Slide 2
FAQ's
We are not tied to any lenders or insurers, so we always give
honest & impartial advice
Slide 2
FAQ's
We are not tied to any lenders or insurers, so we always give
honest & impartial advice
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Frequently Asked Questions

Mortgage Advice

What is a mortgage?

This is where a bank or building society lend you money to buy a property, this is secured against the property at the land registry under the ‘title’ of the property. If you do not keep up the payments then the lender can look to take action against you, including them taking back ownership of the property.

What is a ‘residential’ mortgage?

This is where you borrow money to own a property to be used by you or your family, it cannot be rented out or be used for business etc.

What is a ‘Buy to Let’ mortgage?

This is where you borrow money to own a property to be rented out. There are options to own the property in your own name, or with a Ltd Company.

Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority

Repayment or Interest Only?

A ‘repayment’ (or capital & interest) mortgage is where your monthly payment is paying off the amount borrowed while paying the lender interest. This will mean you owe nothing at all at the end of the mortgage.

An ‘interest only’ mortgage is where you are only paying interest & not paying back the amount borrowed. So, you would need to have a strategy in place to repay the debt at the end of the mortgage, such as investments or a pension pot, or simply enough equity in the property to be able to clear it when sold.

What does ‘LTV’ mean?

The ‘Loan to Value’ is the percentage of the property value you will be borrowing. Lenders will offer rates & mortgages based on this figure. An example being a 95% LTV would be borrowing £95,000 for a property valued at £100,000. Every additional 5% of the property you will own will usually give more options. Borrowing less than 60% of the property usually gives you the pick of the market.

Is your advice independent?

Yes. We are not tied to any lenders or insurers, your adviser is CeMAP qualified & FCA regulated.

Why should I use an adviser/broker?

A good adviser will make it easy for you. They can save you both time & money.

A good adviser will know the best fit for your situation. They will help you understand your options & can show you solutions you might not have considered, & help you make sure you do not miss anything important.

Some lenders & insurers only offer mortgages & other products via brokers, so unless you speak to a broker you will be cutting out much of the market.

We have the benefit of real-time experience of lenders & insurers so know which are best for the more urgent cases.

You get to speak to someone who knows the industry inside out, with expert knowledge & experience of similar cases to yours.

We have access to over 100 lenders & insurers you can review these yourself, but it will take far longer than having an expert do it for you.

We do lots of the calling & chasing of lenders, insurers, estate agents, & solicitors etc.

What fees do you charge?

There may be a fee for mortgage advice, the exact amount will be based on your circumstances & will be agreed following your initial meeting. A typical fee is £295 & will never be more than 1% of the amount borrowed.

It gives access to award winning advice, to our 10 years of expert knowledge, & our experience of 1000s of cases.

We have access to over 100 lenders & insurers many of which are exclusively available via brokers.

We have the benefit of real-time experience of lenders & insurers so know which are best for the more urgent cases.

We also make sure the hassle is taken out of the process for you by completing the paperwork, & importantly doing the chasing of lenders, insurers, estate agents, & solicitors. We will do this for as long as you need us.

I think I have bad credit history; will this be a problem?

You have come to the right place! We are experienced in helping people with a less than perfect credit history, sometimes it is a case of just knowing which lender is the right fit, & when the high street lenders are not an option, then we also have great relationships with specialist lenders.

A great 1st step would be to check out your credit report here.

 

What paperwork will I need?

Every case is different, but some common documents requested by lenders would be:

Proof of income

Latest 3 Months pay slips

Latest 3 Years Accounts/Self Assessments if Self Employed

Proof of Deposit – 6 Months Statements for Savings

Proof of ID & Address

Current Passport

Valid Driving License

Latest Postal Utility Bill or Council Tax Statement

Latest 3-4 months Bank Statements (for all accounts used)

What is an ‘offset’ mortgage?
An offset mortgage is where your savings are used to reduce the amount of interest you pay on your mortgage.

For example: if you have a mortgage of £500,000 and add savings of £100,000 to an offset savings account with the same lender, then you would not pay any interest of the equivalent £100,000 on debt.

