Making criteria work

November 1, 2022 By Mortgage Light Leave a Comment

We’re specialists in ensuring our clients have the right mortgage for their circumstances. And even when faced with difficult or unusual circumstances, our friendly, experienced team pull out all the stops to do everything we can to get our clients their dream home.

Here is a selection of case studies which demonstrate where we’ve helped our clients in particularly difficult circumstances

Problem A:
We had a client who had the deposit money coming from Turkey. Unfortunately lenders do not allow deposit money to come from this country at the moment, due to FCA sanctions

Solution:
We recommended a mortgage with Santander as they would accept the deposit coming from a loan

Problem B:
A client was buying an apartment but wasn’t sitting with most lenders’ affordability

Solution:
We went to the Bank of Ireland as they ignore service charges

Problem C:
We had a client that wanted to buy a house, but the monthly payments were too high (90% lending)

Solution:
We got the builder to pay 5% toward the deposit. This attracted a lower interest rate and reduced the loan – and in addition to this Santander will also allow a part of the loan to be on interest-only which meant we got the monthly payments in budget for the client

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All of our brokers deal with the whole of the mortgage market. It doesn’t matter what the question or when you want to speak to us, we have brokers available on the phone or face to face seven days a week. Whether you are just thinking of buying a home and have no idea where to start, a seasoned investor or someone looking to better your current mortgage product, we are happy to help andchat over ideas free of charge.

So we can give you plain and simple advice we will run through some basic questions to help us tailor products to suit your needs. Upon us taking your application forward we will write to inform you that we have given you advice and give you a Key Facts Illustration breaking down the important elements of the product and the fees involved.

For us to take your application forward to a lender we charge an upfront administration fee of £495. For our returning customers looking to renew their mortgage product this fee reduces to £250. We also receive commission from the lender.

Our fee is payable on mortgage application. We charge up to 1% but our typical fee is £495 for all new residential applications, £645 for loan sizes of £50,000 or lower, and £695.00 for limited company buy to lets. However, with our existing customers our fee is reduced to £250 for a Remortgage or if we end up doing a product transfer we do not charge. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. For commercial mortgages, our fees are subject to the nature of the finance and structure of the loan, with a minimum fee of £1000. Other fees may apply. We will receive commission from the lender in addition to the fees you pay. As with all insurance policies, conditions and exclusions will apply.

Covering Milton Keynes.

Registered Office: Mortgage Light Ltd, 15 High Street, Brackley, England, NN13 7DH. Registered Company Number: 8184773. Registered in England & Wales.