WHY USE MORTGAGE321
Whether you're already a Mortgage321 client, or you're just starting to think about getting a mortgage through us, here's where you'll find answers to frequently asked questions about our service and your situation.
John runs his own Company in Guildford receiving a mixture of salary and dividends. The Company also has retained profits. John wanted to purchase a residential property but the borrowing offered was short on what he needed. We were able to approach a lender and raise the amount of mortgage John needed by using all of his income including the retain profit within his Company maximising his borrowing
When Jon-Paul and Jane decided to remortgage Jane's home they had difficulties due to Jon-Paul having only recently becoming self-employed and historical bad credit registered against their credit files. They also needed to complete a transfer of equity from Jane's former husband removing him from the deeds of the property. We were able to approach a lender who would accept just 1 years accounts and accept the bad credit history Jon-Paul and Jane had registered against them
LIMITED CREDIT HISTORY
Graham and his then wife purchased a house putting the mortgage in her name due to his adverse credit history. Following their divorce, Graham wanted to buy her share of the house but had no previous mortgage or rental history and no deposit. Unfortunately, their marital breakdown led to further financial difficulties and more bad credit for Graham. Since the divorce, he had maintained a clean credit record for over a year with a good job and sufficient income. We were able to approach a lender who were acceptable to Graham's bad credit, us the equity within the property as his deposit and obtain the amount of mortgage he required.
WHO ARE MORTGAGE321?
We're a UK mortgage broker. We help people, who may have been knocked back by high street lenders, gain the mortgages they require.
If you want to apply for a mortgage and your situation involves any of these things, we may be able to help:
Previous financial difficulties
Young credit history
I'M SELF-EMPLOYED, CAN I GET A MORTGAGE?
If you've been trading for over a year, chances are we'll be able to help you.
I'VE GOT A COUNTY COURT JUDGEMENT (CCJ) ON MY CREDIT FILE, CAN I GET A MORTGAGE?
In some circumstances, Yes. Lenders do have limitations on the number of CCJs they will accept that were registered in the last 12 months, but some don't have a maximum value and some don't need them to have been cleared before an applicant can submit an application.
I'VE BEEN BANKRUPT IN THE PAST, CAN I GET A MORTGAGE?
We may be able to help you if you are discharged.
I'VE MISSED PAYMENTS IN THE PAST, CAN I GET A MORTGAGE?
Some lenders require that any missed mortgage payments were at least 3 months ago and you've been back up to date with payments for at least the last 3 months. There may be other considerations too, but speak to us for further guidance.
WHAT ARE YOUR FEES?
Our fee structure is based mainly on three decisions; the loan amount, the complexity of your borrowing needs and whether we are arranging the mortgage for you or providing an advice-only service.
We do not charge a fee unless your decide to go ahead with our advice.
We will charge a fee of approximately 0.5% of the loan for residential mortgage advice. Where cases are complex or involve a restricted access to credit, we estimate that the fee will be 1% of the loan, with £200.00 of this fee payable at the time of application to the lender.
HOW CAN I FIND OR CHANGE MY CREDIT REPORT?
Credit reports are provided by credit reference companies like Experian, Equifax and CallCredit. If you want to look at your credit report you can go through one of these companies. If something on it looks wrong, get in touch with the company who provided your report, and they'll help with what to do next.
Note: Many lenders check your Experian credit report, so it may be worth getting a copy of your report before making your enquiry to us.
HOW LONG DOES IT TAKE MORTGAGE321 TO FIND YOUR MORTGAGE?
A number of things can affect how long it takes to get a mortgage agreement through us. We need you to supply us with quite a few supporting documents and information so we can properly assess your borrowing ability.
We understand it can take a while to dig these out - we hope you'll understand it also takes us time to process them manually, review your case, and come back to you.
WHAT CAN YOU DO TO SPEED UP THE PROCESS?
Because we help people in less straightforward situations, there are times where we'll need to see documents you may not have to hand. To speed up the process, please try and get any extra documents we ask for to us as soon as you can. When we receive them we review them in as fair a way as possible. There may be a short delay before we can respond.
WHY DO YOU NEED SO MUCH INFORMATION AND EVIDENCE?
We take our role as a responsible mortgage broker seriously. When we look at arranging someone a mortgage to buy or refinance a property, we gather all the information we need to be as sure as we can that they are able to repay the mortgage and that the lender will accept them. The last thing we want to do is say you've been declined.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debts secured against it.
**The Financial Conduct Authority do not regulate some forms of buy to let mortgages and commercial mortgages.