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FAQs
What deposit do I need?
The minimum requirement for a deposit at present is 5% of the value of the property you are purchasing. However, if you save at least a 10% deposit, or more, this will not only widen the number of lenders we can look at recommending but it also gets you a cheaper rate of interest.
What costs are there when arranging a mortgage?*
The fees when you are buying a house are:
Valuation Fee – charged by the lender to value the property and generally paid up front with your application. Some lenders offer free valuations but you could be looking at a cost of circa £250.
Conveyancer/Solicitors fees – charged by the conveyancer to complete the legal transactions on the property purchase or re-mortgage from one lender to another. The cost varies depending on the type of transaction but we do have a preferred partner Conveyancer, that we can obtain a no obligation quotation from, for you.
Stamp duty land tax – a tax levied by the government on property purchases Stamp Duty Land Tax – GOV.UK (www.gov.uk)
Source: Money Saving Expert
Lender Arrangement or Product Fees – charged by the lender for arranging the loan or reserving the product. These can in most cases be added to the loan itself as opposed to being paid upfront. This can assist with upfront costs but also to bear in mind that this will then have interested charged on it and so will mean you pay more back overall.
Broker Fee – Broker Fee – Once you have been advised by our qualified expert, a fee will be payable and an application is made on your behalf to the lender. We will have meetings where you can ask as many questions as you need to before you pay any fees to us. We do not charge a fee for our Protection advice. We will however receive commission from the insurer; the amount of the commission will be a proportion of the premiums you pay for your insurance product.
*These costs are a guide and correct as of March 2022
What if i've been declined by my bank?
At MMS we have access to a very comprehensive range amount of lenders. We can therefore work with you to find a lender most suitable for your circumstances – this includes both high street lenders and more specialist lenders. We work tirelessly to exhaust all options for you, so if you have been declined previously this doesn’t mean you will be declined again. We also provide advice and tools to increase your credit rating and in turn increases your chances of a better mortgage rate.
What is a credit score, how can I improve it and how can I find out mine?
This is a score that we all have and is based on how we have conducted our finances over the preceding six years and is used by Financial Services companies to assess our credit worthiness.
You can improve your score by proving that you can repay debt and cope with any credit commitment you have, such as loans and credit cards and by paying things like mobile phone bills and utility bills on time. Also, it helps to be on the electoral role.
What insurance do I need for a mortgage?
As an absolute minimum, the building itself needs to be insured. We would highly recommend that you also insure the contents within your home too. Other important insurances we will recommend are life insurance, critical illness cover and income protection insurance, all of which are quoted from across a very vast range of the most sustainable and competitive providers.