Help to Buy

Frequently Asked Questions

What can you do for me?

We can help you find the right mortgage for you. We will take into account all of your individual circumstances, ascertaining exactly how much you can afford to borrow and fixing monthly repayments at an affordable level. We will help you to find the best deal on the market, and find a solution that is fully tailored to you, personally.

Are you regulated by the Financial Conduct Authority?

Yes. We are an appointed representative of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority.

What does a “Whole of Market” adviser do?

A Whole of Market mortgage adviser is an impartial intermediary who acts solely in the interests of the mortgage borrower and not the lender, while offering the widest possible consumer protection. Additionally, unlike banks, Whole of Market advisers provide advice from products across more than one lender, offering a much wider choice

Can using a comparison site do the same job for me?

As Mortgage advisers of course you would expect us to say no, but we do so with very good reason. Although these basic search engines can be useful for completing some initial self research, they can never be as sophisticated as the specialist whole of market search engines designed and used by brokers.

Additionally they do not show the many exclusive mortgage offers negotiated by brokers with top High Street lenders offering lower mortgage rates than are generally available to the public directly. Unlike arranging your car insurance, matching a client with exactly the right mortgage requires huge expertise and in depth knowledge of the financial markets and of each lender’s specific underwriting criteria. Because small differences in rate can result in huge differences in repayments, the cost of getting it all badly wrong can be quite substantial.

There is also a lot of complex paperwork involved in the mortgage process that our brokers will expertly complete for you, something that cannot be done via a comparison site.

I've had some financial problems in the past and it's affected my credit rating. I've been to a high street lender who refused me. Can I still get a mortgage?

Very possibly. It just depends on your personal circumstances. Please call us for further information.

What is a remortgage?

A remortgage is when you change your mortgage from your existing lender to a new one.

What is a Fixed rate Mortgage?

A fixed rate mortgage is where the interest rate is fixed for a period of time, typically 2, 3 or 5 years

What is a Capped rate mortgage?

A Capped rate Mortgage is where the interest rate has an upper ceiling, for a set period of time.

What is a cap and collar mortgage?

A mortgage that varies between an upper and lower limit – it will never be more than the ‘cap’, but also never less than the ‘collar’.

What is a Tracker rate mortgage?

A Tracker rate mortgage is one which changes in line with the Bank of England base rate and is guaranteed to be x% above or below the base rate for a given period.

What does Standard Variable Rate mean?

This is the interest rate set by the individual bank for their customers. Once a customer’s mortgage has finished their introductory rate, the mortgage usually reverts to the lender’s Standard Variable Rate (SVR).

What is Libor rate?

London Interbank Offer Rate. The rate at which international banks lend to each other. Libor, which is effectively a measure of the credit crunch, is calculated every business day in 10 currencies and 15 timespans, ranging from overnight to one year based on the level at which banks have been lending to each other. It is set and announced at around 11am in the UK. Libor normally sits marginally higher than the central bank rate and helps dictate the level at which lenders set rates on new mortgage deals.

What is a repayment mortgage?

(Otherwise known as a Capital and Interest Mortgage). This is a mortgage where you pay off both the interest and the capital over the term of the mortgage. In the early years, you pay mostly interest but with the amount owing decreasing throughout the term, so that at the end your mortgage balance is £0.

What is an interest only mortgage?

An interest-only loan is where the borrower pays only the interest on the principal balance. This means that they will have to find another way of repaying the capital at the end of the term. Some people take out endowment policies, some use their pension.

Did not find an answer?

In case you have not found an answer here, or you have additional enquiries, please feel free to contact us and we will get in touch with you shortly.

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