"Explained things in concise clear language. Easy manner - no pressure - created environment to make a decision."
Mr & Mrs M.,
Leeds, West Yorkshire
Have mortgage questions that you need answering? If so, our Mortgages FAQ is the ideal place to be! A mortgage is probably going to be the largest financial transaction most of us are ever likely to be involved with, so it's only natural that you have at least one or two questions!
So, welcome to our Mortgages FAQ where you will hopefully find all the answers to the important mortgage questions you may have, and perhaps some that you hadn't thought of too!
Mortgage FAQ:
Table of Contents...
Below we provide answers to some of the most commonly asked mortgage questions
Answer: Mortgages for house purchases are widely available for UK residents of legal capacity, aged at least 18, and subject of course to usual terms and conditions. Generally, you will need to be in employment, or working on your own behalf as a self-employed business owner, tradesman or professional. Also taken into account will be your capacity to make your payments, as well as your credit history and difficulties you may have encountered in the past.
Here at Shire Direct, we are geared to help you with your mortgage funding - whatever your circumstances, whatever your requirements! Our lending portfolios have been constructed to provide our customers with a comprehensive array of mortgage products from the perfectly straight forward, to help even in the trickiest of circumstances.
So if you're at all unsure as to whether you'd qualify for a mortgage, just call one of our helpful and friendly mortgage advisors, and we'll put you in the picture with a rapid-in principle decision.
Answer: By law, mortgage advice can only be provided by a regulated mortgage advisor. All Shire Direct's mortgage advisors are appropriately qualified in line with the requirements laid down by the Financial Services Authority (FSA).
You can view details of the professional qualifications held by our firm's managers and advisors here.
Answer: A decision in principle, and an approval in principle are one and the same, and are terms used to signify to a borrower that their application for mortgage funding has undergone an underwriting process, based on the information the customer has provided, and indicates that if the information provided is verified, that the application would be successful.
The information required relates to the property value, the amount you want to borrow, details of your annual income, together with details of any credit difficulties that you may have encountered, such as County Court Judgements (CCJ's), credit defaults, mortgage arrears in the last twelve months.
Answer: Firstly, lenders and Shire Direct as intermediaries are committed to treating customers fairly, and must act responsibly in the arranging of mortgage transactions. It is important that you do not borrow more than you can comfortably afford, both now and into the future.
To ensure that responsible lending is applied, lenders will adopt a variety of tests to ensure that you can afford the repayments. These include income multipliers as well as a selection of other mechanisms to check affordability, such as debt to gross income ratios.
These maximum borrowing tests vary from lender to lender, and often plan to plan. Traditional income multipliers will range from 3x up to 5x salary or more, whereas certain higher income borrowers may be able to justify an even greater maximum loan amount by using a lender that applies an income to debt ratio. In certain instances these can be as high as 6x income, and even 7x income when compared against the conventional income multiples.
Answer: In a word, "No"!
Here at Shire Direct, we do have a scheme where you can borrow 100% of the purchase price of the property - and sometimes even more. But beware, lenders are very selective who they will consider advancing 100% mortgages to.
If you have experienced difficulties with County Court Judgements, Credit Defaults, or have missed payments on credit cards or other loans, then it's likely that you will have to provide a deposit of between 5% and 10%, plus the attendant costs of mortgaging.
Similarly, if you are in self-employment without an adequate accounting profile, which will usually be two or three year's audited accounts, showing a Net Profit that must be sufficient to accommodate the lenders income criteria, you may require a deposit. Start-up situations, or self-employment for less than a year will also not be considered on 100% schemes. Nevertheless, if you can muster a 5% or 10% deposit, plus the attendant costs of purchase, it's highly likely that we can arrange a mortgage on your behalf.
Whatever your requirements, please don't hesitate to give one of our Mortgage Advisors a ring, or enquire on-line. We'll set out the options for you, and come up with a decision in principle for you - fast!
Answer: Yes, subject to your status.
We have an extensive range of schemes that are designed to help customers who have a need to borrow in excess of the property value. It's possible to borrow up to 125% of the property value with a 125% Mortgage Scheme, but subject to a maximum of £30,000. This is an ideal feature for those borrowers that want to carry out a modernisation or home improvement programme, or maybe to cover the attendant costs of purchase and to refinance their existing credit commitments. However, as with other 100% mortgage products, the applicant should have a good credit rating.
