MORTGAGE FINANCE

Probably the Best Mortgage Rates in the UK

As Whole of Market (unlimited) mortgage brokers we have access to the best rates & products which are delivered at speed, throughout the UK.

We offer products from a range of mortgage providers which is representative of those available in the UK mortgage market. This means that we take all the hard work out of sourcing the most appropriate mortgage product.

We have been operating as mortgage brokers within the UK for over 20 years and have a reputation that is second to none.

• Best products, delivered without delay
• Open 9am – 9pm, 7 days per week, including most bank holidays
• Many years of relevant experience
• Whole of Market, multi-product offering
• “One Stop Shop”
• Home visits available
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Mortgage Eligibility

Contrary to popular belief, submitting your mortgage application isn’t the first step on the journey towards home ownership. Instead, it’s assessing your eligibility and determining how likely it is you’ll qualify for a mortgage.

Using a mortgage calculator can be a great place to start, as can comparing mortgage deals to establish your budget and assess affordability.

It is Important to Factor a few Essential Eligibility Considerations Into the Equation

The following 10 being the most important of all – each of which could stand in your way of qualifying for a mortgage:

1) Having multiple existing debts

All of your existing debts will be taken into consideration by the lenders you apply to. Debts are a normal part of everyday life but you may be considered a high-risk applicant if you have multiple existing debts or debts with a high total combined value.

2) Imperfect credit

Most mainstream lenders continue to scrutinise applicants by way of their credit history. Even the slightest ‘slip ups’ in your financial activities are recorded on your credit report for the next six years. It is therefore important to check your credit score thoroughly before applying for a mortgage.

3) Having no credit history at all

The same also applies if you have no credit history. Major banks and lenders insist on seeing evidence of responsible financial behaviour from prospective borrowers, before granting mortgages and other everyday loans. Some lenders and brokers will offer bad credit mortgages.

4) Electoral roll exclusion

Even today, banks and lenders continue to use the electoral roll to confirm the identities of those they do business with. Getting on the electoral roll is easy (check Gov.uk) but failing to do so could stand in your way of accessing a mortgage.

5) Purchasing ‘non-standard’ properties

Mortgage lenders also factor in the type of properties their applicants intend to buy. Most are willing to lend money for standard homes and commercial properties, but anything considered ‘non-standard’ can raise additional complications.

6) Self-employment

Self-employed individuals may find it more difficult than others to verify their financial status and income. In which case, it may be necessary to target specialist lenders with your application, rather than the usual mainstream banks and lenders.

7) Applying for too much

The eligibility checks carried out by the lender will also factor in the amount you can comfortably afford to borrow. Policies and restrictions vary from one lender to the next, but attempting to borrow too much is guaranteed to result in your application being declined.

8) Major changes in your life

Most lenders also want to see evidence of stability in the lives of mortgage applicants. Hence, any major changes happening in your life – divorce, starting a family, major relocation, new job etc. – could potentially stand in your way of qualifying for a mortgage.

9) Application errors

It is surprising how many mortgage applications are declined each day due to simple errors and omissions. Unfortunately, any application declined for even the simplest of mistakes could adversely affect your chances of qualifying next time around.

10) Applying to the wrong lender

Last up, the importance of targeting only the most appropriate lenders with your applications cannot be overstated. Particularly if you have an imperfect credit history or may struggle to provide proof of income, you will need to target specialist lenders rather than the usual High Street banks.

To discuss your eligibility for a competitive deal or for help with comparing mortgage deals, contact a member of the team at UK Property Finance anytime.

Mortgage Broker Fees

Searching for a competitive mortgage through a broker inevitably raises questions of additional fees, charges and commissions. Every mortgage broker on the market imposes a charge for the services they provide, though fee structures and payment policies vary significantly from one broker to the next

Fees from one broker to the next will vary and there are brokers who offer their services 100% free of charge for borrowers. Instead, their payment is collected from the lender when the loan agreement is finalised.

Some of the Most Common Ways Mortgage Brokers Impose Fees and Charges Include:

• Fixed Fees – The broker charges a set fee for finding the ideal lender and mortgage for the customer, which should be fixed and not subject to change later.
• Hourly Rates – It is relatively rare for mortgage brokers to charge on an hourly basis, as doing so can cause concerns as to approximate overall fees.
• Commissions – This usually means that the broker doesn’t charge the applicant a penny but is instead paid by the lender when they successfully refer a borrower.
• Percentage – The broker’s fee is calculated by way of a percentage of the mortgage loan and is usually charged to the borrower.

Not all brokers make their fee structures as clear as they should, which is why it is important to ensure you understand all potential charges before proceeding.

If unsure, ask your broker directly how much you can expect to pay for their services and ensure you are happy with the agreed fee.