Community Mortgage Services FAQs
We are always here to try and help. If you have any questions that are not answered below, please feel free to contact us and discuss.
A mortgage is a loan that is secured against a property. It is a contract between you and a mortgage provider and it outlines how much the mortgage provider will give you as a loan and how much you must pay them back for lending you this capital. A mortgage loan is secured on a property; this means that should you fail to pay back the loan, the mortgage provider can ultimately repossess the property and sell it to cover outstanding debts and any costs they have incurred.
Every person’s situation is different. For the majority of people getting a mortgage is achievable, even if you have a less than perfect credit score. This means that even if you had a County Court Judgement or Credit Default in the past, you still might be able to get a mortgage. The best advice is to discuss your situation with us and see if we can help.
We do not charge anything for giving you advice. We are paid commission directly from the mortgage lender or protection provider which will be disclosed to you.
Your monthly repayments are very important, but the amount of any repayments depends on your circumstances and needs i.e. how much you are looking to borrow and what is the most suitable mortgage for you.
In any mortgage, the general relationship is that the lower your monthly repayments are, the longer the mortgage term will be. Remember that by taking your mortgage over a longer term, the amount of interest you pay will increase.
The best advice is to discuss your budget with your advisor.
Most of the time this isn’t the case as many banks, building societies and other lenders offer special rates to mortgage brokers or have a limited offer of mortgage products that might not be the best fit for you.
This depends on many factors. For the majority of people, a minimum of a 5% deposit is usually required but there are mortgages available that require no upfront deposit. Please get in touch and discuss your specific needs with us.
If you are looking for a great source of information for people looking at different schemes to help them buy their own home, go to www.ownyourhome.gov.uk