FAQs

Why Yes Mortgage Services

How do you get paid if you don’t charge a Broker Fee?
Rather than charging our customers for advice, we are paid a commission directly by the lender (in the same way that all other Mortgage Advisors or Mortgage Brokers are).

This means you don’t have to pay us a penny for our services. Once we’ve recommended a particular mortgage, you will receive a key facts illustration document, which will tell you about any costs relating to the mortgage and any fees we will receive from the Lender.

As a company, we believe everyone should have access to quality financial advice regardless of their financial status.  We want to look after you for the lifetime of your mortgage/home ownership ensuring that you never have to pay more than you should on your loan, whether you remortgage, move home or make any subsequent property purchase.

Always check with any broker you are considering using how much you will be charged and make sure you have this information in writing before you proceed. Even though we at Yes Mortgage Services Limited don’t charge you any fees, we will always let you know exactly how much we will receive in commission from the lender.

As well as understanding how much you’ll have to pay for mortgage advice, you should always check with any broker you are considering using whether the advice they offer is restricted or not. If it is restricted, that means they will only be able to offer you mortgages from one or just a few lenders.  Again at Yes Mortgage Services Limited we’re not tied to any particular provider or even a limited selection of providers – we are whats referred to as a whole of market broker which means we can look across the whole mortgage market to all lenders to help you find the right deal that will suit your personal needs and situation.

How will I be updated on the progress of my mortgage application?
Your Mortgage Advisor will automatically keep you updated by phone and email. Should you wish to discuss your mortgage application at any time then please just call.
Who do I contact if I have any queries with my mortgage offer?
Your personal Mortgage Advisor will be able to explain any queries you have.

First Time Buyers

What is a mortgage?
A mortgage, also called a mortgage loan, is the money you borrow from a lender towards the cost of a house or flat.

The lender will charge you ‘interest’ in return for lending you the money. Therefore over the term of the mortgage you will need to pay the lender interest, and repay the amount you originally borrowed fully before the mortgage ends.

The security for the loan is the property itself. This means that if you do not keep up your mortgage repayments, the lender may decide to get their money back by repossessing your home and selling it. For this reason, taking on a mortgage is probably the biggest financial commitment you will ever make.

Finances

How much can I borrow?
Every Mortgage Lender will be different in their approach to what you can borrow and unfortunately there is no set calculation. The actual amount you’re able to borrow will be determined by eligibility: the cost of the property you wish to purchase, the size of deposit you have, your income and affordability (taking into account your monthly financial commitments and any future commitments).

Our Mortgage Calculator can give you an initial idea but it’s worth booking a call for us to provide you with bespoke mortgage advice based on your needs & circumstances.

How much deposit do I need?
Depending on circumstances we can look at mortgages that start with just a 5% deposit.

If you’re able to save more and can afford a bigger deposit, you’ll probably get a better rate.

How long do I take my mortgage out for?
The answer to this is simply down to what you can afford. We would always advise speaking to Mortgage Advisor to ascertain what mortgage term (or length) is suitable to your circumstances.
Do I have to repay my Mortgage by a certain age?
The answer to this is simply down to your situation and what you can afford; although in some cases it might be a lender’s condition for the loan to be repaid by a certain age.

We would advise speaking to one of our Mortgage Advisors to ascertain what term is suitable to your circumstances.

What income can I use?
All lenders have different forms of acceptable income.  By discussing your whole situation and income with one of our Mortgage Advisors, we can explain which lenders will accept your income.  We have access to lenders who accept other forms of income and not just your salary. Income such as zero hours contacts, foster parent income, rental income, DWP income & allowances, irregular commission & bonuses and shift allowances.
How do I prove what income I have?
Lenders will want us to show them proof of your income as well as your outgoings, including things like childcare costs and utility bills. 

You’ll therefore be asked for at least 3 months worth of recent payslips together, or your annual accounts if you’re self-employed, as well as bank statements detailing your monthly spending.

Lenders will also want to see proof that you are who you say you are, and you will need to produce photo ID such as passport or driving license, and recent utility or council tax bills showing your address.

Remember, if you’re not sure about any part of the mortgage process, get professional help. 

Our mortgage advisors know that getting a mortgage isn’t always easy or straightforward, so they can answer any questions you have and help you find the mortgage that suits you and your situation best.

I have had problems with credit in the past, can I get a mortgage?
We have a comprehensive range of products from across the market; this includes products to help people that may have had issues with credit in the past.
What fees might I incur when taking out a mortgage?
Typically the list of fees could include:

Valuation fee – charged by the lender to value the property and generally paid up front with your application

Solicitors fees – charged by the solicitor to complete the conveyancing transactions on the property. Your solicitor may ask for part of this to be paid up front when you instruct them and the remainder is paid upon completion.

