questions answered
faqs
- How do I apply for a mortgage?
- Do I have to pay for the advice I receive?
- Is the service confidential?
- How can I work out what I can afford?
- Can I buy a home with NO deposit?
- What costs are associated with buying a home?
- What is the repayment period?
- What is Early Repayment Charge (ERC)?
- What is a Home Information Pack (HIP)?
 |
How do I apply for a mortgage? |
|
 |
Applying for a mortgage is not as difficult as many people will have you believe. However, before applying for a mortgage there are a few things you will need to consider. These include: • What type of mortgage best suits your financial needs? • What method of repayment is best for you? • How much you can afford? Our Mortgage Consultant will recommend the most suitable scheme from our panel of mortgage lenders. To speak to one of our Mortgage Consultants to discuss your needs in greater detail, simply enter the ‘Contact a Mortgage Consultant’ part of the website. |
|
Do I have to pay for the advice I receive? |
|
|
No, there is no charge for advice from our Consultants |
|
Is the service confidential? |
|
|
Yes. Click here for our policy for use of personal data |
|
How can I work out what I can afford? |
|
|
We will not recommend any mortgage that you cant afford. A budget planner is available to download from our website. |
|
Can I buy a home with NO deposit? |
|
|
Yes, you can. In fact you can, under certain circumstances get a mortgage for as much as 125% of the value of the property.This makes it easier for buyers with no equity to purchase a home. However, 100% plus mortgages will often come with higher interest rates and can increase your monthly payments considerably. |
|
What costs are associated with buying a home? |
|
|
In addition to the initial costs such as legal and valuation fees and mortgage administration fees you need to prepare to pay for monthly outgoings you probably never had before or proving more expensive than the last property you owned.These will include:
If you don’t budget for them correctly you may get a financial surprise later. Estimate realistically what your expected outlay will be each month – use the Budget Planner supplied within our website to help you. Overestimate rather than underestimate everything and you will have a good idea of what you can afford. Putting the time into calculating your monthly financial outgoings at an early stage can make life a lot easier in the long run. |
|
What is the repayment period? |
|
|
The repayment period is the term over which you have to repay the property. The most common mortgage periods are 25 years, however it is possible to get longer terms, or indeed shorter terms, depending on your financial stability and the cost of your property. Our mortgage consultant will be able to help you decide what term would best suit your needs. To get in touch with a consultant near you, simply enter ‘Contact a mortgage consultant’ part of the website. |
|
What is Early Repayment Charge (ERC)? |
|
|
Early Repayment Charge is a charge made by your mortgage lender which is payable on certain types of loan. The charge is only applied if the loan is paid off or part-paid off within the specified early repayment charge period agreed with you at the outset of the mortgage being set up. This is possibly the downside of benefiting from the certainty conferred by fixed rate or the cheaper mortgage offered by a discounted rate. Some lenders can lock you into a repayment charge so beware and get advice about this from one of our mortgage consultants. If you see an incredibly good interest rate below the prevailing variable rate the chances are they want something in return - your commitment, therefore it could mean it’ll cost you a lot more if you decide to move lender in future. |
|
What is a Home Information Pack (HIP)? |
|
|
A HIP contains legal information about a home, which potential buyers may find helpful when considering whether to purchase a property. |