There's another instance where you can borrow in excess of the purchase price of your property - and that's if you are a council tenant. Under the Right to Buy scheme, provided that you've been a council tenant for five years or more, you'll automatically be entitled to buy your home at a discount from the council's value. Thus for example, if your property is valued by the council at £125,000, you could be entitled to a discount of (say) £24,000, thus your discounted purchase price would be £101,000, although the amount you could borrow would be based on the council's value of £125,000.
Answer: There are two types of paying a mortgage:
A capital repayment mortgage does what it says on the tin! Provided you maintain your contractual repayments during the term of your loan, you have the certainty of your mortgage being repaid in full at the end of the term. Your repayments are made up of elements of both capital and interest.
On the other hand, the payments on an interest only mortgage will merely pay the interest on the capital sum you originally borrowed. So, if you haven't increased these payments during the term of your mortgage, then you will still owe the principal sum borrowed at the outset.
Most people requiring an interest only mortgage will generally do so for one of two reasons. Firstly they may be running an investment product alongside the interest only payments, such as an endowment policy, pension-linked policy, or ISA mortgage. Shire Direct does not arrange investment products.
The second reason for having an interest only mortgage will usually be for economic reasons, such as keeping the payments as low as possible whilst qualifying for professional status, or because there may be an inheritance due on the horizon, or they may be planning to sell their property in the near future, and trade down to a smaller less expensive house.
Answer: This depends on your circumstances, needs and aspirations!
If you require the certainty that your mortgage will be paid off at the end of the loan term, then the capital repayment mortgage will achieve this for you. If however, you have an investment vehicle that is designed to pay off the principal sum borrowed at the end of your mortgage term, it may well be prudent to opt for an interest only product. Similarly, if you need to keep your repayments as low as possible for the first part of your mortgage term, because for example you are on a professional career path, and until you have qualified, your income will be comparatively low, but will increase substantially once you have qualified, then an interest only option may be the most suitable course to take.
It's important that you should be aware that not until an Advisor has carefully assessed your circumstances by the completion of a Personal Mortgage Review fact find, and has considered the options available to you, can advice and a recommendation be provided. However, our Advisors will be more than happy to provide factual information and assistance in the first instance.
Answer: There are a myriad of factors that you will have to take into account, and the optimum product can only be selected when you have taken your circumstances, needs and aspirations into account. Because of the complexities usually involved, it will usually make good sense to have a professionally qualified mortgage advisor weigh-up all the factors that must be taken into account, so that the most appropriate mortgage product is recommended, and that this is in line with your requirements. From the information that you provide our mortgage experts will carefully build-up your profile, research suitable alternatives, and make a professional recommendation.
Answer: There are several different types of mortgage schemes available each having their own interest rate charging structures. These include:
For more detailed information, why not take a look at our Mortgage Types page, or follow the links in the above list to read more details in our Mortgage Glossary.
Answer: Generally speaking, the golden rule is that you ensure that your mortgage repayments are affordable, both now and into the future. It's perfectly possible to take your mortgage borrowings over a 25, 30, 35 or even 40 year term in order to keep the cost of repayment affordable. Most mortgages these days have a degree of flexibility built within them, so in future times, as your financial circumstances improve, you have the ability to increase your repayments, thereby reducing the mortgage term, and the amount of interest you will pay back.
There are a couple of caveats. You should avoid taking your mortgage repayment term beyond your retirement age, unless your income in retirement will be sufficient to continue your payments. Although many people take out a mortgage for a 25-year term as standard, if you have the disposable income capacity to pay more each month, you will undoubtedly feel the benefit! Why not check out our handy online mortgage calculators, and see how much more quickly you could repay your mortgage, and the interest charges you could save by paying another £50 or £100 a month! You'll be amazed!!!
Answer: The costs of a mortgage can be split into two costs:
Read more about Mortgage Fees.
Answer: Unfortunately, buying a house isn't inexpensive!
There are lots of costs involved with most property purchases, and these can include some, or all of the following:
And if you have a property to sell, you're also likely to incur the following costs too:
You don't have to have a degree in accountancy to see that this can run into several thousands of pounds!!
Answer: Nothing where the purchase price is £125,000 or less!
But pay £1 over this amount, and you'll have to pay 1% of the purchase price right up to £250,000. So on a purchase price of £250,000, the Stamp Duty charge will be £2,500. It doesn't stop there though! Pay £1 over this amount, and the charge triples to 3% - a staggering £7,500. The rate of 3% then applies between £250,001 and £500,000. Over this amount that is from £500,001 and any amount above, the Stamp Duty payable rises to 4% of the purchase price.
