Frequently Asked Questions

Frequently Asked Questions (FAQ's)

Why hire a mortgage broker?

An Independent Whole of Market broker will have access to High street lenders, Broker only lenders, exclusive mortgage deals and access to specialist mortgage packagers. They can find the most suitable mortgage provider, whether it is a High street lender or not. This will save clients a lot of time and effort in securing a mortgage, the broker can source and recommend a suitable mortgage product and take the hassle out of the whole process.  

When to engage a Mortgage Broker?

An independent Whole of Market Mortgage Broker should be your first port of call before looking for a property, they can assess your situation, provide various mortgage options and find a suitable lender from the Whole of the market. They can then get your mortgage agreed in principle and you will have an idea of how much you can spend on a property.

What mortgage broker should I use?

The best mortgage broker to use would be an Independent Whole of Market broker, they will have access to High Street and Non High Street lenders, specialist mortgage packagers and exclusive products.

What do mortgage brokers charge?

The fees that mortgage brokers charge vary depending on their business model, the service they provide and your requirements. My estimations show that the average mortgage broker fee is between £200 and £500.

Which mortgage lenders will lend the most?

This is a common question and depends on a range of factors, including income, bonus, commissions, overtime, number of mortgage applicants, age, number of children, outstanding loans and credit cards, credit profile, monthly commitments. This is where a broker comes in handy and can sift through the various lenders criteria and find the right lender for your situation.

How do mortgage lenders use credit scores?

Every mortgage lender has their own credit scoring system, they will look at factors like whether you are on the voters roll or not, age, income, job, dependants, credit commitments, any missed payments on loans or credit cards. They will take these factors into account and will give you a credit score and agree the mortgage in principle.  

Mortgage broker for buy to let

Mortgage brokers will provide advice on a range of mortgage products, some brokers may specialise in a certain field, for example a mortgage broker for New Build properties, or a mortgage broker for clients with credit problems, etc. Most brokers will advise on residential mortgages, however a lot will also be a mortgage broker for buy to let properties as well.

Mortgage broker for self employed

Self employed clients looking to purchase a property normally require a bit more paperwork for applications and is a more specialist field, so you need to find a mortgage broker for self employed clients who understands their income and financial accounts. We have many years experience in dealing with self employed clients.

Mortgage rates with broker

Mortgage Brokers who are Independent and whole of market have access to high street lenders and non high street lenders, which means that we have access to practically all the best rates for clients and sometimes the non high street lenders have better rates than your normal high street bank.  

Are Mortgage Brokers Regulated?

Mortgage Brokers are regulated by the Financial Conduct Authority and have to adhere to their rules and regulations.

Where to buy life insurance

There are many ways of buying life insurance and you may ask yourself which life insurance is best for me? This is where a Whole of Market protection adviser would assess your situation, requirements and recommend a suitable policy.

How life insurance helps

Life insurance is extremely important when taking on debt like a mortgage, in the event of death the policy will payout and pay off the mortgage. If no policy is in place the remaining family will be left with this debt and in some cases the property would need to be sold to pay off the mortgage. Life policies can also be used for family protection, in the event of death the money could be used to pay tuition fees, go towards a deposit for the children or to settle an Inheritance tax bill.    

What life insurance is best for me?

This is where an life insurance adviser is best placed to advise you on your particular needs. You can get decreasing term assurance to cover a mortgage, level term life cover for family cover. In addition to life insurance you can also bolt on critical illness cover, this will pay out on diagnosis of a critical illness. Each insurer has their own conditions they will cover, so an adviser is essential in recommending the correct policy. Look at this article which unfortunately highlights the consequences of having the wrong policy (Clicking on the link will mean that you are leaving our regulated site) - http://bit.ly/2ys1Mzn 

Who should have income protection insurance?

Everyone is the short answer, if you are working and have bills to pay every month then income protection is essential to have in place to pay these expenses in the event of accident or illness. Some employers may offer to pay full pay for 3 months and then half pay for 6 months and then Statutory Sick Pay thereafter for example, however your expenses will remain constant and need to be paid every month, so a 50% reduction or more in income will have a dramatic effect on your life. This is not only if you have a mortgage, if you are renting the rent needs to be paid too, so everyone really needs to have an income protection policy in place to maintain their lifestyle and families security.

Why business owners need life insurance

Business owners need life insurance for various reasons, these include loan protection, Key Person cover, Partnership Protection amongst others. By not having the relevant policies in place can put the business at risk in the event of accident, illness or death and would be prudent to have cover in place. 

Some forms of Buy to let advice are not regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Life Cover (Non-Investment) and Income Protection - The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Critical Illness Plans - The policy may not cover all definitions of a critical illness. For definitions of illnesses please refer to the Key Features and Policy Documents.

 

Contact us today!

If you have any queries or wish to make an appointment, please contact us:

07939 457589 07939 457589

dino@dcfinance.co.uk

Or use our contact form.

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