Office: 01172 909 020 | Mobile: 07375 411 532

FAQ & Jargon Buster

FAQ’s

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.

Jargon Buster

Agreement in principle (AIP) – A document from a mortgage provider approving that you will be able to borrow an amount. You can use this to verify to a seller that you are able to afford to buy their property.

APR – Annual percentage rate: the total cost of a mortgage, counting the interest and fees. It assumes you will have the mortgage for the entirety of the term, so may or may not be a useful way to compare deals.

Arrangement fee – This is a set-up fee for a mortgage. Most mortgage lenders will allow you to add this fee to the loan but means you pay interest on it for the whole mortgage term.

Arrears – To go into arrears, means you have ‘defaulted’ at least once on your mortgage repayments – you have missed a month’s payment. Contact your lender as soon as possible if you think you may go into arrears.

Conveyancing – The legal procedure you are required to go through when you buy or sell property. This is done by a solicitor or licensed conveyancer.

Discounted-rate mortgage – A discounted-rate deal is when the interest rate that you are charged is a set amount, less than your mortgage lender’s standard variable rate.

Early repayment charges (ERCs) – These are penalty fees you need to pay in order to leave a mortgage during a specified period, usually the period of the initial deal.

Equity – The amount of the property that you own outright, i.e. your deposit plus the capital you have paid off on your mortgage.

Gazumping – This is when an offer was made and accepted by the seller, but then another party makes another, higher offer which is accepted by the seller regardless.

Guarantor – A third party who agrees to meet the monthly payments of the buyer if they are unable to pay, this is a most common party with first time buyers, the guarantor is usually a parent or guardian. Read about guarantor mortgages.

Family offset mortgage – This is used by family members (mainly parents) who want to assist first-time buyers get onto the property ladder. Your savings are balanced against your child (or other family member)’s liability, the volume that they owe and pay in interest is lowered.

Fixed-rate mortgage – The mortgage interest rate stays constantly the same for the initial period of the deal, which can be anything from one year to 10 years. Meaning that you can be sure of exactly what you will be paying on your mortgage each month, as your rate will not go up – or down – with the Bank of England base rate.

Flexible mortgage – A flexible mortgage deal is one that allows you to overpay, underpay or even take a payment holiday from your mortgage. This can assist in you paying off your mortgage early to save money on interest, however flexible mortgages are usually more expensive than conventional ones.

Freehold – You own all the property and the land it was built on.

Help to Buy – Help to buy is an initiative launched by the government which involves various scheme designed to help first time buyers get onto the property ladder. This includes equity loans, mortgages guarantee, ISAs and specific schemes for Wales and Scotland.

Interest-only mortgage – This is when you only pay off the interest on a mortgage each month, without paying off any of the loan itself. The idea here is that you build up enough money to pay off the mortgage at the end of this term in another way.

Joint life – A ‘joint life’ policy is one that is taken out by two or more people. Joint life policies can be useful for protecting a family in the event of either or both parents dying.

Joint mortgage – This is when a mortgage is taken out by two or more than two people. This could be used if you are buying a house with a partner, friend, or a family member.  It can also be used by parents who want to help their children buy a property.

Leasehold – This is when you own the building – but not the land it stands on, you own this for a set period, this could be anything up to 999 years). You could find it hard to get a mortgage if there are fewer than 70 years left on the lease of a property that you want to buy.

Loan-to-value (LTV) – This is the size of your mortgage as a percentage of the property’s value. The cheapest deals of these incline to be accessible for people who are borrowing 60% or less.

Mortgage deed – This is an official contract between lender and the borrower, this outlines the legal obligations of the borrower and the rights the lender has if a borrower fails to make a repayment.

Negative equity – This is when the value of your home falls below the value remaining on your mortgage.

Offset mortgage – An offset mortgage serves to link saving and a current account. Credit balances are often offset against a mortgage debt, so you only pay interest on the difference. This is also true for paying off the capital.

Portability – This is a portable mortgage; you can transfer your borrowing from one property to another if you move.

Repayment mortgage – This is when you pay off the mortgage interest and part of the capital of your loan each month. Unless you miss any of the repayments, you are guaranteed to have paid off this mortgage by the end of the term.

