How does a Mortgage work?
Mortgage works in such a way that a bank or lender gets a money loan with interest. And in return, this loan will be secured against the value of a person’s property. The description relating to the agreement of the loan will be registered with the title of that property. This is known as a Mortgage.
What is a mortgage broker?
They are the specialist that focused on providing a mortgage by looking for the right mortgage product base on the client’s choice to ensure that they get a good deal as much as possible. It is advisable to use several brokers to get the best quote because of their vary fees and success rate.
What different types of mortgages are there?
There are two types of mortgages which are Fixed Rate Mortgage and Variable Rate Mortgage.
A fixed-rate mortgage is a type of mortgage in which your interest amount is considered fixed
for some time (between 2-5 years). This indicates that your repayment doesn’t change during
this time. At the same time, a variable rate mortgage indicates that your interest can change, which will also affect your repayment. You can check our mortgage interest rate to know more about several mortgages we offer.
I have bad credit; will this be a problem?
No! There won’t be any problem because it will not prevent you from getting our mortgages.
We are equipped with an advisor that have an excellent reputation and success in helping
clients with adverse credit. We have worked closely with several lenders that are more favourable with all the clients that have an issue with sourcing finance. Reach out to our advisors today for more information
Is the mortgage advice independent?
The answer is YES! Our advice is always independent as our advisors don’t work on commission. This indicates that they will provide the best mortgages that will meet your needs. Our advisor
has no affiliation with any lender or panel. They are FCA regulated and CeMap qualified with professional advice.
How do I know I’m being offered the best mortgage available to me?
We want to guarantee you that we have access to the whole mortgage market. Our advisor
does the right work for you by searching the entire market to look for the best mortgage offer
that best fit.
What are the fees to get a mortgage?
We find the best mortgage offer for you. To make this happen, we charge you an application
fee and a financial fee payable on the completion of the process. Every fee will be noted on the documentation provided before any commitment by the client.
How much can I afford?
It depends, but I can assure you that there are no specific criteria to determine the amount you can borrow. The exact amount you will be able borrow will depend on the property’s purchase price, your first deposit, your monthly income, and your monthly expenses. Our brokers will
contact you to provide you with an indicator over the phone to fully understand. Also, you can
go to our mortgage calculator for a guide.
How does the process work?
You can check our mortgage process information for a well explanatory description of what
you can get from our office and the exact way your application will handle from the beginning
to the completion
I want to invest in rental property. Is this something you can help with?
We can help you anytime with this. We are equipped with brokers with a wealth of experience in
a range of mortgages type, which includes increasing popular buy-to-let mortgages. You can visit our Buy-to-let age to know more about this offer.
What is LTV?
LTV is considered to be an acronym for Loan Value Ratio. It is used to describe the ratio of a loan against the value of the property purchased by the client. Assuming you borrow £170,000 and
use it purchased a property that worth £200,000. The LTC will be 170,000 divided by 200,000, which will be equivalent to 85%, and the remaining 15% will be your equity.
Can I pay my mortgage off early?
You can pay the mortgage off early. However, it is possible to have an early repayment charge
to pay if your mortgage product is for a short amount of time.
What should I expect when applying for a mortgage with The Mortgage Brigade?
You should expect a smooth, efficient and personalised service. We ask you several questions to know your home financing needs and goals. During this session, we encourage you to ask as many questions as you wish, ensuring you have the knowledge and information you need to
move forward with clarity, comfort and a readiness to progress.
Do you advise on the mortgage that suits my financial needs and budget?
Yes. We consider your budget and your aspirations first before we proceed with anything. Afterwards, we conduct thorough research across the market and select the most suitable
Is it possible for a first-time buyer to get a Buy-to-Let mortgage?
Yes, it is possible. However, not all lenders give this kind of offer, so you need to use a mortgage broker’s services.
How long will it take for me to get my loan?
We aim to ensure that you get your loan as fast as possible. We will do our best to speed up the process and close the deal.
What will lenders look out for before approving my loan?
Lenders consider many factors before they decide to approve applicants. The moment you
know the things they are looking for, you can increase your chances of getting approved.
Here are some factors;
1.Your Down Payment: The more money you put down when buying a home determines whether you get approved for a loan. Putting down enough money makes you a low-risk borrower in the eyes of a lender. It is advisable to put down at least 20% of the loan amount.
2.Your Credit History: Your credit score and history can hint to your lender if you are likely to manage money and pay back your loan. It is advisable to review your credit score and identify
all the mistakes therein before proceeding to meet a lender.
3.Your Work History: Lenders usually review the employment histories of applicants to ensure
that the borrowers can make mortgage payments. This helps them confirm if you have a stable source of income.
4.Your Debt-to-income Ratio: Before a lender can approve your loan, he/she will inquire about any existing debts and your capacity to pay them. You should pay off large debts before applying for a mortgage loan.
Why are an appraisal and inspection needed?
Home appraisal and inspection are very mandatory in the home-buying process. Both of them
give you a more precise and better understanding of a home’s value (THE VALUE OF A HOME) and condition before you purchase it. An appraisal assesses the home’s market value during inspection estimates and rates the discovery about the home’s physical.It is essential for you
to know and understand the house you are investing in and negotiate a fair price for the home. Both are equally as important in the process; they cannot be substituted for each other.
Can overpayments be made on a mortgage to pay it off sooner?
Yes, it is possible because many lenders allow about 10% of the mortgage balance, which can be overpaid each year with no penalties incurred.
What is a Buy-to-Let mortgage?
A Buy-to-Let mortgage is a process whereby you buy a property specifically as an investment
with the intention of letting it out.
How much do I need for a Buy-to-Let mortgage?
You can deposit a minimum amount of 25%
What is a credit score?
A credit score is based on how finances are being conducted for the next preceding six years
and it is making used by the Financial Services companies to assess the creditworthiness.
How can I improve my credit score?
A credit score can be improved by ensuring that you can repay your debts and adapt to any
credit commitment such as credit cards and loans. It can also be improving by paying bills like phone bills, utility bills, and so on without any delay.
How can I find out the maximum mortgage that I can get?
You can get in touch with us at The Mortgage Brigade for a free no-obligation assessment.