The Process:
Consultations can be conducted via telephone or video call for mortgages, re-mortgages and general insurance arrangement
We discuss your affordability and help you understand maximum loan estimates, the mortgage process and costings
Full market research of the mortgage market to identify the most suitable lender for your exact requirements
An ‘AIP’ is a certificate, not legally binding you or the lender, that will display a loan sum agreed by the lender. If you receive an AIP, this means that you’ve passed the lender’s credit search criteria
If you’re purchasing a property, estate agents and private vendors will often require proof of the certificate. You can now instruct your adviser to proceed with the Full Mortgage Application
Your adviser will need details of your agreed purchase, address of property, solicitor details, estate agent details, alongside your fact-find to submit a full mortgage application
The lender’s underwriters will review your full mortgage application and make a decision
Once agreed, you’ll receive an offer letter that is legally binding to the lender and is usually valid for 3-6 months
The completion of the purchase or re-mortgage now depends on the efficiency of the solicitors. Buildings insurance is a mandatory condition of all mortgage offers – we can provide you with our most competitive insurance quote
When the solicitor has completed all legal processes and has exchanged contracts with the vendor’s solicitor, you will officially own the property
How We Work
At London Mortgage Consultants, we aim for total transparency in all adviser-client communications. This is crucial as the mortgage process is often branded as unclear, stressful and time-consuming by many in the general public.
When you first meet us for a consultation, the mortgage process will be explained in detail and any questions you may have will be answered at the meeting.
We’ll advise you of the next steps involved as you advance through the mortgage process.
First Time buyers:
You are ready to take the first step on the property ladder. Buying your first home is exciting but it can also be quite stressful. Our brokers can take you through the process step by step and will always be available to answer any questions you have.
We recommend getting in touch with one of our advisers, who have access to whole of market products, and they can advise you based on your discussions what you can reasonably afford in terms of a mortgage.
Buy to Let:
Buying a property to rent it out to third party is a tool for investment both for first time landlord and professional portfolio landlords. If you looking to buy a property to rent to a third party, you would need specific Buy-to-let(BTL) mortgage products .
We can help you with buy to let mortgages as we have access to various BTL specialist lenders.
Interest only Mortgages:
An interest-only mortgage is a type of mortgage where you only pay the interest each month on the amount you have borrowed. The principal amount and charges if any would still be owed at the end of the term. You would need to demonstrate a credible strategy to repay
the principal amount at the end of the term.
Remortgage:
Remortgage is the process of switching your existing mortgage to a new deal, using
the same property as security.
You can remortgage with the same lender or a different provider.
Our team can assess your situation and
advice on the remortgage deals best suited to your needs and circumstances.
Bridging:
A bridging loan is a short-term finance option for buying a property. It bridges the financial gap when you need to purchase a property but are waiting for funds to be released from another transaction.
Bridging loans are short-term and usually offered for between 1-18 months and you should have a viable exit strategy to exit the bridge.
Our Advisers can advise you through the process and suggest if a bridging loan would be the right solution.
Commercial Mortgages:
A commercial Mortgage is a mortgage secured against commercial property like a shop, office building, a warehouse. You would a semi-commercial mortgage if you are looking for a mortgage on a property where there is a business unit and a residential dwelling on the same property
We have access to specialist lenders who would lend on commercial properties. Interest rates are usually higher for commercial mortgages.
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Equity Release:
Equity release is a way of releasing cash (equity) from your home while you still live there. The most popular type of equity release is called a lifetime mortgage, which is a loan secured on your home. Lifetime mortgages are available to homeowners aged 55 or over.
Our Advisers have access to specialist providers who deal specifically with such type of mortgages.
Second Charges:
A second charge mortgage – also called a second mortgage – is a secured loan of over £1,000 taken out in addition to a first mortgage, against the equity in your property. As the name implies, a second charge mortgage will mean that you have two mortgages on your home. Second charge loans are often referred to as second mortgages because they have secondary priority behind your main (or first charge) mortgage
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Fees:
For Residential and Buy to let mortgages, we charge a fee of £500.The fees may vary for Commercial and Equity release cases.