Repayment vehicle – This is required by lenders if you take out an interest only mortgage – this is the means of which you’re going to pray back to mortgage by the term’s bed, this could be another property or a stocks and shares portfolio.

Right to Buy scheme – This was originally intended to enable tenant so the council houses to but homes that they ae being lived in, this is being opened to housing association tenants also.

Shared ownership – You can buy a share of a property (this is usually somewhere between 25% and 75%). And pay rent of the remaining share. Which is owned by the local housing association.

Stamp duty – Stamp duty land tax is payable when you buy a property for more than a certain value and other specific criteria.

Standard variable rate (SVR) – The default mortgage interest rate that a lender will charge after the initial mortgage deal period comes to an end. This could be higher or lower than an original rate.

Tracker mortgage – The interest rate on a mortgage tracks back to the base rate set by the Bank of England – by a margin above or below it.

Valuation survey – Lenders always carry a valuation survey

Book your Free consultation

"I will always contact you on the same day of your enquiry"

Mortgage Advisor Bristol | Independent Advisors - The Mortgage Depot

Office: 01172 909 020 | Mobile: 07375 411 532

Mortgage Adviser Bristol

The Mortgage Depot is here to help with all of your mortgage advice needs. If you find yourself searching for a mortgage adviser in Bristol you are in the right place.
Book your Free consultation

Mortgages in Bristol and the South West

As an independent mortgage broker, The Mortgage Depot is not restricted to a limited number of lenders and can therefore find the best mortgages in Bristol by searching the whole market, including broker-only deals. Finding mortgage brokers and independent mortgage advisers can be complicated, but here at The Mortgage Depot I can offer you expert mortgage advice. As a professional mortgage adviser, I will help you get on the property ladder.

I will provide expert advice for all your residential and buy-to-let requirements, including first-time buyers, moving house, remortgaging, capital raising, debt consolidation, insurance, buy-to-let and second charge mortgages. 

Independent Mortgage Broker & Mortgage Advice Bristol

Based in Bristol, The Mortgage Depot provides online or face to face home appointments to its clients in the South West region, including Bath, Weston-Super-Mare, Taunton, Newport and all of the surrounding areas. The mortgage industry can be difficult to navigate, but I will take the stress and worry away from you and research the mortgage marketplace for the right mortgage deals for you. After our free initial mortgage consultation, I can start the mortgage process of researching the most appropriate mortgage product for your new home.  

If you are already a homeowner, I can research the best products available that will suit your current needs and requirements in order to update your current deal.

If you require free property finance mortgage advice, we can discuss your needs and circumstances, and all the options available to you.

As a small business, I will always ensure to provide a bespoke service to my clients, building a relationship that will last for years to come.

Young family sat on the living room floor of their new mortgaged home.

Mortgage Brokers Bristol

 

If your circumstances are a little out of the ordinary, why not give me a call to discuss your requirements further. I will always work hard on your behalf to find you the best mortgages in Bristol. Having a mortgage adviser on-hand working on your behalf, will provide you with sound professional mortgage advice very step of the way.   Working alongside a mortgage broker will mean finding you, my client, the best available interest rates and more. The mortgage market is complicated, so whether you are looking for property finance for a new home or an existing mortgage, I can help you.

Getting a mortgage is the biggest and most important financial decision of your life. Like most people, you will probably be paying off your mortgage loan for a number of years. Therefore, it is crucial to obtain the right mortgage deal for your circumstances, as well as understand the key aspects of your mortgage and all the costs involved. My tailored advice will be specific to you and your Bristol mortgage needs, so why not let me offer you a bespoke first-class  service. Get in touch with me today for an appointment. 

The Mortgage Depot is always on hand to provide you with the help you need.  We are proud to offer mortgage advice in Bristol, NewportGloucesterBath, Weston-Super-Mare, and Bridgwater.

