Got a Mortgage question?Airborne Mortgage Solutions can help
Whilst everyone has very specific mortgage needs, our experienced and friendly team have put together this helpful guide based on the questions we are asked most frequently.
Use our experience and independence
Find the best mortgage deal for you
Whatever mortgage you need, our aim is always to give you options. To find the very best deal available simply contact us and tell us more about exactly what you want to do.
What exactly is a Mortgage?
A Bank or Lender loans money for the purchase of a property, with interest also being applied to that loan. In return, the repayment of their loan is secured against the property. The details of the loan agreement are registered against the Title of that property and this, effectively, is the mortgage.
How does the Mortgage application process work?
We have included a step-by-step breakdown within our House Purchase Information page which details the milestones in the process of making a property purchase, but we are also always at hand on the phone to answer any questions you might have, even at the very earliest stage of your property purchase journey.
What are the different types of Mortgage?
There are two main types available – Fixed Rate and Variable Rate.
Fixed Rate Mortgages have an interest rate which is fixed for a period of time (usually two to five years), during which time your repayments don’t change.
Variable Rate Mortgages have an interest rate which can change (usually linked to the Bank of England Base Rate) and therefore repayments can also increase or decrease.
Take a look at our page on Types of Mortgages for more detail, including a breakdown of the most common types of Variable Rate Mortgages.
How much can I afford to borrow?
There is no longer a magic formula which you can apply to determine exactly how much you would be able to borrow. The mortgage you are offered will depend on the purchase price of the property, the deposit you are able to put down, your regular income and your monthly living expenses. Whilst we want to do the work to find you the very best deal available, we can give you an initial indication of your likely mortgage limit over the phone.
What if the property I am buying is an investment rather than my home?
That really is no problem at all. Many clients are purchasing second (or third, or fourth…) properties solely as an investment and this can be accommodated in the products we can source for you. Buy to Let Mortgages are just one of the types of Mortgage we specialise in, and we are happy to guide you through your options.
Will my poor credit rating cause me a problem?
Whilst it will not prevent you from getting a mortgage, it may reduce the range of products offered to you by lenders. At Airborne we have a great deal of experience in helping clients who have adverse credit ratings and many of the lenders we work with are able to assist buyers who have previously had trouble sourcing finance. Talk to one of our advisors today if you’d like to explore your options.
What does a Mortgage Broker do?
These are specialist mortgage providers who search for a suitable mortgage product on a client’s behalf in order to find them the best possible deal. Fees (and success rates) vary from broker to broker so it is advisable to look at a number of brokers to get the quote that works for you.
What exactly is LTV?
Lenders often talk about the LTV requirement and expect everyone to immediately know what this is! These three initials stand for the Loan to Value Ratio and it is a term used to describe the ratio of a loan amount to the purchased property value. So, if you borrow £225,000 to purchase a property valued at £250,000, the LTV is 225,000/250,000 or 90%. The remaining 10% is your equity.
Is your Mortgage advice independent?
Yes. At Airborne we will always recommend what we consider to be the best mortgage for your needs. We look at the whole of the market and have no affiliation with particular lenders. All of this together allows us to remain independent and impartial at all times. All of our advisers are fully qualified and stay up to date with mortgage developments, CeMap qualified and the firm is regulated by the FCA.
How can I be confident that I’m getting best mortgage available to me?
Airborne Mortgage Solutions are a ‘whole of market broker’. This means that we have access to, and can therefore search, the entire mortgage market upon your behalf. Our independence guarantees that we are driven only by the desire to find the best deal available to you; we’re simply doing the ‘legwork’ to make sense of, and shortlist, your many options.
What are the Mortgage Fees?
We always like to be entirely transparent with our clients and that is why we detail all of our fees clearly on the documentation we provide prior to asking for any kind of commitment to our services. Both our Application Fee and our Financial Arrangement Fee are only payable upon completion of the Mortgage.
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