- Why Platinum Mortgage Solutions?
- Will I receive impartial advice?
- Which lenders do you use?
- I’m a first time buyer. Where do I start?
- I'm moving house. What do I need to do?
- How long will it take to arrange my mortgage?
- How much can I borrow?
- How much will my monthly payments be?
- What will you need from me in order to arrange a mortgage?
- I want to build my own house. Can you help?
- How can I tell how much my current home is worth?
- What is a “buy-to-let”?
- What is a re-mortgage?
- Why would I want to re-mortgage?
- What information do you need to help me re-mortgage?
- Is re-mortgaging costly?
- I'm self employed.. can you help?
- Do you have a Customer Promise?
- Do you charge a fee for your advice?
We are a tight-knit team of family-oriented people with a healthy understanding of how to support clients and help them make the right choices. The fact that most of our new business comes from referrals and repeat custom bears testament to our determination to provide great advice.
Yes. We scan our portfolio of mortgage products to come up with the best options for you.
We research details on all the available products from every mortgage company. This means we can always choose from the best products available to fulfil your needs at any time.
There are a number of steps to buying a home and Platinum will be delighted to help you throughout.
First, let us help you work out how much you can afford, based on your income and existing commitments.
Next, let us arrange a mortgage agreement in principle, so you know exactly how much money you can borrow and are ready to make an offer if you see somewhere you like.
We can also help you to find a solicitor you’re happy with at this time, to provide conveyancing services.
Now you can go home hunting.
When you find somewhere you like, you can make an offer to the owner, usually via the Estate Agent. We can advise you how much to offer.
When you submit an offer that is accepted, you need to formally apply for the mortgage. Platinum will scrutinise the market to find you the very best deal and complete the application for you.
Next comes the survey and valuation so that the mortgage company knows the property is worth at least as much as they’re lending.
Once the solicitor receives a copy of the mortgage offer and completes their enquiries, the next step is to exchange contracts, when both buyer and seller become legally bound to the transaction, and you as the buyer must take out buildings insurance.
Completion is both the date when the mortgage starts (known as “drawdown”) and when the property actually becomes yours.
Finally, you can move in.
Before you start looking at new properties it’s important to do the sums. We will help you to work out exactly how much you need to borrow to buy your next property.
We generally start by looking at how much deposit you will have available, after repaying your old mortgage, the estate agents fees & the solicitor fees and allowing for moving costs.
In some cases, your current lender will allow you to keep your existing mortgage & port it over to your new property – this may be a good thing to do if you have an attractive mortgage product or if you will incur early repayment charges by paying it off.
You will need to consider stamp duty, solicitor fees, mortgage arrangement fees, valuation fees, mortgage broker fees, plus the cost of any refurbishment work if required.
So, there is much to think about and it’s a good plan to have a mortgage agreed in principle, before you start your house hunt – we are happy to take care of this for you.
The time scales can vary considerably when applying for a mortgage and are dependent upon many factors, such as whether you are purchasing a new property or remortgaging.
We can usually arrange an agreement in principle within 24 hours & once we have all of the required paperwork from you we will submit the application right away.
If you are remortgaging this can take around four weeks but this does depend on how quickly your solicitor acts, which can delay the process.
How much you can borrow will depend on your income and whether or not you have any other financial commitments, i.e. loans, credit cards, maintenance payments. It will also depend on how much deposit you have to put down as an initial down-payment on your property.
To find out exactly how much you can borrow, contact us today and we will advise you on your mortgage options.
Your mortgage payments will depend on the following factors:
- the amount of the mortgage
- the interest rate applicable to the mortgage
- the term of the mortgage (years over which the mortgage will be repaid)
- whether the mortgage is a repayment or interest only mortgage
A Key Facts Illustration detailing monthly payments will be provided once you have discussed all of the above with us. It is also worth bearing in mind that there will be additional costs involved that you will need to factor in when budgeting for your mortgage. Such as:
- valuation fee, which will be paid via the lender to an approved surveyor who has carried out an independent assessment of the value of the property you intend to buy
- arrangement fee, this is charged by your lender, i.e. bank or building society, when arranging the mortgage
- solicitor’s fees for carrying out the conveyancing work on your property
- Life Assurance and Buildings and Contents Insurance
We will need to see..
- your ID, usually a passport or a UK driving licence
- proof of your address, such as a utility bill or a bank statement.
- proof of income, payslips & P60 if you are employed or SA302’s if you are self-employed.
- your last three months bank statements showing your income
- property details
- solicitor details
There are a number of lenders who provide flexible mortgages for self-build renovations and conversions. Money is available when it is needed – at the start of each stage of the build. This positive cash flow allows the build to progress more quickly and money in advance ensures that you can negotiate the best prices for material and labour.
To establish a realistic valuation of your home you should take an average of three Estate Agent’s quotes. This should give you a fair indication of the current sale price.
“Buy-to-let” properties – as the name suggests – are those that are bought for rental purposes. We can arrange mortgages to purchase a property as a long-term investment, and you can then let it out. The idea is that the rent covers the mortgage repayments and you benefit from the capital gain on the property.
Buy to let mortgages are not regulated by the Financial Conduct Authority.
A re-mortgage is the process of paying off one mortgage with a new mortgage, using the same property as security.
There are three main reasons for re-mortgaging:
If your current loan expires, after a fixed-term, you may need to re-mortgage.
To benefit from a better product. For example, many lenders offer special products to new customers for fixed, initial periods. At the end of the initial term, you can often save money by re-mortgaging. Indeed, it’s wise to review your existing mortgage against the market every year.
To release equity (or, in other words, to take out a loan against your property). Your existing lender may agree to extend your mortgage but it can be less expensive to re-mortgage for the entire amount you want.
If you currently have a mortgage and want us to help you find a better product, we will need to know:
- How much borrowing is outstanding?
- What interest rate is being charged?
- When does the existing product expire?
- Are there any early repayment charges?
- Is the current mortgage portable? i.e. can it be transferred to another property?
Certainly there may be fees involved. Sometimes you may need to pay conveyancing fees to a solicitor, there may be an early repayment penalty, you may have to pay for a property valuation and there may be a mortgage arrangement fee. However, the new lender may agree to pay some or all of the costs involved.
Yes we can. We are very happy to talk with self employed clients.
Just like employed clients, lenders will need you to demonstrate that you can afford the mortgage payments and we can give clear guidance regarding what is required.
Yes.. we will always treat you fairly. You can expect in all our dealings with you that we will:
treat you as we ourselves would expect to be treated
never take advantage of you
be open and honest
quickly put right any mistake that we make
Yes.. for mortgage advice, a fee of £495-00 is payable when you apply for a mortgage. We will also be paid commission from the lender.
You will receive a key facts illustration when considering a particular mortgage, which will tell you about any fees relating to it.
If we charge you a fee, and your mortgage does not go ahead, you will receive no refund if you decide not to proceed.