Answer: Not necessarily - even if you borrow 100% or more!
Many lenders have these days scrapped the requirement for a Higher Lending Charge (HLC). (Many of us still remember this charge as MIG or a Mortgage Indemnity Guarantee Premium). The cost is usually applied where the homebuyer borrows over 75% of the property value. The HLC is calculated on the amount borrowed over 75% loan to value, and is usually charged as a percentage on that amount. For example, Mr & Mrs A are purchasing a property valued at £100,000 with a 95% mortgage, i.e. £95,000. The lender's indemnity insurers charge a single premium of 6% on the amount borrowed over 75% of the property value, which is £95,000 - £75,000 = £20,000 at 6%. Thus the HLC in this case would be £20,000 x 6% = £1,200.
If chargeable, most lenders will add this amount to the mortgage advance, although, as with any attendant cost of purchase, if you can afford to pay the premium upfront, your mortgage payments will be cheaper, and you will pay less interest over the term.
Answer: The principal reason for having a property valuation is to confirm to the lender that the property will be suitable to act as security for your home loan.
Answer: There are three types of property valuation:
Each of the three valuations are briefly explained below, with links to more detailed explanations within our Mortgage Glossary.
As its name suggests, the basic valuation is a short report that confirms to the lender the basic details of the property, and confirms (or otherwise) that the property will act as suitable security for the lender. The borrower pays the cost, but the benefit of the report is for the lender. You should bear in mind that the basic valuation does not provide any guarantees, and if fault is subsequently found with any aspect of the property, you will have no redress against either the valuer or lender.
The Home Buyer's Report is written for the benefit of the borrower, but as a borrower, you still have to pay for it! The Home Buyer's Report provides a much more in-depth property description, and is designed to list any major faults, so that you can confront the vendor either to rectify the deficiencies or adjust the price to take account of the fault.
This valuation, sometimes referred to as a full structural survey, is the most comprehensive of all the property valuations, and reports all faults, both major and minor. Again the customer has the protection of being able to sue the valuer in the event that problems are subsequently discovered.
Answer: The lender or intermediary will instruct a valuation of the property from their approved panel of surveyors. These are firms of professional valuers, who will usually be members of the Royal Institution of Chartered Surveyors (RICS).
Answer: The cost of a property valuation will depend upon the lender, the purchase price or estimated property value, and the type of valuation that is instructed, that is:
To give an approximate indication of cost for say a property valued at £150,000; you are likely to incur costs somewhere in the region of:
Answer: Yes certainly.
However, it's worth bearing in mind that some lenders will insist that the solicitor who is to carry out the legal work is part of a practice with a minimum of two solicitors.
Answer: Yes, with pleasure.
We work closely with a solicitor's practice that has a specialist Conveyancing Department, and so are geared up to provide a quick and efficient service at a reasonable and competitive cost. If you require us to arrange this for you, your Mortgage Advisor will be happy to provide you with the details of their service, and the benefits of instructing them.
Answer: That depends on whether you are buying a new home and selling your old one, switching lenders by remortgaging your property, or buying your home for the first time without having a property to sell!
Selling your old home and buying another will generally be the most expensive, as there are two transactions in one - a sale and a purchase! The basic legal costs for each transaction will typically be in the region of £400 - £500, to which you should add the VAT at the current rate plus disbursements. (Disbursements are monies that the solicitor will have to pay out on your behalf, such as Land Registry, local authority searches and other property searches, and other out of pocket expenses).
A first time home buyer will have only the purchase transaction to pay for at a basic legal cost of between £400 and £500, plus VAT plus disbursements. Those who are merely switching mortgage lenders by a remortgage have the cheapest legal fees of all - and this is usually an all in price, typically somewhere in the region of £400 - £500 including all disbursements and VAT.
Answer: Usually yes! However some lenders will occasionally promote a feature of "free legals", or offer some form of allowance towards the cost, or even include a "help with costs" incentive. However, all that glistens is not gold, and to compensate for these "giveaways", you may find that there is a larger lender's application fee to pay, or the interest rate charged may be higher, so it's well worth discussing this aspect with your Advisor, who will check the alternatives out!
Answer: Yes, we do!
Fixed Rate mortgage products are excellent plans for those borrowers who require certainty of payment for a certain period of time, or for those borrowers who like to know where they stand, and can budget more assuredly.