Stamp duty land tax – a tax levied by the government on any property purchase above £125,000 (subject to certain criteria).

Lender arrangement fees/Booking fees – charged by the lender for arranging the loan. This can be added to the loan in most circumstances but will therefore increase the size of the loan.

Broker fees – rather than charging our customers for advice, we are paid a commission directly by the lender (in the same way that all other Mortgage Advisors or Mortgage Brokers are).

What is the difference between a Standard Variable Rate and a Tracker Rate?
Both of these rates are variable which means that they may change as the Bank of England changes the base rate.

A standard variable rate is the lenders normal mortgage rate, ie does not include any discounts or deals. It tends to follow the Bank of England rate, but not exactly.

A tracker mortgage is linked to a particular base rate, which it moves up and down with (‘tracks’). Two of the most common rates that may be tracked are the Bank of England Base Rate, and LIBOR (London Interbank Offered Rate).

What is a Higher Lending Charge?
The higher lending charge, previously known as a mortgage indemnity guarantee (MIG), is a fee charged by a mortgage lender where the amount borrowed exceeds a given percentage of the value of the property. This fee is then used by the lender to purchase an insurance policy designed to protect it (the mortgagee) against loss in the event of you defaulting and not able to repay your mortgage.
What is an Early Repayment Charge?
When you take out a mortgage with an initial deal on an e.g. fixed, tracker or discounted rate basis, should you repay the mortgage in full or part before the deal ends, you usually will have to pay an Early Repayment Charge which, in most cases, is charged as a percentage of the loan.  

Some mortgages will offer a ‘portability’ option which means that if you move house when you are still tied into your deal, you can ‘port’ the mortgage to the new property and avoid the Early Repayment Charge.

What if I lose my job or I am having difficulty paying my mortgage?
The first and most important thing we do is contact your lender as soon as possible. Lenders are required to treat borrowers in this position “sympathetically and positively”.

Lenders generally have telephone helplines and debt counselling facilities which may be able to help you.

Which Mortgage to Choose?

How do I choose the most suitable mortgage for me?
Different mortgages are available for different needs and one of the most difficult aspects of organising your mortgage is sorting through the hundreds of mortgage deals currently available. We can do this for you and we do not charge a fee for doing so.  To establish what is suitable for you it is important to take into account your current situation as well as your priorities and longer term plans.

Because we don’t charge a fee, and because we work across the whole mortgage market – we recommend speaking to a Mortgage Advisor early in the process.

Remortgaging

What is a remortgage?
Remortgaging is the act of switching your existing mortgage to a new deal, either with your existing lender or to a different lender. You’re not moving house and the new mortgage is still secured against the same property.

You may consider this option if your existing mortgage deal has expired and you want to look for a more competitive mortgage deal.

Remortgaging is also an option if your personal circumstances have change.

What is an Early Repayment Charge?
When you take out a mortgage with an initial deal on an e.g. fixed, tracker or discounted rate basis, should you repay the mortgage in full or part before the deal ends, you usually will have to pay an Early Repayment Charge which, in most cases, is charged as a percentage of the loan.  

Some mortgages will offer a ‘portability’ option which means that if you move house when you are still tied into your deal, you can ‘port’ the mortgage to the new property and avoid the Early Repayment Charge.

Mortgage Terminology
What is conveyancing?
Conveyancing refers to the legal work completed by the solicitor or conveyancer you choose when buy or sell a property.

Insurance

Do I have to take out protection?
It’s not a legal requirement to take out mortgage protection insurance. However, it will protect your asset for the mortgage term and give you the peace of mind that your family would be able to remain in the property in the event of your death, or should you suffer a critical or long term illness.
Do I need insurances with my Mortgage?
Your mortgage lender will insist buildings insurance is in place as you move into your new home.
Can you help with the Help to Buy Scheme?
We can advise you on the Help to Buy scheme mortgages.
Do I have to have a survey?
You have to have a valuation if you are buying with a mortgage but do not need to have a survey. However, in most situations it is advisable. Your Mortgage Advisor can explain about the different types of survey available to you.
What’s a repayment mortgage? 
A repayment mortgage is where you pay the interest as well as the capital borrowed, so your mortgage balance is reduced every time you make a payment. In the early years you will pay mostly the interest and a little towards your capital but in the later years you pay more towards the capital.
When will the first mortgage payment be made?
Normally you can choose the date of your direct debit at the time of your application.  Your first mortgage payment will vary based on the date of your completion.  

As a general rule of thumb, it will be taken approximately two weeks after your completion date.  You will be sent a welcome pack from your lender detailing your first payment.

Need more help or have any questions?

We need to be honest with you… Your home may be repossessed if you do not keep up repayments on your mortgage.