WHAT CLIENTS ASK THE MOST
WHY USE A MORTGAGE BROKER?
We are qualified to give you mortgage advice and follow a strict professional development programme ensuring our knowledge is up to date.
Since the Mortgage Market Review, mortgage criteria has tightened massively over the last few years and it was implemented to ensure borrowers can prove affordability, even in the event of a rate rise.
Our knowledge of lenders criteria means that finding a suitable mortgage is not only down to the rate offered, but also to ensure that lender is able to lend to you. We deal with lenders on a day to day basis so understand the application process and can hopefully mitigate any possible delays. Sometimes due to the level of business we place with lenders, we are given privilege rates. When you receive mortgage advice, we have a duty of care to you. We act for you and are not biased when it comes to recommending a lender as we must prove to you why we have chosen a lender and product. This means that you are not restricted to one lenders products. If the advice you receive is not deemed appropriate, you can complain and possibly be compensated.
WHAT WILL I NEED TO PROVIDE?
We pride ourselves in trying to match you with the most suitable mortgage dependent on your circumstances. To achieve this and to ensure that the information we provide to your prospective lender is accurate, we need you to provide us with certain documents and information.
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Proof of name Identification e.g. Passport or driving licence
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Proof of address Identification e.g. a utility bill or mortgage statement
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Proof of income - Three months payslips or if self employed three years accounts (if avaiable) or HMRC paperwork proving your income and self-employment
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Three months bank statements for all accounts held
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A copy of your latest credit report. Details can be obtained from here.
We require the above to be able to submit your mortgage for a decision in principle and would point out that the lender may need additional documentation or information upon submission of the full mortgage application.
ARE THERE ANY FEES PAYABLE?
In addition to lender fees and any legal costs that come with the mortgage, Belvide Finance normally charges a non-refundable £150 research and admin fee payable prior to a recommendation being made. No up-front fee is payable on equity release.
On completion our normal fee is up to £495 for a normal residential mortgage and for equity release products a fee of up to £995 is charged. This depends on your circumstances and will be agreed and confirmed within any illustration that is subsequently provided. A fee agreement will be signed by you to confirm you are aware of any fees before submission of an application. We will also receive a commission from the lender in addition to this fee.
We do not charge a fee for any protection advice as we are paid a commission from the providers.
SHOULD I GET A FIXED, TRACKER OR DISCOUNTED MORTGAGE?
This really depends on your circumstances and how you feel with regards to risk about how your monthly payments are calculated now and in the future.
We will ask the relevant questions and then advise you of what we feel is most suitable.
Some people like the convenience of knowing what they will repay for a set period of time, whereas others will like the idea of keeping in touch with how general market conditions are effecting their payments and won't want a potential shock when their deal comes to an end
I HAVE A LOW CREDIT SCORE WILL THIS AFFECT MY ABILITY TO OBTAIN A MORTGAGE?
Most lenders use a credit scoring system to ascertain whether they will provide you with a mortgage. There are mainly three credit reference agencies that provide most lenders with this information. They are Experian, Equifax and Call Credit and each of them use a different credit scoring system and in some instances can have differing information about you. This can sometimes mean the difference between a lender granting you a mortgage and not.
With a lot of these lenders it is a case of computer says YES or computer says NO!
By us obtaining a copy of your credit report, we can see from this what lenders we feel happy to approach as some lenders will actually look past the score and look deeper within your credit report.
In our opinion a low credit score does not mean we cannot get you a mortgage, but may mean the lenders we can potentially use is limited. We will also work with you to improve your score as simple missing information contained within your report can be causing this
HOW SOON BEFORE MY EXISTING SPECIAL RATE FINISHES SHOULD I BE LOOKING FOR A NEW RATE?
Your existing lender will more than likely be in touch to let you know what they can offer you to keep your mortgage with them normally 3 months before your rate is due to come to an end.
Most lenders now allow us to deal with your product transfer and offer you the same deals that are available to you direct. Sometimes the deal they are offering you may seem good, but have you looked at the rest of the market! Have your circumstances changed since you took out the mortgage!
It is worth asking yourself these questions as taking advice at this crucial stage could save you thousands of pounds over the life of your mortgage.
We will offer to look at your existing mortgage and see what is available to you from the whole market. If you are an existing customer we will have a lot of your information at hand and, subject to confirmation about any changes, should save time and hopefully some money!