Mortgage Advice and FAQ
How much can I borrow for a Mortgage?
How much you can borrow for a mortgage depends upon your own affordability. For example, your salary and existing commitments such as loans, credit cards and HP (among others) and you should consult a mortgage advice broker to know more in depth about how much you can borrow for your mortgage.
Do I need a deposit for a mortgage?
Yes you usually need a deposit of 10% or more. The advantages of this are the higher the deposit the lower the interest rate on your mortgage.
What information do I need to apply for a mortgage?
Generally proof of I.D. proof of address, 3 months bank statements, payslips, if remortgaging last mortgage statement.
How long will it take to pay my mortgage back?
This can be effected by a number of factors such as age, affordability but terms range generally from 5-40 years on mortgages.
What type of mortgage can I get?
There are a number of options for mortgages i.e. tracker mortgages, discounted mortgages, capped/collared mortgages, fixed mortgages and variable mortgages. What is right for one person isn’t always right for another, a no obligation interview would be the best way to make an informed decision about the best type of mortgage for you.
How do you calculate how much I can borrow for my mortgage?
Generally again on affordability however some lenders may use income multiples which vary from lender to lender so always look for a mortgage provider that suits your needs.
Can you help me choose between different types of mortgages?
Yes Harton mortgages can offer you an initial interview at our expense and then help you choose what is the best type of mortgage for your needs?
What advice would you give to first time buyers who are looking for a mortgage?
For first time buyers, our advice would be to raise as much deposit as possible to obtain a more competitive interest rate, You also need to pay for solicitors, valuation fees, arrangement fees some of which may be added to the loan. However this would be repayable over the term of the loan and would therefore increase the mortgage payments.
What advice would you give to those that want to remortgage?
The more equity in the property the more competitive interest rate you receive for your remortgage. Some lenders offer free legal’s, free valuation etc. Again an interview at our expense could be conducted to assess your particular requirements for a remortgage.
Why would I want to remortgage?
There are multitudes of reasons to name but a Few include more competitive rate on your mortgage, capital raising for Home improvements and debt consolidation from remortgaging.
What is the process of a remortgage?
Very similar to a purchase however there is generally equity in your property which can be used as a deposit. Some lenders will offer free legals, free valuations etc. This may or may not be the best option, a meeting with one of our advisors will guide you down the right path on your remortgage.
What advice can you give me on a Buy to Let?
Being a Landlord is not just about buying a property, a Landlord is a businessman, the let should be seen as a business venture which should be run at a profit. You will be responsible for the safety of the property also there is a risk element, there is no guarantees the property will be rented out and you will still have to pay the mortgage.
Currently you will need a deposit of at least 25% and the rental income generally needs to be 125% of the interest only portion of the Buy to Let Mortgage.
How do Commercial mortgages work?
Commercial mortgages are specialised due to the fact that the lender has a legal claim over the property until the loan has been repaid in full. Mortgage loans of this type are tailor made for purchasing any commercial property used for business purposes including shops, factories, office and warehouses, they can also be used for purchasing existing businesses, purchasing brand new building, buying land and plant machinery. Commercial mortgages often come with higher interest rates and more clauses than residential mortgages and you would generally require at least 30% deposit.
What can I use a loan for?
A loan can generally be used for any legal Purpose i.e. car, holidays, home improvements etc however loans for Business use are normally excluded these are covered in Commercial mortgages.
How can I get a loan?
Secured against the value of your home as a second charge currently up to approximately 75% of the value of your home. If you would like to know more contact Harton Mortgage Services for further information about Loans.
Can Harton Mortgage Services provide overseas property?
We provide properties in a number of countries all around the world at affordable prices with huge discounts available, resale and off plan. There are various payment options available including utilizing funds on deposit, equity from your home and we also now offer a very popular option of purchasing via a pension fund whether it be a personal pension or frozen occupational pension or both. Contact us for more information on Overseas properties.
What sort of insurance is available for my family?
We offer a wide range of insurance cover that are tailored for your personal needs today and in the years to come, it also gives you and your they are written in trust.
Life Cover
Gives your family money if you die or become terminally ill.
Life or Critical Illness
A combination of the above which ever happens First.
Income Cover
Also known as Permanent Health Insurance pays out a monthly income if you are unable to work because of sickness or injury during the term of your cover.
Family Income Benefit
Pays an income to your family over a set number of years.
Private Medical Insurance
Removes the need to wait for the National Health Service.
How can Harton Mortgage Services assist you with a will:
We have a will writing specialist who can arrange to have your will drawn up to your requirements.
Why should I make a will:-
If I don’t
TO MY FAMILY
I hearby leave you all several months, possibly
years, of financial hardship and expense whilst
you go to unnecessary efforts to sort out my
affairs.
TO MY SPOUSE
I hereby leave you some (but probably not all)
Of everything that I own.
TO MY CHILDREN
I hereby leave you the remainder of my estate
and give you the authority to enforce the sale of
any part of it (including the family home) to
realise your inheritance.
TO SOCIAL SERVICES
If my children are orphaned I give you the
authority of guardianship and the power to
choose who shall look after them, including
allocating them to foster parents.
TO THE TAX MAN
I hereby leave you all the tax I could have
Avoided and given to my family.
TO MY BANK AND/OR SOLICITOR
I hereby authorise you to charge whatever you
feel necessary to sort out the mess that I have
left behind. I realise that this could make you
one of the major beneficiaries of my estate.
TO EVERYONE ELSE
I leave you nothing.