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Mortgages are loans which are intended to help buyers purchase residential and commercial property. When an individual takes out a loan, the lender charges interest: the same is true of a mortgage.
A mortgage is a ‘secured’ loan, which means that the loan is secured against the value of the property being purchased until the mortgage is paid off. Sources of residential mortgages include high street banks, building societies and other types of less well known financial institutions.
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you.
It can provide the reassurance of financial protection for you, your family and your business associates.
A Life Assurance policy pays out a sum of money when the person who is covered by the plan dies.
Health Insurance is probably one of the most important types of insurance you can own. Without it, an illness or accident can have serious long-term financial implications for you and your family.
Most people will be aware that Health Insurance can cover the cost of private medical treatment for any acute conditions you may suffer in the future - from something as simple as a broken bone to more serious conditions like a heart attack or cancer.
Mortgages are loans which are intended to help buyers purchase residential and commercial property. When an individual takes out a loan, the lender charges interest: the same is true of a mortgage.
A mortgage is a ‘secured’ loan, which means that the loan is secured against the value of the property being purchased until the mortgage is paid off. Sources of residential mortgages include high street banks, building societies and other types of less well known financial institutions.
Mortgage providers follow a set of rules and procedures when deciding whether or not they will agree to provide a mortgage to purchase a residential property. Although different lenders apply different lending criteria, the amount a potential buyer can expect to borrow of a property’s purchase price is determined solely by the mortgage provider’s requirements.
Here are some of the factors lenders take into account when making their decision:
The mortgage provider will want to be certain that the borrower can afford to service the loan — i.e. to make the monthly repayments as and when they fall due. To help them make that decision, the lender will want to see the borrower’s personal financial incomings and outgoings. Any rent the borrower may be paying will be discounted, but the lender will factor in the potential cost of the monthly mortgage repayment.
The amount the borrower can contribute towards the cost of buying a property — the ‘deposit’ — is a major consideration. Because most mortgage loans are secured on the value of the property, mortgage providers prefer borrowers who can provide large deposits: the smaller the loan, the lower the lenders’ risk. And the larger the deposit, the lower the borrower’s monthly repayments will be, which reduces his or her outgoings and improves the affordability criteria from the lender’s point of view. In the current financial climate, most lenders expect borrowers to deposit at least 5% of the property’s purchase price.
Mortgage providers lend against the value of the property, not the agreed purchase price. To avoid lending more than is absolutely necessary (and therefore increasing their financial risk) most mortgage providers will insist on having the property in question valued by a qualified surveyor.
Some lenders will not consider mortgaging certain types of properties. Leasehold properties, properties below a certain price, property being purchased through an assisted purchase scheme or under a Right to Buy scheme, or where property is being purchased ‘off plan’, may not be acceptable to the mortgage provider.
Mortgage providers generally have a maximum number of years over which they lend and will set a date when the mortgage must be repaid in full.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST FORMS OF COMMERCIAL MORTGAGE AND MOST FORMS OF BUY TO LET MORTGAGE.
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Purely Financial Planning LTD is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.
PRIMIS Mortgage Network is a trading name of the following companies which are registered in England and Wales, and are authorised and regulated by the Financial Conduct Authority: Advance Mortgage Funding Limited (Co. No: 2217569 ) (FCA No: 305008); First Complete Limited (Co. No: 05416236 ) (FCA No.: 435779); and Personal Touch Financial Services Limited (Co. No.: 03406454) (FCA No.: 187834).
Registered Office Addresses: Advance Mortgage Funding Limited and First Complete Limited: Newcastle House, Albany Court, Newcastle Business Park, Newcastle upon Tyne, NE4 7YB; Personal Touch Financial Services Limited: 2nd Floor, Gateway 2, Holgate Park Drive, York, YO26 4GB.
Purely Financial Planning Ltd is registered in England and Wales under registration number: 8474750. Registered Office: Hersham Technology Park, Molesey Road, Walton-on-Thames, Surrey, England, KT12 4RZ T: 01932 213055
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Client Testimonials
I just wanted to say a big thank you on behalf of myself and John for sorting out our mortgage. You made the process so straight forward and smooth and found the perfect mortgage for us!
We have always dreaded when our mortgage deal comes to an end as it involves lots of stressful research and paperwork!!
I cannot recommend Purely Financial enough. I approached them with a complex financial matter through a recommendation and the service was above and beyond any expectations. They were extremely efficient and professional throughout and would have no hesitation in recommending them. I would like to say a personal thank you to you all also for making this such a swift transaction.
I was referred to Purely Financial as i was seeking a mortgage for myself and for my wife. Andrew was quick to respond and very informative of the products available. He drove to meet us in Guildford and instantly put our minds at ease. He helped us and guided us to a product that we were very happy with. The knowledge that the whole team at Purely financial have is second to none and really puts them in my eyes, head and shoulders above anyone else that we spoke to. From start to finish the Purely financial team were brilliant and I have since recommended them to several friends and I shall continue to use them in the future
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Purely Financial Planning Ltd
Technology Park
Molesey Road
Walton-on-Thames
Surrey
KT12 4RZ
T: 01932 213055
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