See below for our Rate of the Week (18th April 2018)
Homemover 5 year fixed scheme (LTV – 65%)
*APRC based on a 25-year term
We recommend arranging a mortgage prior to starting your search for a new home.
Know how much you can afford
Find out what you could borrow and about schemes such as Help to Buy before you start looking, to avoid disappointment, missed opportunities and wasted time. Our independent advisors can comment on how the Mortgage Market Review affects your ability to borrow and discuss the rates and limitations of mortgages that may be suitable for you.
- Budget for the cost of moving
- No fee for the initial consultation
- Impartial mortgage advice based on research of the market
- Complete confidentiality
Avoid delays which could cost more than time
Not having a mortgage in principal could cost you your dream home. If you are ready to buy and searching for your perfect home, it is unlikely any offer you make will be accepted if it is not supported by a mortgage offer or proof of cash.
Get an advantage over unprepared buyers
Often there is competition among buyers for a property, this could mean the seller is weighing up several offers. Aside from the amount offered there are other factors that will be considered, often the biggest question is ‘Do they have a mortgage offer?’. People selling property don’t want to add any complications, being prepared offers the smoothest sale for both the buyer and the seller.
At Mackenzie Smith we ask all buyers about their mortgage position, serious and ready buyers have a mortgage and are much more likely to complete a sale.
Make sure you have time to find the right mortgage
There are a wide range of mortgage products from a multitude of lenders; fixed rate, tracker, repayment, interest only, buy-to-let to name a few variations. Our independent advisors can take you through what options might work for you, explain the different types of mortgages, how they work and make recommendations so you can be confident that you have taken a look at the full picture of mortgages of offer for an informed decision.
Our independent financial advisors are authorised and regulated by the Financial Conduct Authority. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
What is a Mortgage in Principal?
A ‘Decision in Principle’ or ‘Agreement in Principle’ is a statement that a lender is prepared to lend an individual a certain amount after an income and credit reference credit search has been undertaken. You will usually be given a certificate detailing the maximum amount the lender is prepared to loan. This is not an official offer but a guide to show what you can borrow and that a credit check has been carried out.
More on Mortgages.
What is a Mortgage Offer?
A mortgage offer is issued by a lender once your application has been received and necessary checks, such as a valuation and confirmation of your details such as income etc, have been carried out. It sets out the terms under which the lender is prepared to offer you a loan.
What is a Mortgage valuation?
A valuation is an inspection of the property to ascertain it’s acceptability to the lender as security against the mortgage loan. It is NOT a structural survey or survey of any kind into the fabric of the property but a comment that it will or will not support the loan.