General

I’m not sure if I can get a mortgage?

If you are not sure then just get in contact via any of the methods that is convenient for you. We can have an initial conversation about your current circumstances and then discuss possible options or a plan to reach your end goal. We will ask you a few questions on the first conversation to get an idea of your circumstances and then we will go away to conduct our research. From there we will come back to you with some different options and advice on what we think you should do. It is really that simple!

Should I get a fixed rate or a variable rate mortgage?

This is not a black and white question. Upon your initial conversation and once we have got a better idea of your circumstances we would make a recommendation. Fixed rates offer security but usually come with a tie in period or an early repayment charge (ERC). Trackers can offer more flexibility but also can be subject to rate rises. Speak to one of our brokers to help you choose the right mortgage for you.

I am unsure how much I can borrow?

Your maximum lending amount will change from person to person. This is based on various factors, the main ones being: Income, Credit Score, Deposit Amount & Outgoings. For first time buyers, we generally say that 4.5x’s your single/joint income is a good starting point. For people who already have a mortgage, income multiples of up to 5x’s are available. Both of these figures will be less any monthly credit card commitments etc.

We can give you a rough idea of your borrowing on first contact, to confirm this amount we would need documentation from you that our expert will request from you in due course.

Insurance

How much Critical Illness Cover do I need?

As always, this depends on your individual circumstances and goals. For example, if you are taking out the policy to ensure your home is protected, you clearly need to have a policy big enough to pay off your mortgage. However, critical illness payments are often used to convert people’s homes after a serious illness, e.g. the addition of a stair lift, wider doors or a downstairs toilet for ease of access. As always, if you are unsure in any way, seek our help.

How much Income Protection do I need?

This depends on your individual circumstances, in particular whether you can afford a long ‘deferred’ period, e.g. one year. Often, this will depend on the amount of time your employer will support you when you are off work. Be sure to discuss this with us, as you don’t want to be caught short.

When should I review my life cover?

It’s vital to review your life cover on a regular basis, but certainly when there are major changes to your life, such as the birth of a child, a marriage, a new job or home.

How much does life assurance cost?

The premiums for life assurance policies vary according to your personal circumstances, for example, age, medical history and your goals. Your choice of life assurance company can also affect premium levels: some will naturally be more competitive than others. Speak to an experienced mortgage adviser to ensure you are getting the best rate.

What should I consider when selecting a life insurance policy?

Your first consideration should be the level of insurance cover required. Ask yourself questions such as: how much money do I need to pay off all my debts? How much money do my dependents require to live the same lifestyle that they currently enjoy?

Once you have decided on the level of cover, you then must decide on the type of insurance required. Do you want a policy that pays out a lump sum or one that provides a regular income? Do you want to pay a little more and use your policy as a savings plan? Do you even want a plan that pays out irrespective of whether you die during the lifetime of the policy?

Once this has been established, you are in a position to compare the premiums required by the various life assurance companies. However, you should always read the terms of the policy to check any restrictions or exclusions contained within it, such as death caused by undertaking a hazardous pursuit.

Why do I have to provide details about my health?

The life assurance company must decide if you are an acceptable risk. If you, or any members of your family, have a history of illness, they will want to check on your general state of health before deciding what premiums to charge for the insurance cover you require.

In most cases, life assurance companies are able to offer terms without the need for you to undergo a medical, although they do have the right to request an examination if they feel it is necessary.

However, just because they request a medical does not necessarily mean they are going to charge you higher premiums.

I already have insurance through my work, do I still need to discuss cover?

In short, yes! The reason for this is that any benefit you have through your existing job won’t transfer or move with you if you leave that position.

Finance

When should I refinance?

If you are looking to remortgage, we would advise you coming to us 6 months before expiry. This allows us to set up the new mortgage without having to try to beat the clock and risk rolling onto the higher standard variable rate (SVR). The new mortgage can be arranged in a way that your old mortgage drops off and you automatically roll onto a new promotional rate, simple!

I am unsure of stamp duty costs

Stamp Duty Amounts vary depending on the type of mortgage transaction you are enquiring about. For Example; First Time Buyers will get relief on stamp duty up to £300k but if you are buying an additional property a 3% surcharge will be applicable. Click here to access a great online Stamp Duty Calculator which should give you a better idea of what you will need to pay.

Other

I am self employed, do this mean I can’t get a mortgage?

No! We can help even if you only have 1 years accounts/sa302s. Generally lenders would want an increasing pair of accounts for the past 2 years but all mortgages are assessed on a case by case basis and advice is given accordingly. Also if you are a contractor with a day rate set up we can help! Drop us a message for more info.

I can’t talk in the day, are you open in the evenings?

Out office hours are 9 – 5:30pm, Monday to Friday but we understand that people have busy work days and sometimes the evening is the only time you get to talk. “We have evening appointments a few days a week, Click here to check availability (link to booking system).

Do you charge fees?

We charge low fees and trust us, we are worth it! Fees typically range from L99 to L499 depending on the type of mortgage you require.

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