Our Services

First Time Buyers

Moving House

Re-mortgage

Buy-to-Let

Protection and Insurance

What to expect from your initial free meeting 

During the free no-obligation initial appointment, at a time and place that suits you, we will discuss:

 

The whole home buying process; what happens and when

How much you can borrow

The amount of deposit you will need

The pros and cons of the different mortgage options

How much your mortgage repayments will be

Which insurances you may need and the cost

Other costs involved in the house buying process

 

Evening and weekend appointments available

What people think 

Jade ArihoJade Ariho
20:15 23 Jun 22
Jon is an exceptional mortgage adviser and goes above and beyond to find the best product available. Very clear communicator and responds to all questions promptly. Made the process very easy. Highly recommended.
patricia vincentpatricia vincent
08:24 26 May 22
I have known Jon for over 5 years when he first assisted me to secure my first home, and I didn’t hesitate to go back to him again due to his professionalism and his ability to always get things done when he says so within timeframe. Excellent service all round.
Tom CrooksTom Crooks
12:37 10 Apr 22
Jon has been fantastic with helping my partner and I buy our first home. As first time buyers we were not the most clued in with how the process of buying a house works. Jon was able to help us every step of the way, answering any questions we had and was able to explain everything to us. He found the best mortgage rate for us and was very quick at submitting our mortgage application. However he didn’t stop there and was able to advise us on the next steps with the solicitors and estate agents, etc.Would definitely use again!
zoeemma126zoeemma126
12:19 10 Apr 22
Jon was so helpful throughout the process of buying our first home. He helped us find the best deals and really helped us understand the process clearly. Any queries were answered very quickly over both phone and email. I couldn’t recommend him more and we will definitely use him again.
Andy HenckenAndy Hencken
10:08 04 Apr 22
The advice and support that we received from Jon was first class and has made the whole process very straightforward and hassle free. He took the time to understand what we wanted to achieve and found products that suited us perfectly. I would happily recommend him to anyone looking for advice on getting a mortgage or re-mortgaging - a first class service.
Miss CoatesMiss Coates
14:59 25 Mar 22
Jon was fantastic at helping us navigate not only remortgaging, but also life insurance as well. He helped us get a much better deal on our mortgage than our current provider was offering and really took the time to explain all our options to us, both via email and over the phone. Fabulous service and I highly recommend, especially if you aren’t too confident about the whole remortgaging process!
Leanne WestwoodLeanne Westwood
11:03 21 Mar 22
Extremely efficient service, making the whole process quick and easy. Everything was explained in detail and made easy to understand. Couldn't be happier.
Jon was extremely helpful, friendly and professional. We were happy with the service from start to finish. Everything was explained clearly and the process was sorted quickly and efficiently. A big weight off our minds!
Sheree BurnettSheree Burnett
11:16 28 Feb 22
Jon has been a god-send; a very pleasant person to work with who keeps things clear, concise and professional. He has been on hand to answer any queries I have had along the process, managed my expectations very well and (despite me not having the simplest of circumstances) has been able to find me a very suitable mortgage product. Very pleased with the service I have received and would highly recommend him to others.
Will CatheryWill Cathery
12:30 03 Feb 22
As first time buyers, Jon has been excellent guiding us throughout the whole house purchase process and finding us the best mortgage and insurance deals. He goes above and beyond and is always quick to respond to any questions we’ve had. Would highly recommend.
Lawrence WrightLawrence Wright
16:30 11 Jan 22
The service Jon provided was absolutely superb. Not only did he manage to find the best options for me but his responses were quick and was more than happy to help with any queries. 5* service
Will PleethWill Pleeth
11:25 01 Jan 22
Jon has been our mortgage advisor for a number of years, sorted our first mortgage and a number of subsequent remortgages. He has always been extremely professional, attentive and proactive in chasing both the mortgage company and me! Great deals found each time and really helpful providing advice on all things mortgage. Highly recommended and we will be continuing to use for any future mortgage needs.
Lesley JohnstonLesley Johnston
18:45 30 Dec 21
Jon was excellent, he took the time to listen to my needs and found me an excellent deal. Responding to phone calls/emails with any queries very quickly and was always extremely pleasant and helpful. I would definitely recommend his services.
Isabelle DerbyshireIsabelle Derbyshire
11:49 04 Aug 21
Jon has been absolutely great to deal with. We were a little nervous as we are first time buyers but he explained everything so clearly, made good recommendations and was very quick to respond to any queries. We would definitely consider Jon for any future purchases.
Andy CarswellAndy Carswell
17:06 06 Jul 21
Jon was fantastic. He was very responsive every step of the way. We had loads of back and forth with our house move and he was always professional and flexible. I’d definitely recommend his service.
Jodi-Ann GillespieJodi-Ann Gillespie
15:47 24 Jun 21
Jon Ley handled my case professional efficiency. His service is quick to respond to any query and spent time to clarify any complex issues with purchasing property. I have used his services twice and each time my case was dealt with superbly. I would definitely recommend as a mortgage advisor with no hassle and straightforward business manner.
Philip MoorePhilip Moore
18:25 02 Jun 21
Fantastic service end to end. Always on hand to answer any queries. Very happy with the mortgage we took. Can’t thank Jon enough for all the advice. Will be coming back in 2 years when our rate changes.
Jason PritchardJason Pritchard
20:00 06 Apr 21
Jon has been an excellent mortgage advisor for our recent remortgage, found us a great deal ,, communication was quick and we were kept up to date throughout the process.Jason & VanessaNewport
sam jamessam james
21:05 17 Feb 21
Jon was excellent to work with. He made the whole process very easy and straight forward. He looked for a mortgage that best suited our situation. I would highly recommend him to anybody looking for a mortgage.
Matt SpurrMatt Spurr
15:31 17 Dec 20
We have dealt with Jon a couple of times over the last few years. On our first consultation he drove to our house late in the evening as this was the only time we could meet. This epitomises Jon - he will do everything he can to make getting a mortgage as stress free as possible.He knows the industry inside out and you can be sure he will find you the best possible deal for you.
Jon WestwoodJon Westwood
17:09 20 Nov 20
Jon has been an excellent mortgage broker who helped myself and my partner in securing a good mortgage. Jon was happy to meet on the weekend to go through the whole process with us which was a big help. The process was quick and we were kept up to date on every stage of our application. Definitely recommend him for a stress-free mortgage application.
Marc FoxMarc Fox
12:26 13 Nov 20
Jon was very helpful and was always on hand to answer any questions I had. He helped me get a new mortgage on a great rate when I moved house, as well as a simultaneous BTL remortgage. Jon’s knowledge and support during the whole process made it a very smooth process, always keeping me updated throughout. Thanks for your help! Highly recommended 😊
js_loader
Jon has been an excellent mortgage broker who helped myself and my partner in securing a good mortgage. Jon was happy to meet on the weekend to go through the whole process with us which was a big help. The process was quick and we were kept up to date on every stage of our application. Definitely recommend him for a stress-free mortgage application.
Jon W

