FREQUENTLY ASKED QUESTIONS

“DO YOU SEARCH ALL LENDERS?”

Our sourcing software allows us to compare the majority of the mortgage market. There may be some ‘direct only’ deals that are not included.

“WHY SHOULD I GO THROUGH YOU, RATHER THAN DIRECT TO THE LENDER?”

There are many comparison sites and best buy tables available online. If you are happy to source your own mortgage rate, check lender criteria to ensure you meet all requirements, liaise with the lender directly from start to finish (often waiting days or weeks for an appointment), chase the lender, estate agents, solicitors etc yourself, source your own protection and insurances and determine whether they are suitable (etc, etc), then our service is probably not for you.

“WHAT ARE YOUR FEES?”

The initial appointment is free and without obligation. We typically charge a fee of £295 of which £95 is payable on application (or if further, more complex research is required) and £200 on completion. The amount may vary depending on circumstances and will always be agreed with you in writing before proceeding. If you choose to proceed with our recommendation and the mortgage goes ahead, we will also be paid commission from the lender for arranging the mortgage on your behalf. If you apply for a mortgage that does not go ahead, you will receive no refund of our up front fee. You will receive a personalised illustration when considering a particular mortgage. This will highlight the key facts about the mortgage product including any fees relating to it.

“HOW MUCH CAN I BORROW?”

Lenders look at affordability in a lot more detail than they used to so the old ‘x times your income’ guide has become redundant. There is no charge for an initial consultation and in most cases we can give you a good idea of your borrowing capacity from this.

“WHAT INFORMATION / DOCUMENTS WILL YOU NEED?”

For all applicants we would need three full months personal bank statements (itemised), ID and proof of address. Proof of income is typically 3 months payslips and latest P60 (employed) or latest 2 to 3 years accounts or tax returns (self employed / directors). Proof of deposit is also required (unless equity from property sale). If a deposit is gifted by family we still need proof of deposit, plus ID and proof of address for that family member. This is not an exhaustive list and you will be advised of exact requirements at the approriate time.

“DO YOU DO HOME VISITS / EVENING & WEEKEND APPOINTMENTS?”

Currently we only do home visits in Bromsgrove and nearby, and can do early evening and Saturday appointments subject to availability.

“CAN I GET A MORTGAGE WITH A POOR CREDIT RATING?”

Possibly. We would suggest an appointment and ask you to bring a full credit report (as well as other documents as advised) for anyone to be named on the mortgage. You can get a free credit report at www.noddle.co.uk

“WHAT CAN I BORROW ON A BUY TO LET?”

A buy to let mortgage is usually assessed using the anticipated rent the property can achieve. Most lenders will also seek evidence of a minimum personal income. The maximum loan is typically 75% although a higher percentage may be possible.

MOST FORMS OF BUY TO LET MORTGAGE ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY

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