How are we paid?
Typically we will receive a procuration fee from your recommended lender. We will never recommend one lender ahead of another because they will pay us more. We will also receive a commission for arranging any insurances as a result we very rarely charge you a fee, however you do have the option to pay us a fee if you choose to do so!
Are Mortgage & Money Management Independent?
Yes. Because we report directly to the Financial Services Authority (no. 452616) we have access to the whole market place. In addition we offer exclusive products via packagers that are not available to you on the High Street. This can save you thousands of pounds in monthly costs and up front fees.
Arranging an appointment?
We have brokers covering Bedfordshire, Buckinghamshire, Essex, Hertfordshire and Oxon, however we do also cover London. Appointments will be at a mutually benefical time, at a place that is convenient to you. We are quite happy to arrange 'out of office hours' appointments.
What service will I receive from you as a customer?
We feel that our service levels are second to none. Each of our brokers, with the assistance of our Head Office administration team, take full responsibility for not only the advice given, but also ensuring that you are kept up to date and that the offer is produced swiftly. You will be provided with a personal reference number where you can track the processing of your mortgage application with our online Customer Login.
What happens when my mortgage completes?
Once your mortgage has completed we will diarise to contact you to review your mortgage requirements at the end of the product term.
We want you as a customer for life and happy in the knowledge that you will do business with us on a regular basis throughout the life time of your mortgage.
Types of Mortgages Available
What is a fixed rate mortgage?
All mortgages have a product which tie you in for a certain amount of years, if you choose a fixed rate mortgage you are assured that during this time the rate will stay the same and your monthyl mortgage costs will not alter i.e. fixed.
What is a tracker rate mortgage?
This tracks along side the Bank of England base rate, so if the Bank of England decide to put the rate up, your mortgage rate will increase, if they decide to drop the rate, again your mortgage will decrease accordingly. A tracker rate mortgage will move up and down in line with Bank of England bank rate.
What is a variable/discounted mortgage?
Again, this will move up and down with the Bank of England base rate, however, the amount it increases or decreases is set by the chosen lender and may therefore differ slightly from the actual increase or decrease put in place by the Bank of England.
What is an Offset mortgage?
Designed for flexibility where you can “offset” your savings against your mortgage balance. You will only pay interest on the outstanding mortgage balance i.e. £100,000, £20,000 in the savings account, you would only pay interest on the outstanding balance of £80,000.
What is a High Lending Charge?
This is a fee payable to the lender, typically where a small or no deposit is being paid by you for the purchase of your property. It covers the lenders costs if you default on your mortgage and you are repossessed. It can be very expensive, however,not all lenders insist on this and typically we will avoid this added expense for you by finding a lender that will pay it on your behalf.
What is an early repayment charge?
When you take out a mortgage product it is set for a certain period of time i.e. 2 year fixed rate, 3 year tracker rate. During this period the lender will have stated in your mortgage offer that if you repay the loan in full, you will need to pay a certain percentage back to them for finishing the mortgage early. Each lender works this out to their own scales, however your advisor will have talked this through with you when selecting the mortgage deal that suits you. When reviewing this, deals are available with no early repayment charges at any time or a lender may ask you to tie in for a longer period if the inital rate was very cheap.
What is a Loan To Value (LTV)?
Loan To Value is the amount of money you wish to borrow against a property i.e. if you were purchasing a property for £100,000 and you needed to borrow £95,000 the LTV for mortgage purposes would be 95%. Depending on each lender and your circumstances the Loan To Value required will vary, your advisor will discuss this with you.