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).

 

 

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