FREQUENTLY ASKED QUESTIONS

I know how hard it can be to secure a loan for a house, which is why I want to provide you with the best information and resources at all times. Below you’ll find answers to some of my clients’ frequently asked questions. Still have a question? Feel free to get in touch with me with additional comments and queries.

WHAT IS A MORTGAGE?

A mortgage is loan you take against the property your looking to purchase.

WHAT TYPE OF MORTGAGES ARE THERE?

There are mortgages which track above the Bank of England base rate (therefore if the rate stays low, so does your mortgage rate), mortgages which give you a fixed rate for a certain period (usually 2, or 5 years) and then there are mortgages, which track the above the Bank of England base rate for the life of the mortgage term.

WHY DO I NEED A BROKER?

A broker is there to give you personalised advise, there are lot of things to consider, when getting a mortgage and the brokers find the most value for money rates, in the whole market (all lenders). They make sure the advise is the relevant are  also have exclusive rates given to them by lenders.

WHAT IS CREDIT SCORE AND CREDIT SEARCH?

Credit score is a rating system based on person's credit history. Banks building society use the score to decide if they would lend to a person.

HOW DO YOU DECIDE ON A TERM

A term is the length of your mortgage, most people think 25 years is a standard term, but it depends on your affordability and future plans.

HOW IS INCOME CALCULATED

Income is calculated different with each lender, It can vary x4 to x6 depending on the loan size.

WHAT IS A FIRST CHARGE

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