Mortgages

The type of property you choose to purchase is very important. Lenders have restrictions on the construction, size and style of some properties.

Surveyors will determine if the property is suitable for mortgage purposes but by seeking the correct advice initially, you can reduce the risk of wasting money on survey fees from approaching the wrong lenders.

If you intend to purchase a studio flat, a flat in a high rise building or a property of unusual construction, then we recommend you contact a Downton & Ali mortgage specialist, we can then advise you on the options and lenders available.

An agreement in principle is the initial stage of a mortgage application. It will establish if you meet the lender’s criteria. Each agreement in principle may involve a credit score. A lot of credit checks can damage your credit rating and impair your ability to obtain a mortgage.

Having an agreement in principle before you go house hunting can be a big advantage, if a seller is faced with two offers they may be more likely to accept the one from a buyer who has an agreement in principle.

With your consent, Downton & Ali Associates will only apply for an agreement in principle once we have established the most suitable mortgage from a comprehensive range of mortgage lenders across the market. We will take the stress away from finding the right mortgage, avoiding unnecessary credit checks.

Our recommendations will be based on the lender’s criteria, products available, your personal circumstances and financial objectives.

When choosing a mortgage there are many factors that must be taken into consideration. In addition to the interest rate and setting up costs, you must also take into account the redemption penalties, exit costs, lenders’ criteria and property construction. To be confident that you have thoroughly researched the market and exhausted all options available, requires the experience and knowledge of a professional mortgage adviser.

Downton & Ali Associates will review your income, expenditure and mortgage affordability. We will use this information with our widespread knowledge of the mortgage market, to find the most appropriate and competitive lender for your property buying requirements.

Changing your current mortgage is not just about finding a competitive rate. You need to research the costs involved with leaving your current lender as well as the setup charges and legal obligations with a new lender. All these need to be taken into consideration to calculate the benefit of re-mortgaging.

Downton & Ali Associates have access to a comprehensive range of mortgages from across the market. Our consultants will review your current mortgage, the interest rate and any exit costs. We will balance this information with the new products on offer, setup charges and legal costs, to establish the best course of action for you.