Frequently Asked Questions Mortgage Help Centre
Who are Mortgage Help Centre?
Mortgage Help Centre is one of the fastest growing companies in the UK.Mortgage Help Centre act solely on the behalf of their clients and offer impartial mortgage and remortgage advice. We use a lender panel made up of between five and eight lenders whom we consider best meet the needs of the majority of our clients.
Why come to Mortgage Help Centre when the high street is full of lenders?
We specialise in finding mortgages for clients who may have difficulty getting a loan from a traditional bank or building society. We have schemes to suit people that have mortgage arrears, credit problems, no proof of income, unusual properties and hundreds of other situations that might cause banks to say 'no'. What ever your circumstances we can normally find a mortgage to suit you.
How much will it cost to arrange?
You may incur some or all of the principal transaction costs described below when taking out a mortgage with us. Full details of costs will be provided with your mortgage quotation. If you are re-mortgaging there may be redemption charges or other fees payable on redemption of your current mortgage. It is important that you are aware of these costs and have considered them fully before proceeding with a new advance. If you are re-mortgaging and any of the funds raised are being used to repay or consolidate existing unsecured debt then you should be aware that these will now be secured by way of a first charge on your property and you will pay more over the long term. If your payments lapse then your home maybe at risk.
High Percentage Lending Fee
If your mortgage represents a high percentage of the price or valuation of your property (typically 75% or more), you may have to pay a high percentage lending fee. Some or all of this fee may be used by the lender, at its discretion, to obtain mortgage indemnity insurance to act as extra security for its sole benefit. If this is the case, the lender will give you a written explanation confirming that you are still liable to pay all sums under the mortgage and this cover will not protect you if your property is subsequently taken into possession and sold for less than the amount you owe. You will remain liable to pay all sums owing, including arrears, interest and the lender's legal fees. If a claim is paid to the lender under such insurance the insurers generally have the right to recover any amount paid from you.
You may need to instruct a solicitor to act on your behalf and you will be responsible for paying their costs.
Mortgage Help Centre do not charge an arrangement for mortgages. We work on a no fee policy and save you thousands of pounds, hence why we have been in business for a long time.
What about insurance?
A mortgage is one of the largest financial commitments that most people take out. It therefore makes sense to ensure that you have adequate protection in case things go wrong.
Would your family's home be protected if something happened to you?
We will tell you if your mortgage is conditional upon arranging any insurance policy. We are able to offer advice on the following insurance plans:
· Payment Protection Plans
· Life Insurance
· Buildings Insurance
Help to secure your future by getting the right advice.
For more information e-mail our customer services team on email@example.com
Mortgage Payment Protection Insurance
Although it is not a condition of the mortgage we strongly recommend that you take out payment protection insurance to ensure that your mortgage payments are maintained in the event of accident, sickness or redundancy (for employed) or hospitalisation (for self employed)
You may also decide that you need life assurance protection to ensure that your family are protected in the event of your death. We recommend that you approach an Independent Financial Advisor to help you select an appropriate policy to meet your needs.
In all cases your lender will require details of buildings insurance, which should provide sufficient cover to meet the reinstatement costs of the property. The required sum insured will be detailed on the valuation report. It is your responsibility to ensure that the premiums and therefore the cover are maintained on these plans. If cover is arranged through or by us then we may receive commission from the company concerned. Details are available on request.
What information will you need?
As we proceed with your enquiry we will provide you with a detailed quotation relevant to your mortgage needs. During our initial call with you we will complete a detailed mortgage questionnaire so that we can give you appropriate advice on your mortgage and related products. Once we have made our recommendations to you we will confirm our advice in writing. Details of your mortgage will also be confirmed in your lender's formal offer.
How long do I have, to repay my mortgage?
We can arrange mortgages over terms from 5 to 40 years. A Typical example is, a £75,000 mortgage over a 20-year period. We do not recommend that your mortgage continue beyond your intended retirement dates unless you have adequate income to continue to meet your mortgage commitments in retirement.
