Information > FAQs

FAQs

Here are some of the questions that have been asked by our clients in the past:

Can I find out how much I can borrow before I find a property ?

What is “Buy to Let” / “Let to Buy“ ?

What other costs might I incur in taking out a mortgage?

What is APR?

Does Just Finance UK Ltd offer exclusive Mortgage Deals?

What proof do you need of my identity?

How do I keep track of my mortgage application?

Below is a selection of answers to the most frequent questions asked by our Clients.

Can I find out how much I can borrow before I find a property ?


Yes. Just Finance UK Ltd can search for the mortgage that suits you before you have found a property, and then get an Approval In Principle from a Lender.  An Approval can be helpful in getting the mortgage process underway, but the Lender won’t make a formal mortgage offer until a valuation has been carried out on the property you wish to buy.

What is “Buy to Let” / “Let to Buy“ ?
Buy to Let deals are specialist mortgages designed for people who want to purchase a property in order to rent it out to tenants.

Buy to Let is becoming an increasingly popular investment method.  Properties provide income for the investor from the tenant’s rental payments and potential growth from any increase in the property value.

Let to Buy, certain Lenders allow you to let your property out on the basis that you rent your property out to tenants which will then allow you the freedom to purchase another residence for your family.

What other costs might I incur in taking out a mortgage?
The costs related to taking out a mortgage will be clearly shown on your personal illustration.  These costs exclude legal costs, but we are able to provide a general estimate of legal costs for you (which tend to vary in line with the cost of the purchase).

Other costs you will, or may, have to pay are:

  • Valuation fee (payable on application)
  • Booking fee (payable on application)
  • Arrangement fee (usually added to the mortgage or payable on completion)
  • Legal costs, including stamp duty (a Government tax) on the purchase of properties over £125,000 (unless the property you are buying is designated by the government as “disadvantaged” then its only applicable on properties over £150,000) registry fees and various search fees. If a first time buyer the threshold is £250,000 from 25 March 2010 to 24 March 2012
  • Higher lending charge (if applicable)
  • Term Assurance (recommended, but not always compulsory)
  • Accident, Sickness & Unemployment Insurance (recommended, but not always compulsory)
  • Buildings Insurance (either from the lender or a third party - many lenders charge a small fee if you go elsewhere)
  • Contents insurance (recommended, but not always compulsory).

For some remortages, legal costs are paid by the lender and on some purchases the lender will pay a contribution towards legal costs. Some mortgages give a cash back which will help pay some of the house buying costs, although the cash back is not specifically earmarked for that reason.

Whilst it is obviously helpful to have some or all costs paid by a lender you will sometimes find a mortgage which include no or low fees have a higher interest rate than another mortgage on which you pay all the costs.  The costs of setting up mortgages are more important on a small mortgage and the interest rate is more important on a larger mortgage.  For a small mortgage on a valuable property valuation is particularly beneficial.

Just Finance UK Ltd is also able to find that Lender to re-mortgage your existing property on a fee free basis. E-Mail info@justfinanceuk.com for a quotation.

What is APR?
APR stands for Annualised Percentage Rate and is the rate the Financial Services Authority recommend you refer to in comparing mortgage deals.

The lender will usually quote the variable/discounted/fixed/tracker (headline) rate and the APR next to it.  The headline rate states the rate of interest you pay per month or per year on the mortgage, while the APR calculates the total amount of interest that will be paid over the entire period of the loan.  It should also take into account any charges which the borrower has to pay during the loan period.

Does Just Finance UK Ltd offer exclusive Mortgage Deals?


Just Finance UK Ltd is able to search the whole of the mortgage market to find a deal suitable for your circumstances. In addition we also have access to deals that are exclusive to mortgage brokers and not available directly. Often lenders will provide free options such as valuations and we will make sure that we find the best option for you. Contact us for more information and a no-obligation quotation.

What proof do you need of my identity?
Typically, the documents you might need to provide include : three months’ of payslips, bank statements, proof of identity, proof of address, proof of deposit, existing mortgage statement (if applicable) and business accounts if you are self employed.

How do I keep track of my mortgage application?
Simple, we keep in touch with you personally, through telephone, e-mail, post or personal visit right throughout.  Therefore your Advisor will follow your application through from start to finish and tackle any problems which may arise along the way.  They’ll contact you by e-mail or phone to let you know of the progress and whether they need any more information from you.  And you can always get in touch with us by calling us on 01227 791679 (Kent) or e-mail info@justfinanceuk.com .


 

Remember. Mortgages are personal to you - your circumstances, your lifestyle and your budget.

Do you really want to make the biggest purchase of your life without talking to Just Finance UK Ltd first?

Call us now on 01227 791679 (Kent) or 07879 606854 (Hampshire)

Your home may be repossessed if you do not keep up repayments on your mortgage.

We do not charge a fee for our advice, we receive commission from the lender  

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK

Just Finance UK Ltd is an Appointed Representative of Pink Home Loans. Pink Home Loans is a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Services Authority

Just Finance UK Ltd is registered in England and Wales with company number 4111215

Just Finance UK Ltd is not authorised to give any advice in relation to investments or investment products


6 Charnwood, Chestfield, Whitstable, Kent CT5 3QD
info@justfinanceuk.com