Bob Hope Mortgages FAQs

Frequently Asked Questions

Here are some of the questions that have been asked by our clients in the past:

Can I find out how much I can borrow before I find a property ?

What is “Buy to Let” / “Let to Buy“ ?

Do County Court Judgements always disqualify me?

What other costs might I incur in taking out a mortgage?

What is APR?

Does BOB HOPE offer exclusive Mortgage Deals?

Which outgoings should I include on my application?

What proof do you need of my identity?

How do I keep track of my mortgage application?

Below is a selection of answers to the most frequent questions asked by our Clients.

Can I find out how much I can borrow before I find a property ?

Yes. Bob Hope can search for the mortgage that suits you before you have found a property, and then get an Approval In Principle from a Lender. An Approval can be helpful in getting the mortgage process underway, but the Lender won’t make a formal mortgage offer until a valuation has been carried out on the property you wish to buy.

What is “Buy to Let” / “Let to Buy“ ?

Buy to Let deals are specialist mortgages designed for people who want to purchase a property in order to rent it out to tenants.

Buy to Let is becoming an increasingly popular investment method. Properties provide income for the investor from the tenant’s rental payments and potential growth from any increase in the property value.

Let to Buy, certain Lenders allow you to let your property out on the basis that you rent your property out to tenants which will then allow you the freedom to purchase another residence for your family.

Do County Court Judgements always disqualify me?

If a County Court rules against you for defaulting on a debt, that ruling is listed on your credit record. Having such a judgement listed against you may mean that it will be difficult to obtain a mortgage through most lenders. However, there are an increasing number of specialist lenders who will lend to people with a CCJ or other credit problems. Bob Hope Mortgages deal s with a number of lenders who will cater for those people whose circumstances are unusual or difficult.

The overall cost for comparison is 7.2% APR.

The actual interest rate will depend on your personal circumstances. You should ask for a personalised illustration.

What other costs might I incur in taking out a mortgage?

The costs related to taking out a mortgage will be clearly shown on your personal illustration. These costs exclude legal costs, but we are able to provide a general estimate of legal costs for you (which tend to vary in line with the cost of the purchase).

Other costs you will, or may, have to pay are:

Valuation fee (payable on application)
Booking fee (payable on application)
Arrangement fee (usually added to the mortgage or payable on completion)
Legal costs, including stamp duty (a Government tax) on the purchase of properties over £60,000.00 registry fees and various search fees.
Higher lending charge (if applicable)
Term Assurance (recommended, but not always compulsory)
Accident, Sickness & Unemployment Insurance (recommended, but not always compulsory)
Buildings Insurance (either from the lender or a third party - many lenders charge a small fee if you go elsewhere)
Contents insurance (recommended, but not always compulsory).

For some remortages, legal costs are paid by the lender and on some purchases the lender will pay a contribution towards legal costs. Some mortgages give a cash back which will help pay some of the house buying costs, although the cash back is not specifically earmarked for that reason.

Whilst it is obviously helpful to have some or all costs paid by a lender you will sometimes find a mortgage which include no or low fees have a higher interest rate than another mortgage on which you pay all the costs. The costs of setting up mortgages are more important on a small mortgage and the interest rate is more important on a larger mortgage. For a small mortgage on a valuable property valuation is particularly beneficial.

Bob Hope is also able to find that Lender to re-mortgage your existing property on a fee free basis. E-Mail info@bobhopemortgages.co.uk for a quotation.

What is APR?

APR stands for Annualised Percentage Rate and is the rate the FSA recommend you refer to in comparing mortgage deals.

The lender will usually quote the variable/discounted/fixed/tracker (headline) rate and the APR next to it. The headline rate states the rate of interest you pay per month or per year on the mortgage, while the APR calculates the total amount of interest that will be paid over the entire period of the loan. It should also take into account any charges which the borrower has to pay during the loan period.

Does Bob Hope Mortgages offer exclusive Mortgage Deals?

Bob Hope Mortgages is part of various mortgage clubs and can advise on most mortgages in the country, Bob Hope’s expertise and market position enables us to offer special low mortgage rates from the mainstream lenders. We often have best buys or exclusive products which are not available directly from the lender or from other brokers. This is one of the advantages of using a broker to find a mortgage rather than going directly to your lender. We are able to gain fee free deals for re-mortgages, or free valuations for first time buyers. E-Mail us at info@bobhopemortgages.co.uk for more information.

Which outgoings should I include on my application?

You don’t need to include day-to-day spending such as food and utility bills in the monthly outgoings section of your application. You need only include loans which have more than 6 or 12 months left before they are paid off and loans which are secured on your property. Household bills, such as electric, gas and groceries need not be included.

What proof do you need of my identity?

Typically, the documents you might need to provide include : three months’ of payslips, bank statements, proof of identity, proof of address, proof of deposit, existing mortgage statement (if applicable) and business accounts if you are self employed.

How do I keep track of my mortgage application?

Simple, we keep in touch with you personally, through telephone, e-mail, post or personal visit right throughout. Therefore your Advisor will follow your application through from start to finish and tackle any problems which may arise along the way. They’ll contact you by e-mail or phone to let you know of the progress and whether they need any more information from you. And you can always get in touch with us by calling us on 02380 600892 or e-mail info@bobhopemortgages.co.uk.

Remember. Mortgages are personal to you - your circumstances, your lifestyle and your budget.

Do you really want to make the biggest purchase of your life without talking to Bob Hope Mortgages first?

Call us now 023 8060 0892 or 07889 669642

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