Do these apply to you?
Frequently Asked Questions
- What is debt consolidation?
- How long will my loan/mortgage enquiry take?
- What happens once I have submitted my enquiry to this website?
- I am not a homeowner, can I still apply for a loan/mortgage?
- I have already been refused a loan/mortgage, can you help?
- Do you deal with other financial products/services apart from loans and mortgages?
- What is equity release?
- I have been advised to remortgage my home as interest rates are currently lower. Is this true?
- I am a first time buyer and property prices are very high in my region.Can you help with any special deals that might help me get my foot on the property ladder?
- How much can I borrow?
- I've been turned down for a mortgage - what can I do?
Q1. What is Debt Consolidation?
If you have a number of loans (including your mortgage) and credit card accounts, you may wish to consolidate these debts to reduce your regular monthly payments. If you are a homeowner you could achieve this by remortgage your property. Furthermore you may find just having the one single monthly payment far more manageable and with interest rates low and using the capital tied up in your property you could actually save money.
Consider the following example:-
| Current Debts | Amount (£) | Monthly Payment (£) |
|---|---|---|
| Mortgage | 50,000 | 218.75 |
| Car Loan | 10,000 | 320.40 |
| Credit Card | 2,000 | 100.00 |
| Store Card | 500 | 50.00 |
| Total | 62,500 | 689.15 |
Mortgage rate above based on Interest Only payment @ 5.25%. Loan details based on 9.9% apr over 3 year term. Using the mortgage calculator based on an interest rate of 5.25% for £62,500 on an interest only mortgage your monthly outgoings are reduced to £273.43. You may even wish to increase the amount you borrow for home improvements, a new car or a well deserved holiday.
Q2. How long will my enquiry take?
In some cases brokers or lenders can give a 'same day' decision. This will all depend very much on your circumstances and the amount and purpose of the loan. But they will act as soon as we receive your application and you will get a 'decision in principle' which allows you to concentrate on looking for the house, car or whatever in the safe knowledge that the funds will be available when you need them.
Q3. What happens once I have submitted my enquiry to this website?
As soon as we receive your enquiry we will pass your details to a broker or lender who will search for the best deals available to you based on the information you have supplied. The broker or lender will then contact you to arrange your loan or mortgage. Obviously it helps if you have filled in one of the 'full' forms and provided us with as much information as possible.
Q4. I am not a homeowner, can I still apply for a loan/mortgage?
Yes you can - use the form opposite.
Q5. I have already been refused a loan/mortgage, can you help?
Brokers have access to many of the UK's leading advisors, some who specialise in helping people who may have had difficulties obtaining a loan or mortgage from high street advisor. Please provide us with as much detail as you can as to why you have been refused so that we can match your circumstances to the correct broker.
Q6. Do you deal with other financial products/services apart from loans and mortgages?
Yes we do, we have access to specialists with expertise in pensions, insurance, investments, tax advice and in fact, any financial service available.
Q7. What is equity release?
Equity release is a means of releasing some of the capital tied up in the value of your home. In recent years this is becoming increasingly popular for retired people who have paid off their mortgage and own their home outright. The money can then be used for any purpose and is repaid when you pass away and the estate is sold.
Q8. I have been advised to remortgage my home as interest rates are currently lower. Is this true?
There are currently a lot of very attractive deals on the market and it is likely that you could reduce your monthly mortgage payment by re-mortgaging.
Q9. I am a first time buyer and property prices are very high in my region. Can you help with any special deals that might help me get my foot on the property ladder?
Complete the form on the home page. This is a problem for many people, particularly the young, trying to get their foot on the property ladder. It may be that a discounted mortgage may help with lower repayments in the first two or three years, but if the mortgage available to you is not enough to buy a property in the first place then this isn't much help. A popular alternative scheme at present is shared ownership. This scheme has been supported by the government to help people in this situation. In partnership with a housing association you buy half a property and rent the other half off of the association. At a later stage when your earnings are higher you can then start buying the rest of the property off of the housing association so that you eventually own the whole property.
Q10. How much can I borrow?
How much you can borrow will depend on a number of factors such as your income, value of your property (if you have one) and any other financial commitments you may have. For a mortgage you may be able to borrow three and a half times (possibly more) your household income. Secured loans and re-mortgages etc will depend on the amount of equity (value of property minus the mortgage outstanding) tied up in your home.
Q11. I've been turned down for a mortgage - what can I do?
We can help if you have you been turned down by a high street lender or are struggling to get a mortgage* because your situation doesn't match their view of an 'ideal' customer.
We offer a range of mortgages to people of all financial situations and credit ratings. We realise every situation is unique, so once you've applied we will ask if you would like to speak to one of our independent mortgage advisors who will help you explore your options.
We can offer competitive mortgages tailored to your own circumstances and requests - we don't just try and sell you our most lucrative standard mortgage, but to find the one that offers you the most value and flexibility.
It costs nothing to apply and only takes a minute. We'll do all the legwork , search for the best lender to suit your needs and let you know what your options are.
Let us prove to you just how good we are by completing the initial Mortgage Enquiry Form opposite.