Frequently Asked Questions

1. Why come to Independent Mortgages when the high street is full of lenders? 2. How much will it cost to arrange 3. Legal Fees 4. Arrangement Fee 5. What about Insurance? 6. Would your family's home be protected if something happened to you? 7. What information will you need? 8. How long do I have to repay my mortgage? 9. Can I get payment protection? 10. What is the Mortgage Code? 11. What happens if I change my mind? 12. How do I repay my mortgage? 13. I’ve had problem with finance in the past. Can you really help? 14. I’m self-employed and for tax reasons my accountant has minimised my income. Will this affect how much I can borrow?

1. Why come to Independent Mortgages when the high street is full of lenders? We specialise in finding mortgages for clients who may have difficulty getting a mortgage from a traditional bank or building society. We have schemes to suit people that have mortgage arrears, credit problems, no proof of income, unusual properties and hundreds of other situations that might cause banks to say 'no'. Whatever your circumstances we can normally find a mortgage to suit you. 2. How much will it cost to arrange You may incur some or all of the principal transaction costs described below when taking out a mortgage with us. Full details of costs will be provided with your mortgage quotation. If you are re-mortgaging there may be redemption charges or other fees payable on redemption of your current mortgage. It is important that you are aware of these costs and have considered them fully before proceeding with a new advance. If you are re-mortgaging and any of the funds raised are being used to repay or consolidate existing unsecured debt then you should be aware that these will now be secured by way of a first charge on your property and you may pay more over the long term. If your payments lapse then your home maybe at risk. 3. Legal Fees You may need to instruct a solicitor to act on your behalf and you will be responsible for paying their costs. 4. Arrangement Fee We may charge you an arrangement fee which will be deducted from the mortgage advance. This payment is for the time we spend researching the market, giving advice and for the administration involved in submitting the application to the appropriate lender on your behalf and ensuring the transaction is completed to suit your requirements. Any fee payable will be notified to you in advance of any chargeable work taking place and will be subject to a separate agreement. 5. What about Insurance? A mortgage is one of the largest financial commitments that most people take out. It therefore makes sense to ensure that you have adequate protection in case things go wrong. 6. Would your family's home be protected if something happened to you? We will tell you if your mortgage is conditional upon arranging any insurance policy. We are able to offer the following insurance plans: Payment Protection Plans Life Insurance uildings Insurance Help to secure your future by getting the right advice. 7. What information will you need? As we proceed with your enquiry we will provide you with a detailed quotation relevant to your mortgage needs. During our initial call with you we will complete a detailed mortgage questionnaire so that we can give you appropriate advice on your mortgage and related products. Once we have made our recommendations to you we will confirm our advice in writing. Details of your mortgage will also be confirmed in your lender's formal offer. 8. How long do I have to repay my mortgage? We can arrange mortgages over terms from 5 to 30 years. We do not recommend that your mortgage continues beyond your intended retirement date unless you have adequate income to continue to meet your mortgage commitments in retirement. 9. Can I get payment protection? Our payment protection plan offers a simple and effective way to protect your monthly repayments and give you peace of mind. 10. What is the Mortgage Code? The Mortgage Code is a voluntary code that sets minimum standards of good lending and advisory practice.  In subscribing to the code we promise that we will: Act fairly and reasonably in all our dealings with you. Ensure that all our services and products comply with the Code even if they have their own terms and conditions. Give you information on our services and products in plain language and offer help if there is anything you do not understand. Help you choose a mortgage to fit your needs unless you have already decided on your mortgage. Help you understand the financial implications of a mortgage. Help you understand how your mortgage account works. Ensure that the procedures our staff follows reflect the commitments set out in the Code. Correct errors and handle complaints speedily. Consider cases of financial difficulty and mortgage arrears sympathetically and positively. Ensure that all our services and products comply with relevant laws and regulations. 11. What happens if I change my mind? You are under no obligation to proceed, and there will be no cost or fees incurred, provided you have returned your original application within 7 days as we will have paid the valuation fee. 12. How do I repay my mortgage? Unless you request otherwise we will arrange a repayment mortgage for you. Repayment Part of the monthly payment pays off the interest on your mortgage and the balance of your monthly payment pays off part of the capital of your mortgage. The monthly payments will first go towards paying the interest and then towards paying off the capital. With this arrangement you are guaranteed to repay the loan in full by the end of your mortgage term, provided that you have maintained your repayments in full. Interest Only The monthly payment covers only the interest on the mortgage; no reduction is made in the capital outstanding. With this option the whole of the mortgage will remain outstanding at the end of the mortgage term. It is important that in the case of an interest only mortgage you put in place a suitable repayment vehicle such as an endowment policy, ISA or pension. If you wish to go ahead on an interest only basis we recommend that you approach an Independent Financial Advisor to help you select an appropriate repayment vehicle. 13. I’ve had problem with finance in the past. Can you really help? Yes! Although there are some people who are simply beyond help. Many people had problems with their finances at some time, so you are not alone. Call us on 0845 094 2716 and explain your circumstances, we’ll do our best to help you. 14. I’m self-employed and for tax reasons my accountant has minimised my income. Will this affect how much I can borrow? More to come...