Looking for a new home can be a time of great excitement, however
it can also be a time of great anxiety, with many people to deal
with and unfamiliar procedures to be followed. It’s little
wonder that the whole process can often seem daunting. Simply Money
Ltd are here to help explain the terminology and technical jargon
in a way that is easy to understand.
As well as our Mortgage Specialists, Simply Money also has an
administration team available to answer all your questions and
keep you up to date with the progress of you mortgage from the
time you make
your ‘offer’ to the day you get the keys to your new
home.
Buying your new home may be one of the greatest financial commitments
you ever make and it is therefore prudent to make sure that you
have all the facts at the earliest possible stage. We would suggest
that you arrange a meeting with one of Simply Money’s Mortgage
Specialists as soon as you possibly can.
As Independent Mortgage Specialists we have access to thousands
of mortgage products ensuring you that we will find a mortgage
that suits both your personal circumstances and budget. Our Mortgage
Specialist will assess your current situation and carry out a
financial analysis and will both advise you and recommend a mortgage
to suit your personal circumstances and establish how much you
can borrow and what additional costs are involved. We can also
provide you with a wide range of complimentary products such
as life and critical illness insurance, unemployment cover and
buildings and contents insurance.
Your home may be repossessed if
you do not keep up repayments on your mortgage.
You can choose how we are paid for mortgages:
pay a fee, usually 1% of the loan amount, or we can accept
commission from the lender plus a fixed fee (£95
for remortgages, £150 for purchases or £250
for Shared ownership mortgages).
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 Taking
out a mortgage is a long-term financial commitment and precautions
should be taken to ensure that regular payments could be met throughout
this time. It is therefore worth taking out a life/critical illness
insurance policy on those parties named on the mortgage deed to
ensure that if either party was to die or suffer a critical illness
that the mortgage would be paid off in full. We can provide a choice
of mortgage protection plans to suit you requirements.
As a mortgage is usually one of your highest outgoings
every month it is vitally important to be certain that you have
enough money to meet your repayments if you are made redundant
or suffer an accident or sickness.
Subject to eligibility, you may be entitled to
receive some financial help with your mortgage payments through
the state benefit system, but a number of restrictions will apply.
For example:
- If you are taking out a new mortgage or re-mortgage,
you will not receive any help with your repayments for the first
9 months of any unemployment or disability.
- If your partner works for more than 16 hours per week,
or you and your partner have more than £8,000 in
savings, you will not receive any help with your repayments.
- The payment of state benefit only applies to mortgage
interest. It does not cover your capital repayments, or
any related costs such as life assurance and home insurance.
- Any state benefit you receive is limited to the first £100,000
of any amount that you borrow.
If you fall behind with your mortgage payments
and you are unable to repay the debt you could end up losing your
home. This kind of plan would pay you a regular fixed monthly income
to ensure that your mortgage is paid in the event that you
are either made redundant or are unable to work due to accident
or sickness. Cover is normally available for up to 12 months.
This type of cover is available to both the employed and self-employed.
Not only is it vital to insure your property it is also a requirement
of nearly all lenders that your property is adequately insured.
Proof of this is required before they will release the funds
necessary to complete your purchase. Most lenders also require
you to have them as a named interested party on the policy.
Buildings cover needs to be placed on risk upon exchange of
contracts, as from this point you are legally bound to purchase
the property.
Generally it is cheaper to have both buildings and contents
policies with the same insurer.
At Simply Money we have access to highly competitive home insurance,
which we can tailor to suit your personal needs.
For all protection products we usually offer products from a selected
panel of providers. For accident, sickness & unemployment cover
and buildings & contents insurance we usually offer products
from a single provider
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