Our mortgage research and advice process has been designed to ensure that recommendations are based on a thorough understanding of your financial circumstances and your detailed requirements. Mortgage schemes are only recommended that meet our robust criteria.
The key stages of the process include:
- Discussing your requirements and collecting personal financial information
- Product research
- Mortgage report
- Arranging your mortgage
- Protecting your mortgage
- Mortgage reviews
- Discussing Your Requirements and Collecting Personal Financial Information
During an initial meeting, or telephone interview, we will collect information that we will use to assist us in placing your mortgage. We will ask you for information which will include the following:
- Credit arrangements
In addition to this it is essential that we understand:
- Your plans for the future (eg: do you plan to move house in the future?)
- Your mortgage preferences (eg: fixed rate, etc)
- Any other factors that may be relevant.
We use sophisticated mortgage sourcing software that enables us to research mortgage schemes from across the market. These schemes are then filtered in accordance with your requirements and personal financial circumstances. The software is constantly updated to ensure that the most up to date mortgage schemes are included in our research.
We may also enlist the mortgage placing and administration services of a third party firm that has deals with a select panel of lenders where they have specialist knowledge of their products and criteria, including some lenders who have no direct link with clients or brokers and some lenders who have specific administration requirements where their experience and relationship add value to the process. In these cases the firm will complete all the administration required by the lender, making the transaction proceed as smoothly and quickly as possible. Full details will be provided if this should apply.
Please note that for both residential and buy to let remortgages we do not contact your existing lender, to find out what mortgage schemes are available for existing borrowers, unless expressly agreed in advance. We recommend that you contact your existing lender to enable you to compare any such scheme to our recommended mortgage scheme. We do not offer this service on your behalf.
We always send our clients a written report, which includes a Key Facts Illustration (quotation), whenever we make a mortgage recommendation. This will include full scheme information and details of our fees and will be set-out in a clear and concise manner.
Arranging your Mortgage
Once instructed we will ask you to complete a paper based mortgage application form. It is essential that this is completed fully and accurately as we will use this information to apply for the mortgage on your behalf.
The usual timescale between submitting a mortgage application to the lender and receiving a mortgage offer is generally around two weeks. During this time it is common for the lender to request additional information in support of the application.
When the mortgage offer has been produced we will check it thoroughly and will contact you to discuss the offer and any matters arising from it.
Your conveyancer will be responsible for the completion of your mortgage. However should the offer period need to be extended, or changes made to the mortgage, this is included in our standard range of services. However in some circumstances we may need to make an additional charge. Full details will be provided if this should apply.
Protecting your Mortgage
During our fact finding process we will obtain details of any existing insurances and advise you on the suitability, or otherwise, of these policies.
Where there are any shortfalls in cover we will make appropriate recommendations which will include quotations and full costings.
Regular reviews are essential to ensure that your mortgage interest rate remains competitive and that you are not paying too much! It is also possible that your personal circumstances may change and this may affect your borrowing requirements.
You will be invited to attend the first mortgage review approximately two months before any penalty period ends on your current mortgage scheme. At the meeting we will discuss your borrowing requirements and prepare quotations for alternative mortgage schemes if better deals are available at that time. Ad hoc reviews can also be arranged at any time if required.
Your home is at risk of repossession if you do not keep up repayments on a mortgage, or other loan, secured on it. Full written quotations are available on request.