Mortgage Advice at Aubrey Lee

Here at Aubrey Lee we work with Magnum Financial Solutions Ltd, appointed representatives of Openwork Ltd, who can help to source the right mortgage deal whatever you decide to buy.  Magnum have access to residential mortgage lenders, as well as buy to let lenders and commercial lenders.  They will advise and make a recommendation as to the best solution for you, once they fully understand your objectives.

Whether you are a first time buyer, home mover, property investor, or are buying commercial premises they can help you with their extensive access to lenders.

You can choose to repay your mortgage in certain ways: repayment, interest-only or a combination of the two.

What is the Process for applying for a mortgage?

First of all Magnum Financial Solutions will take all the information required to apply for the mortgage (for example name, address, date of birth, your current residential address).  Next they will talk you through the application process, explaining each step in plain terms.

With access to the whole market, they will let you know what is available to you (subject to credit searches), and advise you on the best deal for you and your circumstances.

Once that is done, you are ready to apply for your new mortgage.  They can do everything for you from helping you find the right mortgage, to helping you apply for it, and ensuring the process goes as smoothly as possible until your mortgage completes.

Call Magnum now on 0800 644 0554

or email info@magnumfinancial.co.uk to find out what they can do for you.

Common terms used when looking for mortgages:

Repayment Mortgages

Every month, your payments to the lender go towards reducing the capital you owe as well as paying the interest they charge. So each month you’re paying off part of your mortgage.

Interest-only mortgages

As the name suggests, your monthly payment only pays the interest on your mortgage you’re not actually reducing the loan itself. This is why it’s very important you arrange some other way to repay the loan at the end of the term, for example, through an investment or savings plan.

If you choose this option you will need to check that your investment or savings plan grows accordingly, so that at the end of the term you’ll have enough money to pay off the loan. If it doesn’t grow as planned, you will have a shortfall and you’ll need to think about ways of making this up.

LTV

This stands for Loan to Value. In simple terms it is the amount of the mortgage you are taking compared to how much the property is worth. For example if you were taking a mortgage of £85,000 on a property worth £100,000 your loan to value would be 85%

Valuations and Survey/condition reports

The lender will want to satisfy themselves that the property you are buying or remortgaging is suitable security (as they are lending the money against the property). If you opt for a basic valuation they will assess the property value only, mainly for the lenders purposes.

Most lenders will also offer a homebuyers report, which is a step up from the basic valuation, this will give you a condition report on your property, giving you more information regarding the property you are buying.

Some lenders will also offer a full buildings survey which will give you more information than the home buyers.

*Your home may be repossessed if you do not keep up repayments on your mortgage
A fee of a maximum of £500 or 1% of the loan amount, if greater, is payable on application. Typically this will be £295