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Frequently Asked Questions - Chiltern Mortgage Services
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General Mortgage Questions
How long does it take to get a mortgage approved?
Mortgage approval typically takes between 2-4 weeks, depending on your circumstances and the lender’s current processing times. We work diligently to expedite this process for our clients whilst ensuring thorough consideration of your application.
What deposit do I need for a mortgage?
Most lenders require a minimum deposit of 5-10% of the property’s value. However, with a larger deposit of 15-25%, you’ll generally secure better interest rates and more favourable terms. We can advise on the best options for your specific financial situation.
Can I get a mortgage with bad credit?
Yes, it’s possible to secure a mortgage with less-than-perfect credit, though your options may be more limited. We have relationships with specialist lenders who consider applications from those with CCJs, defaults, or other credit issues. We’ll work to find the most suitable solution for your circumstances.
What is the difference between fixed and variable rate mortgages?
A fixed-rate mortgage maintains the same interest rate for a set period (typically 2-5 years), providing consistent monthly payments. A variable-rate mortgage has an interest rate that can fluctuate based on the Bank of England base rate or the lender’s standard variable rate. We’ll help you weigh the pros and cons based on your financial goals and risk tolerance.
About Our Services
Do you charge fees for mortgage advice?
We operate on a transparent fee structure that we’ll discuss with you before beginning any work. Some initial consultations may be offered at no cost, while more complex cases might incur a fee. Rest assured, we’ll always be upfront about any charges.
Do you offer whole-of-market mortgage advice?
Yes, we’re independent mortgage advisers with access to the whole market. This means we can recommend products from a wide range of lenders, not just a select few, ensuring you receive the most competitive offers available.
How do I know which mortgage is right for me?
Our advisers will conduct a thorough assessment of your financial situation, future plans, and attitude towards risk. We’ll explain the benefits and drawbacks of different mortgage products in plain English, helping you make an informed decision that aligns with your goals.
Can you help with remortgaging my property?
Absolutely. We specialise in helping homeowners review their current mortgage arrangements and switch to more competitive deals when appropriate. This could save you significant sums over the lifetime of your mortgage.
Specialist Mortgage Questions
What is a buy-to-let mortgage?
A buy-to-let mortgage is specifically designed for property investors who intend to rent out their property rather than live in it themselves. These mortgages typically require larger deposits (usually 25% or more) and are assessed based on potential rental income rather than your personal income alone.
Can I get a mortgage if I'm self-employed?
Yes, being self-employed doesn’t exclude you from getting a mortgage. However, most lenders will want to see at least two years of accounts or tax returns. We have extensive experience in helping self-employed individuals navigate the mortgage process and can connect you with lenders who specialise in this area.
What is an interest-only mortgage?
With an interest-only mortgage, your monthly payments cover only the interest on the loan, not the capital. This means your payments will be lower, but you’ll need a credible repayment strategy to pay off the loan at the end of the term. We can discuss whether this option might be suitable for your circumstances.
Do you offer advice on equity release or retirement interest-only mortgages?
Yes, we have specialists in later-life lending who can advise on equity release schemes and retirement interest-only mortgages. These products can help older homeowners access the equity in their property whilst continuing to live there.
Getting Started
How do I begin the mortgage application process?
Simply ring us or complete our online enquiry form. We’ll arrange an initial consultation to discuss your needs and circumstances. From there, we’ll guide you through each step of the application process, making it as smooth and stress-free as possible.
What documents will I need to provide?
Typically, you’ll need to provide proof of identity, address, income (payslips or accounts for self-employed), bank statements, and details of any existing loans or credit commitments. We’ll provide a detailed checklist tailored to your specific circumstances.
Can you help first-time buyers?
Absolutely! We take particular pride in guiding first-time buyers through what can seem like a daunting process. We’ll explain everything in clear, jargon-free terms and help you access any available government schemes or incentives.
How often should I review my mortgage?
We recommend reviewing your mortgage whenever your fixed or introductory rate period is coming to an end, or at least every 2-3 years. This ensures you’re always on the most competitive deal for your circumstances.
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