If you wish to be literal, a mortgage is actually a ‘charge on property’ which is a legal term meaning that you give a lender an interest in your property until a loan is repaid. However, in accepted use a mortgage is the actual loan taken to buy a property. In the UK this usually means freehold or leasehold property which is ‘permanent’ – e.g. not houseboats, pre-fabricated designs or static homes.
You can get a mortgage direct from a lender including banks, building societies and specialist mortgage lenders, or you can access these using a mortgage broker such as Andy Wilson. Your mortgage broker will need to hold a professional qualification in mortgage advice – look for letters after their name including CeMAP and CertCii(MP). You can buy based on an ‘information only’ service, or receive full ‘advice and recommendations’. Many direct lenders only give information about their products and let you choose one – a mortgage broker will usually advise and guide you and also make a specific recommendation. They will also have access to thousands of different schemes.
From April 2014 ALL mortgages will be conducted on an ‘advised only’ basis, with a few small exceptions.
Mortgage advice in the UK has been regulated since October 2004, although buy to let loans, second charge mortgages and loans on property which will have less than 40% residential use are excluded from regulation. These loans do not therefore give the borrowers the same regulatory protection as normal mortgages.
When considering the type of mortgage which is most suitable for you, Andy would need to know full details of your situation. Expect to be asked about your family situation, your income, employment details, debts, credit history, any existing mortgage details, savings and assets position and so on. You will also need to prove your address and identity. The more accurate the information you supply then the better the resulting advice.
Lincoln mortgage broker Andy Wilson offers no-obligation free initial consultations to assess your mortgage options. please use the ‘Contact Andy’ form below to request further information or a meeting at Andy’s expense, not yours.