What is a mortgage?
A mortgage is a loan taken out from a lender to pay for a property. The loan is divided into two sections – the capital and the interest. The capital is the amount of money you borrow to purchase the property and the interest is the amount the lender will charge for lending you the money. The mortgage is secured against the property, which means that the lender has the right to attempt to repossess the property in the event that the borrower does not meet the terms and conditions of the mortgage contract. We are always here to help! If you would like to chat to one of the team with any questions or queries you have please call us on 0800 652 5636 or email us.
mortgages4me is an independent mortgage adviser. What does this mean?
mortgages4me is a trading name of Smith & Pinching Financial Services Ltd, an independent financial adviser. An independent mortgage broker has access to many lenders and lots of mortgage products on the market. Sometimes an independent mortgage broker will also have access to exclusive products not available to the public on the high street. If you would like to chat to us regarding a mortgage call us today on 0800 652 5636.
How much can I borrow?
How much you can borrow will depend on the value of your property, your earnings and what you can comfortably afford to repay each month (this is dependent on each lenders own calculators). Our online mortgage calculator could help you get a better idea of how much you may be able to borrow.
What does APR mean?
APR is the annual percentage rate and is intended to represent the true cost of borrowing; this allows you to compare the cost of mortgages, loans and credit cards on a like for like basis.
What is the oldest age at which I can apply?
Each lender has a different maximum age at which you can take out a mortgage. If it is your intention to acquire a mortgage that runs past your intended retirement age, they will require evidence that you will have sufficient retirement income to support the mortgage payments. To discuss your mortgage requirements call us on 0800 652 5636.
Is there a charge for paying my mortgage off early?
When you pay off your mortgage either to become mortgage free or to move to a different lender, there is likely to be a fee.
Mortgage products may have early repayment charges and other fees may apply, such as a deeds release fee. Fees and charges vary from lender to lender.
Information about fees and charges will be included in the Keyfacts illustration (mortgage quote) that you will receive prior to applying for a mortgage; the mortgage offer will confirm them.
Do I have to take out my insurance with the same company with whom I take my mortgage with?
No. Most lenders make it a condition that buildings insurance is in place before they allow the mortgage to complete.
I'm changing jobs and having trouble with this month's payment - what should I do?
Speak to your lender immediately; it is in their interest as well as yours to ensure that you do not get behind with your payments.
What is the maximum period a mortgage can run for?
Most lenders will stop at 35-40 years or your retirement age, normally 65. You may be able to extend a mortgage term beyond retirement age if you can demonstrate that you can afford the payments (through pensionable income).
I want to buy a house with three friends; can we all get a mortgage on one property?
It is possible but not all of your incomes will be taken into account. Most lenders will only take two incomes but there are some that take three.
Each person on the mortgage will be responsible for the entire mortgage payment (i.e. if one person decided not to pay any more the others would have to meet that person's payments or risk affecting their own credit rating). Remember, we are always here to help! If you would like to chat to one of the team with any questions or queries you have please call us on 0800 652 5636 or email us where we will be more than happy to help.
