Loading...
Mortgage Advice, Insurance Quotes Financial Advice Client Testimonials FAQ's
Frequently Asked Questions
Our no-jargon approach to solid financial advice has earned us a great reputation over the years. The growing collection of Frequently Asked Questions below should help you with some of the most common questions we get asked.

Please contact us using the form on the contact us page.

Frequently Asked Questions

  • 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

    • Initial meeting, and fact find
    • research to provide the best mortgage for you.
    • Another meeting to confirm what I advise and answer any questions you have.
    • Consent to conduct a credit search on your behalf is taken.
    • 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.
    • A full mortgage application is then completed.
    • All relevant document requested is sent to the lender.
    • Once they have everything, the lenders "underwrite" the case (thoroughly check that you can afford the mortgage).
    • The valuation is subsequently instructed.
    • Subject to satisfactory underwriting and valuation the lender will issue an "offer" (terms and conditions)
    • 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.

    Generic Mortgage Types - Explained

    Offset Mortgages

    Offset Mortgages

    An offset mortgage allows you to offset your savings against the sum you have borrowed on your mortgage and you will be charged interest on the balance. It is usual for interest to be charged on a daily basis and may allow you to pay off your mortgage faster than with a conventional mortgage, and may save you money in the long run.

    Fixed Mortgages

    Fixed Mortgages

    With a Fixed Rate Mortgage, the rate stays the same throughout the specific period, thus giving you peace of mind that your monthly payments won't change.
    This allows you to budget accordingly

    Tracker Mortgages

    Tracker Mortgages

    The Tracker Rate Mortgage follows a particular base rate such as the Bank of England Base rate or LIBOR (London Interbank Offered Rate) and can decrease or increase accordingly.

    SVR (Standard Variable Rate) Mortgages

    SVR (Standard Variable Rate) Mortgages

    This is the Banks own lending rate without any discounts or deals. Usually this rate provides you with total flexibility and no penalties for closing the account early.





Can't Find What You're Looking For?
Please don't hesitate to Contact Us if you would like to ask us any questions that are not yet covered here.


Disclaimer - Note


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

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.




Join Our Newsletter!

Drop us your email address and stay connected with us

Consultation Request Enquiry Form

Trust Financial Solutions - secure consultation request form - we don't share your information with any 3rd parties

Please use the form below to send us your enquiry.




Data Protection Declaration
Anthea Osborne t/a Trust Financial Solutions and First Complete Ltd will process all information in accordance with the Data Protection Act 1998 and it will be treated as private and confidential now and in the future. The only exceptions to this will be when the law requires us to disclose information or, with your consent, where disclosure is necessary when arranging or servicing your mortgage or protection contracts. To fulfill our regulatory obligations, we will retain copies of your records for no longer than is necessary or for the duration of any contract you may enter into. You have the right to inspect these records at any time.

Our Future Relationship
Our ongoing business relationship with you is important and we would like to be able to contact you by telephone, post or email from time to time to review your mortgage and associated protection product arrangements and introduce other services that may be of interest to you from ourselves or our associated companies.

x