What information will I need to get a mortgage?

For us to gain a picture of your financial health, we will need to understand your income details, any benefits, your outgoings and your personal details so we can tailor the mortgage options to suit your individual needs.

What type of mortgage is best for me?

Instead of thinking about the best, consider the most suitable. Everyone’s personal circumstances, needs and financial health are different. Likewise, there are a multitude of mortgage types available. For instance, fixed rates, discount rates, tracker rates, variable rates, offset mortgages and flexible mortgages. It can be quite daunting; therefore, as an unbiased mortgage broker, we consider each option’s suitability.

What will my mortgage payments be each month?

Your mortgage payments will depend on many factors, such as how much you borrow, the length of the mortgage term, the type of rate you are choosing, and the amount of deposit you are putting towards the purchase.

How much can I borrow?

The amount you can borrow will depend on many factors; your income and your outgoings will be the main things to consider here. Other factors to consider, such as your credit history, size of your deposit, or whether you have dependents, are just a few of the considerations. Each lender can have a different way of calculating your borrowing, and this is where we can help find you a suitable mortgage product.

Do I need a solicitor for my purchase or remortgage?

Yes, you will need a conveyancing solicitor who deals solely with house buying transactions. We can help you source a solicitor/conveyancer within your budget and can work at the appropriate speed and availability.

What types of mortgage protection are there?

The main types are life cover, critical illness cover and income protection. Each can give you a lump sum to pay off your mortgage or an income so you can maintain your mortgage payments. Also, you can have additional cover to protect your family and lifestyle.

Do I need life insurance to get a mortgage?

Although life insurance is not a stipulation of your mortgage lender, it is an important consideration. To ensure your family and loved ones are not left with mortgage debt or in a position where they could struggle financially. Advice should be sought.

What insurance do you need to get a mortgage?

You will be required to have buildings insurance in place on the exchange and completion of your new property. We can help you source cover with the correct benefits you feel are essential to you. Other insurances are highly recommended, such as life insurance, critical illness insurance and income replacement cover. It is vital to review your circumstances and get advice on what is important for you.

FIXED RATE

This is a mortgage where the interest rate is fixed at the start of the term for a period of years. During that time the monthly payment will not change providing you do not miss any of the payments or pay less than the amount due to the lender.

TRACKER

A tracker mortgage is a type of variable rate mortgage. It follows the Bank of England base rate during a specified period, so your repayments can vary – go up or down.

The interest rate you pay on tracker mortgages is variable and is an agreed percentage above the Bank of England's base rate. As the base rate rises and falls, your interest rate will track these changes, and this will affect your monthly payments accordingly.

STANDARD VARIABLE RATE (SVR)

A Standard Variable Rate (also known as Standard Mortgage Rate or SMR) is the standard interest rate offered by a mortgage lender. It’s the rate your mortgage reverts to after the end of the initial deal unless you chose another deal with the lender or remortgages to a new lender.

REPAYMENT MORTGAGE (CAPITAL & INTEREST)

A capital and interest mortgage (often called a Repayment Mortgage) is the most common type of mortgage being offered at the moment. With this type of mortgage, you’ll make monthly repayments for an agreed period of time (known as the ‘term’ of the mortgage) until you’ve paid back both the capital and the interest.

This means that the amount you owe will get smaller every month and, as long as you keep up the repayments, your mortgage will be repaid in full at the end of the term.

REMORTGAGE

Remortgaging is the transfer of a mortgage from one lender to another. You continue to live in the same house, but your monthly payments are made to a different lender. The purpose of Remortgaging is often to obtain a more favourable interest rate when your current deal has expired, but it may also be used to raise additional funds – for home improvements, to repay other debts etc.

PRODUCT TRANSFER

A product transfer mortgage is a remortgage with your current mortgage lender. It involves switching to a new mortgage deal with them when your current deal runs out.

LOAN TO VALUE (LTV)

LTV or Loan-to-Value is a ratio of the size of your mortgage loan compared to the value of the property and expressed as a percentage.

ANNUAL PERCENTAGE RATE OF CHARGE (APRC)

APRC shows you, as a percentage, the annual cost of your mortgage over its lifetime. It brings together all the charges (such as fees) plus the interest rate on your initial deal and the interest rate you’ll be charged when your deal expires.

GUARANTOR MORTGAGE

A guarantor mortgage (also known as a family-assisted mortgage) is a mortgage deal where another person agrees to take on responsibility for your repayments in the event that you can’t pay. That person is known as the ‘guarantor’ and is usually a family member or close friend of the mortgage applicant.

DEBT CONSOLIDATION

Debt consolidation is the act of taking out a single loan to pay off debts.  You can use a secured or unsecured loan for a debt consolidation.