What happens if I move?
If you decide to move before the end of the mortgage term then your situation regarding the transfer of your mortgage to a new property will depend on whether your mortgage is portable or not. PortableIf you want to move home in the future it will generally be possible to transfer the mortgage to the new property subject to your lenders underwriting criteria at the time of the move. You may be charged an administration fee for this service. Not PortableIf you want to move home in the future it will be necessary for you to repay your mortgage and then to start a new mortgage on the new property. You may have to pay early redemption charges in this situation. We will confirm in writing if your mortgage is portable prior to completion.
Can I repay my mortgage early?
Yes, you are able to repay your mortgage early, but there may be redemption charges associated with your mortgage if you wish to repay it early. Details of any redemption charges will be provided prior to completion.
What happens if things go wrong?
You should find your dealings with us to be prompt, efficient and friendly. Our aim is to provide you with a world class, professional and confidential service. If you have a complaint we do have a formal complaints procedure to ensure that your complaint is dealt with quickly and efficiently. In the first instance you should contact our Mortgage Code Compliance Officer at The Atrium, St Georges Street, Norwich, Norfolk NR3 1GT If we are unable your complaint to your satisfaction then we will assist you by referring you to The Mortgage Code Arbitration Scheme. The arbitrators are available to resolve certain complaints made by you if the matter remains unresolved through our internal complaints procedure. The address of the scheme is: The Mortgage Code Arbitration Scheme, Inter00 Arbitration Centre, 12 Bloomsbury Square, London WC1A 2LP. Telephone 020 7421 7444
Can I get payment protection?
Our payment protection plan offers a simple and effective way to protect your monthly repayments and give you peace of mind. I am self-employed. Can I apply for Payment Protection Insurance?Yes you can. The policy will, however, exclude cover if your company goes into voluntary liquidation. I work on a part time basis. Can I get payment protection?This depends on the number of hours you work each week. Employment is defined in the policy as working for at least 16 hours per week. If, however, you do not qualify and your partner works full time and is named on the mortgage, then he/she could cover themselves for 100% of the loan. I am 65 years old. Can I apply for Payment Protection Insurance?No. The policy provides cover only for borrowers aged between 18 and 64.
What is the Mortgage Code?
The Mortgage Code is a voluntary code that sets minimum standards of good lending and advisory practice. Their 'You and Your Mortgage' leaflet may be downloaded from this web site. In subscribing to the code we promise that we will: · Act fairly and reasonably in all our dealings with you · Ensure that all our services and products comply with the Code even if they have their own terms and conditions. · Give you information on our services and products in plain language and offer help if there is anything you do not understand. · Help you choose a mortgage to fit your needs unless you have already decided on your mortgage. · Help you understand the financial implications of a mortgage. · Help you understand how your mortgage account works. · Ensure that the procedures our staff follow reflect the commitments set out in the Code. · Correct errors and handle complaints speedily. · Consider cases of financial difficulty and mortgage arrears sympathetically and positively. · Ensure that all our services and products comply with relevant laws and regulations.
What interest products are available?
Variable Rate MortgageThis means that your monthly mortgage payment will rise and fall in line with any increase or decrease in interest rates. Discounted Rate MortgageThis means that your monthly mortgage payment can rise or fall in line with any increase or decrease in interest rates at a guaranteed discount on the lenders basic variable rate for a specified period. At the end of the discount rate period your interest rate would normally revert to the lenders standard variable rate. It may also be a condition of your discounted rate that the mortgage must remain on the lenders standard variable rate for a period after the discount period ends. Fixed Rate MortgageThis means that the interest rate you are charged remains the same for a set period of time and your mortgage payment does not change in that time. At the end of the fixed rate period your interest rate will normally revert to the lenders standard variable rate. If this is higher than your fixed rate your payments will increase accordingly. It may also be a condition of your fixed rate that the mortgage must remain on the lenders standard variable rate for a period after the fixed period ends. Flexible MortgageThis means that you can vary your mortgage payments. The terms of a flexible mortgage may vary with each lender. However, subject to the lenders terms and conditions, mortgage payments may be varied by making overpayments and lump sum payments and by making underpayments and taking repayment holidays. Base Rate Tracker MortgagesThis means that the interest rate you are charged will be linked to the lenders base rate and will rise and fall in line with base rates.
