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Independent Mortgage Service and Mortgage Repayment Options
Independent Mortgage Advice
A specialist in arranging mortgage, Financial Centre Services are independent mortgage brokers who can source mortgages from over 120 lenders in the UK who, between them, offer over 5,000 different mortgage deals. Not being tied to the high street lenders allows us to find solutions that suit your personal circumstances.
Financing Overseas Properties
If you’re looking to buy a property abroad and need an overseas mortgage or if you need to release equity in your UK home to buy your property abroad, Financial Centre Services can provide you with impartial information and advice to help you choose the right mortgage.
WRITTEN QUOTATION AVAILABLE ON REQUEST. LOANS ARE SUBJECT TO STATUS. YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
Repayment Mortgage
With a repayment mortgage you make monthly payments that cover both the interest on the loan and the repayment of the loan itself.
Interest Only Mortgage
With an interest-only mortgage you only pay interest on the loan for the term of your mortgage. You usually also pay into an investment product for the term of the mortgage and this will be used to repay the full amount of the loan at the end of the term. This type of mortgage potentially offers more flexibility for people moving house regular. Typically, investments associated with interest-only mortgages are endowments, ISA’s ( PEP’s) or pension plans.
Split Mortgage
With a combined repayment/interest-only mortgage you will use both repayment and interest-only methods to repay the loan. This may happen if, for instance, you already have an investment policy in place before seeking a mortgage. You may be able to use this product - perhaps an endowment, an ISA or a pension plan – to repay one part of the loan and repay the remaining part with a repayment mortgage.
Period of Repayment Mortgage
Most mortgages have a set period (term) of 25 years, but you may be free to choose a shorter / longer term than this. Obviously, the shorter the term the higher the monthly repayments you have to make. Lender will also normally require the mortgage to finish by normally retirement age.
Income Status
Full income details need to be provided to the lender which normally include 3 months
Pay slips and latest P60 for employed applicants and 3 years accounts for self employed applicants. The lender will also take up references from the applicant’s employer or accountant if self employed.
Self Certification
People whose actual earnings are higher than they can prove can use the self certification option. You state what your income is on the application, but you have to provide proof of this income. Self Certification mortgages are available to both employed and self employed.
Non Status
No income is declared on the mortgage application to the lender. Mortgage and remortgage are normally restricted to 75% of the property value. Non Status mortgages are available to both employed and self employed.
Others Services
Financial Centre Services through its sister company IFA Consultancy can also offer independent financial advice on Pensions, Investments, Regular Savings and ISAs.
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