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Arranging A Mortgage
Interest Only or Repayment Mortgage?

There are a lot of different terms in the mortgage world and the decision between Interest Only and Repayment is a big one. The vast majority of mortgages will be Repayment mortgages, which means that at the end of the term of your mortgage the mortgage will be totally repaid. An Interest Only mortgage is a higher risk product, you will only pay back the interest on the mortgage. This means that your debt will not ever decrease and as such through this method you will never pay off the mortgage. This type of mortgage is therefore much more common with landlords who may not have any desire to pay off the mortgage.

Ask your adviser what will be best for you and they will be able to help you make that decision.

Arranging A Mortgage
Should I have a Fixed or Tracker Rate mortgage?

It depends on your circumstances and what you consider to be the best for you. Your adviser will talk you through the implications of each mortgage type. A fixed rate will give you peace of mind in terms of knowing what your monthly repayments will be, whereas a tracker rate may give you lower repayments but you must be prepared for potential rate rises which will impact on your monthly repayments.

Re-Mortgage
Why should I move from my existing lender?

Is your lender giving you the best product for your circumstances? Staying with a lender for life will not necessarily result in you getting better rates, so it is important to continue to shop around to make sure you are not paying more than you need to. This is where we come in, we can do this for you, and if it is better to stay where you are we will tell you that too. If at the end of your mortgage product you do not re-mortgage you will go onto the lenders Standard Variable Rate (SVR), this can result in much higher interest rates and therefore higher monthly payments, so this is the perfect time to check what else is out there.

Re-Mortgage
What is a Re-Mortgage?

The mortgage product that you are on will only last 2, 3, 5, or even 10 years but not the lifetime of the mortgage. If, for example, you are on a 2 year product then after 2 years you will be able to change your mortgage to another lender in order to get a better rate. You may also wish to re-mortgage in order to assist with your financial situation such as to debt consolidation or to borrow additional funds.

First Time Buyer
How do I get a Mortgage?

There are two ways that you can go about getting a mortgage. You can visit your local bank or contact a mortgage broker to do this for you. The difference is that a mortgage broker can search the majority of the market for you very quickly whereas a bank will only offer you their products which may not be right for you. As a First Time Buyer a mortgage broker can look after you throughout the process of getting your first property and ensure that you get the best option for you.

First Time Buyer
What is Conveyancing?

The legal process of house buying is called conveyancing. Your conveyancer, often a Solicitor or specialist conveyancing firm, will look after the collecting and transferring of funds, stamp duty charges and payments, providing legal advice, drawing up contracts and conducting local searchers.

We have a panel of Solicitors that we deal with on a daily basis, if you would like a recommendation on a Solicitor to use please ask one of our advisers.

Life Cover
Do I need to insure my mortgage?

For the majority of people, a mortgage is the biggest financial commitment they are ever going to make. As such it is prudent to ensure that it is protected which will allow the mortgage to still be paid should in the event of, critical illness, accident, sickness, unemployment and ultimately loss of life.

More detail on Insurance can be found in ‘Life Cover

Arranging A Mortgage
How much can I borrow?

Mortgages are lent based on your affordability.  Lenders will judge your affordability based on your income (including commissions, bonuses and overtime), against your outgoings. Our advisers will assist and will be able to advise on which lenders affordability criteria you are most likely to meet.

Buy To Let
What is an HMO?
A House in Multiple Occupation (HMO) is a property where there are a number of tenants who are not members of the same family such as students. A property is classed as an HMO if at least 3 tenants live there, forming more than one household and if toilet, bathroom or kitchen facilities are shared. Depending on the type of property and where it is, an HMO licence may be required - check with your local authority whether a property is deemed to be an HMO and whether a licence is required.

When it comes to getting a mortgage on  a property classed as an HMO, the choice of lenders will be limited but a Fenton Simpson adviser will be able to assist.
Life Cover
Where can I find information on becoming a landlord?
You can find a comprehensive guide for landlords on tenancy agreements and deposits on the governments website gov.uk/tenancy-agreements-a-guide-for-landlords
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