We recognise that circumstances differ for each individual. We will strive to source and recommend the most appropriate mortgage to meet your requirements.
In addition to all major UK banks and lending institutions we have relationships and access to funds from many smaller niche market lenders who continue to support applications that the High Street will not.
Our Residential Services
A remortgage is when you take a mortgage against your existing property to either repay your current mortgage or take a mortgage against your property to raise funds i.e for home improvements. If your existing mortgage deal has expired and you want to see if a more competitive deal is available. You could also consider this if your circumstances have changed, and you want to borrow more. There are many circumstances that may lead you to remortgage, but this does not involve moving home.
Each lender is different in their approach to what you are able to borrow. The amount you’re eligible to borrow will be determined by the property value, size of deposit/equity, income and affordability (taking into account your monthly financial commitments and any future commitments).
Deposit size is heavily dependent on your circumstances. Generally, the larger the deposit the lower the interest rate and cheaper the mortgage repayments due to the lenders reduced risk.
You will be required to have a mortgage valuation if you are purchasing or remortgaging a property, but do not need to have a full survey. Speak to one of our experienced advisers to learn about the different types of survey available.
Monthly mortgage payment amounts will vary depending on the loan amount, interest rate, term length and amortising period length.
A repayment mortgage will pay off your mortgage by the end of the term if all payments have been made.
An interest only mortgage is where your monthly payments are only covering the cost of the interest, your loan amount will remain the same. When the term of the loan ends, you would either need to source a new interest only mortgage, sell the property, or find another source to repay the loan.
The list of fees would usually include:
- A valuation fee
- Solicitor fees
- Stamp duty land tax
- Lender arrangement fees
- Broker fees
There is no set amount of time it takes to receive a lending decision. Typically, from mortgage application to mortgage offer, we would expect 4 weeks. However, the lender may return with questions or require additional documentation. Using an experienced broker will give you the best chance of having a smooth and speedbump-free application process.
A mortgage offer will last between 3 to 6 months from the date it is issued; however, this will vary from lender to lender.
It is normally possible to get a mortgage with a bad credit score, however the lender options may be limited, and the lender may increase the interest rates.
A buy-to-let mortgage is a mortgage on a residential property that’s purchased to be let out. Unlike purchasing a new home, lenders will take into account the rent generated by the property when assessing affordability.
RE-MORTGAGES AND RESIDENTIAL
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
A fee may be payable. Typically £595 in addition to any commission received from the lender or a percentage not exceeding 1.5% of the mortgage amount. Should a percentage fee be elected commission received from the lender will be rebated to you. All fees are payable on completion.
To understand the features and risks of an equity release mortgage please ask for a personalised illustration.A fee may be payable. Typically £995 in addition to any commission received from the lender or a percentage not exceeding 1.5% of the mortgage amount. Should a percentage fee be elected commission received from the lender will be rebated to you. All fees are payable on completion.
Philip Meek Residential and Philip Meek Mortgages are trading styles of Philip H Meek Ltd who are an Appointed Representative of Mortgage Intelligence Network Limited which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.
Philip H.Meek Ltd, Registered Address 17 Walnut Road, Torquay, TQ2 6HP – Incorporation number 4492974