LIFE INSURANCE

Insurance that pays out a sum of money on the death of the person insured. The policy is usually taken out for a set number of years (the term of the policy). After that the policy ends and no money would be paid out if the insured person dies after the policy ends.

LEVEL TERM ASSURANCE (LTA)

LTA (level term assurance) is an insurance policy that provides a set sum assured (the amount of money your beneficiaries will receive upon your death) if you die within a defined period (the term). The word level is used because the sum assured remains the same. The word term is used because the policy covers you for a set length of time.

DECREASING TERM ASSURANCE (DTA)

This is generally the cheapest form of life cover. The sum assured decreases each year that the life assured lives, usually on a fixed scale, until at the end of the term the amount is zero.

INCREASING TERM ASSURANCE (ITA)

Increasing term insurance, also known as index-linked life insurance, is a term life insurance policy that keeps on rising in value over time. The increasing term insurance helps your policy maintains its buying power and doesn’t erode in value due to inflation.

CRITICAL ILLNESS COVER (CIC)

Critical illness cover is a type of insurance that pays out a tax-free lump sum if you're diagnosed with a critical illness that meets the policy definitions during the policy term. The policy does not cover every illness, and illnesses that are covered may have limits regarding how severe the illness must be to make a claim.

INCOME PROTECTION

Income Protection pays out a monthly sum to replace part of your income if you are unable to work due to illness or injury. It continues to pay out until you have recovered or until your retirement, your death, your policy ends or the limited claim period on your policy ends (whichever is sooner).

DEFERRED PERIOD

This is the period of time you are prepared to wait before your income protection policy starts to pay out if you make a claim. Depending upon your circumstances deferred period may start from 1 day up to 52 weeks. Some policies may allow even longer than 52 weeks.

OWN OCCUPATION

Your plan would pay out should you suffer an injury or sickness that prevents you working in your own occupation.

ANY OCCUPATION

Your plan would pay out should you suffer an injury or sickness that prevents you working in any occupation including those that may not be your usual job.

TOTAL & PERMANENT DISABILITY

This cover is commonly offered on life insurance and critical illness insurance policies. It pays out an agreed sum of money if you have an illness or injury that means you’re permanently incapacitated.

TERMINAL ILLNESS BENEFIT

Many life insurance policies include terminal illness benefit. This means the insurer would pay out if you’re diagnosed with a terminal illness within the policy term and aren't expected to live longer than 12 months. Once the terminal illness benefit has been paid, the life insurance policy ends, and won’t pay out when you die.

INDEXATION

Indexation is a facility offered by many life insurance providers which helps you to maintain the buying power of the potential benefits payable.  With indexation, normally the premiums (and therefore the benefits payable) are linked to one of the indicators of inflation.  This means that your premiums may increase over time but the benefits you could receive if you claimed will also increase.

FUNERAL PLAN COVER

With funeral insurance, like over 50s life insurance policies, you pay a fixed monthly amount, and then when you die, your family receive a fixed cash amount. The amount you pay each month is based on how much you want your family to receive when you die, so if you want a large payout, you will pay higher premiums. The intention of the payout in the event of a claim is to cover the cost of a funeral.

LANDLORDS INSURANCE

Specifically designed to protect landlords from potential issues with tenants and problems that can occur, particularly with rental properties.

RENT PROTECTION

Rent guarantee insurance is a type of insurance policy designed to protect landlords from financial losses incurred by tenants failing to pay their rent. A policy can cover missed rental payments and legal fees accrued due to having to evict the tenant from the property.

FAMILY LEGAL PROTECTION

Family legal protection (FLP) is a type of legal expense cover that you can get with your home insurance. It protects you against the costs of being sued or having to make a claim against someone else for problems like Property disputes. Employment issues.

PRIVATE MEDICAL COVER

Private Medical Insurance (PMI) is designed to cover the cost of private medical treatment for ‘acute conditions’ that start after your policy begins. PMI is available at a range of different levels of coverage at various premiums designed to meet the needs of different customers.

HOME EMERGENCY COVER

Home emergency cover on your home insurance is for sudden and urgent issues affecting your property or your gas, electricity and water supply, such as: Blocked drains. Boiler breakdowns. Burst pipes.

PERSONAL POSSESSIONS COVER

Personal possessions insurance covers everyday belongings against loss in and outside your home. It’s an optional add-on that you can buy with or add to your home insurance policy.

LIMITED COMPANY RELEVANT LIFE COVER

A type of policy that a Limited company can take out to provide life insurance for an individual employee. It’s an alternative way employers can provide death-in-service benefits for employees outside of a registered group life scheme.

CHILDREN’S CRITICAL ILLNESS PROTECTION

Child critical illness pays out a lump sum to help support your family if any of your current or future children are diagnosed with a serious condition.