- Mortgage information
Frequently Asked Questions
Find answers to many frequently asked questions about our mortgage services here. If you don’t see what you’re looking for, please reach out to us.
Commonly Asked Questions Answered!
Are you FCA-regulated?
Mortgage Call is under Mortgage Intelligence, who are both regulated by the FCA, Mortgage Intelligence are a company paid by Mortgage Call, to ensure you and Mortgage Call advisors are protected and following the guidelines set out by the FCA. Visit their website.
What are your fees?
Some brokers charge a fee, we don’t charge a fee, it doesn’t cost you a penny, the way in which we are paid is from the lender, it is called a procuration fee and is roughly 0.35% – 0.4% of the mortgage balance. We can share the procuration fees with you over email.
Which mortgage suits me best?
There are many types of mortgages to explore like fixed, tracker, offset or interest-only. Once we have gathered all your information, assessed your needs and goals, we will research products suited to your needs, and present what we think is best.
How many lenders do you work with?
We do have a comprehensive panel of lenders, and work with not only high street banks, but also lenders you may never have heard of, such as Atom Bank and Mpowered. We don’t offer direct lender deals, but we do have a whole range of products suited to most people.
How much can I borrow?
We look at all your incomings, from salary to benefits to pensions, and look at all your expenditure such as the cost to run a home, any loans or credit cards you may have and what you feel is affordable. Only then can we let you know how much you can borrow. On top of the deposit, make sure you can also pay other fees, such as moving and legal costs.
What’s the interest rate and terms?
There are many elements which effects the interest rate available to you, from the amount of deposit or equity to the length of time the mortgage is taken over and even your income can affect which rates are available to you.
Are there early repayment charges?
Any repayment charges on your illustration of the product selected to meet your needs will be clearly explained during your second appointment.
Can you assist with the entire home-buying process?
Of course, at Mortgage Call, we will assess your protection needs and ensure you and your family are covered if the worse is to happen, refer you to our third-party insurers, Safe and Secure for a free no obligation quote on home insurance, we also refer to our third-party Country Wide Home surveys for your surveying and valuation needs.
What documents are needed?
It is incredibly helpful being organised before your first appointment, having 3 months of the most recent bank statements and payslips, or 3 years SA302s if self-employed, photo ID and proof of deposit if you are a 1st timer buyer.
How long will completion take?
How long will completion take? A simple remortgage can take just a couple of weeks, whereas purchasing a home can take quite a bit longer, but have no fear, we chase your solicitor at our end, you are also free to chase your solicitor, and the seller will also be pushing with their solicitor. They do work as quickly as possible. The average is 12 – 22 weeks. HSBC has an interesting article, view here.
Here is a link which has so much useful information.
