Solution Mortgages
20 May 2018
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faq's

We have provided answers to our most frequently asked questions for your convenience. If you are still not sure about something please do not hesitate to call us on 0845 123 1260 for further help and information. We are here to help.

Are there any penalties for early repayment?
This will depend on the lender and the mortgage you choose. A personalised illustration will give you details of any early repayment charge.

Can Solution Mortgages reduce my monthly outgoings?
If you are looking to remortgage it is very possible that Solution Mortgages may be able to reduce your monthly mortgage payment or your overall monthly outgoings if you release some equity for debt consolidation. This is dependent on many factors however, so the easiest way to find out if Solution Mortgages may be able to save you money is to call us for a free quote or apply online.

Can I remortgage to raise funds for anything I want?
What can I use the cash for?
You can use the equity, or extra cash value, you have in your home for any purpose. You may want to make essential home improvements like a new kitchen or bathroom. You could build a conservatory or buy a new car. On the other hand, you may want to use the cash to pay off other, more expensive debts like store cards, credit cards and other loans. How you spend the money is entirely up to you.

Can you still help if I have mortgage arrears or CCJs?
We will treat all cases with care and do have mortgages schemes which may allow for unlimited arrears or CCJs. To find out if we can help call us on 0845 123 1260 or apply online.

How do I know that I am dealing with a reputable firm?
Solution Mortgages Limited are authorised and regulated by the FCA who are the statutory regulator of all mortgage lending and administration in the United Kingdom. If you would like verification of our authorised status, the FCA has a list of all firms that are authorised and regulated by them. The Solution Mortgages Ltd reference number is 114373. You can check Solution Mortgages authorisation on the FCA Register by visiting the FCA website www.fca.org.uk/firms/systems-reporting/register or by contacting the FCA on 0845 606 1234.

How much can I borrow?
The minimum mortgage advance is £10,000. The maximum loan you could apply for depends on several factors which include: the value of your house, your income and your credit history.

How quickly can I get my mortgage?
The average time it takes to complete your mortgage is 3-4 weeks, however we have completed some mortgages in under 7 days!

I am self employed and find it difficult to prove my income. Can you help?
For more information please call us on 0845 123 1260.

I want to buy my council property, do I qualify?
In order to buy your council property under the Right to Buy scheme, you need to have been a council tenant for a qualifying period of 2 years (or 5 years for new tenants after the 18th of January 2005). Please call for more information.

I'm looking for a commercial mortgage, can Solution Mortgages help?
Solution Mortgages have access to mortgages that are designed for people wishing to buy a commercial property such as a shop or office space. Please call for more information.

What is the difference between an interest-only and repayment mortgage?
With an interest only mortgage you only pay the interest charge each month. With a repayment mortgage the payments you make are calculated to include paying off the loan by the end of the term. Please call for more information.

What kind of interest rate can I get on my mortgage?
The mortgage rate you qualify for depends on many factors such as your credit history, the size of your deposit etc. To find out what kind of deals you may qualify for, please call us for a free quote or apply online.

What type of interest rate products are there?
Most lenders will be able to offer you different ways of paying interest on your loan. The kind of mortgage you choose will depend on which one you feel most comfortable with.
There are five main types:

  1. Variable Rate
    Your payments go up and down as the mortgage rate changes (mortgage interest rates tend to move in line with the base rate set by the Bank of England, but there is sometimes a delay). Lenders set their own standard variable rates of interest.
  2. Base Rate Tracker
    The interest rate varies (up or down) directly in line with the Bank of England base rate.
  3. Fixed Rate
    The interest rate is guaranteed to stay at a set level for a set period, regardless of any changes in the base rate.
  4. Capped Rate
    The interest rate varies but doesn't go any higher than a set level, even if the base rate does go higher.
  5. Discounted Rate
    Your payments are variable, but they are set at less than that lender's standard variable rate for a period of time. At the end of the period, you are usually charged the lender's standard variable rate.

Will a sales representative visit me?
This is entirely your choice. We have sales professionals that can visit you to explain the products and services on offer and help you complete the forms. Alternatively if you do not want a representative to call then we will deal with your enquiry by telephone and post.

Will the information I enter on this web site affect my
credit rating?

Where necessary, to research your mortgage options we will disclose information to our agents, product providers, regulatory bodies and auditors. For certain products we may search the files of credit reference agencies who will record the search. This information may be shared with other credit grantors and used for credit decisions and when necessary fraud prevention. Your details are strictly in-confidence and our enquiries will not affect your credit status. Click here to view our privacy statement.

Will you contact my employer?
We will only contact your employer with your written consent. We can usually avoid the need to contact your employer if you provide us with your last 3 months' wage slips.

Will you contact my existing lender?
We will only contact your existing lender with your written consent. We can avoid doing so if you have an up-to-date statement of your account that includes a full settlement figure.

 

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Think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.