How long is the application process?
From sending in your application it normally takes six to eight weeks for the mortgage provider to release your funds. Your advisor will manage the entire process for you to complete on your mortgage as soon as possible.
What set up fees are involved and how much will the fees cost?
If you're re-mortgaging it's not uncommon for the mortgage provider to meet the cost of your valuation and legal fees. You may have to pay an application or booking fee.
If you're buying a new home you'd usually be required to pay for a valuation, meet your own legal costs and possibly pay an application or booking fee. You may also be liable for stamp duty.
I have poor credit, will I be able to get a mortgage?
There are some mortgage providers who will consider those with credit impairments although a high rate of interest will most likely apply. A successful application would depend on the equity available in your home and how you've managed your debt over the past few years.
What type of valuation do I need?
It all depends on how much you wish to find out about the condition of the property. The three most common valuation reports are; a basic valuation to establish the property’s value. A home buyers report which will also identify works to the property that need immediate attention and a structural survey will give you a full analysis of the structural integrity of the property, identify current and future works required and of course confirm the value.
How much can I borrow?
What you can borrow is based on what you can afford. Each mortgage provider has different affordability criteria. Your advisor will complete a full income and expenditure assessment to help you establish how much you can borrow.
What age can I have a mortgage until?
Some mortgage providers will allow you to maintain a mortgage in retirement providing you can afford the payments, though it would need to be repaid at a specific age. If you're in or near retirement you can also consider your suitability for a retirement mortgage or equity release plan.
Will mortgage providers accept benefit income?
Some mortgage providers will accept benefit income. As most means tested benefits aren't guaranteed and can change most mortgage providers will want to make sure you can afford the payments should your benefits reduce or stop.
I've just changed jobs, can I get a mortgage?
You can still qualify for a mortgage although it will depend on your new salary, type of contract and any probationary period.
How much deposit do I need?
The minimum deposit is usually 5%. Generally the bigger your deposit the more likely you are to benefit from a wider selection of mortgages and lower rates of interest.
Can I take out an interest only mortgage?
Interest only mortgages are still available but you would have to meet some very strict qualifying criteria. You would also be required to have an adequate repayment vehicle linked to the mortgage. To avoid the risks associated with an interest only mortgage most mortgage providers and clients prefer to borrow via a repayment mortgage which means your mortgage will be fully repaid at the end of your term if you make all your payments.