Mortgages

The below calculator can be used to give an indication on monthly mortgage payments.

Purchase Price (£)

Deposit Amount (£)

Interest Rate (%)

Repayment Period (years)

Please be aware, your results are only an estimate and should not be considered a quote. Your home may be repossessed if you do not keep up with your mortgage payments.

Mortgage Advice Bureau (MAB) works with Smooth to provide their clients with expert mortgage and protection advice. MAB have access to over 12,000 mortgages from 90+ lenders and can find the right mortgage to suit your individual needs. The expert advice offered, combined with the volume of mortgages MAB arrange, places them in a very strong position to ensure that their customers have access to the latest deals available and receive a first-class service. MAB will take care of everything from explaining all of your options and helping you select the right mortgage, to choosing the most suitable protection for you and your family and handling the whole application process.

For more information speak to a member of the Smooth team who will be able to arrange a noobligation chat with an MAB advisor.

Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.Mortgage Advice Bureau is a trading name of Boden Samuel Ltd which is an appointed representative of Mortgage Advice Bureau Limitedand Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority. Boden Samuel Ltd. Registered office: 3 Halford Street, Leicester, United Kingdom, LE1 1JA Registered in England Number: 04197156

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What’s the difference between a Mortgage Broker, and a Mortgage adviser from a bank or building society?

The key difference is that the Mortgage adviser from a bank or building society will offer limited advice based on the products and services provided at their bank or building society. Whereas A Mortgage broker will have access to multiple lenders up to the whole of market, meaning their advice is not limited to find you the best deal to suit your needs.

What is a Decision in Principle/ Agreement in Principle?

These are certificates confirming that based on the information provided what the lender would be prepared to lend to you and for how long, Lender would normally complete a credit check at this point, some lenders complete a hard search which would leave a footprint on your credit file, which would then be visible to other lenders on your credit report, whereas others complete a soft search which would only be visible to you on your credit report.

What does Loan to Value mean?

The amount you are borrowing against the value of the property is referred to as the loan to value or LTV. Generally, the lower the LTV the lower the interest rates that are available to you. For example, a £150,000 mortgage, against a property valued at £200,000 would be a LTV of 75%.

Does having a low credit score affect me getting a mortgage?

Not necessarily, your credit history is more important than your score, your score may be low simply because you have not had credit in the past. If you have got any concerns or questions speak to a mortgage broker.

I’m self employed how is my income assessed?

If you are a sole trader, this will be your figures provided on your annual SA302’s, normally requiring the last two years. If you are a Limited company director with more than 20% there are a number of ways your income can be assessed. Either through your Salary and Dividends, your Salary and Net profit, or the retained profits in the business. Evidence required would either be annual SA302’s and tax overviews, full accounts, or accountants’ certificate.

How can I repay the mortgage?

You have 3 ways you could repay your mortgage. Capital and Interest repayment, this is where each month you pay some of your mortgage balance and the interest and by the end of your mortgage term the mortgage will be repaid in full, Interest only, this is where you only repay the interest each month, at the end of the mortgage term you will still owe the amount you borrowed. Or Part and Part, this is a combination of the above where there still would be an element of the mortgage balance outstanding. For any interest only or part and part mortgage you would normally need an acceptable repayment strategy in place.

Mortgages

Monthly Costs:

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