A Mortgage Broker is a go-between, between the borrower and the lender, who negotiates the loan on your behalf.
They will do the legwork on researching products on the market from the thousands available, and then support you through the application and house buying process.
What is a Mortgage?
A mortgage is a long-term loan secured on your home. ‘Secured’ means that, if you don’t keep up the repayments, the lender can repossess your home and sell it in order to get its money back.
How much can I borrow?
Most lenders will typically offer up to 4.5 times your income. Other lenders will look at ‘affordability’, basing their lending decision more on your credit history/credit score and your net pay after your regular bills and commitments. This can sometimes mean you can borrow more, but remember that you must always be sure you keep within your budget.
What do I need to bring to my appointment?
Your first appointment gives our advisors the opportunity to learn all about your circumstances and based on this will talk you through your options.
To help us gather the most accurate information and allow you to progress to a mortgage application, it is helpful to bring:
- Copy of photographic ID (e.g. Passport/Driving Licence)
- Most recent 3 months’ payslips (or last 2 years’ SA302s if self-employed)
- Most recent 3 months’ bank statements
- Proof of current address, such as recent utility bill or bank statement
What fees do I have to pay?
All lenders require a Valuation to be carried out on your property to confirm its value. This is done for the lender’s benefit, to confirm the property is adequate security for the loan. This report will also highlight any concerns with the property. Some lenders will offer a free valuation – speak to our advisors for more information.
Legal Fees & Outlay Costs
You will need a solicitor to carry out all the legal work (conveyancing) when buying or selling your home. Ask your solicitor to outline all costs to you at the outset. Your legal fees could amount to a substantial sum, so it is well worth shopping around for a competitive and experienced solicitor, who specialises in conveyancing.
We can advise you of the solicitors in your area, if you do not have a family solicitor. Please ask a member of our staff to advise you with regard to legal costs and they will be glad to help you.
You may be required to pay stamp duty depending on the value of the property you are buying – speak to our Team of Advisors or refer to the Money Advice Service for more information.
Due to the changes each year it is best to call us to discuss.
Speak to our Team today for more information.
What if I have bad credit?
Clare Murray is qualified in assisting clients who need to carry out improvements on their credit file. Clare has 20 years’ experience in this field and can deal with any type of credit issue.
What is shared ownership?
Shared Ownership allows you to part-buy and part-rent your home from a housing association. The share of the property you purchase is usually between 50% and 90% and you rent the remaining share from the housing association. It is possible to increase your share of the property until you own the entire the property - this process is called ‘staircasing’.
We are experienced advisors in dealing with both Co-Ownership and FairShare.
I’m coming to the end of my mortgage term, which is interest-only. Can you help me
Clare Murray specialises in helping customers who have come to the end of the mortgage term and are getting pressure from the bank to finalise the mortgage. Whether you are in negative equity or have no means to repay, get in touch. There is always a solution.