Bristol

Jon was very helpful and was always on hand to answer any questions I had. He helped me get a new mortgage on a great rate when I moved house, as well as a simultaneous BTL remortgage. Jon’s knowledge and support during the whole process made it a very smooth process, always keeping me updated throughout. Thanks for your help! Highly recommended 😊
Marc F

Bristol

Book your free consultation


“I will always contact you on the same day of your enquiry”

","subscription_failed":"Please, check the fields below to make sure you entered the correct information.","et_ab_log_nonce":"60f8e6a5fa","fill_message":"Please, fill in the following fields:","contact_error_message":"Please, fix the following errors:","invalid":"Invalid email","captcha":"Captcha","prev":"Prev","previous":"Previous","next":"Next","wrong_captcha":"You entered the wrong number in captcha.","wrong_checkbox":"Checkbox","ignore_waypoints":"no","is_divi_theme_used":"1","widget_search_selector":".widget_search","ab_tests":[],"is_ab_testing_active":"","page_id":"14","unique_test_id":"","ab_bounce_rate":"5","is_cache_plugin_active":"no","is_shortcode_tracking":"","tinymce_uri":"https:\/\/themortgagedepot.co.uk\/wp-content\/themes\/Divi\/includes\/builder\/frontend-builder\/assets\/vendors","waypoints_options":[]};var et_pb_box_shadow_elements=[]