Depending on the return your savings currently give this can often be a very attractive option.

You can choose to keep the payments as they are & pay the mortgage back more quickly, or to benefit from lower payments.

Get in touch today & we will be happy to show you how this could work for you too.

Can I borrow more to pay off debts or make home improvements?

This is very common, and most mortgage lenders will allow it although sometimes there will be restrictions to how much is possible.

It is also important to consider the long-term impact. You should always think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

Borrowing against the property might seem cheaper than shorter term agreements like loans or credit cards, but when considering the extra interest paid over the additional 20-30 years it can sometimes prove more costly in the long run. 

We have lots of experience with borrowing against the property, so feel free to get in touch with any questions.

Insurance Advice

Do I need life insurance?

Taking the financial burden away from your loved ones at a very stressful time does not have to be expensive. We can help you consider all the options to insure against the financial impact of ill health or death.

Deciding who you want to leave your property to if you were to die is important, & without leaving them the money to pay off the mortgage it would very likely be sold to repay the lender. The costs to sell will eat into the amount they are left with too.

So, if you have family that would struggle without your income, then making sure they are left with a tax-free lump sum, or an income if you become unwell or pass away would be a great idea.

What is Critical Illness Cover?

This is a lump sum paid if you are diagnosed with a specified illness, the policies will cover you for a range of conditions such as Cancer & Heart Attack. This money can be used to pay off your mortgage & debts, take time out of work, or even to pay for the equipment & medicines needed to recover.

We are happy to show you how this works & what is might cost.

What is Income Protection?

If you have an illness or accident that means you can no longer do your job then this policy will replace your income, & make sure you do not get behind on your bills so can focus on getting better instead.

We are happy to show you how this works & what is might cost.

Should I put my life insurance 'in trust'?

In most cases this is absolutely a good idea.
In simple terms it means you are specifying who the payout goes to.
Doing this will not only speed up the payout, and avoid potential probate issues.
In some cases it can also be beneficial for inheritance tax planning. Although we would recommend getting specialist tax advice on this.

is Buildings Insurance neccesary?

Yes it is, a mortgage lender will always require you to have suitable cover for the property.
Contents insurance is not mandatory, but for the typically very small cost it is rare to not include it.
If your property is ‘leasehold’ then you will probably only need contents cover, and the freeholder and/or management company in place will organise the Buildings Insurance for you.

Mortgages


We will use our vast experience helping 1000s of people to find you the best deal too.


We also make it easy by completing the application forms for you.


We then oversee the whole process to be on hand for as long as you need us.


Mortgages

We will use our vast experience helping 1000s of people to find you the best deal too.


We also make it easy by completing the application forms for you.


We then oversee the whole process to be on hand for as long as you need us.


Work For Good


Our mission is to make mortgages and insurance easy for everyone.


We are also passionate about the environment which is why we have partnered with Cool Earth.


Their mission is to preserve our planet now and for the future.


We will be donating £10 for each advice fee paid from now until 01 Jun 2022 so they can continue their great work too.


It is also why we have offset all the energy we use by buying carbon credits from our friends at makeitwild.co.uk


Work for Good

Our mission is to make mortgages and insurance easy for everyone.


We are also passionate about the environment which is why we have partnered with Cool Earth.


Their mission is to preserve our planet now and for the future.


We will be donating £10 for each advice fee paid from now until 01 Jun 2022 so they can continue their great work too.


It is also why we have offset all the energy we use by buying carbon credits from our friends at makeitwild.co.uk


Insurance


We will help you make an informed choice on many insurances such as…

Life and Home Insurance
Landlords Insurance
Illness Cover
Income Protection


We also make it easy by completing the application forms for you.


We then oversee the whole process to be on hand for as long as you need us.


Insurance

We will help you make an informed choice on many insurances such as…

Life and Home Insurance
Landlords Insurance
Illness Cover
Income Protection


We also make it easy by completing the application forms for you.


We then oversee the whole process to be on hand for as long as you need us.