Telephone: 0800 338 3736
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
MSN Residential work in partnership with independent mortgage brokers who are authorised and regulated by the Financial Conduct Authority via a mortgage company or network. Your mortgage application will be submitted by a mortgage broker who is responsible for the advice and service provided following the submission of an application. The information above is enclosed in our Terms of Business which will be provided to you prior to submitting an application. Please click here to view this document.
We do not charge a fee for mortgage advice. We charge an administration fee for assisting with the arrangement of your mortgage contract and liaising with all relevant parties to ensure completion.
The fee payable depends on each individual application and its complexity. The typical fee we charge is 1% of the mortgage loan size of which £500 is payable on application and the remaining balance is payable on completion.
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Helping you save money or borrow more…
Why do I need a mortgage broker?
It's easy to navigate the mortgage process when you have a broker that really understands your situation and budget. We'll pull together all the information you need, spending time with you to get everything just perfect.
We'll ask you questions like:
• What are your plans for the future?
• What type of job do you do?
• What's your income and pay structure?
• What are your family circumstances?
Our mortgage broker will then research the mortgage rates on offer and look at the market to provide you with clear, relevant information you can use with confidence.
That way, when you're ready to make a decision, you can do so knowing that you've got all the facts.
What is a Remortgage?
There are two main reasons for remortgaging:
• To borrow additional funds
• To get a better mortgage deal with a new lender, normally when your current deal expires
Sometimes you might want to do a combination of the two.
The benefits of shopping around
It can be very tempting to simply renew with your current lender because it might seem like the easiest option. However, you could be missing out on a really competitive deal to save you money, so it's always worth seeing what else is out there.
We can help you with everything, whether you want to borrow more from your lender, or switch to a new one. Our mortgage broker will do all the analysis for you, comparing what your existing lender can offer with other deals on the market.
What is a BTL?
Arranging a buy-
There is one key difference though, based on the fact you plan to rent the property out.
If you want a mortgage for a property you will live in, a lender will look at many factors, including your personal income and expenditure to help decide if they are happy to make you an offer.
However, with BTL the lender will also take into account how much you will be able to rent the property out for.
How does the mortgage process work?
Getting a mortgage is important, but it doesn't have to be complicated. We'll handle every step for you, deal with all the paperwork and take away all the hassle. Here's a quick overview of how the process works and how we will help you:
• We'll talk to you in detail about your situation and budget to work out the maximum you can borrow. This will help make sure you're looking for properties in the right price bracket.
• We'll explain all the documentation we'll need to put together to support your application.
• Once you've found a property, our mortgage broker will find your ideal mortgage and manage the application process for you. We'll make it as simple as possible.
• The lender then carries out a survey to assess the property, and their underwriter will review it all to confirm it's affordable for you. This might include asking for a reference from your employer or accountant.
• Once the lender's happy with all the checks, they'll make a formal mortgage offer. Then we'll help you complete the legal details and exchange contracts with the seller. We'll be there to talk you through every single piece of paper so you don't need to worry about a thing.
If I’m self employed what are my options?
There's a common myth that the self-
A number of lenders specialise in self-
This can include:
• Lending against your most recent year's income, rather than an average of the last two or three years
• Lending against your company net profit -
• Consideration of your daily rate if you're a contractor.
Lenders will need to see specific documentation if you're self-
What are the different types of mortgage rate?
Standard variable mortgage
A standard variable mortgage is based on the lender's basic mortgage rate, commonly known as the Standard Variable Mortgage Rate, or SVR.
It is usually the rate that customers revert to after the initial deal period (e.g. fixed, tracker, discount) ends.
Fixed rate mortgage
A fixed rate mortgage sets the interest rate and hence the mortgage payment at the defined level that will not change even if the Bank of England base rate and/or the lender’s SVR changes.
If you're the kind of person who likes certainty and the reassurance of knowing exactly what your monthly outgoings will be, or wish to secure a rate to protect against interest rate rises, then a fixed rate mortgage may be suitable for you.
With a tracker mortgage, the rate of interest you pay is linked to the base rate and is typically a set percentage above the base rate during the initial period. The initial deal rate will usually be lower than the lender’s SVR. At the end of the initial period, the mortgage would revert to the lender’s SVR.
Some lenders offer “life time trackers”, which follow the base rate until the end of the mortgage. The margin will usually be higher than a short term tracker but still lower than the SVR, and the mortgage would not revert to the SVR later in the term.
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