HARPER INSURANCE SERVICES
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Mortgages
Mortgages
Buying a home is the largest purchase you’re likely to make.
Before you arrange your mortgage, make sure you know what you can afford to borrow. We can help you find out more about the different types and how the process works.
The good thing about using us is that our network consists of mortgage brokers. A mortgage broker can compare different mortgages on the market, including mortgages which are not offered directly to customers. This is called a ‘whole of market’ survey while others only look at products from a number of lenders.
They’ll tell you all about this, and whether they have any charges, when you first contact them.
Never had a mortgage before?
A mortgage is a loan taken out to buy property or land. Most run for 25 years but the term can be shorter or longer. The loan is ‘secured’ against the value of your home until it’s paid off. If you can’t keep up your repayments the lender can repossess (take back) your home and sell it so they get their money back.
We can help you work out what you can afford. Don’t stretch yourself if you think you’ll struggle to keep up repayments.
Also, think about the running costs of owning a home such as household bills, council tax, insurance and maintenance.
Lenders will want to see proof of your income and certain expenditure, and if you have any debts. They might ask for information about household bills, child maintenance and personal expenses. Lenders want proof that you will be able to keep up repayments if interest rates rise.
They might refuse to offer you a mortgage if they don’t think you’ll be able to afford it. Again an advisor from The Right Mortgage & Protection Network can help you with this so you will know how much can you afford to borrow.
It is sometimes possible to choose a mortgage without receiving advice – this is called an execution-only mortgage and is offered under limited circumstances.
You’d be expected to know:
What type of mortgage you want
Exactly what property you want to buy
How much you want to borrow and for how long
The type of interest and rate that you want to borrow at
The lender will write to confirm that you haven’t received any advice and that the mortgage hasn’t been assessed to see if it’s suitable for you.
In some cases you might need to confirm that you are aware of the consequences of taking out a mortgage without receiving advice, and that you’re happy to go ahead. If for some reason the mortgage turns out to be unsuitable for you later on, it will be very difficult for you to make a complaint.
If you go down the execution-only route, the lender will still carry out detailed affordability checks of your finances and assess your ability to continue to make repayments in certain circumstances.
(This service is provided via referral to our colleagues at The Right Mortgage Network Ltd)
