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Professional Mortgage Advice Advisors Brokers

Our local mortgage advisors will work with you every step of the way to make your mortgage stress free, we will explain the entire process & help you complete the all mortgage application paperwork and deal with solicitors.

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Mortgage advice made simple

Whether you’re buying your first home, buying to let or remortgaging, it’s a big commitment. We think you’ll love our mortgage advice. You can speak to us within the hour if needed and you don’t even have to leave home. We are very flexible and offer appointments over the phone, via video call or face to face, wherever & whenever you feel comfortable. With over 800 verified customer reviews rating at 4.98/5, your in safe hands with GHL Direct.

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Simple, stress free mortgage advice in just 3 easy steps
Book Your Free Call
Just 20 seconds is all it takes to book your fee free callback from our professional mortgage advisor. No bank visits, no traffic or queues, just select the best day & time for you then sit back & relax, we’ll call you back.
Leave the hard work to us
Your mortgage advisor can access 15,000+ mortgages from over 50 of the UKs top mortgage lenders. We can even get exclusive deals your own bank may not offer you.
Its that simple
We’ll also help with the application paperwork for you, then chase the lender for updates to keep it stress free. Your mortgage professional is with you the whole way, just a quick phone call away when you need.
Can I afford a mortgage

The importance of affordability

For most of us, buying a home will be the biggest financial decision we’ll ever make.

Mortgage Affordability Calculator

When finding a mortgage product that will meet your requirements, both your income and outgoings will play a part.

The EU Mortgage Credit Directive of 2015 introduced stricter lending criteria, which led to mortgage lenders having to take greater steps to check affordability – including on remortgages.

These rules require your lender to check you can afford your repayments, both now and in the future. To do this, they will need information about your income and outgoings. You will have to inform them if you expect your income and outgoings to change in a way that means you’ll have less to spend on your mortgage repayments. You will also need to provide your mortgage lender with evidence of your income.

Which type of mortgage do I need

Types of Mortgages

Before you choose a specific deal, you need to decide what type of mortgage is the most appropriate for your needs.

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With a fixed rate mortgage the rate stays the same, so your payments are set at a certain level for an agreed period. At the end of that period, the lender will usually switch you onto its SVR. You may have to pay a penalty to leave your lender, especially during the fixed rate period. You may also be liable to pay an early repayment charge if you overpay during the fixed rate period. A fixed rate mortgage makes budgeting much easier because your payments will stay the same during the fixed rate period – even if interest rates go up. On the other hand, it also means you won’t benefit if rates go down.

Your monthly payment fluctuates in line with a standard variable rate (SVR) of interest, which is set by the lender. You probably won’t get penalised if you decide to change lenders and you may also be able to repay additional amounts without incurring a penalty. Many lenders won’t offer their SVR to new borrowers.

An offset mortgage enables you to use your savings to reduce both your mortgage balance and the interest you pay on it. For example, if you borrowed £200,000 but had £50,000 in savings, you would only have to pay interest on £150,000. Offset mortgages are generally more expensive than standard deals – but they can reduce your monthly payments whilst still allowing you to access to your savings.

These schemes allow you to overpay, underpay or even take a payment ‘holiday’. Any unpaid interest will be added to the outstanding mortgage, while any overpayment will reduce it. Some have the facility to draw down additional funds to a pre-agreed limit.

Your monthly payment fluctuates in line with a rate that’s lower, or more likely higher than a chosen Base Rate (usually the Bank of England Base Rate). The rate charged on the mortgage ‘tracks’ that rate, usually for a set period of two to three years. You may have to pay a penalty to leave your lender, especially during the tracker period. You may also be liable to pay an early repayment charge if you overpay on your mortgage during the tracker period. A tracker mortgage may suit you if you can afford to pay more when interest rates go up – and, of course, you’ll benefit when they go down. It’s not a good choice if your budget won’t stretch to higher monthly payments.

Like a variable rate mortgage, your monthly repayments can go up or down. However, you’ll get a discount on the lender’s SVR for a set period of time, after which you’ll usually be switched to the full SVR. You may have to pay a penalty for both overpayments and early repayment and the lender may choose not to reduce (or to delay reducing) its variable rate – even if the base rate goes down. Discounted rate mortgages have the advantage of offering a gentler start to your mortgage repayments, at a time when money may be tight. However, you must be confident that you’ll be able to afford your repayments when the discount period ends and the rate increases.

Repayment Methods

The two most common ways of repaying your mortgage are capital repayment and interest only.

Capital Repayment

On a repayment mortgage, your monthly payments will partly go towards repaying the interest accrued on the money you’ve borrowed and partly towards repaying the capital sum (i.e. the amount you borrowed).