The points to be aware of with a fixed rate mortgage include:
Answer: The Discounted Rate mortgage is a variation of the Standard Variable Rate (SVR) mortgage. Let's assume that a lender's standard variable rate is 6.90%, and they offer a Discount Rate product of 2% for 3-years. The Discounted Rate charged would therefore be 4.9%, which is 2% under the SVR of 6.9%. It's highly likely that the SVR will change during the course of the first three years, however the Discount Rate will always be 2% under the Standard Variable Rate.
One of the benefits of a Discounted Rate product is that in times where the interest rate is failing, so will the discount rate applied. Conversely of course, if the discount period was subject to general rate increases, then the discount rate applied would also be correspondingly higher.
Let's look at an illustration over a hypothetical 3-year term:
| Year: | Month: | SVR: | Less Discount: |
Discount Rate: |
|---|---|---|---|---|
| 1 | Jan | 6.90% | -2% | 4.90% |
| 1 | Sept | 6.45% | -2% | 4.45% |
| 2 | July | 5.95% | -2% | 3.95% |
| 3 | Mar | 6.25% | -2% | 4.25% |
| 3 | Oct | 7.25% | -2% | 5.25% |
Remember, like most preferential interest rate plans, a Discounted Rate product will generally include a lock-in clause, at least during the preferential rate period, and sometimes beyond.
Answer: Yes we do.
Tracker rate mortgages are another variation of a variable rate mortgage. However, this time the rate charged is expressed as a margin over the lender's Base Rate, or possibly the Bank of England Base Rate (BoEBR), for example "1.00% Bank of England Base Rate Tracker". Thus if the Bank of England Base Rate was 6.0%, the Tracker Mortgage interest rate would be charged at 7% (i.e. 6% + 1%). The rate is usually, but not always set for the term of the mortgage. Unless there is a preferential rate combined with the product, there is normally no lock-in clause.
Answer: An Early Repayment Charge (ERC) is a penalty for paying all or part of your mortgage early. Early repayment charges are usually part and parcel of a mortgage product that has a preferential promotional period, such as a fixed, capped or discounted interest rate. The penalty is levied if the mortgage is settled during the lock-in period associated with this type of scheme. For further information please see our Early Repayment Charges glossary page.
Answer: On some there are, but the ERC's are usually restricted to preferentially rated mortgage schemes, such as fixed rate schemes, discount rated plans, capped rates and cashback products.
Naturally, our professionally qualified mortgage advisors will carefully assess your circumstances, needs and requirements, coupled with your attitude to ERC's, before giving you advice or making any recommendations.
It's probably worth noting that accepting Early Repayment Charges is often a good trade for the very good deals that are available in today's market place, especially if you have no intention of repaying your mortgage during that period. However, wherever possible, it's usually a good idea to ensure that the lock-in clause does not exceed the preferential period of the product, unless there is a very good reason.
Answer: Until recent times, many Mortgage Lenders, mainly Building Societies, would calculate their interest rates on an "annual rest", that is just once a year. The interest for the year would be added to your mortgage account on the first day of the new accounting year, with adjustment being made during the year for any change in interest rates. Because of the way interest was charged only once a year there was no benefit in making any overpayments, unless they were agreed by the lender as being capital payments (usually a minimum of £1,000). This meant that only the lender got the benefit of any overpayments to the mortgage account.
Nowadays, with more sophisticated computerised schemes, together with a little pressure from consumer groups and the Office of Fair Trading; most lenders now charge interest on either a monthly or daily basis. This has meant that customers now receive the benefit of any periodic overpayments into the mortgage account - virtually immediate interest relief!
A note of caution, if your mortgage is a fixed or discounted rate, then any overpayments during the preferential period could mean the early repayment charge (ERC) would be invoked on the additional payments. However, many lenders will allow additional payments of (say) 10% of the mortgage balance each year without invoking the ERC's. If you intend to make additional payments into your mortgage account, please check with your Advisor to ensure that the appropriate product range is selected.
Answer: None of us know what's round the corner, and it really does make sense that you are protected against the unforeseen. Our Mortgage Advisors will be happy to assess your insurance demands and needs, and discuss the options that are available to you.
For covering mortgage payments, there are insurance products to protect you against incapacity to work as a result of accident, sickness or unemployment. Why not check out our glossary page on ASU Insurance (Accident, Sickness and Unemployment Insurance) where you'll find that we have comprehensively set out detailed information for your guidance.
