Mortgage FAQ
- How does a Mortgage work?
A Bank or Lender 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 are specialist advisers who will look for a suitable mortgage product on a client’s behalf in order to ensure they get the best possible deal based on their requirements.
- I have bad credit, will this be a problem?
This will not prevent you from getting a mortgage. We have had great success in helping clients with adverse credit. There are a number of lenders who are more favourable to clients who have previously had trouble sourcing finance.
- Is the mortgage advice independent?
Yes, our advice is always independent and impartial, we will recommend what we consider to be the best mortgage to meet your needs. They have no affiliation with a particular lender or panel. We are FCA regulated, fully CII MAQ qualified and offer professional advice.
- How do I know I’m being offered the best mortgage available to me?
Being a ‘whole of market broker’ means that we have access to the whole mortgage market. We search and compare the entire market to find the best offer for you, doing all the hard work for you. Please note however a small amount of lenders do not use the source of a broker.
- What fees are involved in getting a mortgage?
Our brokers take all the hard work out of finding the very best mortgage offers available. We are CII MAQ qualified and FCA Regulated. We can charge a Financial Arrangement Fee payable on application. Any fees will be detailed on the documentation provided prior to any commitment by the client.
- How much can I afford?
There is no prescribed criteria to determine what you can borrow. The amount you qualify for will be determined by the purchase price of the property, the deposit you are able to put down, your income and monthly expenses. We are able to give you an indication over the phone or a full agreement in principal.
- I would like to invest in a rental property is this something you can help with?
Yes, we have a wealth of experience in a range of Mortgage types including Buy To let Mortgages
- What is LTV?
Lenders often talk about the LTV requirement. LTV is an acronym for Loan to Value Ratio. This is a term used to describe the ratio of a loan to the value of the property purchased. For example if you borrow £161,000 to purchase a property valued at £230,000 the LTV is 161,000/230,000 or 70%, the remaining 30% is your equity.
