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29 Mar 2017

Mortgage Advice

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Mortgage Information

Mortgage Info

The Mortgage Info listed below standard mortgage terms and info that can be used as a point of reference when reading the mortgage info on this web site

Minimum & Maximum borrowing

Minimum and maximum borrowing – some providers will only lend certain amounts.

Loan to Value

Loan to value – This is the ratio between size of loan and value of property. So, for example if you require a £90,000 mortgage on a property valued at £100,000 the loan-to-value you require is 90%.  Some lenders have specific limits on these.

Higher Lending Charge

High Lending charges HLC- This is a fee that is used to buy insurance to protect the mortgage lender if you borrow more than a given amount. Many mortgage lenders will lend you up to, say, 90% of the value of a property without this fee. But if you want to borrow more, the lender usually requires you to pay for insurance to ensure that it will recover all its money if the property has to be sold for less than the amount of the mortgage.  It must be noted that the insurance company will take recourse against the home owner even though the provider is compensated for the shortfall.

Rate of Interest

Rate – it is worthwhile shopping around to ensure you are getting a good rate to prevent paying over the odds for your mortgage.

Mortgage Online Quote

Online mortgage quotes are one of the best ways of comparing the different types of mortgages available and comparing the costs and benefits at a time to suite you. By getting a mortgage quote online for each of the different deals it will help you decide which mortgage type will meet your requirements.

Mortgage calculator

Once you have utilised Go Directs mortgage repayment calculator to compare mortgages rates and likely costs and benefits of your new mortgage, you can enquire about your mortgage options online. However, there are a few things you should bear in mind when using our mortgage calculators. For more information please click on the link below.

Wage Criteria

Wage criteria – some lenders will have minimum salary requirements.  For any mortgage lender to assess how much they are willing to lend you based on your income and outgoings. Learn more

Early Repayment Charge

Early repayment charges - If you repay (redeem) your mortgage at any time prior to the end of the mortgage term you may have to pay certain fees or an interest penalty (redemption penalty). If the mortgage is repaid in the early years there may be a heftier penalty, a product penalty. An extended redemption tie-in means that this penalty will continue to be payable beyond the initial term of the mortgage.

Portability

Portability - A mortgage which can be transferred between properties with the same lender when you move house.

Overpayments

Overpayments - This is when monthly repayments to a mortgage are increased, meaning that the mortgage is repaid before the end of the mortgage term.

Buildings Insurance

Buildings Insurance - Lenders insist that the property is adequately insured with a suitable buildings insurance policy, covering against the usual risks. In addition to this you will need contents insurance to cover theft, fire, damage etc. Learn more

Mortgage Payment Protection Insurance

Mortgage payment protection plan is designed to offer income protection against unemployment, sickness and redundancy. Learn more

Life Insurance

Life insurance – It is prudent for life assurance to be taken out to cover the value of the loan, allowing the mortgage to be repaid should you die. Learn more

Conveyancing

Legal costs - Usually a solicitor or licensed conveyancer needs to be appointed to deal with the legal aspects of purchasing a property which will incur costs. You should ask for an estimate of these costs before you instruct the legal expert. Learn more

Valuation/Surveys

Valuation / surveys – It is a legal requirement that the lender has the property valued to ensure that the property is an acceptable security.  The mortgage lender's surveyor will need to inspect and value the property. The cost, if any, of this valuation depends upon which lender you choose and the value of the property. Learn more

Arrangement/Booking Fees

Arrangement fees - Most lenders charge an arrangement or booking fee for a mortgage. Some lenders will allow you to add this to the mortgage and the fee varies depending on the lender chosen and the mortgage offer.

Stamp Duty

Stamp Duty - This is a government tax based on the property's purchase price and how many homes you own, Below is a simple calculator to give you a guide to the potential cost.

Stamp Duty Calculator

Useful Contacts

If you need any further help or advice in the home-buying process, see our useful contacts

If you have questions regarding the mortgage information above please feel free to contact us

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.

Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500

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