x
-
-
Sheffield, Yorkshire
Call Anytime
07890 132 203
Here are some frequently asked questions. If you can’t find the answer to your question here then please feel free to reach out and send us a message below.
How much can I lend?
The amount you can lend for your mortgage in the UK depends on various factors, such as your income, deposit, credit score, property value and interest rate. You can use online mortgage calculators to get an estimate of how much you could borrow and what your monthly payments might be.
What is a Decision in Principle and when do I need one?
A decision in principle (DIP) is a sign from a mortgage lender that they may be able to offer you a mortgage based on some basic information about your income, spending and credit history. It’s sometime referred to as an agreement in principle (AIP).
You may need a decision in principle when you are looking for a property to buy, as it can show sellers and estate agents that you are a serious buyer and that you have an indication of how much you can borrow, but it is important to note that it’s not a guarantee that you will get the mortgage, that will come after the full mortgage application (FMA)
How much deposit will I need?
You will typically need between 5% & 10% of the property you are buying.
Why do I need protection?
Protection, otherwise known as insurance, is a great way to protect you and your family should illness or death occur. Whilst these policies can’t make you fit and well again, they can ease the financial burden.
Why should I pay for an insurance I may never use?
The short is answer is that I truly hope you will never have to use an insurance! However, these policies don’t just protect you. They can be tailored to include your children and again the money in such a circumstance be used as a way of easing the financial burden.
Are the insurance guaranteed to pay out?
Generally speaking policies will only ever not pay out is if there was disclosure that you failed to mention during the application process or in cases of fraud. Always ensure you read the policy definitions as some policies may reduce the pay out based on severity.
What do you charge for your services?
Green Olive Mortgage Solutions will receive a percentage of the commission amount paid by the product lender and the amount of which is outlined in the KFI or ESIS that you receive. There is also an additional payment made on application direct to Green Olive Mortgage Solutions. This is on a sliding scale from £150 to £499 depending on the case complexity. We should be able to give a good indication of the amount once we have completed the fact finding stage.
What do I get for my money?
As an independent broker we will help you find the best mortgage for you by looking at all of the different deals available, we are whole of market meaning that we have access to 100’s of lenders on panel. We look into the real costs of different mortgages, by working out how much you'll pay back over the term of the mortgage in interest, and all of the fees involved and break this down into language you can understand, no jargon!
Brokers also look into the likelihood of your application being accepted, we know what lenders are looking for and what they’ll ask for at most stages. This prevents you wasting time and money with mortgage applications you're unlikely to succeed with and potentially damaging your credit profile.
We liaise with the lenders on your behalf and we can also provide quotes and instruct solicitors on your behalf creating an end to end process.
How much does mortgage and protection advice cost?
Great news! Advice is free! We are always happy to speak to clients and outline the best way we can help. Advice on mortgages is free but there is a fee to pay on application.
Advice for Protection and set up costs are free. Full stop. We will never ‘sell’ you a policy that is not required, when thinking about protection you should never feel like its being sold to you. As advisors we provide an outline of the shortfalls in your finance and look to provide alternative options where you can plug this gap.
How can we help?
Send us a message
Green Olive Mortgage Solutions is a trading name of Legacy Financial Ltd which is registered with the Data Protection Act 1998 registration No. ZB296693 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 967041 an Appointed Representative of TMG Direct Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 786245 and registered with the Data Protection Act 1998 Registration No: ZA178200.Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.