These are just some of the common questions that our clients commonly ask. If you have a specific question, we'll be only to happy to answer it for you. And if we don't know the answer, don't worry, we'll go away and find out for you. We know a lot, but don't know everything.
First you’ll need to fill out the loan application. Thorpe Lincoln makes it simple by completing as much of the application process on your behalf. As far as possible we'll take care of all the paperwork, saving you time and hassle. Once you've made an application, we’ll liaise with the lender, estate agent, and solicitor to ensure things run smoothly. We’ll do everything in our power to make sure you get a mortgage offer as soon as possible, providing you with the peace of mind that you have obtained the mortgage that you need. The entire process typically takes up to 3 weeks, but if you’re in a rush, let us know. We'll look for ways to speed up the process.
There are two different types of costs associated with getting a mortgage. The application/arrangement fee represents a fee paid to the bank for processing the mortgage application. These vary in cost and most lenders will allow you to add them to the laon. The valuation fee represents the cost of assessing the property's value. When you work with Thorpe Lincoln – you’ll NEVER have any surprise fees, we'll always talk you through everything to ensure you thoroughly understand the process and costs.
Mortgage lenders pass on the cost of administering the closing down of your account. Unfortunately, it is something that can't be avoided.
There are many variables that determine whether or not a remortgage makes sense. Perhaps you want to lower your interest rate, combine a first or second mortgage, take out equity for investment needs, convert to another type of mortgage and so on. Unfortunately, these variables change over time. The only way to guarantee that remortgaging makes sense now and in the future is to have your current mortgage rate reviewed. That’s why Thorpe Lincoln offers a complimentary mortgage management service. We'll carry out a mortgage healthcheck for FREE!
The two factors that should be considered are 1) how sensitive your budget is to interest rate changes 2) what’s the difference in interest rate between a Fixed and Variable Rate mortgage. If you’re unsure, please don’t hesitate to call one of our experienced mortgage consultants at 01752 547995. We'll talk through your needs and advise you which mortgage product is the most suitable.
Yes, Thorpe Lincoln can advise you how much you can borrow. Lenders have different criteria so the amount can vary from lender to lender. Speak with a consultant to find out what size of mortgage is achievable.
Yes, but the bank may require a larger deposit, higher credit scores or more details on your occupation. Give us a call and one of our mortgage consultants will be happy to talk you through this process. 01752 547995.
There are many mortgage products that require a limited deposit. However, generally the best interest rates will be available with a 15% deposit.
No. The APR is based on a fatal assumption that you will hold the mortgage for its entire term, typically 25 years. If you hold the mortgage for less time than its entire term, then the APR begins to move higher. The shorter the time you hold the mortgage, the higher the APR. The best way to shop for a mortgage is to insist on a Total Cost Comparison. Only this will show which mortgage is the most financially beneficial.
The Higher Lending Charge (HLC) is an insurance policy that the bank puts in place to protect itself should you default on your mortgage. Should your home be reposessed and subsequently sold for less than your outstanding mortgage balance the insurer pays the lender the difference. What most people don't realise is that the insurer can then pursue you for the debt. One way to avoid HLC's is to have a larger deposit. Also, if you add the cost of the HLC to your mortgage you will pay interest on it and this can substantially increase the cost of buying your home. Your Thorpe Lincoln mortgage consultant will assess all costs to advise you which lender offers you the best overall value.
Some lenders pass on the costs involved in them administering a mortgage application. Recently, lenders have significantly increased the amounts they charge, especially on low rate mortgages. Your Thorpe Lincoln mortgage consultant will review all the costs involved to find you the most beneficial mortgage.
Not necessarily. There are many ways to repay a mortgage and although a repayment method does guarantee that you repay your mortgage over its term, there may be a more appropriate approach that will suit you better.
A Tracker mortgage is a loan where the interest rate is linked to the Bank of England base rate. As the base rate changes, your mortgage interest rate follows at a pre-determined level. Typically, a Tracker mortgage is taken as an alternative to a fixed rate.
Not usually. The advantage of working with a mortgage consultant is that they have relationships with many banks; some of which you won't find on the High Street. Mortgage consultants know which banks have the lowest rate and best loan products and the bank with the lowest rate may not be your bank. Additionally, a mortgage consultant will continue to work for you after the loan completes by monitoring interest rates. If interest rates drop, your mortgage consultant will contact you to discuss optiond for changing your rate. This is what we at Thorpe Lincoln call our complimentary mortgage management service. Your banker on the other hand would prefer to keep your loan at the higher rate.
Yes, It’s a good idea to get to know how much house you can afford without getting in over your head. A Decision In Principle will also strengthen your position as a buyer and can speed up the time taken to receive your mortgage offer. At Thorpe Lincoln, we offer complimentary Decision In Principles.
It’s not a problem. At Thorpe Lincoln we continually monitor our client’s loans. Whenever we can improve your rate we’ll let you know.
Mortgage interest is usually paid in arrears. In other words, you pay the accrued interest at the end of the month. Therefore, when you pay off a mortgage you need enough funds to cover the principal balance plus the interest that has accrued since your last payment.
It depends. For some homeowners they provide essential coverage in the case of loss of income. For others there may be other means that allow for your mortgage payments to be paid. Talk with your consultant and they can advice whether mortgage payment protection is a sensible option or not.
The most important item on your mortgage is the interest rate. You can control the term or how quickly you pay off your loan. Many of our clients remortgage to avoid paying a higher standard variable interest rate, but then continue to keep making the original payment calculated at the higher interest rate. By doing so, our clients accelerate the pay off of their mortgage and save thousands of pounds in interest expense.
The best way to shop for a mortgage is to first insist on an adviser who will give you expert impartial advice on the whole of the mortgage market. Second, shop for the adviser who looks after you in the way you deserve to be looked after.
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Terms & Conditions : Please read our full terms and conditions and privacy statement before you proceed. The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. Thorpe Lincoln Mortgage Consultants Limited. Registered office 33 Mary Seacole Road, The Millfields, Plymouth, Devon PL1 3JY. Company registration number 5419596. Thorpe Lincoln Mortgage Consultants Limited is an Appointed Representative of Mortgage Next Network Limited, which is authorised and regulated by the Financial Services Authority for mortgage and insurance mediation activities only. Mortgage Next Network Limited is entered on the FSA register (http://fsa.gov.uk) under reference 300866.
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