Providing individual mortgage advice; unique to you
Be assured that we always endeavor to secure the best possible mortgage scheme appropriate for our clients. Interest Rates are important but we also take account of Lender Service levels and Fees.
We believe that post completion service is also very important. For example some lenders will offer their borrowers a new product when their existing one has come to an end. A lenders Standard Variable Rate (the rate that is applied after any fixed or discounted rate comes to an end) is also important and can vary significantly by up to 1.75%.
Whilst most borrowers intend to re-mortgage to another lender when their initial rate comes to an end, what if for some reason they are unable to do this ? They could be locked into a higher than average rate becoming what is known as mortgage prisoners. We will always try to source a lender for our clients who will offer them a new deal when the existing deal comes to an end. If the new deal is not competitive at the time and you are able to move to another lender we will advise you accordingly.
Most lenders credit score which can lead to some clients being declined for no obvious reason just because they have a low credit score. However we have working relations with lenders who do not credit score. Some of these will take into account all personal circumstances when considering an application.
We are pleased to confirm that a number of lenders are now taking a more relaxed view of clients with historical credit issues and a small number will consider applications when the credit issue is over 2 or 3 years old.
Some lenders are more flexible than others when it comes to how much they will lend and what types of income they will accept. Some will accept gifted deposits from family members and a 100% of a family discounted purchase price. (Many lenders do not). Some will accept 100% of overtime but many do not. Some accept Working Family Tax Credits and Child Tax Credits but many do not. We also place business with lenders who accept contract workers, zero hour workers and the self employed who have only had their business for 12 months.
We even have access to lenders who will allow the mortgage term to mature well after normal retirement age. These will be based upon their retirement income. There is no age restriction and we have agreed a number of deals for clients aged in their sixties and seventies to age 85 or beyond.
Clients in any of the above circumstances can save a huge amount of wasted time by speaking to us instead of making numerous appointments directly with lenders only to be declined. Also remember that any lender that you apply direct to, can only offer you their own products even if they may not be the most suitable product for your needs.