Mortgage Advice – Having run Mortgage Services in the South East for as long as we have, when it comes to mortgages we really know our stuff, which is why at More Than Money we can tailor our advice to suit any type of customer. Whether you’re a first-time buyer needing step-by-step mortgage advice, or a seasoned landlord wanting to add to your portfolio, we are on hand to answer any questions you may have and to make the whole process as stress-free as possible from start to finish.
First we’ll get to know you in detail, take a look at your employment and financial status, and discuss all the mortgage options open to you, before searching a panel of over 50 lenders to find the right mortgage for you.
Once we’ve found a mortgage that ticks all the boxes we can answer any questions you still may have and help you with the application process. We’ll make sure have all the necessary forms filled in and any documents signed and sent off –
Some buy to let mortgages are not regulated by the Financial Conduct Authority
Mortgage Services Q&A
What is a mortgage?
A mortgage is a loan you take out so that you can buy property or land. The loan is secured against the value of your house until it is paid off and generally runs for 25 years, although of course the term can be longer or shorter.
As with any loan, if you don’t keep up with your repayments your lender can repossess the house so that they can sell it and get their money back.
How much of a deposit do I need?
The deposit is a chunk of money that goes towards the cost of the house you’re buying. The more you can put down, the better, but generally you will need to put down 5% of the property value as a deposit, and your mortgage provider will lend you the rest.
Why go to a mortgage broker?
A mortgage broker is like a human price comparison site, the middleman between you and the lenders. A broker’s advice is invaluable as they have access to a range of products, and know all the lenders’ criteria. This enables them to find the right deal for you. Also, because you actually meet with them face-to-face, they can get to know exactly what it is you are looking for before they give you advice, as well as helping you gather the necessary documentation and complete applications.
Not only that, but brokers are a fully regulated and insured body who are responsible for the advice they give, which is reassuring isn’t it?
Can I get a mortgage from my bank?
You can, but they won’t necessarily give you the best deal – no matter how many years of loyal service you have given them! Even though your bank has a pretty good idea of what you earn and what you spend, you would still need to supply all the paperwork as proof and be subject to credit checks etc – getting a mortgage with the bank you’ve been with since your teens isn’t a shortcut I’m afraid.
plus your only getting their offer, what about other lenders?
As a broker, we can get you the exact same rates as your bank, plus a panel of over 50 lenders at the same time also – this is why we know we will find you the right deal.
What’s the difference between a repayment mortgage and an interest-only mortgage?
A repayment mortgage is one where you pay off a portion of the capital (the cost of the house) as well as the interest every month. At the end of the term (normally 25 years) the mortgage is all paid off and you own your house! This type of mortgage is easier to get and is what the majority of people (certainly first-time buyers) have.
An interest-only mortgage does exactly what it says on the tin; you only pay off the interest each month, but pay nothing off the capital (the amount you borrowed)
These mortgages are much harder to get because you have to prove that at the end of the term you have the means to pay off the original loan.
These are some of the most common questions asked about mortgages, but it’s certainly not an exhaustive list! If you have any other questions about Mortgages, or you would like us to find the best policy for you, drop us a line and we’ll be happy to help.