Mortgages are fraught with hidden dangers. They shouldn't be, but they are! So we set out to protect our clients from the common mistakes that many people make when arranging their own mortgage.
All great relationships are based on trust and faith. And at Thorpe Lincoln we believe a relationship of a lifetime leads to a mortgage of a lifetime. We develop this trust and confidence by making the mortgage process transparent and crafted specifically for you.
Most mortgage companies are in it only for themselves and not for you. They look at selling a mortgage as a commission opportunity as opposed to giving you the information you need to know, information you MUST know.
The six common blind spots when you go to look for a mortgage:
Blind Spot 1 - Interest Calculations: Lenders use different periods for calculating the interest on the outstanding balance.
Blind Spot 2 - Early Repayment Charges: Customers do not understand the true cost of redeeming a mortgage during a preferential rate.
Blind Spot 3 - Higher Lending Charge: A fee is often charged for loans that are more than 90% of the property's value.
Blind Spot 4 - Low Headline Interest Rates: Low rates with high set up fees.
Blind Spot 5 - Different Product Types: Customers are still confused by the different types of loans available.
Blind Spot 6 - Compulsory insurance purchase, coupled with low interest rates: The insurance premium is usually high, so the net effect is a disguised inflation of the interest rate.
The five common timebombs of getting a mortgage:
Time Bomb 1 - Exit Fees: Lenders make an administration charge when you leave them. The current trend has been for lenders to increase these significantly as a means of increasing revenue.
Time Bomb 2 - Penalties: Customers are sometimes unaware that they have a penalty to pay if they want to change products or switch to a different lender.
Time Bomb 3 - Portability: Some mortgages cannot be taken with you to a new property. Therefore, the customer usually incurs a penalty charge as a result of moving.
Time Bomb 4 - Payment Shock: The selection of an artificially low interest rate, which is usually used as a promotional piece, will ultimately lead to a substantial increase in overall payment.
Time Bomb 5 - Notice Periods: Some lenders charge a higher redemption figure if the customer does not provide notice of their intention to redeem their mortgage.
Protect yourself & your family
We'd rather not have it, but when the unexpected strikes, we're usually glad we did.
Online mortgage calculators
Want an idea of what your mortgage may cost you?
Commonly asked questions
Have a mortgage question? See some common questions & answers here.
See the latest mortgage rates and deals
Want to know what the latest mortgage deals are?
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.
Šthorpe lincoln mortgage consultants ltd 2008. all rights reserved.