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Why use a Mortgage Consultant?

We work for you, not the Lenders

  • We work for you, not the Lenders - The aim of our service is to source and recommend a suitable mortgage for your needs and circumstances, and qualify that recommendation.
  • We have access to the whole-of-market - We are not tied to a select panel or one Lender. We often have access to deals that are only for intermediaries, not available through the Lenders own branches, as well as specialist Lenders for unique situations.

We can also offer free advice on Protection policies to help with life's financial challenges, independent of your mortgage.

  • I can get this service from my bank - Banks and building societies can only offer their own products. They have no obligation to advise you of competing products. It is possible, but unlikely, their mortgage terms will be the best available in the marketplace at that time. Speaking to someone is often very difficult.
  • Personal service - No musical switchboards, a direct contact number for the Mortgage Consultant handling the administration of your application to address your concerns, or answer your questions. A personal voicemail service and email contact as back-up.
  • Flexibility - Banks and building societies will often have one Mortgage Consultant serving many branches, or a whole region. This means you may have to wait for an appointment date, when you really want to move forward quickly.We can arrange to meet at our offices or somewhere convenient for you.
  • Transparency - All fees or commissions generated in connection with your mortgage are fully disclosed.
  • What about comparison websites? These sites may perform a credit-check, leaving a footprint and affecting your credit rating. This can negatively impact any loan application. Moving from one unsuccessful application to another can have a similarly detrimental effect on your credit profile.

A mortgage is quite possibly the longest and largest financial commitment you will make,
doesn't it make sense to seek professional advice?

Contact us NOW for all your Home, Buy to Let
and Commercial financing needs.

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Major Initial Costs of Buying a House and Moving

Deposit

Typically 5-20% of the Purchase Price

The more deposit you can put down, the less borrowing required. This will help you manage your outgoings during the term of your mortgage.

Stamp Duty

Tax paid to the government on property transactions.

Check the amount here

Valuation Fee

Cost is usually based on the property value

The lender's valuation is not like a full structural survey and is a report to assess the value of the property to help decide how much to lend.

Some mortgage products may include a free valuation.

Surveyor's Fee

Before you buy a property, get it checked by a qualified surveyor.

This is vital so that you understand if there are any problems before you buy and could save you money in the long run.

Inspections range from a basic home condition survey to a full structural report.

Legal Fees

Also known as conveyancing.

You will normally need a solicitor or licensed conveyor to carry out all the legal work when buying or selling your home.

Mortgage Fees

It's best to pay these upfront, else you'll pay interest on them for the life of the mortgage.

These might include a booking fee, an arrangement fee and a mortgage valuation fee, but complex products generally carry more fees.

Typical Mortgage Types

Fixed Rate

The interest you're charged stays the same for a number of years, typically between two and five years.

Advantages

Great for budgeting, your monthly payments will stay the same while the interest rate on the mortgage is fixed.

Disadvantages

Fixed rate deals are usually slightly higher than variable rate mortgages. Interest rates could go down and stay down, but you wouldn't benefit.

You are not usually able to switch to another product without paying a penalty called an Early Repayment Charge (ERC) to leave the agreement early.

Look for your next mortgage deal a few months before your fixed rate period ends to avoid a rise in monthly payments, as your loan reverts to the lenders Standard Variable Rate and it may be higher.

Standard Variable Rate

This is the lender's normal interest rate homebuyers are charged and it will last the term of your mortgage, or until you take out another mortgage deal. It usually fluctuates with the base rate set by the Bank of England, however, cuts aren't always reflected.

Advantages

Flexibility - you can switch to another product, overpay to reduce the outstanding amount, or pay it off and leave at any time.

Disadvantages

If the underlying base rate increases, it can leave you subject to higher mortgage payments.

This is the rate you'll pay once any deal you have expires, and it could be higher than you were paying.

Tracker Rate

A type of variable rate mortgage.

Tracker mortgages follow another interest rate, usually the Bank of England's base rate, plus a little margin on top for the lender. So, if the base rate is reduced by 0.5%, your rate will go down by the same amount.

Typically two to five years in length, although they can be for the life of your mortgage or until you switch to another deal.

Advantages

If the rate it tracks falls, so will your mortgage payments, but check for any lower limit.

Disadvantages

Risk of increased mortgage payments if rates rise.

An Early Repayment Charge (ERC) may be required if you want to switch deals early.

Discounted Rate

A type of variable rate mortgage.

This is a discount off the lender's Standard Variable Rate (SVR), typically for two or three years.

Advantages

Cost - lower rate means monthly repayments are less.

In a low or falling interest rate period, you should continue to benefit.

Disadvantages

Do your homework - SVR's aren't the same across all lenders and base rate cuts may not necessarily be reflected. Is your lenders SVR competitive?

Like most "deals", there may be charges for leaving the agreement early.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Contact Us

You can contact us by using the contact form below
or you can phone us on 01707 800354 or mobile on 07795 077077



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Regulatory Statement

London Financial Consultants is an appointed representative of New Leaf Distribution Ltd which is authorised and regulated by the Financial Conduct Authority Number 460421.

Registered Office 1st Floor Princess Caroline House, 1 High Street, Southend on Sea, Essex, SS1 1JE.