Burton Mortgage Services F.A.Q's
Here are a few of our most frequently asked questions. If you cannot find the answer that you are looking for please call us on 01524 416511, we will be happy to help.
- What is the cheapest mortgage on the market?
This is a commonly asked question that unfortunately does not have a simple answer. The mortgage products that will be available to you will depend on your individual circumstances and requirements. There are many products on the market that have very low rates, but which have extremely high set up costs and which tie you in after the preferential rate period. Thus, they are not a wise choice for most people. Our advisers are all fully independent and will always offer the best advice at all times. Upon giving a recommendation, your adviser will issue you a Key Facts Illustration which will detail all of the important information about the recommended product. An adviser will always be on hand to answer any queries you might have.
- How much deposit do I need?
The amount of deposit that will be required will depend on your circumstances and requirements. Many lenders now offer 125% mortgages with sufficient income proof. Our advisers are all fully independent and will always offer the best advice at all times. Upon giving a recommendation, your adviser will issue you a Key Facts Illustration which will detail all of the important information about the recommended product. An adviser will always be on hand to answer any queries you might have.
- How long can I take my mortgage over?
The term of your mortgage will depend on your circumstances and requirements. Many lenders now allow the term of a mortgage to extend into retirement if there is sufficient pension income available. Our advisers are all fully independent and will always offer the best advice at all times. Upon giving a recommendation, your adviser will issue you a Key Facts Illustration which will detail all of the important information about the recommended product. An adviser will always be on hand to answer any queries you might have.
- What is a self certification mortgage and if I take one out how much can I borrow?
Self-Certification mortgages are designed for people who have trouble proving their income. In these instances the mortgage lender depends on your own assessment of your income. Some of the cases in which self certification is applicable are as follows;
- Self Employed Applicants
- Applicants with more than 1 job
- Applicants whose job depends highly on commission or bonus income
- Clients whose income is made up partly/mostly by sources which lenders do not commonly recognise such as pensions, investments, maintenance, etc
The amount that you can borrow will depend on the mortgage lenders credit score and upon your affordability when all of the current outgoings are taken into account.
If you would like to find out if a Self Certification mortgage is right for you please contact our office and one of our qualified advisers will be able to advise you.
- How long do I need to be in my job to get a mortgage?
In the past many lenders looked to see a steady base of employment and often required an applicant to be employed at their present job for 6 months or more. In the current mortgage market there are many lenders who will allow you to have anywhere from 0 – 6 months at your current job as a minimum.
It is important to be aware that most lenders will be wary of lending to someone who is in a probationary period. The lender wants the security of knowing that the borrower will have employment during the term of the mortgage. The different criteria of mortgage lenders varies widely, in order to see what lenders would be the most understanding with regards to your current employment situation please contact our office and one of our qualifies advisers would be happy to help you.
- I have had credit problems in the past, can I get a mortgage?
There are many circumstances in life that can catch you off guard and can sometimes result in adverse credit being registered against your name. In the current mortgage market there are many mortgage products which can be obtained for people with some degree of adverse credit. The rates available will depend on the amount of adverse credit registered on your credit file. You can obtain a free copy of your credit file on www.creditexpert.co.uk.
The more you disclose about your true credit situation to your adviser, the better they will be able to advise which products will be available to you.
- How long does it take to remortgage?
A remortgage takes approximately 4-8 weeks from application to completion. This will allow sufficient time to acquire the mortgage offer and also give the solicitors enough time to carry out any necessary conveyancing work. This timescale is meant for illustrative purposes only as different circumstances can either speed up or slow down the process.
- What fees are involved with a mortgage?
Each mortgage product has different fees attached to it. The fees have several different names and are paid at different times during the application process.
There are currently many remortgage schemes available on the market which are considered fee free, thus they have free valuations, no arrangement fees and also as an incentive, carry free legal services in order to complete the transaction.
Most purchase schemes will carry an arrangement fee, although some do allow for a free mortgage valuation. In most cases the arrangement fee can be added to the loan.
During the recommendation stage of the application process, our advisers will weigh up whether it is better to pay a higher fee and get a lower interest rate or to have a smaller fee and a slightly higher interest rate. This will all depend on how much you are borrowing and over how long of a term.
- What Insurances are required to be in place with a mortgage?
There are several insurances that are associated with a mortgage. Some of these are required by the lender in order to release the funds and others are available to give the purchaser peace of mind
All lenders in the UK now require Buildings Insurance to be in place prior to the completion of a mortgage. This cover must be for at least the amount noted on the valuation report as the reinstatement cost. Most people choose to add Contents cover to this policy as most insurance companies give a discount when both covers are purchased on the same policy.
Most mortgage lenders all strongly recommend that Life Assurance is in place for completion in the full mortgage amount
Burton Mortgage Services Ltd is highly knowledgeable with regards to the insurances associated with a mortgage and is fully qualified to assist with all aspects of your enquiry.
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