Mortgages and commercial mortgage made easy – In a nutshell, advice by John Allen from Team Financial Services
Click here to view the transcript
Speaking to the wrong advisers can cost you thousands!
What is a mortgage? Simply it’s a Loan that you pay back in monthly installments or one lump sum at the end.
How do I get one? Easy you either go into a bank or building society Or speak to an independent mortgage adviser like myself.
How much does it cost? You will normally pay a fee once you have instructed a mortgage adviser to work for you but initial advice is nearly always free.
Is it complicated!
Not if you speak to the right advisers as it’s their job to comply with the financial services guidelines but more importantly advise you.
Can I get a mortgage?
This question can either take 2 hours of your life and a number of interviews to get the Yes or No answer you want, but most people initially just want a quick
indication if they are going to be able to buy a home.
So it’s important to speak to a person.
what I want is the answer to 5 simple questions
I call it the 5 second mortgage
1 value of your new home
2 size of your deposit
3 your incomes and are you employed or self employed
4 your liabilities /loans/credit cards/maintenance/etc
5 your credit file / have you missed any payments on loans/ county court judgements /etc
The self-employed and company directors normally have the biggest issues getting a mortgage.
Company directors with over 25% shareholding are classed by the majority of lenders as Self-employed.
New start up businesses with 1 years trading account accepted, accountant’s references and retained profit in your company are all accepted by certain lenders.
As you can see this is where you might need to speak to a mortgage advisor.