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Why use Quick Mortgages?
- Our team of advisors are CeMAP qualified to guide you and give you best advice.
- We use a whole of market panel and can access exclusive terms
- We do not charge you any fees for the work we do
- We are authorised and regulated by the Financial Conduct Authority (FCA)
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Frequently Asked Questions
We have collated and answered some of the most frequently asked questions in order to make life easier for you.
Providing it is deemed affordable by the lender, there is no limit to how many mortgages you can have. This applies to both residential and investment properties.
Our team of advisors are CeMAP qualified and have over 100+ years of experience in the industry. We are also authorised and regulated by the Financial Conduct Authority (FCA).
A repayment mortgage is guaranteed to pay off your mortgage by the end of the term if you keep up your monthly payments. For example, if you have a 30-year term, you will own your house when the final payment is made.
An interest-only mortgage only covers the cost of the interest rate set at that time. The loan amount will remain the same. When your term ends, you will need to sell the property to pay the mortgage in full or find another method of payment.
The minimum deposit required to purchase a property to live in is 5%. To purchase a buy-to-let property however, you’ll need a minimum of 20%.
Everyone’s financial circumstances are different. You may need to live in a certain area for work, accommodate your family or prefer to live somewhere in the city. The type of home you can buy will depend on lots of different factors but ultimately, you should only buy a home that you can afford.
As well as the costs of the home, there are other costs involved when buying a property including:
- Removal Van hire
- Solicitors’ fees
- Admin fees
- Stamp Duty (not applicable for first time buyers)
- Valuation fees
- Mortgage lender fee
For lenders to determine how much you can borrow, they need to know how much you can realistically afford to pay back each month. To do this, they need to know your income details. You are usually required to provide copies of at least 3 months of bank statements and payslips. You will also need to provide evidence of any other income you receive such as benefits.
If you are applying for a joint mortgage, the lender will need to same details for the second person. If you are self-employed, you can prove your income via SA302s which can be obtained from HMRC.
We can help you find out how much you could borrow. Lenders will consider your age, income and outgoings, savings, credit score and other markers to assess your financial situation to determine how much you can borrow.
Call us today on 0121 661 4676 to speak to one of the team.