We Know You Have Questions…
A clear choice for Financial Advice.
Our clients come to us because they all have questions, which is not surprising when you consider that buying your new home is one of the biggest and most important commitments you will ever make.
We have some common questions listed below, although we know there are more, so please feel free to give us a call on 0191 500 8740.
What are the fees involved and are they refundable?
Product Fee: Sometimes charged by the lender and can usually be added to the mortgage amount.
Valuation Fee: All properties being purchased need a valuation fee, this price can range from £200 – £1000 depending on the purchase price and the lender. This is paid ‘upfront’ to the lender.
Broker Fee: For arranging a suitable Mortgage, we will charge an arrangement fee of £295, payable on submission of an application. This will be waived if you have been recommended to us by one of our specified new build sites. Fee is payable on Application, Offer or Completion. No completion, no fee. If a fee has already been taken, Safeguard will refund it in full.
What if my credit score isn’t great?
We have a wealth of experience in dealing with mortgage lenders who are more sympathetic towards clients who may have experienced credit issues in the past. We maintain excellent relationships with these lenders, to give you the best possible chance of obtaining a mortgage with bad credit.
What do I need to bring to a full mortgage application appointment?
Proof of savings
Photo ID (such as a passport)
Address ID (such as a utility bill or driving licence)
3 months latest bank statements for every bank account and savings account you have
3 months latest payslips
Proof of any other income
If you have a credit card you will need your statement
If you have a loan you will need your loan agreement
If paying or receiving maintenance (only CAS) need a letter from CSA
If you have a mortgage your current mortgage statement
What happens after I get my mortgage offer?
After a mortgage offer is issued you usually would exchange contracts and then complete and move in.
However, in some instances the length of time between the offer being issued and exchanging or completion can result in the valuation or the product expiring. If this happens, the valuation would simply need a refresh or a new product would be chosen. Valuation refreshes and product changes are free of charge.
Could my property be valued lower/higher than the purchase price?
If the property is valued higher you will not be expected to pay that higher price. The builder or seller will allow the property to be sold at the agreed purchase price. However, if a property is undervalued (down valued) it is the builder’s decision whether they will allow the property to be sold for the new lower valuation figure. If the builder does not allow this, your application can be sent for appeal or it can be placed with a different lender.
How long does a mortgage offer last?
Depending on the lender the mortgage offer can last from 3 months up to 1 year. When the offer expires, some lenders will extend the offer period while others may require a new application to be submitted.
Does my credit file get checked?
Initially our experienced support team will take your information, this is not a credit check – this is for our use only so that we can calculate affordability and assess which lender will be most suited to your circumstances.
At this stage, your personal mortgage adviser will recommend a lender based on the information you provided earlier. Your mortgage adviser will then ask you to consent to a credit check as part of the ‘Decision In Principle’ and all applicants will have their credit checked. This will leave a ‘foot print’ on the credit file of all applicants.