Address
119 Commercial RoadPoole
Dorset
BH14 0JD
Telephone Number
01202 716777Fax Number
01202 716788Email Address
info@bluepebblemoney.co.uk
FAQs - Mortgages
Useful Links- Do I need a deposit?
- How much can I borrow?
- Can I repay the balance early?
- What type of mortgage should I choose?
- Can you help me with a Commercial mortgage?
- What information do I need to apply?
- How much will I have to pay for mortgage advice?
- What is a credit score?
- Can I raise additional capital for home improvements or to purchase an additional property?
- Can I consolidate my credit and reduce my monthly outgoings?
- Can you help me if I have a poor credit history and/or have been declared bankrupt?
- What additional charges are involved with buying a house or re-mortgaging?
- What is a HIP?
- How long will the mortgage take to complete?
- Why should I choose Blue Pebble Mortgages rather than contacting my existing lender, or any other broker?
1. Do I need a deposit?
Some lenders offer mortgages for 100% of the property purchase price, subject to varying terms and conditions. Capital deposits can reduce the monthly payments and the overall repayment term of the mortgage. So, it can be worthwhile saving for a capital deposit before deciding to purchase a property.
2. How much can I borrow?
The amount you are able to borrow is entirely dependent on your individual circumstances and credit history. For a general indication of what might be available to you please check our Mortgage Borrowing Calculator or click here to obtain a free, no obligation quote.
3. Can I repay the balance early?
Monthly mortgage payments and the term of the mortgage are specified by the lender at the outset of the loan agreement and any charges applicable are explained at this point. Some mortgage products are specifically designed for individuals that feel they are able to make one-off or regular overpayments, or to repay the entire balance before the end of the term, without any financial penalty. Other lenders will apply an Early Repayment Penalty. Please check the terms of your mortgage agreement if you are unsure about your current arrangement.
4. What type of mortgage should I choose?
Lenders provide a wide range of mortgage products and it can be confusing choosing the right product for you. Please refer to the Mortgage Products section for explanations of Fixed, Variable, Discounted, Lifetime and other mortgage types. Contact one of our Blue Pebble Mortgage consultants to discuss your options.
5. Can you help me with a Commercial mortgage?
Our Blue Pebble Mortgage consultants can source the whole of the mortgage market for lenders on both residential and commercial property mortgages. Please contact one of our mortgage experts for additional details.
6. What information do I need to apply?
To apply for a Mortgage Promise your mortgage consultants will need to provide the lender with the following information:
- Employment status and income
- Address history
- Details of the loan required: property value; amount of available deposit
- Details of any CCJs, IVAs, Bankruptcy or defaults click here for more details on Adverse Credit.
To proceed with a full application, lenders will often request the following items:
- Personal identification (i.e. passport, photo-card driving licence)
- Address identification (two forms of address for each address within the last three years in the form of a utility bill, or council tax bill).
- Last three months bank statements
- Last three months payslips for employed persons or three years accounts for the self-employed.
Please note this list is not exhaustive and requirements will vary from lender to lender.
7. How much will I have to pay for mortgage advice?
Here at Blue Pebble Mortgages, we offer free, no obligation mortgage advice. Our consultants can offer you expert advice and provide mortgage illustrations at no cost to you. If you decide to proceed with the mortgage, our consultants will receive a fee direct from the lender.
8. What is a credit score?
Lenders perform credit checks to determine the level of risk involved in lending to mortgage applicants. The credit check involves contacting a Credit Reference Agency, who hold data regarding your accounts and credit arrangements. If your credit score is good, this indicates that you are able to repay the loan. Credit checks leave a 'footprint' on your credit history. This means that other potential lenders will be aware of any additional credit applications.
Our Blue Pebble mortgage advisers can source the lenders that specialise in lending to individuals with adverse credit. Contact us for further details or refer to our Useful Links for additional information relating to Credit Reference Agencies.
9. Can I raise additional capital for home improvements or to purchase an additional property?
It may be possible to obtain a Further Advance from your existing lender or to re-mortgage your property to raise additional capital for home improvements or even to purchase another property. Releasing equity from your existing property may work out cheaper than taking out a personal loan. Please contact us to discuss the options available to you.
10. Can I consolidate my credit and reduce my monthly outgoings?
Consolidating your debts could significantly reduce your monthly outgoings. It may be possible to release some of the equity of your existing property and consolidate your credit into one, easily manageable, monthly mortgage payment.