Answer: As you may be aware, it will be a condition of your mortgage that you should protect the buildings with a suitable insurance product. However, it is not compulsory that you insure your home contents, although we recommend that you carefully consider this protection.
Our mortgage advisors will of course be happy to provide you with suitable illustrations, and will issue you with a statement of Insurance Demands and Needs. Further information is available on our Buildings Insurance and Home Contents Insurance glossary pages.
Answer: Yes, with pleasure. Our experienced advisors will carefully examine your protection requirements and provide you with a statement of your demands and needs, and come up with the appropriate recommendation and illustrations so as to ensure that you and your loved ones are covered in the event of premature death.
Answer: Not at all. You can arrange your own protection products, nevertheless, we would of course be delighted to provide you with an assessment of your insurance demands and needs, and our qualified advisors will make their personal recommendations after carefully examining your circumstances, needs and aspirations.
Answer: Yes, certainly.
We'll arrange a dedicated Mortgage Advisor to look after your case from the outset. Once your application is underway, your file will be administered by a member of our Customer Services Team. You'll find our service to be friendly and thorough, and we'll do all we can to ensure your application is transacted as smoothly and efficiently as possible.
Answer: Not at all - unless of course you would like to come and see us! Our Mortgage Advisors are able to arrange a mutually convenient appointment to see you at home. We can also discuss your requirements over the phone, and prepare documents to send through the post if you wish.
Answer: If you would like to see a Mortgage Advisor in the comfort and privacy of your home, in many instances we will be more than happy to arrange a mutually convenient appointment. However, if you prefer, it is possible for us to complete the documentation through the post.
Answer: If you have a deposit, this can help in several ways, as follows:
Answer: On most mortgage schemes, yes!
Infact there's a whole range of mortgage products that have been specially designed for customers who want to vary their payments, both by overpaying and occasionally by underpaying or even taking repayment holidays. These schemes are known as Flexible Mortgages, and here at Shire we can arrange this type of product for you.
However, the facility for making overpayments is not restricted to Flexible Mortgages, many standard plans nowadays will allow borrowers to make periodic overpayments, sometimes without restrictions, although some limit the amount of overpayment to 10% or 20% of the capital balance. Naturally, we'll carefully explore these aspects with you, and come up with the most appropriate product for you after taking into account your circumstances, needs and aspirations.
Answer: Yes, usually without difficulty!
Not everything in life is black and white, and lots of people encounter difficulties, often through no fault of their own. Personal calamities can throw any one of us completely off-track, and anyone who has gone through a marital or partnership breakdown, redundancy, an accident or a long spell of illness will understand that your personal finance can be knocked for six! The aftermath will often result in missed mortgage, loan and credit card payments, credit defaults and even County Court action with the registration of CCJ's.
However, here at Shire Direct, we have developed a wide range of mortgage products that have been especially designed to assist where conventional high street lenders say "No"! So don't despair, just give one of our specialist mortgage experts a ring, and we'll let you know how we can help.
Answer: There is much credit information registered against all of us, and public information will include the Electoral Information, details of bankruptcy, Individual Voluntary Arrangements (IVA's), County Court Judgements (CCJ's), and Credit Defaults.
There is additional information contained on our credit records that is not public information, and only available to lenders or mortgage brokers that are acting on your behalf, and to whom you have given permission. However, you can gain access to your own credit record and credit rating, either by sending a £2 cheque or postal order to one of the credit reference agencies below, or to apply online for the details of your credit file.
For more detailed information why not take a look at our Glossary pages 'Credit Rating', 'Credit Record' and 'Credit Reference Agencies'.
Answer: If you miss a mortgage payment, or if there is a likelihood that your problems may present you with difficulties in making your contractual mortgage payments, it is important that you speak with your lender. They have a variety of options they could put in place to help you. It is important that you keep to any arrangements you have made with your lender, not to do so will put you at risk of further action, possibly including possession proceedings.
Answer: Yes, usually we can!
We have a range of specialist mortgage lenders who will consider your application - even from day one of your bankruptcy discharge! However, you will need a minimum deposit of 10% of the purchase price.
We have lenders that will consider a remortgage, even if you are still in your bankruptcy, provided that the funds will be used to repay your indebtedness to your Trustee in Bankruptcy.
