We have addressed some general questions below.  If you have further questions, please contact us!

• How can I work out what I can afford? - Your Loan Officer can help you calculate this!
  
• What is an Interest Only mortgage? - Payments are used to pay interest only and no contribution is made towards reducing the actual mortgage amount. Payments are affected by interest rate changes and will decrease or increase in line with any changes.
  
  As payments are intended to pay interest only, the balance of your mortgage is not reduced and the capital sum becomes due at the end of the agreed period of the loan. It is important that suitable arrangements are in place to repay the loan amount outstanding (together with any accrued or unpaid interest) by the end of the mortgage term. You usually need to contribute to an acceptable Investment or Pension Plan that will repay the mortgage at the end of this agreed period.
  
  There are several types of Investment vehicles which can be used to repay an interest only mortgage. Each one has its benefits and drawbacks and much care is needed when selecting the product best suited to your individual circumstances.
  
• What is a Repayment (Capital & Interest) mortgage? - A repayment mortgage repays interest and capital simultaneously throughout the agreed term. In the earlier years you pay mostly interest and very little capital, then as the loan matures you progressively start to repay more capital so the outstanding mortgage balance reduces over the term of the mortgage.
  
• What type of mortgage should I go for then, Repayment or Interest Only? - Contact our one of our professionals and they will ensure that you have all the information you need to make an informed choice.
  
• Are these payments ,from the mortgage calculator, exact? - No, remember these are there only for a guide and we would recommend that as soon as you know your exact details, you contact us so we can help you decide which current mortgage and lender is best for you so we can calculate the exact monthly payments required.
  
• When does the property become legally ours? - Your purchase becomes legally binding when contracts are exchanged between you and the vendor, normally with a deposit having been paid and suitable building insurance put in place. (of course it's not completely yours until the mortgage is all fully paid up !!)
  
• What are the different types of valuation fees for? - There are three types of valuation reports available, generally all payable by you for the use of the lender, as it allows them to assess the suitability of the property as security for the loan.
  
  • 1. Mortgage Valuation: The simplest form of survey - intended to check whether or not the property offers suitable security for the loan. Solely for the benefit of the lender although you will normally receive a copy of the report.
    
  • 2. Home Buyers Report: A concise summary on the state of repair and condition of the property, including a valuation. Although not generally suitable for large or period properties, its main aim is to advise the purchaser on whether or not the house is worth the purchase price and to provide a reasonable level of guidance in relation to the condition of the property.
    
  • 3. Full Structural Survey: A detailed inspection of the property which is especially useful if you are purchasing a large or older property, or even where extensive alternations have been made or are proposed. This report will give full details and information on the present state of the property including any essential repairs required.
    
• What is indemnity insurance and will I need it? - If your mortgage represents a high percentage of the valuation or price of your property (usually 75% or more), you may be required to pay an additional fee. Some of this additional fee may be used by the lender, at its discretion, to obtain mortgage indemnity insurance to act as extra security for its sole benefit, should your property be subsequently taken into possession and sold for less than the amount you owe.
  
• Can I get a mortgage if I am self-employed? - Yes. We specialize in finding deals around for the self-employed, we specialize in finding the best deals around for the self employed or those wishing to self certify their income. Although a number of lenders may want two years of full accounts we should be able to solve any difficulties you may have encountered and still find you a competitive mortgage rate.
  
• If I have had financial difficulties in the past, can I still get a mortgage? - Depending on your exact past problems, there is still every chance that we will be able to obtain you a home loan and still at a competitive rate. Even those with County Court Judgments (CCJ) and other similar problems may still get approval for a mortgage.
  
• Will we need to provide any references for our mortgage? - Yes, lenders usually apply for confirmation of income, previous lenders or landlord's references as well as a credit check. Although this will depend on the type of mortgage being applied for.
  
• I am a first time buyer and I suspect I may need a 100% mortgage, is that possible? - Yes, we can usually source home loans up to 100% for first time buyers, but the rates for these loans are normally a fraction higher than normal market rates.
  
  
  Some additional Jargon explained
  
  • APR - The Annual Percentage Rate is intended to help you compare the true cost of loans offered by the different lenders, as it takes into account not only the interest charges but also all fees and administration costs too.
    
  • Advance - The money that is lent by the lender
    
  • CAT - Standards Which stands for reasonable Charges, easy Access and fair Terms. It is a Government benchmark standard for mortgages and is intended to be straightforward, fair and easy to understand.
    
  • Completion - When the property becomes legally yours, and you finally get the keys, ( although it's never really yours until the loan is fully paid up !!)
    
  • Equity - The difference between what your property is worth and how much you owe on all loans secured against it.
    
  • Exchange - The time when the identical contracts between the buyer and seller are exchanged and the deal becomes legally binding.
    
  • Purchaser - The person or persons buying the property.
    
  • Term - The number of years the mortgage loan is due to be repaid.
    
  • Vendor - The person selling the property.

A 1st Primacy Mortgage consultant can recommend the financing program that’s right for you.  Click here to contact a Representative of your choice. 

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