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Frequently Asked Questions

Why do I need a mortgage broker?

Our mortgage brokers are all qualified professionals and experts in their field. We will research our lender panel and provide the best advice based on your needs and circumstances.

They will be able to advise on individual criteria and will often have exclusive rates available that you cannot get if you go to a lender directly.

If you don't take advice then you may end up with a mortgage that is unsuitable for you or you could be rejected because you do not meet criteria.

What will a mortgage broker do for me? 

As well as the above, a mortgage broker will spend time completing the paperwork for you and chasing everyone involved in the process. (Lender, solicitors etc....)

How does the mortgage process work?

Once you have sought advice, our brokers will provide you with a recommendation and quote for the most suitable deal for you.

You will need to complete a fact find detailing your information i.e. personal details, income, outgoings etc.. along with documentation for us to submit your mortgage application to the chosen lender.

After submission there are a few things that will happen:

  • Our dedicated administration team we will submit any documents requested by the lender
  • The case will be sent to an underwriter to assess the information (this is the person who will sign off information as acceptable and agree the mortgage offer)
  • A valuation will be instructed and a surveyor will advise the lender if they think the property is suitable for lending purposes or if there are any issues.
  • Once documentation and survey are signed off, the underwriter will issue a mortgage offer which will be sent to you, your broker and your solicitor
  • Our admin team will keep in contact with your solicitor and chase your application through to completion

Why has my mortgage been declined?

There are various reasons why a mortgage application can be declined, this can happen at application stage or during the application process.

  • You may have something on your credit file - we find that some people may have missed payments or something put on their credit file that they are not aware of. This doesn't mean you cannot get a mortgage but it may take a little more research depending on what it is
  • There may be differences in what lenders will take into account from your income - This is why it is advisable to speak to a mortgage broker as they will have knowledge of what income can be used for each lender
  • There could be an issue with the property following valuation

We can look in to all of these things with you and try and resolve any issues that arise

Can I get a mortgage if I'm self employed?

Yes, you can.

Lenders request different paperwork for a self employed person to an employed person.

Generally most lenders will require 3 years self employed history however there are lenders that can accept only 1 years completed accounts. The affordability assessment, income multiples applied by lenders are the same as an employed person.

What is the minimum deposit needed to purchase a property?

Lenders will accept a minimum deposit of 5% for second hand properties with a 95% mortgage or if the Help to Buy Scheme is available on a new build house / flat.

Do Contractors have to pay higher interest rates? 

Absolutely not, some lenders have better criteria than others when assessing Contractors so it’s best to speak to a broker.

At Elysian we do not charge contractors any additional fees to arrange their mortgages.

Is the lowest interest rate always the best?

Not necessarily, when looking at the mortgages available on the market, many other factors have to be taken into consideration including the lenders product fee cost, valuation fee and true cost of the mortgage over the term of the mortgage.

Can I get a mortgage with poor credit score?

Yes you can! There are mortgage lenders on the market who will consider clients with some adverse credit history. Each lender has specific criteria in relation to missed payment, defaults and County Court Judgements.

At Elysian finance we will talk though your specific circumstances and advise on the best way to move forward.