We appreciate these can be difficult matters, but you can rest assured that our advice and service is not judgemental, and we will consider your circumstances sympathetically.
Answer: Yes, we do.
Self-cert Mortgages, or to give them their proper name - Income Self-Certification mortgages, are widely available to borrowers who are usually self-employed, but may not have an accounting profile that matches the conventional lenders requirements.
This is often due to the fact that traditional mortgage schemes require self-employed borrowers to provide three-year's audited accounts showing a Net Profit that meets the normal income multipliers. Fact of the matter is that a business's financial statements are prepared by accountants as a snap shot of the state of the business on a certain date, and are often up to 12-18 month's after the event.
Thus the financial statements rarely reflect the current position of a business. As the entity evolves, business turnover can change as a result of subsequent expansion, new business lines, additional production staff, etc.
Income self-certification accommodates these types of changes, and appropriate presentation to lenders who will consider self-certification as an alternative to the old status requirements of 3-years audited accounts, which are usually constructed to mitigate tax liabilities in any event!
We have considerable experience in assessing the requirements of self-employed borrowers, and you'll find our professionally qualified mortgage advisors to be both helpful and resourceful. We look for reasons to fund your mortgage requirements - not to decline them!
Answer: Yes, we can!
There are certain occasions when your proof of income is not reflective of your potential income. This may be because part of your income is dependent upon variable aspects that have not as yet materialised to their full potential, for example increased commission payments, an anticipated large annual bonus, secondary employment, and other income that may be difficult to prove.
Please don't hesitate to contact us if you would like further information. We would of course be delighted to help.
Answer: Yes, we certainly can!
We have a wide range of commercial specialists, high street banks, commercial lenders, and funding specialists within our portfolio of lenders, designed to accommodate most types of business proposition.
Although Commercial Mortgages are not regulated by the Financial Services Authority (FSA), our senior managers are appropriately qualified with the Certificate in Commercial Mortgages (CeCM), so you're assured of expert direction.
We are able to consider business refinancing, property extensions, purchase of new premises, acquisition of other businesses, and we'll consider most types of businesses and industries, including (but not limited to!):
We have assisted smaller businesses to refinance their business debts and structure, together with the constraints applied by unsympathetic bank managers by raising funding on residential properties, often at much cheaper rates than those applied under current bank lending.
Answer: Indeed we do.
We are happy to consider single units for individuals who may wish to dip their toe into this growth sector of the market place. Many borrowers have started with single unit purchases so as to diversify their investment and pension provisions, and have gradually built up considerable amounts of property within their portfolios, thereby providing an income and capital growth in property.
We will also research the refinancing of larger portfolios either to improve rate, switch to a different interest type, for example transfer to fixed rates, or to realise some of the collateral within the portfolio.
Buy to Let propositions are considered as being commercial transactions, and are therefore not regulated by the Financial Services Authority.
Answer: Yes we do. Infact we can advance up to 95% of the value of the property you wish to let. The requirement for a Let-to-Buy mortgage usually arises where you need to move to another area quickly, often for employment reasons. Problems often arise if you have to wait until your home has been placed on the market and sold, and can mean considerable family disruption and expense, as well as the cost of running two homes.
So arranging a let-to-buy mortgage will allow the family to move, whilst the income from letting the property will usually pay the mortgage obligation on that house. Infact many investment portfolios have started out from a let-to-buy mortgage. The borrower retains the property, and has a capital investment geared to both income and growth.
Well, we hope you've found our Mortgage FAQ useful and have been able to find the answers to your Mortgage Questions!
If you can't find the answers to the mortgage questions you may have had on this page, don't forget there is also our Mortgage Glossary with over 200 detailed explanations, definitions and helpful guides. You can also call one of our professionally qualified Mortgage Advisors here at Shire Direct on Freephone 08000 282 281 from 8am until 10pm, seven days a week, and we'll do our best to help in any we can. Additionally, you can also submit a mortgage question online and we'll do our best to help!
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!
Problems finding your way around the mortgage maze? It's understandable with jargon such as...
To make life easier we've produced probably the best Mortgage Glossary ever! With over 200 detailed definitions, explanations, and step-by-step guides covering all aspects of mortgages, remortgages, loans and property related terms, as well as solutions as to how we can help!
Why not take a look! We think you'll find it useful!
Over £2,000 worth of Argos Vouchers to be won in the Shire Direct Grand Prize Draw 2008! Terms and conditions apply - please read article for full details.
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.
