With this in mind you can expect the following from your Broker or Lender.

Details of Charges - known as a KeyFacts about our Services.

Terms of Business - to be read along with the KeyFacts about our Services.

A Mortgage Fact Find - You can expect to complete a detailed questionnaire.

You should be aware of 3 areas -

CAPITAL

INTEREST RATE

PROTECTION

 

 

 

Repayment

Fixed

Life Assurance

 

Trackers

Buildings Insurance

Interest only

Discounted

Contents Insurance

Investment

Cashbacks

Sickness cover

Non-Investment

Variable

Redundancy cover

Full details of the product recommended - known as the KeyFacts Illustration. Make sure you are fully aware of -

The interest rate, The term of the scheme, The interest rate after the scheme ends, The redemption penalties,The arrangement / booking / lender fee, The deeds sealing fees, and any flexibility to overpay / drawdown etc..

Mortgage Application Form - or at least the declarations and direct debits.

As a guide you can expect to have to supply -
proof of your income ( salary slips, accounts etc.),
proof of address ( over 3 years generally ),
proof of identity ( passport or picture driving licence ),
proof of deposit ( bank statements possibly ),
credit card for survey fee.

First Time Buyers

 

  • Cash-back mortgages

  • Guarantor schemes - use a family member to help

  • Buy with parents – use disposable income

  • Buying with parents – raise deposit on parents property

  • Buy with up-to four friends – draw up a cohabitation agreement – but use all four incomes to calculate borrowing capacity

 

Range of Government Initiatives 

  • Shared-Ownership –part rent with a housing association 

  • Key-Worker Open Market Home-buy GLO – 82.5% mortgage and 17.5% grant from key-worker agent (Government). 

  • New Home-buy Scheme – 75% mortgage, 12.5% grant from Key-worker agent and 12.5% loan from the mortgage company (at different terms to main mortgage).

These schemes change over time and many are subject to public funding so availability is often limited. Call  us for current data or view the websites above.

 

Your home may be repossessed if you do not keep up repayments on your mortgage.
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