How do I repay my mortgage?
Unless you request otherwise we will arrange a repayment mortgage for you. Repayment Part of the monthly payment pays off the interest on your mortgage and the balance of your monthly payment pays off part of the capital of your mortgage. The monthly payments will first go towards paying the interest and then towards paying off the capital. With this arrangement you are guaranteed to repay the loan in full by the end of your mortgage term, provided that you have maintained your repayments in full. Interest OnlyThe monthly payment covers only the interest on the mortgage, no reduction is made in the capital outstanding. With this option the whole of the mortgage will remain outstanding at the end of the mortgage term. It is important that in the case of an interest only mortgage you put in place a suitable repayment vehicle such as an endowment policy, ISA or pension. If you wish to go ahead on an interest only basis we recommend that you approach an Independent Financial Advisor to help you select an appropriate repayment vehicle.
HOW MUCH CAN I BORROW AND FOR HOW LONG?
You can borrow any amount from £3,000 to £100,000, depending on how much you can afford to repay each month. The loan can be over any time period from three to twenty-five years.
I HAVE LITTLE OR NO EQUITY IN MY PROPERTY. CAN I STILL APPLY FOR A LOAN?
Yes you can. We have plans available where you can borrow up to 125% of your property value, less your existing mortgage balance.
ARE THERE ANY RESTRICTIONS ON WHAT THE LOAN CAN BE USED FOR?
No, you can use the money from your loan for virtually any purpose. The choice is yours. The majority of our customers clear some or all of their existing credit so as to reduce their monthly outgoings to just one, more manageable monthly payment. (See section on Debt Consolidation). Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Quite often they also raise additional cash, to buy a new car or carry out some home improvements, and, remember, with cash in hand, you can often negotiate attractive deals when buying.
HOW MUCH WILL MY LOAN COST?
That depends on how much you wish to borrow, and the time period that you choose to repay it over. For an indication of repayment costs, see the loan repayment tables
WHAT INTEREST RATE WILL I BE CHARGED FOR MY LOAN?
It is difficult to say what interest rate your loan will attract, as all loans are assessed on personal circumstances.
WHAT INTEREST RATE WILL I BE CHARGED FOR MY MORTGAGE?
It is difficult to say what interest rate your mortgage will attract, as all mortgages are assessed on personal circumstances & your choice of products & repayment methods.
WILL MY ENQUIRY BE TREATED IN CONFIDENCE?
Absolutely. We treat every enquiry in the strictest confidence. We pride ourselves in our confidentiality. We are members of the Finance Industry Standards Association (FISA) and also registered under the Data Protection Act (DPA). We adhere to the confidentiality guidelines set out by FISA, as well as the letter of the law from the Data Protection Register, The Consumer Credit Act (CCA) and the Financial Services Authority (FSA).
WILL YOU CONTACT MY EMPLOYER?
No. We would never contact them without your consent. If you have any pay slips and/or a P60, this will certainly not be necessary. If you cannot produce pay slips, we may ask your permission to obtain a brief reference from your employer, purely asking them to confirm your position, length in employment and your annual salary. We will not supply them with any details of your loan Enquiry.
I’VE HAD FINANCIAL PROBLEMS IN THE PAST. CAN YOU STILL HELP?
Our financial expertise means we can even help if you’ve had problems keeping up payments in the past. We can arrange loans even if you have poor credit rating, have arrears or a county court judgement (CCJ) against you. In certain cases, but not always, an alternative interest rate may be offered. But it costs nothing to find out what we can offer you.
