrowed. At the end of  the term of your mortgage providing no changes have been made to your mortgage, it would be paid off in its entirety and you would own your home.  Interest Only is where you never repay any of the mortgage (only the interest element) and at the end of the term this must be repaid by a repayment vehicle or sale of property.

Shared Ownership is where you buy a percentage of the house and pay rent on the remainder. You are able to buy more of the property over time. This is called staircasing. The rates that you get are based on the deposit you put down on the percentage share you buy; not the whole house price. Shared Equity is either offered by the government under Help2Buy or some builders have their own scheme. This is normally only on new build properties but the government did offer this on all properties many years ago.

You may not fit their affordability due to changes in circumstance of their lending policy, but often there are other lenders out there that look at cases differently so it is quite possible.