Mortgages

Mortgages

Changing Your Mortgage

Looking for a mortgage does not always mean a house move.

If you are coming to the end of your fixed interest or discounted mortgage period, you will almost certainly be looking to see what’s now available on the market. Staying with the same lender could mean your loan is moved to a product with a much higher interest rate, so if you do not shop around you could find that your mortgage repayments increase substantially.

Even if you are on a variable interest mortgage, it is highly recommended that you review your mortgage options every couple of years to ensure that you are still getting a competitive deal on the market.

At Marquis Financial Planning we will advise you on the most suitable mortgage deal available, with our advice you can make be confident that you’ve made an informed decision about your mortgage.

Getting Started

The first step when buying a new property is to work out what you can afford to spend. When you consult Marquis Financial Planning we will ensure you are ready to begin your house hunt by helping you establish an affordable budget, based on your estimated mortgage repayments and disposable income.

Professional Mortgage Advice

Nowadays there are a huge range of mortgages available on the market, from a wide array of lenders, who change their products on a regular basis.

Finding the right mortgage can be a daunting process as you will want to ensure that you have found a competitive mortgage for your circumstances. There are a number of important factors to take into consideration when choosing a mortgage. These include the interest rate, setting up costs, redemption penalties, exit costs, property type and the lender’s criteria.

This is where Marquis Financial Planning comes in.  Our highly experienced mortgage advisors will review your financial circumstances including your income and expenditure, search through the wide range of mortgage products available on the market to ensure they find the right mortgage deal for you.

Property Types and Restrictions

When choosing a property to purchase it is important to remember that lenders will not offer mortgages on all properties, some impose restrictions.

So, for example, if you are planning to buy a flat in a high rise building or above a commercial premises or perhaps a house of unusual design or construction, you will need to know how this will have an effect on your mortgage options.

Marquis Financial Planning can advise you on this. For this reason, we recommend you to contact us with regard to the property you intend to purchase before you put in an offer.

Agreements in Principle

An agreement in principle is the first stage of a mortgage application. It does not commit you to a certain mortgage but it does establish whether you meet the lender’s criteria.

Each agreement in principle may automatically generate a credit score and too many credit scores may affect your overall credit rating. Our mortgage experts will advise you on this and ensure that we find the right mortgage for you and therefore avoid unnecessary credit scores.

The advantage of an agreement in principle at an early stage is that it can speed up the process of your property purchase and perhaps even facilitate it. For example, you find the property of your choice and the seller has another offer, they may be more likely to accept the offer from a buyer who has their mortgage agreed.

Legal Process

If you are purchasing a property or simply changing a mortgage, a solicitor will need to be involved to complete the legal procedures.

Some mortgage deals include a free legal service or a cash contribution towards legal fees as part of the deal.  Marquis Financial Planning can advise you on these products.

Equally, if your lender does not provide a solicitor, we have extensive associations with local and national solicitors, Marquis Financial Planning is happy to recommend an appropriate conveyancer to assist you with the legal process.

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

An administration fee of £199 is payable on application, and a broker fee of up to 1% of the mortgage amount is payable on completion. Typically this will be £1000.

For further information please contact Marquis Financial Planning on 01908 542575 and one of our consultants will be happy to deal with your enquiry or use the Enquire Now button.