FAQ's - Frequently Asked Questions
Find Answers to Frequently Asked Questions
Well this is the process of paying off your current mortgage with the proceeds from a new mortgage, using the same property as security. You may also be able to borrow extra cash at the same time.
Having remortgage difficulty?We’re experts at helping you raise the cash you need. If you’re struggling with defaults, CCJ’s, arrears on your mortgage / loans or have no proof of income. Even if you have been refused credit in the past. We’re committed to helping you find the right deal.
Why can you find me a remortgage or loan, when others can't?As a remortgage and secured loan specialist - our role is helping you raise the cash you need, even with a bad credit history. We take the time to understand your needs and circumstances before researching the deals on offer. Our panel of lenders use different criteria to many of the high street names, and offer plans tailored to your needs.
I need a Self Certification deal - can you help?Yes, we have a range of Self Certification mortgages and secured loans - we always offer you the lowest rate we can.
How does a repayment mortgage work?This type of mortgage pays off both the money you owe and the interest charged at the same time. This means at the end of the mortgage term, and providing you have kept up your repayments in full - your mortgage is paid off and you own your home outright.
What is an interest-only mortgage?With this type of mortgage you only pay the interest charges for the money you borrowed each month. This means you will need to arrange a savings or investment scheme in order to repay your mortgage at the end of the term.
What is an early repayment charge (ERC)?This is a charge made by the lender that you will have to pay if you end your mortgage deal – either by paying back the mortgage early or if you move the mortgage to another lender.
How long does a remortgage take?This will depend on your individual circumstances, but as a guide we are completing remortgages in 28 days.
Will I need life assurance?Although life assurance is not a requirement of the mortgage lender, most people take this protection in order to repay their mortgage should they die. It gives you and your family peace of mind from the risk of losing your family home. We can help you organise this valuable protection; just ask our advisors at the time of application.
What is Payment Protection insurance?Payment protection insurance offers a simple and effective way to protect your monthly mortgage or loan repayments, in the event you are unable to work due to accident, sickness or unemployment. This puts your mind at ease - knowing your repayments are covered should something unexpected happen.
Do I need Payment Protection?It’s not compulsory - but it’s the sensible choice. Don’t forget your home may be at risk if you can’t make your monthly repayments. Payment Protection covers you in the event of an accident, sickness or redundancy. You’ll rest easier knowing your payments will be taken care of, whatever life brings.
Do you charge a fee? (Remortgages and mortgages)mdnationwide charges a 3.5% fee for arranging and processing your mortgage (minimum £1395). This becomes part of your loan advance, which is only payable on completion of your mortgage. We do charge a minimum £195 application fee. Throughout the mortgage application process you will be made aware of all charges that will apply.
Do you charge a fee? (Loans)We do charge a fee for our service, but you don’t have to pay anything upfront. The fee ranges from 5% - 10% of the loan, only payable when the loan is approved. We will confirm the exact amount to you when your lender is confirmed.
How to remortgage?Contact us - you’ll receive a one to one service to guide you through your options. We’ll take care of the whole process and paperwork for you - from start to finish, and keep you informed at every stage through to completion.
How long does a secured loan take to arrange?This will depend on your individual circumstances, but as a guide we are completing loans in 25 days.
Should I tell you about any arrears or credit problems?Yes - we specialise in helping people in your situation. By telling us right from the start, your application will go through smoothly. We consider all circumstances so it makes sense to be open and honest from the beginning.
What happens if I settle the secured loan early?Depending on which lender is used, you will receive either a rebate or be charged an early repayment charge – for example, 3 months interest. A settlement figure can be obtained from your lender at any time.
What happens if I move home?Some mortgages and loans can be transferred to your new home. However, this is subject to the lenders terms and conditions, equity available and your payment history. If you're moving, call us and we will be happy to advise you accordingly.
What happens if I change my mind?If you decide not to go ahead, just let us know. We will return all paperwork to you and close your file. We’re here to help - It’s always worth discussing any concerns you may have. We want you to feel confident in your decision.
What do I do next?Simply call us on 0808 141 2236, apply on-line or get a free, no-obligation quote.