What documents will I need to provide when applying for a mortgage?
Generally, you will need to provide your latest 3 months payslips and 3 months bank statements. For self-employed or company directors, we will need your latest 2 years tax computations which we can requested directly from your accountant should you wish. We will also need a copy of identification in the form of a passport or driving licence. If you are using any benefits such as child benefits or child tax credits, we will need your bank statements and/or your latest award letter.
What is a decision in principle?
An Agreement in Principle is a simple way to find out if you can borrow the amount you need to buy or remortgage your property, without a full credit check. This is the first stage in establishing the best lender for your needs to make sure you meet their criteria, and they are the right fit for you.
What is a credit score/how do I improve mine?
Your credit score is based on analysis of your credit report which represents your credit worthiness. Your score is based on information given from lenders/providers you have credit with or have previously had credit with. The best way to keep a good credit score is not to have too much credit and keep up to date with your payments. Having too many credit cards near the credit limit can also damage your score.
How much can I borrow for a mortgage?
This depends on your personal circumstances, how much income you have and what outgoings you may have. Lenders assess this is different ways, so if you struggling to get what you desire from one lender, it’s always worth trying another. Here at IQ we will research all of the lenders to get you the amount you need.
What fee’s are payable during the mortgage process?
Here at IQ we don’t have a set fee as it all depends on each individual mortgage and situation. Our charges may increase for cases that need more work.
What help is there for a first-time buyer?
The governments help to buy scheme enables First Time Buyers to get on the property ladder with a 5% deposit. The government puts in up to 20% of the purchase price meaning you can secure a lower rate on your mortgage as this increases your deposit to 25%.
When remortgaging, should I stay with the same lender or find a new one?
This depends on your personal circumstances, as we are whole of market we can look at all lenders to find you the best one to suit your needs as well as looking what your current lender can offer to advise you on the best solution.
Why should I remortgage?
Remortgaging could save you a lot of money as you can get the best deal available each time you do. Remortgaging is also beneficial if you are looking to borrow more money for debt consolidation or home improvements for example, as you might not meet your current lenders criteria.
What lender should I use for my remortgage?
We will research all of the lenders on the market to bring you the lender that best meets your needs with the best deal for your personal circumstances.
What are the fee’s payable when I remortgage?
Depending on your circumstances, you may need to pay a valuation fee, this is dependent on the type of mortgage you need and the chosen lender. You may also need to pay solicitors fees to register the lenders charge on your property. Some lenders offer free valuation and solicitors fees.
What is a protection policy? Why should I take it
A life insurance (often referred to as a protection policy) is a monthly payment plan which is paid out to you in the event that an illness or accident may occur. In the event that you are left unable to work for any period of time, or indeed if the worst should happen, a protection policy gives you the peace of mind in knowing that all financial consequences of inability to work or death are taken care of for yourself and your loved ones.
When should I take out protection?
No time is too soon to take an insurance policy. However, during the process of taking out a mortgage, moving home or making any major financial decisions, factoring in an insurance policy is recommended, to give peace of mind that all major debts and costs you may have, are taken care of if the worst should happen to you or a loved one.
Do I need to provide a medical check for a life insurance policy?
The need for medical checks are varied and depend on individual clients, their circumstances and lifestyle. Be that as it may, IQ works tirelessly to make the process and simple and efficient for you, to ensure you are given all the information as to receive the best policy available.