FAQs
Why Yes Mortgage Services
How do you get paid if you don’t charge a Broker Fee?
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?
Who do I contact if I have any queries with my mortgage offer?
First Time Buyers
What is a mortgage?
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?
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?
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?
Do I have to repay my Mortgage 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?
How do I prove what income I have?
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?
What fees might I incur when taking out a mortgage?
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?
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?
What is an Early Repayment Charge?
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?
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?
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?
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?
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?
Insurance
Do I have to take out protection?
Do I need insurances with my Mortgage?
Can you help with the Help to Buy Scheme?
Do I have to have a survey?
What’s a repayment mortgage?
When will the first mortgage payment be made?
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.