Mortgages

What is it?

A mortgage is a sum of money borrowed from a bank or building society in order to purchase a property. The money is then paid back to the Lender over a fixed period of time together with accrued interest. There are many different types of mortgages and there will be one out there that best suits your requirements. If you’re going to make the most of your mortgage, you need to minimise the amount of interest that you pay.

Our mortgage adviser can find a mortgage product to suit your own individual needs. Whether you are a first time buyer or wish to re-mortgage, we will endeavour to recommend a product to best suit your needs. A mortgage is potentially the largest financial commitment of your life and, therefore, every enquiry is treated with the respect that it deserves.

How does it works

Repayment Methods

There are basically two major types of mortgage repayment methods available in today's market:

Repayment - A Repayment Mortgage is structured so that the monthly mortgage payments, comprising partly of capital and partly of interest, pay off the original amount borrowed as well as the interest that would be accrued over the mortgage term, by the end of the term.

Interest only - So called due to the fact that you only pay interest to the lender each month. The original loan amount remains the same for the term of the loan. Therefore a suitable investment is required to run in conjunction with the mortgage in order to repay the loan balance at the end of the term. The most common investments used for this purpose include Pension, Endowment and ISA.

We can help you with the following:

  • Remortgages
  • First Time Buyers
  • Buy to Let
  • Home Mover

We can help with the following Mortgage types :– Capped Mortgages, Discounted Mortgages, Fixed Rate Mortgages, Flexible Mortgages, Offset Mortgages, Current Account Mortgages, Standard Variable, Tracker Mortgages

Verifying Your Income

Bank Statements: Last 3 months

P60: For most recent Tax Year

Wage Slips: Last 3 consecutive months wage slips. If paid weekly the whole of the last months plus at least two from the previous months payslips.

Business Accounts Last three years accounts and lasts SA302’s.

Proof of your deposit: Bank Statement, investment schedules or other proof of source.

Verifying your Address

Utility Bill, One of the following:

  • Gas
  • Electric
  • Water
  • Landline Telephone (not mobile)
  • Council Tax Bill
  • Mortgage Statement
  • Bank or Building society/ Credit Card Statement (not a photocopy or downloaded online)

One for each applicant and dated within the last three months

Verifying your Identity

  • Valid Driving Licence: Photo card driving licence issued by DVLA (full and provisional)
  • Valid Residency Permit for Foreign Nationals
  • Valid EU National Identity Card
  • Passport (sight of the originals). We will need to take a copy of the picture and signature pages to meet money laundering requirements.

Credit Check

We recommend getting a credit check (many are free online) this will be able to help you work out what mortgage is going to be affordable for you.

 

Your property may be repossessed if you do not keep up your repayments on your mortgage.

A typical fee of £199 is normally charged on submission of an application. However this is based on your circumstances.

The FCA does not regulate some forms of Buy to Let mortgages.

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