Mortgage Loan Research & Implementation
The mortgage market is very competitive and lenders are vying for your business. The good news is that this puts you in the driving seat when it comes to getting a great deal and saving money. Once you’ve used this service we know that you’ll have the right mortgage deal for your circumstances (and save money at the same time).
What we do
The steps to using this service are:
Initial Telephone Discussion
This will enable us to establish what type of loan you are looking for (eg, fixed, variable, discount, capped rate). At this point we’ll know if we’ll be able to help you. This usually takes 10 – 15 minutes and there is no charge for this discussion.
Mortgage Product Research
We’ll then research the entire mortgage loan market on your behalf. There are thousands of deals available at any one time and the market changes daily with lenders withdrawing old and introducing new products.
As well as having numerous contacts with many lenders (we can usually speak to key decision makers at banks and building societies at short notice, which is especially useful if your application does not fit the normal criteria) we also use mortgage sourcing software. This allows us to filter down to a list of suitable loans.
Once we’ve got this down to the top 3 -5 options we’ll have another discussion with you and you can decide which loan you’d prefer and ask us any questions that you may have.
Send you the Paperwork
When you’ve made your choice we’ll send the relevant forms to you to you to complete and return to us. The sooner we receive this the faster your application will go through (the mortgage process usually takes longer than you plan for, so bear this in mind).
Valuation, Legals and Mortgage Offer
You’ll need a solicitor to act on your behalf to do the conveyancing work. If it’s a property purchase ensure that the firm you choose has at least 2 Partners as many lenders request this as a minimum requirement. If it’s a remortgage many lenders allow you to use their in-house solicitor free of charge so check the terms of the deal.
The lender will then instruct a valuation to be carried out on the property (you can decide which type of survey you want; basic valuation, often used for remortgages; homebuyers report or full structural survey). Once they receive this a mortgage offer will be issued and providing this is fine you can go ahead and sign acceptance of the offer.
If the lender requires additional work on the property they will either request this is done before an offer is issued or they will place it as a condition of the offer. As ever, read the small print, but we’ll be here to check the offer as well. The next stage is to exchange contracts on the property, which makes the purchase legally binding (ignore this if you’re just remortgaging).
Moving Date
A date is set for you to move into the property, known as the completion date. On this day the funds are released by the lender to your solicitor (who ties up the legal work) and the mortgage completes.
Our administration team are here to do as much of the leg work for you as possible to free up your time to deal with the other issues of your property purchase. We’ll monitor the progress of your mortgage every day and will contact you as soon as any news is available. Of course, you can contact us for updates at any time.
How We Charge
The usual cost of the mortgage research service is £295 (VAT may be chargeable). This pays for the research up to the point when your application is sent to the lender. After this there are no additional charges as we receive a commission from the lender that we introduce you to. This covers all the administration that we do until the mortgage completes.
The commission is usually based upon the size of the loan and can range from a few hundred to a couple of thousand pounds (where the commission is a large amount the £295 fee may be waived). We will disclose the full amount to you in writing before you apply for the loan.
Whilst the majority of lenders will pay us this fee, a small minority do not. If this is the case we’ll tell you once the initial research has been completed. You can then choose to go to that lender directly and apply for the mortgage or we can handle it for you. We charge an administration fee for this which is usually in the £300 – 500 range. A more accurate figure can be given during our discussions as it does vary case to case.
Please note that we offer a full advice service from the whole marketplace.
To find out more about the Mortgage Loan Research & Implementation service please click here to go to the enquiry form. We’ll get in contact with you within 24 hours.
