buying a house Archives - Mortgage Light

What Happens if a Mortgage Application Gets Rejected?

March 19, 2022 By Mortgage Light Leave a Comment

Buying a new home can be a really exciting process, but it can also be pretty nerve-wracking. One of the most important parts of the entire process is securing your mortgage. If your mortgage application gets rejected, however, this can be really disappointing and a major setback.

A rejected mortgage application need not be the end of the road, however. In this article, we are going to talk about the reasons why a mortgage application may be rejected and what you can do to move forward from it. [Read more…]

What is a Mortgage Agreement in Principle?

February 25, 2021 By Mortgage Light Leave a Comment

If you are looking to purchase a property, you may come across the terms ‘mortgage agreement in principle’, ‘mortgage in principle’, or ‘agreement in principle’. These three terms all refer to a statement from a lender saying that they agree ‘in principle’ to provide you with the borrowing you require subject to your information declared being verified, and the property you find being suitable to lend against.

A mortgage in principle is designed to give borrowers a strong indication of how much they may be able to borrow and some reassurance that they meet the lender’s basic lending criteria. As soon as you’ve made up your mind to start home-hunting and have an idea of what you may need to borrow, it’s generally a good idea to apply for a mortgage in principle.

This way you can start to search the property market with the confidence that you should be able to obtain the level of mortgage borrowing that you will eventually need to support a property purchase in the property price range you are looking at.

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.

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