Mortgage FAQs

Yes. We work closely with a number of highly recommended solicitors that we can put you in touch with

During your first appointment we will discuss your situation and if we feel that the mortgage will pass a lender’s credit score then a DIP is not necessary. The most competitive lender can change on a daily basis, so we feel the DIP would be a waste of a credit check.

Yes, you will require a deposit to get a mortgage and the minimum requirement for most lenders is a 5% deposit.

With a larger deposit your loan-to-value will be lower, which means you are less of a risk to a lender. Lenders are more likely to offer you a better mortgage rate, which will mean lower mortgage repayments.

We do not charge broker fees to Teacher’s or clients with a blue light card, please speak to your advisor in the appointment whether there will be a fee payable on your mortgage, typically the fees range from £299 to £995 depending on loan amount and complexity of the case.

We are fee charging mortgage brokers, please speak to your advisor in your appointment who will confirm the broker fee that will be charged, our fees typically range from £299 to £995 depending on the amount you are borrowing and the complexity of the case.

Downloading your Credit Report from Experian

1. Log into your Experian account or sign up here.
2. Click the menu option that says ‘Credit Reports & Tools’ and then click ‘Credit Score & Report‘.
3. In the top right just under the ‘Alerts’ icon, there is an icon that says ‘Print or Save’. Click this.

Printing your Tax Calculation (SA302)

1. Log in to your online account.
2. Follow the link ‘tax return options’.
3. Choose the year from the drop down menu and click the ‘Go’ button.
4. Select the ‘view return’ button.
5. Follow the link ‘view calculation’ from the left hand navigation menu.
6. Follow the link ‘view and print your calculation’ at the bottom of the page.
7. Follow the link ‘print your full calculation’.
8. Printing your Tax Year Overview

Log in to your online account.

1. Follow the link ‘view account’.
2. Follow the link ‘tax years’ from the left hand navigation menu.
3. Choose the year from the drop down menu and click the ‘Go’ button.
4. Follow the link ‘print your Tax Year Overview’.

From the date the mortgage application is submitted, we aim for you to receive your mortgage offer within three weeks. However, it is often sooner than this.

We offer FREE telephone consultations for 30 minutes, please book in here.

We do not recommend more than four credit checks in a six month period and that includes all types of credit. This is why we resist doing the DIP until you are absolutely ready to proceed.

No, private sales are acceptable

If the mortgage is affordable and fits with the lenders criteria then you can do a transfer of equity, which will transfer the property into sole names or into the name of another person.

We would always recommend that you come and talk to us about what is involved before you put your property on the market.

This includes going through all of the fees that are associated with a sale, such as estate agent fees, solicitor fees and Stamp Duty, as well as making sure that your new mortgage will remain affordable. IMS are estate agents too so we can help market your property for sale.

There are some lenders who will accept adverse credit applicants.

We would always advise you to obtain your credit report from www.crediexpert.co.uk and bring this to your first appointment so that we can discuss this in more detail.

We will review your existing mortgage deal and if we are able to save you money, we can switch your mortgage for you.

It is not compulsory, however it is important to protect yourself and your family should the worst happen. We can advise you on the insurances that would adequately cover you.

You will incur the early redemption penalties if you want to switch your deal, but this may work out more cost effective in the long term. If you are moving home and have redemption penalties, then we will always look to port (move) your mortgage first to see if we can save these charges.

Mortgage payment protection insurance will cover you usually for a period of 12 months and can cover you for accident, sickness and unemployment or a combination of these. It is recommended, but not compulsory.

Mortgage payment protection insurance has to be taken out within 30 days of taking out a new mortgage, remortgaging or taking a further advance.

If you are employed, we will require your latest three months’ pay slips and latest P60. If you are self-employed, we will require the last two years of accounts. Other documents needed:

• latest three month’s bank statements showing salary credits
• passport or driving licence
• council tax or utility bill dated within the last three months
• credit file from Experian (if you have had any adverse credit history in the past)
• latest mortgage statement
• HMRC confirmation letter for income derived from tax credits or child benefit
• latest pension statement.

When your remortgage or purchase completes, you will need to cancel the direct debit you have set up with your current lender.

• Employed and self-employed income
• Maintenance payments
• Child Benefit
• Child and working tax credits
• Pension income
• Rental income that is declared on a tax return.

The assumed date stated on your mortgage offer is not a definite date, this may change dependent on how long it takes to reach an exchange/completion date. The mortgage lender will write to you after completion and confirm when your first payment will be expected and how much it will be.

The lender will write to you, usually within 14 days of completion to let you know when the first payment will come out and how much it will be. Please note your first monthly payment is usually higher.

Yourselves, us as the mortgage broker and your appointed solicitor.

As independent whole of market mortgage brokers, we use the majority of high street banks and building societies. Some will offer better deals if you go direct rather than through a broker and some the other way around. We are more than happy to compare deals that you find direct through a bank or building society.

If it is a standard valuation, no, there is no report issued, it is for the lenders purposes only.

If you have opted for a homebuyer’s survey, you will receive a copy of this a few weeks after completion of the valuation. We do not receive a copy of this and neither does the lender.

Yes we update you every week with an update until your mortgage offer issued, we email you with the update.

No, our appointments are free of charge