11. Can you help me if I have a poor credit history and/or have been declared bankrupt?
If you have suffered financial difficulties in the past, you may have difficulty obtaining a mortgage from the high-street lenders. Blue Pebble Mortgages can source a lender that specialises in offering mortgages to borrowers with an adverse credit history. These mortgages are often referred to as 'Sub-Prime'. If any of the following apply to you, please contact us page to discuss the options available to you with one of our experienced mortgage specialists.
- County Court Judgements (CCJs) & Defaults
- Individual Voluntary Arrangement (IVA)
- Bankruptcy
- Mortgage Arrears
- Self-Certification, employed
- Self-Certification, self-employed
12. What additional charges are involved with buying a house or re-mortgaging?
Purchasing a property can be expensive and it is important to be aware of the associated costs. Any home-buyer will be expected to have funds available to cover the following:
Stamp Duty
This is a government tax charged on the sale of properties. The tax rate is divided into bands with the percentage increasing with the value of the property.
Mortgage Indemnity Guarantee (MIG)
This is a premium charged by Lenders to indemnify themselves, and NOT the borrower. This charge is applicable if the amount required is higher than a certain percentage of the property value, usually 75% LTV (Loan to Value). The charge may either be added to the loan or deducted from the advance on completion. Also known as 'Higher Lending Charge'.
Booking Fee
The fee may be payable to reserve funds when a product is likely to sell out quickly. The fee is payable on specific products and can be added to the loan, paid in advance, or deducted from the advance on completion.
Arrangement Fee
This fee covers the administrative expenses incurred whilst processing a mortgage application. The fee is payable on specific products and can be added to the loan, paid in advance, or deducted from the advance on completion.
Valuation Fee
When purchasing or re-mortgaging the Lender undertakes a valuation of the property to ensure it provides adequate security. The charge is borne by the borrower and increases according to the value of the property. There are three levels of valuation. The Basic Survey, Homebuyers Report and the Structural/Building Survey. The cost of surveys will depend on the level required. Lenders will often offer 'Free' valuations on re-mortgages.
Searches
These are performed by your solicitor who checks for details of any problems with services to the property (electric, water supply), applications for development in the vicinity of the property you are purchasing. In addition, a Land Registry search is performed to determine the boundaries of the property etc. Your solicitor will be able to provide more information regarding the cost of this service.
Solicitor/Conveyancing fee
Your solicitor will assist you in your house purchase by arranging searches, contracts and transferring monies between buyer and seller. The cost of these services will vary between solicitors.
13. What is a HIP?
HIP, or Home Information Pack, is a government backed initiative designed to simplify property purchasing. Presently, HIPs are required for the sale of properties with four or more bedrooms. Smaller properties do not require HIPs at this stage but are due to phased in over time.
A HIP comprises important information that a buyer will need to know. Compulsory documents include Evidence of Title; Sale Statement; Energy Performance Certificate; Standard searches. Additional information regarding the condition of the property is optional. For more information regarding HIPs and the potential cost please visit the official government website. Click here for Useful Links.
14. How long will the mortgage take to complete?
The length of time between application for a mortgage and completion is dependent on the purpose of mortgage i.e. re-mortgage, first time buyer. A typical completion period would be between 4 and 8 weeks. At Blue Pebble we will follow the process through until completion.
15. Why should I choose Blue Pebble Mortgages rather than contacting my existing lender, or any other broker?
At Blue Pebble Mortgages we offer a no fee, no obligation service. Our friendly mortgage consultants can offer you expert advice about mortgages. We are an independent broker, which means that we are not tied to lenders, or estate agents.
Blue Pebble Mortgage consultants have the facility to search the whole of the mortgage market, comparing mortgages and locating the product that suits your needs.
Please contact us to talk to one of our friendly advisors.
Blue Pebble Finance Ltd is authorised and regulated by the FSA (Financial Services Authority) who are the statutory regulator of all mortgage lending and administration in the UK. For more information about the FSA, please refer to our Useful Links for a direct link to the FSA's official website.
Useful Links
Equifax - Credit Reference Agency www.equifax.co.uk
Experian - Credit Reference Agency www.experian.co.uk
HIPs - Home Information Packs www.homeinformationpacks.gov.uk
Financial Times - Market Information www.ft.com
FSA - Financial Services Authority www.fsa.gov.uk
Rightmove - for UK house selling prices www.rightmove.co.uk
Fund Prices and performance data www.trustnet.co.uk
VOA -Council Tax Valuation List www.voa.gov.uk
first4hips – HIP Providers first4hips.uk.com/links.aspx
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