I’M WORRIED ABOUT MISSING PAYMENTS DUE TO BECOMING ILL OR BEING MADE REDUNDANT?
Insurance Protection may be available on some plans to offer peace of mind to borrowers. Subject to status - ask for details.
CAN I BORROW AGAIN IN THE FUTURE?
Of course. As long as you’ve maintained your regular payments, you could borrow more – even if you haven’t completed your original loan. Just give us a call and we’ll gladly provide a quotation for a further advance.
CAN I FINISH THE LOAN EARLY?
No problem. If you can afford to repay the loan before the anticipated completion date, it’s to your advantage. The lender will calculate the outstanding balance in line with the requirements of the Consumer Credit Act 1974. Or where it falls outside of the Act, this could be subject to any early repayment charge by the lender.
I’M SELF-EMPLOYED. AM I STILL ELIGIBLE?
Most certainly. Generally, we’d like to see two years’ accounts, but even without trading accounts we can often arrange loans.
WHAT IF I MOVE HOUSE?
Loans which are secured on the property are simply paid off from the proceeds of the sale. But sometimes we can transfer the loan to your new property, Just let us know if you’re about to move and we’ll advise you on your options.
I HAVE NOT BEEN WITH MY CURRENT EMPLOYER VERY LONG. AM I STILL ELIGIBLE?
You are, generally we like to see 3 consecutive pay slips, but even without these we can often arrange loans
I HAVE NOT OWNED MY PROPERTY VERY LONG, AM I STILL ELIGIBLE?
No problem, we are able to help with a private rent reference or even without we can often arrange loans.
How quickly can you process my mortgage or loans?
Mortgage Help Centre endeavour to complete all mortgages and loans; homeowner loans, bridging loans or secured loans within 16 days from your application.
I have CCJ's and mortgage arrears can you still help?
Yes, in fact whatever your circumstances we can help you
Is my online loan application confidential?
Yes, completely. We are registered under the Data Protection Act and adhere strictly to their guidelines for applying online for commercial bridging finance
What APR will I be charged?
This will depend on your circumstances; e.g. credit history, available equity. We endeavour to get you the cheapest rates
What is remortgage ?
A remortgage is essentially a switch from your current finance or mortgage plan that lets you get a cheaper rate of interest and more flexible or longer repayment terms. Thus, if you are in danger of defaulting on your current mortgage, remortgage may be a good choice for you. Remortgage is process of moving your mortgage to a new lender.
Q. How much can I get?
There are a various factors which determine how much you can borrow. Anyway the important one is that you can afford to make the monthly repayments. The amount will depend on your income and the equity available in your property. Depending on these factors amounts are available from £5,000 to £500,000.
Q. What is the period of loan?
This will depend on how much you can afford each month but most repayment periods are between 3 and 25 years.
Q. What is the interest rate
We have excellent relationships with many of the top lenders in the country. Some are subsidiaries of the clearing banks. Due to this we have been able to negotiate very competitive terms and are sure we will find a rate to suit your needs.
Q. Is my application confidential?
YES. Your data is highly secured and will be protected.
Q. Are you charging any fees for arranging the loan?
Q. Is remortgage available for shophouses and factories?
No, only for homeowner
Q. Is the special Fixed Rate applicable to remortgage loans?
Yes. For remortgage, the fixed rate is 6.25% for the first two years (subject to change).
Q. Does the Fixed Rate apply to properties under construction?
Q. How much can I reduce my monthly payments ?
Reductions in monthly payments can be as much as 75% but this will depend on how much you are paying at the moment and how long you want to make repayments.
Q. Can my repayments be protected if I cannot work?
Optional Payment Protection Plans cover repayments if you can't work due to accident, sickness or involuntary unemployment.
Mortgage Help Centre are committed to our customer's needs and being a independent finance company we guarantee to find you the best loan deal possible. A decision in principal will be given within minutes on bridging loans applications
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