There are a number of different criteria’s that can be applied to this section of mortgagees.
- Do you want to keep your current home and rent it out?
- Are you just looking to sell and move?
- Do you have a negative equity property that you wish to sell and carry the mortgage over to a new property?
- Do you have a property in negative equity that you wish to hold on to and seek a new mortgage on a new property?
There are examples in recent months of customers availing of all of the above and each bank has different criteria to the above.
Another situation we have noticed is where the existing property is in need of major refurbishment – banks will lend to refurbish.
As an mortgage broker / advisor we can advise you without prejudice on each of the different banks (operating in the broker market) mortgage offerings, and terms and conditions for trading up mortgagees.
- Which bank will give me the most money i.e. which banks take account of commissions and overtime?
- Who will give the most to the self-employed? Which bank will add back items from your accounts, such as depreciation, to increase your salary?
- What mortgage rates apply? – the difference between Fixed or Variable Rates and Discount mortgage rates?
- What is the maximum term available?
- Where to get mortgage protection and who provides the cheapest cover?
After assessing your individual situation and advising you accordingly we will then professionally package your application so that it meets fully with the expectations of the proposed bank.
In addition we are flexible with regard to meeting times so you don’t have to take time off work, as you would with a main street bank.
Take into consideration the possibility of extra costs and expenses like Stamp Duty, Property Taxes, Legal Fees, etc.
NB At present we are not charging mortgage customers a fee – if we cannot get you a mortgage we will not be paid commission by the banks. Also, it is worth noting that the mortgage interest rates you get from a Broker are the same as those available by going into a local branch or applying online.