Most mortgage products allow you to make overpayments of up to 10% of the mortgage balance each year, without penalty. Some mortgages have no early repayment charges attached and therefore allow unlimited overpayments. If you require more flexibility we can recommend the appropriate product.
Most mortgages are portable. This means you can take the mortgage with you if move house, subject to the lenders underwriting criteria at that time.
This is entirely up to you, we offer advice over the phone and via email as we know this is convenient for most people. However we are more than happy to have a face to face meeting if you’d prefer to have a chat in person.
There are numerous ways in which underwriters assess self employed applicants and we usually request a latest set of accounts to determine the best way forward. There may be additional documents needed to satisfy underwriting but these are typically provided by your accountant.
Simply pick up the phone and give us a call. One of our advisor’s will be able to guide you through the process. Jordan Lynch will apply directly with the appropriate lender and take care of the hard work for you.
Jordan Lynch will be able to apply for your mortgage as soon as you have had an offer accepted on a property. On average, it will take 2 weeks from the point of application to the lender issuing a mortgage offer.
All lenders use affordability calculators to determine how much you will be able to borrow. Generally speaking you could borrow 4.5x times your annual salary but ongoing credit commitments may affect this. Jordan Lynch will be able to calculate the maximum loan available to your specific circumstances.
Your credit score will have some impact on this but you will need at least 5% deposit to purchase a property. If you are purchasing a rental property you will need at least 25%.
This will depend on the amount you borrow, the interest rate available and the overall term used to repay the mortgage. Our advisors will be able to work in line with your budget so please give us a call. Please also visit our calculators for further information.
Jordan Lynch offer a high level of service that you simply won’t find if applying direct to a high street lender. We have access to exclusive deals which you will not find on the high street and bespoke underwriting to deal with complex situations.
Overall we can save you significant time in obtaining your mortgage offer when quite often, speed is of utmost importance.
When you place an offer on a property the estate agent may request a copy of your ‘agreement in principle’. This is the first hurdle in obtaining your mortgage. The lender will carry out a credit search and determine whether or not you meet their lending score. They will also check the mortgage is affordable against your current registered credit commitments. You can apply for an agreement in principle before you have started searching for your property as this provides assurance that you can obtain a mortgage early in the process.
Taking out a mortgage on an ‘interest only’ basis means you will just being servicing the interest payments rather than paying back any capital. At the end of the term you will still owe the full mortgage balance. This type of lending is quite restricted and you must have a valid repayment vehicle in place when applying. Our advisors will be able to discuss this with you and if you meet lending criteria, advise whether your circumstances would benefit from an interest only mortgage.
Conveyancing is the legal process under which a property is transferred from one owner to another. A conveyancing solicitor undertakes all of the administrative work that ensures your house purchase is legally valid and that you receive the title deeds to your property.
Equity release allows you to access the equity tied up in your property without having to sell it and move home. The money released can be taken in a lump sum or in small amounts as an when needed. Usually you won’t be required to make payments on the loan and can remain in your home for life or until you move into long term care. Jordan Lynch have an Equity Release specialist advisor if you require further information.
This is the process of replacing your existing mortgage with a new one. There are numerous reasons to re-mortgage, such as raising capital for home improvements, clearing other debts, or simply just to obtain a better rate than being offered by your existing lender.
Each lender has their own set of fees, some will provide fee-free incentives to stand out from the market. The most common fees are the lenders arrangement fee (usually added to the loan and incorporated into the monthly repayment), a valuation fee, a broker fee and finally your legal fees.
You will be provided with an illustration detailing all fees and when they are payable before any application is submitted.
Your first cost when obtaining a mortgage is paying for a survey – some lenders will offer a free valuation for mortgage purposes but its wise to instruct a more detailed survey for your benefit. Depending on the condition of the property or the outcome of a detailed survey, you may wish to instruct specific reports (structural, roofing, damp and timber etc), we will be able to provide quotes for this if necessary.
The main cost will be connected to the conveyancing and stamp duty tax. Jordan Lynch can provide quotes for conveyancing firms which will include the stamp duty liability. You may also require the services of a removal firm.
Long gone are the days of self certification, all lenders require proof of income to ensure the mortgage is affordable. The mortgage industry is now heavily regulated and there are certain compliance standards which need to be adhered to.
We will confirm what documentation is required on application but a minimum to expect would be one payslip or set of accounts, one months bank statement and name and address identification.
A surveyor inspects the subject property, initially on behalf of the lender to provide a valuation for mortgage purposes and ensure the property is deemed adequate security. You can instruct a surveyor to carry out a more detailed report to provide further confidence over the condition of the property. There may be certain repairs needed that aren’t obvious and a detailed report highlights possible risks associated with the property. It is advisable to obtain an in-depth survey to give you the peace of mind you know what you are buying.