01787 860 770 or 01206 430 770 info@trustfinancialsolutions.co.uk

How long will a consultation take?

We aim to be as flexible as possible

Depending on the complexity of your mortgage requirements, the appointment could take up to 2 hours. This really does depend on you. If you only wish to have 30 minutes, then 30 minutes it will be. However, we may need to consult further with you to obtain all of the necessary information required to ensure that we can provide you with relevant advice that’s suitable for your circumstances

What is the usual process of a Mortgage Application?

Mortgage Applications typically follow the steps below

  1. Initial meeting, and fact find
  2. research to provide the best mortgage for you.
  3. Another meeting to confirm what I advise and answer any questions you have.
  4. Consent to conduct a credit search on your behalf is taken.
  5. Once agreed, a decision in principle is obtained. This is where your information is submitted to the new lender and they briefly asses your details and credit search you. Based on their findings, they will confirm whether they are able to accept your application.
  6. A full mortgage application is then completed.
  7. All relevant document requested is sent to the lender.
  8. Once they have everything, the lenders”underwrite” the case (thoroughly check that you can afford the mortgage).
  9. The valuation is subsequently instructed.
  10. Subject to satisfactory underwriting and valuation the lender will issue an “offer” (terms and conditions)
  11. At this stage the solicitors are instructed to act on behalf of you and the lender. They then carry out their work, searches, lenders wishes and then close down your existing mortgage and start the new one simultaneously.

How much can I borrow?

This depends on several factors

Lenders will base their decisions to lend on ‘affordability’. This will take into account both income and outgoings.

Affordability is always taken into account and outstanding debt, such as credit cards or loans, school fees will be taken into account and reduce the amount you could potentially borrow. If you have children, then their affordability will be taken into account within the monthly affordability calculation. If you have working tax credits, or other DWP benefits, they may be considered as an additional income.

Also the value of your home is considered and the loan-to-value ratio is calculated as a %. Lenders will only lend up to certain % values.

What documents do I need to produce if I’m employed?

List of documents you’ll need:

• Proof of address (driving licence)
• Proof of identity (passport)
• 3 months of latest payslips and possibly an employers reference.
• Latest P60
• 3 months bank statements
• Proof of other income received (DWP, rental income)
• What documents do I need to produce if I’m self-employed?
• List of documents you’ll need:
• Proof of address (driving licence)
• Proof of identity (passport)
• 3 years accounts certified and signed
• 3 years accounts or 3 years SA302’s if you are subject to self assessment (available from the Inland Revenue)
• 3 months bank statements
• Proof of other income received. (DWP, rental income)

What fees are involved with remortageing?

List of typical fees:

• Lenders arrangement fees
• Valuation fees
• Solicitor / Conveyancer fees
• Broker fees
• BACS charges for transferring the money.
• Closing down fees of your existing lender

These are only guide lines and are not always payable in every application.

What is the voters role and do I need to be on the voters role?

You will be registered with the council, but it is also advisable to be on the voter’s role. You have to apply for this separately as it’s not automatic. Typically lenders will wish to confirm your address history over the last 3 years. This is undertaken simply to confirm where applicants live.

What if I’m declined by the lender?

This is usually due to either affordability (overstretched) or you have a poor credit history.
Lenders will run a credit check either using Experian, Call Credit or Equifax. Please check your current status with either of these to ensure you give yourself the best chance.

Most lenders like a clean credit history. To avoid missed credit card payments, please set up a monthly Direct Debit on your credit cards, either minimum balance or full amount, depending on your circumstance. As least this way you’ll reduce the risk of being penalised for missing a Credit Card payment and reduce your chances of being accepted for a mortgage.

What interest rates are available?

There are lots of various products available to you such as fixed / tracker / discounted etc. These all depend on the loan to value ratio, how long you wish to be “tied” in for with a product, and how much you can afford on a monthly basis. All these are taken into account and then the best rate and product is advised.

Disclaimer - Note:
We will charge a broker fee of between £299 and £499, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.