The benefit of capital repayment is that you’ll be able to see your outstanding mortgage reducing each year (albeit very slowly in the early years), and you are also guaranteed that your debt will be repaid at the end of the mortgage term, as long as you keep up your payments. On a capital repayment mortgage, the shorter the term you pay your mortgage over the bigger your monthly payments will be.

By having a longer term, you may benefit from a lower monthly payment, but you will also pay more interest to the lender over the mortgage term.

Capital repayment is the most common way of repaying your mortgage.

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Interest Only Mortgage

For an interest only mortgage, your monthly payments will only cover the interest on your mortgage balance. The capital you owe (i.e. the amount you borrowed) will not go down and you will need to repay this in full at the end of your mortgage term. This means you will need to make a separate investment or combination of investments to generate the capital required, and you will also need to prove that you can afford to do this.

You should bear in mind that the value of investments can go down as well as up and you may not get back the original amount invested. For an interest only mortgage, the lender will need to see your plan for repaying the loan when the interest only period ends. If you fail to generate enough to repay your mortgage by the end of the mortgage term, you may be forced to sell your property.

With an interest only mortgage, you must be able to demonstrate how you will repay the capital sum at the end of the term.

Costs Involved

It’s easy to underestimate the mortgage costs involved when buying a property.

Lenders may ask you to pay a valuation fee. The type of valuation you choose will depend on factors such as the age and condition of the property.

These are the costs your lender will charge you for arranging your mortgage. Some lenders will allow the fee to be added on to your mortgage, but this means you will be charged interest on it over the mortgage term.

The fees charged by a solicitor will include their conveyancing fee (i.e. for the transfer of land ownership), as well as charges for legal registrations and other miscellaneous costs (known as disbursements) such as local search fees and Land Registry fees. Some lenders may offer to finance some or all of your legal costs as an incentive.

If the amount you wish to borrow is greater than a specified proportion of the property’s value (typically 75%), you may incur a higher lending charge.

Lenders may charge an ERC if you make an overpayment in excess of any stated limit, if the loan is repaid early or if you remortgage during the early repayment period. This can amount to a significant cost, so you should always check the early repayment terms in the offer letter from your lender.

Lenders may charge a fee to release the deeds of a mortgaged property to you or a new lender.

Before we get started, we will explain how we will be paid for arranging your mortgage if it all.

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What else do you need to know?

Buying a property isn’t just about the right mortgage; it also involves solicitors, surveys and insurance. Before offering you a mortgage, your lender will instruct a survey to confirm the price you’re paying for the property is appropriate. The most common types of survey are:

Homebuyer’s Report
This provides brief information on the property’s condition. The report will include comments on the property’s defects and the valuer’s opinion as to its marketability
Basic Mortgage Valuation
This is for the lender’s own purposes to confirm the property provides security for the loan.
Full Structural Survey
This report is the most comprehensive survey it is based on a detailed examination of the property.
Solicitors
You may need to appoint a solicitor or conveyancer to act on your behalf. They will undertake the legal work required to ensure the
ownership (title) of the property and land transfers successfully. If you don’t already have a solicitor who undertakes conveyancing work, we can recommend one using a specialist company that provides access to a nationwide network of solicitors. Some lenders will offer to pay for the basic mortgage valuation as an incentive. You may also want to consider one of the more detailed surveys, depending on the age and condition of the
property. In most cases you can use the same surveyor to carry out both surveys, but there’s nothing to stop you appointing an independent surveyor should you choose to do so. We can help you do this. Solicitors, valuers and surveyors are not regulated by the Financial Conduct Authority.

Working With You

With our mortgage advice we’ll help you put your plans into action.

Getting to know you
When you get in touch with us, we will want to learn more about you, your circumstances and your overall financial position. We’ll also want to hear your thoughts on which type of mortgage you believe is right for you, before walking you through the pros and cons of each option.
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What we must tell you
When you first speak to us, we have to tell you what our charges are and how they are to be paid. We also have to say if there are any limits to the range of mortgages we can recommend for you. Using our expert knowledge and database of 15,000 mortgages, we will find the deals that are most suitable for your needs.
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The right solution
Once we have identified the options available, we’ll meet with you again or discuss our recommendations over the phone. Assuming you’re happy with our recommendations, we’ll work with you to complete the application forms and liaise with your solicitor, valuers and surveyors on your behalf.
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GHL Direct Mortgage Awards

Mortgage Strategy Awards
Mortgage Strategy Awards

Best Network 300 + Mortgage Advisors 2019

MoneyFacts Awards
MoneyFacts Awards

Mortgage Network Of The Year 2017 - 2019

Mortgage Strategy Awards
Mortgage Strategy Awards

Best Network 300 + Mortgage Advisors 2018

MORTGAGE NOTICE

Your home or property may be repossessed if you do not keep up repayments on your mortgage.