How to apply
Assessing your needs
Simplyfying the process
Do you really have enough spare time to work out what Mortgage is the right one for you? Then actually research the whole market place (a minefield!) to find out which product offers the very best terms. And what about those hidden charges? It's very easy to make costly mistakes. Allow us to do all that for you. We'll provide the research, and also recommend the most suitable Mortgage for you based on your cirumstances and requirements. Simply hit 04 Apply online and fill out the one minute Mortgage form, and we'll get back to you to discuss your requirements.
The first appointment
Your convenience is the key!
The first appointment can be completed by personally visiting our office, over the phone or even by email. We'll need to record personal details about your current circumstances and your Mortgage needs and requirements.
Our recommendations
They might not be based on cost alone
We'll recommend the most competitive but equally most suitable product based on your specific needs, and we'll provide you with a unique Key Features Illustration. We'll make sure that you understand fully the terms and conditions of your Mortgage product making sure you are fully aware of all associated costs.
Obtaining a principle agreement
and subsequent application
Once you have assessed the recommended Mortgage product and with your consent, we'll seek agreement for your Mortgage from the Lender. This is usually done using point of sale electronic systems, and an answer can usually be obtained very quickly. Once approved, we'll fill in the complicated application forms and present you with a 'shopping list' of items needed for the Lender to fully underwrite your application. Once completed you'll need to check the forms through and sign any related documents.
Administering your application
Keeping you updated
We'll keep in regular contact with the Lender to answer any questions they may have about your application. Problems can arise, but we'll be there to deal with them promptly. We'll also keep in contact with any Third parties on your behalf, such as Solicitors or Estate Agents.
Your Protection needs
Keeping the roof over your head
We'll make sure you understand the types of Mortgage Protection products available to make sure that you keep 'your Castle' even in the most testing of Life circumstances.
How much can I borrow?
The different factors that apply
Whilst many Mortgage websites offer the use of a calculator for you to work out what you can borrow, these are a very basic guideline at best, and are unable to be wholly accurate with the constantly changing lending policies of the UK Mortgage lending market. For many years lenders would offer loans based on a multiple of annual income, 3.5x annual salary being the industry standard. But this is now changing with the majority of lenders and there are now a growing number of factors that can influence the amount you may be offered. Affordability is now a key indicator for many lenders, and this means you may now be offered higher income multiples if you have a lower level of existing debt that is being maintained. Lenders will also increase multiples for higher earners, and also for those who gain a stronger credit score peformance. Certain professional occupations can often also be offered larger Mortgages by the High Street Bank and Societys due to their reputed career structure. Some Mortgage Lenders can now even lend in excess of 6 times annual income for the right clients, so if you are looking for something a little extra, then forget the mortgage calculators and call us to discuss your presonal circumstances in more detail. In our opinion, the Mortgage Consultant will offer you the most accurate assessment every time.
Should I get independent advice?
Don't forget about the Insurances...
In the UK we have the most advanced mortgage market in the world and the choices that are available are nothing less than daunting at times. With quite literally thousands of Mortgages available at any one time, surely it would make sense to know that your Adviser can access all of the products available in the Mortgage market place. Not every Adviser does have access to the whole market, so you should always ask the Mortgage firm to confirm this to you. Many Agency based advisers use a very limited Panel of Mortgage Companies to attract higher commission fees for the business they introduce. And don't forget about the Mortgage Protection and asscociated Insurances too! If you visit an Independent Company to get unbiased Mortgage advice, why would you then arrange suitable insurances if the Company only offer you the products of one insurance Company? At James Raynor we'll guarantee to beat any quote you have already had! We can offer Mortgage Protection products from all the UK's leading insurance Companies. At James Raynor, we always offer 'whole of market' advice and recommendation. We access every Mortgage Lender that accepts Intermediary business, and this means that we can always usually obtain the very best Mortgage rates.
Common mistakes made
Bank or Indepdent Adviser?
When you are at your Bank, you are often asked about your Mortgage by the counter staff, and you can easliy be tempted to sit down with their Mortgage specialist. But shop around. Often you'll find a better Mortgage product elsewhere. A quick call to James Raynor, and we'll compare the best rates on the Market against your Banks offer!
In-house Mortgage services
With your interest at heart?
When you find a property that's your dream home, it's almost requisite that he Agent will want to sit you down with their 'in-house' Mortgage adviser. But beware! Watchdog has highlighted on Television that this can present problems. Brokers that are effectively employed by the same Company as the Agent can potentially offer completely confidential information about you and your affordability to the Sales Negotiator, who is coincidentally is aiming to obtain the best offer for the Vendor! Using an Independent Company is advantageous in these circumstances.
What supporting info is required?
We can certify your originals
Usually we'll need to see your original Passport to confirm your identity. We'll also need up to two forms of address evidence, which can be in the form of utility bills or banking statments. If you are employed, then 3 months evidence of salary credits or slips, and if self-employed usually your last 2 years acounts. When you have decided that you are ready to apply we'll usually ask for this information to support your application, and update you with any additional requirements the Lender may ask for upon reciept of your application.
Disclaimer
James Raynor is Authorised and Reulated by the FSA (463141). You may be charged a fee for the processing of your application and this fee and we estimate that this fee will be £195. Your Home is at risk if you do not keep up the repayments of a Mortgage or any other loan secured against it.
