What is a Mortgage – Mortgage Advisor
The Role of a Mortgage Professional
Mortgage Professionals can work for any bank, building societies, etc. But at Mortgages Remortgages, we take the extra mile to help you find the best possible advice when taking out a Mortgage.
This guide is designed to give you a small overview at what Mortgages Remortgages does, and the various operations within the industry.
A Mortgage is a loan taken out to buy a property, this could be a First-Time Buyer, someone wanting to move from a Lettings Property to their own home.
Did you know, a mortgage can run for 25 years or longer, but can be shorter if you can pay off the Mortgage early. However, the loan is ‘secured’ against the value of your home until it’s paid off.
A Scary thought, but if for some reason you can’t keep up your repayments the lender can repossess (take back) your home and sell it to get their money back.
Don’t worry yourself too much if you think you’ll struggle to keep up repayments, but it is important to think about the ‘Running costs’ such as, household bills, council tax, insurance, and maintenance.
Mortgages Remortgages will want to see proof of your income and certain expenditure, and any debts that you may currently have. Remember any lender may refuse to offer you a mortgage if they don’t think you’ll be able to afford it.
Where to I get a Mortgage?
To apply for a mortgage, you can do it directly from a bank or building society, choosing from their product range.
We can compare different mortgages that are right for you on the market.
When you come to visit us, you are expected to know…
What Type of Mortgage you want.
Exactly what property you want to buy.
How much you want to borrow and for how long.
The Type of interest and the rate that you want to borrow at.
There is often a two-stage process within a mortgage application.
The First stage is usally a basic fact to help you work out how much you can afford, which type of mortgage(s), and how much you may need.
The second Stage is where you may begin your application, here at Mortgages Remortgages – your friendly Mortgage Advisor in Doncaster, will begin a fact find and detailed affordability assessment, for which you’ll need to provide evidence of your income and specific expenditure and stress tests of your finances.
We will also assess the impact on your repayments should the interest rates rise in the future.
Different Types of Mortgages
Once you’ve decided how to pay back the capital and interest, you need to think about the mortgage type.
Mortgages come with a fixed or variable interest rates.
With a fixed-rate mortgage your repayments will be the same for a certain period of time – typically two to five years.
Regardless of what interest rates are doing in the wider market.
If you have a variable rate mortgage, the rate you pay could move up or down, in line with the Bank of England base rate.
For more information, watch our latest video.