Mortgage Quotes explained and better alternatives from Shire Direct!
What is a Mortgage Quote? Well, Mortgage Quotes are quite simply an estimated monthly repayment sum based on a specific interest rate and repayment period.
"I found your staff to be professional and friendly, and wouldn't hesitate to recommend to friends and family."
Mr & Mrs T., Somercotes, Derbyshire
Here we take a look at Mortgage Quotes, and the different ways in which they can be acquired, and we also take a look at why you may be better off obtaining a rapid in-principle decision on a mortgage by talking to us!
Table of Contents:
How do I get a Mortgage Quote?
So, if you're looking for a Mortgage, naturally you're going to be curious as to how much your monthly repayments might be, and one way to find out is by way of a mortgage quote. There are several ways you can go about obtaining a mortgage quotation, and these will generally include one of the following:
- Visiting a Lender
- Newspaper "Best Buy" columns
- Online Mortgage Calculators on the internet
- Contacting a Mortgage Broker
What about 'instant' online mortgage quotes?
'Instant' online mortgage quotes, usually obtained via the use of sophisticated mortgage calculators on website's, can be an indicator as to the monthly cost of repaying a mortgage at a specified interest rate.
However, we feel it's important to note that mortgage quotations obtained via online mortgage calculators can sometimes be a bit misleading. Many of these calculators do not take into account the various costs and fees connected with a particular mortgage, which can often substantially alter the final figures!
Similarly, many of the mechanisms used on calculators to produce online mortgage quotes fail to seek sufficient personal information from you, that when revealed could actually change the interest rate that you may be eligible for - sometimes to your advantage, but unfortunately quite often not!
We feel it's important that you are aware that many online mortgage calculators, including our own, should only ever be used for guideline and illustrative purposes. They can be quite handy and useful to give you an indication of how much you may be able to borrow, or an indication of how much your repayments may be. However, remember they should only be used for that purpose - to give you an indication! For a clearer and more accurate picture you'd be far better off calling one of our professionally qualified Mortgage Advisors - which we'll discuss next!
Would a rapid "in-principle mortgage decision" be better for me?
As an alternative to providing online mortgage quotes via a mortgage calculator, Shire Direct offers you a rapid in-principle decision for your mortgage requirements.
You'll find that just a quick call to one of our professionally qualified and friendly mortgage advisors will soon put you in the picture! To provide you with an accurate indication of how we can help you, naturally we'll initially need to know a bit about you, such as your personal circumstances, your income, and what you are looking for from your mortgage. For example, would a fixed rate be more appropriate, or would you prefer the ability and flexibility to pay additional amounts into the account, or perhaps take periodic payment holidays?
We find this approach to be much fairer to you, as we are able to ascertain a more accurate picture of your own needs, requirements and circumstances and as such give you a more accurate reflection of the options open to you and the best course of action to take.
Just take a look at our extensive product range!
It's our aim at Shire Direct to provide the best solution for all our customers, by taking into account your circumstances, needs and aspirations. We have an extensive portfolio of mortgage providers and mortgage plans that have been designed to accommodate our customers requirements such as:
- First Time Buyer products
- Schemes that provide up to 125% of the property value (i.e. 125% mortgages)
- Refinancing of existing debt (i.e. Debt Consolidation)
- Self-Employed Borrowers requiring income self-certification
- Offset Mortgages
- Customers' who may have experienced Credit Problems such as CCJs, Defaults or Arrears.
- Raising finance for business
- Buy to Let
- Bridging Finance
- Personal Bankruptcy
- Individual Voluntary Arrangements (IVAs)
- Equity Release Schemes and Lifetime Mortgages
- Let to Buy
- Cash Back Mortgages
Service and advice always come first at Shire Direct!
So, rather than plucking figures out of the air to provide you with a mortgage quote, we prefer the 'rapid in-principle mortgage decision' approach which fits in with our policy of ensuring our customers are properly and fairly treated. We'll carefully assess your requirements and come up with the options available to you.
You'll find our service to be friendly, yet professional, helpful and unstuffy. So please don't hesitate to Contact Us if you would like to discuss your requirements, naturally without obligation! Our mortgage advisors are available on Freephone 08000 282 281, up until 10.00pm everyday, or alternatively you can enquire online at any time, and we'll be delighted to provide you with an in-principle mortgage decision, whatever your circumstances!
Hopefully, we've provided you with some insight into mortgage quotes and our alternative approach, which we feel will provide you with a fairer and more accurate idea of the options available to you. Don't forget there is a wealth of mortgage related information throughout our website, so why not take a little time out to explore some of the possibilities and remember we're only ever a free telephone call or couple of mouse clicks away!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Claim £100 worth of Argos Vouchers upon completion of your transaction throughout 2008. Terms and conditions apply - see our Vouchers Special Offer page for full details.
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.