Independent Mortgage Brokers
Frequently Asked Questions...
Q. How much can I borrow?
Lenders have different ways of calculating how much they will lend to you. Many lenders will now do four times your salary provided that you have a deposit available, some will take overtime and bonuses into account while others will work on affordability by assessing your income and outgoing's. Most lenders will deduct any other loans or commitments from your income. As you can see there is no single answer but the best way to get an accurate figure is to apply for a quote.
Q. How long will the mortgage process take?
This can vary again but in general for a new purchase between 8-10 weeks in total.
For a remortgage the time should reduce by a couple of weeks. Some lenders and solicitors are faster than others.
Q. Do I need to provide any documents?
Yes, you will need to provide proof of identification such as Passport or Driver's License and proof of address such as a Utility Bill or Bank Statement. Lenders may require the following- Latest P60, Last 3 pay slips, Latest Mortgage Statement and Bank Statements. We will advise you of the chosen lenders exact requirements when you submit an application.
Can a get a mortgage if I have County Court Judgements or mortgage arrears?
It is possible to get a mortgage for almost any situation these days no matter how bad your financial position appears to be. There are companies now that specialise in Adverse Credit. So even if you think there is no hope just apply for a quote and give us at much information about your CCJs on the form as you can.
How much deposit do I need?
It is possible to get a mortgage with no deposit and still get very competitive deals.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For mortgage advice you can choose how we are paid, pay a fee of usually £500, or we can accept commission from the lender.
The FSA does not regulate legal advice and some forms of mortgage.
The overall cost for comparison is 9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
