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The Simple Process - frequently asked questions

 

  1. Firstly we will talk to you to get an understanding of what your needs and requirements are and share our terms of business. You will also receive a copy of our Initial Disclosure Document (IDD), a legal requirement, confirming these terms.
  2. Once we have established your requirements we will spend roughly about 30 to 40 minutes going through a full personal financial fact finding process, thus ensuring a better understanding of your needs.
  3. By using our comprehensive mortgage sourcing system we will search the financing solution that best meets your needs analyzing hundreds of lenders.
  4. Having established what products are available, we will then explain the options and help you understand which solution(s) best meets your requirements and why.
  5. We will also review your current and potential personal protection requirements and make any necessary recommendations to you.
  6. Once you have agreed you wish to proceed, we will provide you with a number of documents which explain the costs and other important information, in accordance with the Financial Services Authority (FSA).
  7. We will then complete the necessary application form and submit this to the chosen lender (you will at this stage need to pay any standard application fees).
  8. We will then prepare, collate and liaise with the lender on your behalf to ensure that your application is dealt with as smoothly and professionally as possible.
  9. We handle all client applications with the same quality and professional manner whether we are helping you with a mortgage, re-mortgage or a non regulated buy-to-let financing application.

 

FAQ -What other costs to consider when budgeting?


You should consider the following items when calculating your monthly budget:


• Buildings and Contents Insurance
• Life Insurance and Protection
• Property taxes
• Electricity
• Gas/Oil
• Phone bills
• Utilities
• Other

FAQ -What information is required to apply?

 

When applying for a mortgage, the lender will require various documents in order to identify you and examine your credit capabilities. It is therefore a good idea to have these ready as it will speed up the application process and give you a solid understanding of what the lenders are willing to offer you. Common items that a lender may request are as follows.

• Your passport and National Insurance number.
• Your employer’s name and phone number.
• Proof of income, including salary wage slip, pensions, etc.
• Your monthly expenses including bills, bank account statements, mortgage payments, etc.
• Assets including, bank account balances, deposits, property.
• Your liabilities including credit cards, car loans, other loans.
• Where applicable, the above details for your co-applicant as well.

FAQ -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.

FAQ -Can I pay off my mortgage early if I want to?

 

Yes you can, however some mortgage schemes will have penalties for repaying early. This is known as an Early Repayment charge. Many schemes will allow a 10% annual part early repayment without charge. We can advise you further during our discussions. However, be aware that depending on which type of mortgage you have, they may include certain clauses that enforce a specific amount of time before you can clear your mortgage balance. This is known as an Early Repayment on the mortgage. This means you need to pay a sum of money to effectively, buy yourself out of the mortgage contract early.

FAQ -What types of mortgages are available?

 

In order to understand exactly what suits you, we will consider three key areas:


• Mortgage types
• Mortgage repayment methods
• Mortgage interest rates

We will discuss the methods available and recommend a suitable repayment method.
FAQ -How do I apply for a mortgage?

 

Applying for a mortgage is not as difficult as many people will have you believe. However, before applying for a mortgage there are a few things you will need to consider. These include:

• What type of mortgage best suits your financial situation?
• What method of repayment is best for you?
• How much can you afford?

We will recommend the most suitable scheme from our panel of mortgage lenders.

FAQ -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 will be much quicker, usually within 4 weeks. Some lenders and solicitors are faster than others.
FAQ -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.