We can assess your individual needs and provide impartial advice to help secure the most cost effective mortgage for you.  There is a lot of choice, and it can get confusing, so let the experts find the best solution. Here are some common questions we get asked...

 

 

What percentage deposit do I need to get the best interest rate on offer?

Whilst you only require a deposit of 5% to purchase a property, the bigger the deposit the better the rate, and rates continue to improve all the way up until you have a 40% deposit and this is where you will achieve the very best rates on the market.

 

I’m concerned about my credit score, how can I check it and what can I do to improve it?

There are many ways in which you can improve your credit score. Here are some of the best ways...
• Ensure you have registered on the electoral at your current address
• Build your credit history. Having little or no credit history can make it difficult for companies to assess you, and your credit score may be lower as a result. This is a common problem for young people and people who are new to the country. Luckily, there are some steps you may be able to take to build up your credit history.
• Paying your accounts on time and in full each month is a good way to show lenders you’re a reliable borrower, and capable of handling credit responsibly.
• Keep your credit utilisation low. Your credit utilisation is the percentage you use of your credit limit. For example, if you have a limit of £2,000 and you’ve used £1,000 of that, your credit utilisation is 50%. Usually, a lower percentage will be seen positively by lenders, and will increase your credit score as a result. If possible, try and keep your credit utilisation below 30%.
• Check for errors and report any mistakes on your report. Even small mistakes, such as a mistyped address, can affect your score and could be enough for a lender to refuse you credit. It’s worth checking your credit report to make sure all the information on it is accurate and up to date.

Why should I go to an independent advisor rather than the bank that I have been with for years?

Working with a mortgage broker will save you precious time and will ensure that you get the best deals in the marketplace instead of what your own bank has to offer. Different lenders have different criteria and will lend different amounts and therefore to get the most out of your mortgage experience an independent mortgage broker will be able to maximise your borrowing if required and minimise your costs. You will also avoid having to wait maybe a couple of weeks for an appointment with your bank and having to wait in a queue every time you need to phone your bank. A good mortgage broker will make it as easy as possible for you to progress a mortgage application on your behalf.

I was furloughed during the pandemic, will that effect what I can now borrow?

It is very unlikely that this will now effect what you can borrow if you are now back working full time. Lenders understand that this was an unusual time for everyone and they do not wish to penalise you for this now.

What arrangement fees do I have to pay?

It's likely you will have to pay the lender an arrangement fee to gain access to the best products on the market. These fees tend to be upwards of £1000 and can be added to the mortgage most of the time. Lenders also have products with no arrangement fees and an independent mortgage broker can calculate whether (based on your mortgage amount) this would be a better deal for you.

 

What paperwork will I need to provide?

We will generally require from all clients the following...

• Proof of I.D.
• Proof of address
• Proof of income
• Last 3 months bank statements
• Proof of deposit
• Latest mortgage statement

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. There maybe a fee for arranging a mortgage which you would be made aware of prior to application.

 For further information please call us on 01903 958770 or email info@jamesandjamesea.co.uk