Mortgage adviser | Parklands Financial Advisers

An introduction to mortgages

Needless to say, buying a home will be the largest financial decision most people will make. Therefore, a mortgage for most people will be their largest liability and with so many providers and options, choosing the right mortgage can seem overwhelming and complicated. We can deal with the complexities to make the process of borrowing money simpler and help put your mind at ease ensuring you get the most suitable deal.

The most common reasons for applying for a mortgage are:

Moving home or starting out on the property market
Staying put, but looking around for a better deal
Considering refinancing to extend or make improvements
Thinking about venturing into the buy-to-let market

With our support, you can be assured that all the necessary paperwork is being completed while you focus on the other stresses of moving, purchasing or improving property. As well as dealing with all the paperwork, we are here as a port of call for whenever you have a question or worry regarding the mortgage process.

Are you looking to release equity from your property?

What are mortgages?

Mortgages are loans which are intended to help buyers purchase residential and commercial property. When an individual takes out a loan, the lender charges interest. The same is true when it comes to a mortgage.

A mortgage is a ‘secured’ loan, which means that the loan is secured against the value of the property being purchased until the mortgage is paid off. Sources of residential mortgages include high street banks, building societies and other types of less well-known financial institutions.

FREe

CONSULTATION

EXPERT ADVICE

SUSTAINABLE SOLUTION

Basic conditions

Mortgage providers follow a set of rules and procedures when deciding whether or not they will agree to provide a mortgage to purchase a residential property. Although different lenders apply different lending criteria, the amount a potential buyer can expect to borrow of a property’s purchase price is determined solely by the mortgage provider’s requirements.

Here are some of the factors lenders take into account when making their decision:

Affordability

The mortgage provider will want to be certain that the borrower can afford to service the loan — i.e. to make the monthly repayments as and when they are due. To help them make that decision, the lender will want to see the borrower’s personal financial incomings and outgoings. Any rent the borrower may be paying will be discounted, but the lender will factor in the potential cost of the monthly mortgage repayment.

Deposit

The amount the borrower can contribute towards the cost of buying a property — the ‘deposit’ — is a major consideration. Because most mortgage loans are secured on the value of the property, mortgage providers prefer borrowers who can provide large deposits: the smaller the loan, the lower the lender's risk. And the larger the deposit, the lower the borrower’s monthly repayments will be, which reduces his or her outgoings and improves the affordability criteria from the lender’s point of view. In the current financial climate, most lenders expect borrowers to deposit at least 5% of the property’s purchase price.

Value

Mortgage providers lend against the value of the property, not the agreed purchase price. To avoid lending more than is absolutely necessary (and therefore increasing their financial risk) most mortgage providers will insist on having the property in question valued by a qualified surveyor.

Property type

Some lenders will not consider mortgaging certain types of property. Leasehold properties, properties below a certain price, property being purchased through an assisted purchase scheme or under a Right to Buy scheme, or where property is being purchased ‘off plan’, may not be acceptable to the mortgage provider.

Description title

Mortgage providers generally have a maximum number of years over which they lend and will set a date when the mortgage must be repaid in full.

Please note

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST FORMS OF COMMERCIAL MORTGAGE AND MOST FORMS OF BUY TO LET MORTGAGE.

Financial Planning

Retirement Planning

Savings & Investments

Wealth Management - image, mortgages page

General Insurance - image, mortgages page

Health Insurance - image, mortgages page

Slide title

I have used Parklands for over 5 years to arrange my mortgages, life insurance and pension. Paul and Donovan are second to none when it comes to their knowledge and professionalism. I could not speak highly enough of them.

Gary G.
Slide title

Have used Parklands IFA (Donovan) twice now and every time they deliver exactly what I have asked for.
Extremely professional, open and honest yet very down to earth with all the terms that I couldn't understand.
Used them for over 10 years for our mortgage, life insurance and pensions.
Would not hesitate to use them again, have referred them to family, friends and work colleagues. Keep up the great work.

Shane P.
Slide title

Fantastic old school face to face financial advice, Paul knows his stuff.

Jason R.
Slide title

Everything explained in detail. Completely hassle-free from start to finish. Great service all round.

Janet A.
Slide title

The service we received from Donovan Goodman at Parklands was fantastic. As first time buyers on our quest to understand the world of mortgages, he took the time to explain our options to us, answer all of our questions and, most refreshingly of all, was completely open and honest with us. I would highly recommend Parklands Financial Advisers.

Jodie C.
Slide title

Paul and his team are very knowledgeable and really helped me with my investment and personal pension! Would highly recommend them.

Colin and Richards Crazy Adventures
Slide title

Absolutely superb service from Parklands! Donovan and James were brilliant, made every step of getting the mortgage and insurance as easy as possible. Thoroughly recommend this company for any financial decision you're thinking about!

Adam G.
Slide title

I received a first-class service from James Turner regarding my pension. James kept me informed at all times, and everything was resolved very swiftly indeed. I can highly recommend James, and wish him and the business every success.

Jackie J.
Slide title

We have bought two properties using Donovan from Parklands now. Both processes were made easier by having him to help, as well as him going to many lengths to get the best deal for us.
We have recently moved into our new home and cannot thank Donovan enough for all of his help with getting us in. A great person who went above and beyond to help us with our every need. We would 100% recommend him to anyone.

Laura M.
Slide title

I cannot rate Donovan highly enough. From the initial mortgage application through to sorting out life insurance ... he was always a Whatsapp/phone call away and guided me through new and unknown territory. So thankful that I was pointed in his direction and trust him with my life now!

Jo C.
Slide title

Superb service from Lucy as we tried to achieve an almost impossible task - opening a Trust Bank Account when two of the Trustees are non-UK residents. Lucy was tenacious and unrelenting in helping us ... she certainly made sure the bank kept the ball rolling. Thank you Lucy!

Tim S.