We aim to achieve a 30 minute response time during office hours

House Purchase  -  Remortgage  -  Buy 2 Let

• We are Independent Mortgage Advisers
• We can advise and arrange your mortgage for you
• We're waiting to help you now

Give us a call on 08000 1966 24 or click here to send an enquiry

What you should know about finding a mortgage...
Lenders will only tell you about their own mortgages. You could go to every lender to find the best deal but that will take a long time and your time is important. So, you really should talk to a mortgage broker but not just any broker because some only deal with a limited panel of lenders. Find one that is independent and offers mortgages from the whole market.

Mortgage advisers can't simply tell you which is the best mortgage. They are regulated by the Financial Services Authority and must adhere to a code of practice so, be prepared to divulge accurate information about your financial circumstances and credit history.

What do we consider when giving you independent mortgage advice?

Redemption Penalties
Redemption penalties: 3 types to be aware of

• During a special rate period: e.g. You could have a fixed rate for 2 years, during the fixed rate period  there is a penalty to pay if you leave the lender, after 2 years there will be no penalty. These tend to be the most attractive deals.
• Extended: When the rate reverts to the lenders standard variable rate you cannot leave without paying a penalty. We avoid recommending these deals.
• Discharge Fees: Range from about £90-£295. Have been increased by many lenders in recent years. One of the highest charging is Alliance & Leicester. These charges can be changed by the lender during the term of your mortgage.

Stepped Interest Rates
The rate steps up each year. Not very nice, especially if you have a variable rate and interest rates are rising in general. Might be a good idea if you know you have a big pay rise coming.

Fees
There has been a trend by lenders over the past 6 months to massively increase fees relating to mortgage applications. These will normally be linked to a very low interest mortgage - allowing lenders to offer 'headline rates' in the newspapers. Headline rates are usually not good value. Mortgages-Online does not charge fees - we are a fee free independent mortgage broker.

Adverse Credit. Do not make your credit history worse by applying to lenders that are likely to reject your application. Each credit search leaves a footprint, too many searches look bad. We know the the lending criteria of all lenders and can avoid applying for the wrong mortgage.

APR's show the cost of a borrowing over the overall mortgage term. The lowest APR is the cheapest over the life of the mortgage but since most people will switch their mortgage every 2-5 years there is little point in using a life long APR to compare mortgages. We can determine the lowest cost mortgage over all time periods.

What about the lowest interest rate; not the best deal if it comes with a hefty fee or high redemption penalties. When calculating the lowest cost deal you should take into account the rate at which a mortgage reduces, the method of calculating interest (daily or annual), fees to arrange the mortgage and fees to leave the lender. There will be certain features of a mortgage that are worth paying a little extra for; overpayment facility, borrow back, further advances, portability, likelihood of being offered another great deal in the future and speed of processing your application to mention a few.

Look out for higher lending charges (mortgage indemnity guarantee or higher lending charge). With some lenders, you could avoid this by increasing your deposit only slightly. For example, the difference between a 10% deposit and 10.01% might only be £1 but it could save you £hundreds.

We will take all of the above into account when making a recommendation. The deals we recommend are the same as direct from the lender and sometimes we have exclusives which are better. We do not charge a fee when we arrange your mortgage.

Applying for a mortgage through us is simple. You get a direct dial number to speak to your own dedicated mortgage adviser at any time during office hours - no call centre. Our administration department will see your mortgage application through from beginning to end. We can also help with life assurance, buildings and contents insurance, redundancy cover and payment protection.

If you need any more information then we would be delighted to hear from you either by telephone (call us free on 0800 019 6624), email or through our enquiry forms.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT
KEEP UP REPAYMENTS ON YOUR MORTGAGE 
Mortgages-Online Limited, 19 Weekday Cross, The Lace Market, Nottingham, NG1 2GB
Mortgages-Online is authorised
and regulated by The Financial Services Authority
Telephone calls may be monitored