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Frequently Asked Questions
How does a Mortgage work?
A bank or building society loans money with interest. In return their loan is secured against the value of a person’s property. The details of the loan agreement are registered against the Title of that property- this is known as a mortgage.
What is a mortgage broker?
Mortgage brokers, like myself, will research the most suitable mortgage product on their client’s behalf to ensure they get the best possible deal.
Is your mortgage advice independent?
Yes, my advice is always independent and impartial. I will recommend products that I consider to be the most appropriate mortgage to meet your needs and circumstances.
How much can I afford?
There is no prescribed criteria to determine what you can borrow. The amount you qualify for differ from one mortgage lender to the next, and will be based upon the purchase price, the deposit you are able to put down, your income and monthly expenses. However, during your initial free consultation we will be able to determine your maximum loan amount so you can start house-hunting in earnest.
What fees are involved in getting a mortgage?
I will take all the hard work out of finding the right mortgage available for your circumstances. I charge a client fee of £290, payable once the mortgage offer has been produced. Any fees will be detailed on the documentation provided prior to any commitment made by the client.
What different types of mortgages are there?
There are two main types of mortgages…
Fixed Rate Mortgage – means that your interest amount is fixed for a period of time (usually two to five years) therefore your repayments do not change.
Variable Rate Mortgage – means the amount of interest you pay can change, and therefore so do your repayments.
I have bad credit; will this be a problem?
This will not necessarily prevent you from getting a mortgage. There are several lenders that will consider clients who have previously had trouble sourcing finance.