Look no further if you need mortgage advice! We are your INDEPENDENT mortgage experts based in Chester!
At Financial Fortress we have years of experience helping clients purchase their dream homes. We constantly searching the market to bring our clients the very best products that carefully match your needs. Your adviser will clearly explain all the features and any limitations helping you select the most suitable product.
We know which companies will lend to whom and understand their application process’s ensuring your application will contain all the information a lender requires to obtain a swift decision.
As whole of market mortgage company, we have developed relationships with the major lenders meaning we have individual contacts to get your mortgage arranged as quickly as possible. We understand this is an exciting time and work hard to get you in as quickly as possible!
Why you shouldn’t go to your bank
Looking to buy a first home, moving house, simply re-mortgaging or considering a buy-to-let? Then first rule of getting a mortgage is DONT USE YOUR BANK! Why?
Different banks have what we call different “lending criteria” and every bank will have up to 100 different mortgage deals. For example if you have 10% deposit and want to borrow over 25 years, the best deal may be X%, whereas a 25% deposit lender with a different term may get Z% deal. Given each bank has hundreds of “deals” and there are lots of banks – it is no surprise most clients tend to go to their own banks who they bank with.
Problem is, your bank will only sell their own products!! Whereas we sell EVERYONE’S!
Being INDEPENDENT brokers means we have access to the ENTIRE market (including the banks) to make sure that you get the very best deal based on your circumstances. Basically, we are the experts who shop around for you! GET IN TOUCH TODAY AND SEE HOW MUCH YOU CAN SAVE!
The Mortgage Process
How does a Mortgage work?
A normal mortgage (Capital & Interest repayment method) works in the same way in principle as most bank loans. It is a loan provided by a mortgage lender to the applicant/s to help them complete the purchase of a property. The main difference being that with a mortgage rather than a bank loan, there will be a legal charge created, meaning that should the applicant/s miss payments on the mortgage loan, then they are at risk of having their house repossessed by the lender.
I have bad credit, will this be a problem?
It is still possible to obtain a mortgage and therefore buy the house of your dreams or to re-mortgage in order to raise capital for home improvements. To keep things simple, I would say the following in addition to getting in touch with a trusted broker
What are your timescales for obtaining the mortgage ie can you wait until you are in a position where your credit has improved for example and there are things you can do to help with this. We can provide guidance on these.
Generally it depends upon the severity, when it happened, how much it was for and the frequency. Most lenders tend to have a saying where they look to help good people that bad times and things may have happened to. So, what happened in the past, what is the situation now, what differences have been made to behaviours, differences the mortgage will make and what confidence levels going forward can the lenders take based on these. Remember the lower the deposit or the more adverse issues the higher the rate of interest and possibly fees for setting the mortgage up. Remember also that you don’t have to stay with any mortgage ;ender for ever so if your credit improves you would hope to be able to move to a lender with a more competitive rate in the future. We are here to help and talk to anyone to guide them further.
What is a ERC?
Early Repayment Charges are payable when you repay a mortgage early usually within the time period of any deal period that the lender is providing. These may be payable if you sold a house for example within a time period or looked to overpay the mortgage by more than the lender allows. (most lenders allow up to 10% of the capital being repaid annually without charging ERC’s within the deal period. A deal is normally a product period ie Fixed or tracker period (maybe 2,3,5 or 10 years long in most cases).
What is a LISA?
A Lifetime Individual Savings Account (LISA) is a type of Individual Savings Account (ISA) that can be used to help save for your first home, retirement or both.
If you take out a Lifetime ISA, the government will give you a bonus worth 25% of what you pay in, up to a set limit, every tax year. Currently you can pay up to £4,000 every tax year and claim a bonus of £1,000 per tax year.
The minimum deposit Buy To Let?
15% currently, however I would encourage anyone for the purpose of interest rates and general criteria fitting to have a 25% deposit personally. If this isn’t possible 15% may be possible.
Mortgage Advice Services
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What you get with Financial Fortress
Authorised and Regulated by the Financial Conduct Authority.
No cost or obligation initial review meeting.
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