03 Nov Frequently Asked Questions
Call us on 0121 4000 052 to speak to an advisor who can discuss your circumstances and tailor advice to your own requirements. Your advisor has access to the whole mortgage market as well as dedicated underwriters who will consider your case in person – not relying on a computer calculated decision.
Email us at [email protected]
What do AMS specialise in?
We specialise in situations where it is difficult to get a high street mortgage. For example, if you have a poor credit history, are self-employed or a contractor we have lenders we can place your application with. If you have been declined by a lender, contact us and discuss your requirements.
We also specialise in mortgages for foster carers who can find it difficult to get a mainstream mortgage.
How do I prove my income?
AMS understand that there are various ways to evidence your income and will look at your situation and assess the best way to show the lender that you can support a mortgage, eg remittance slips, employment references etc. Speak to an advisor and they will be able to discuss your options with you.
Will I need a deposit?
Yes – 100% mortgages don’t exist anymore. The bigger the deposit, the better the rate you can obtain. Some lenders offer 95% mortgages but will attract higher interest rates.
Can I have use a family gift as a deposit?
Yes, you can. However the lender may wish to have assurance that this IS a gift, not a loan, as repaying it as a loan can affect your ability to repay your mortgage. It is normally only acceptable for a close family member to gift the deposit to you. If you are not sure, discuss this with your advisor who will know the requirements for the lender they are placing you with.
Do you charge fees?
We offer initial advice free of charge. However, we are fee charging brokers. There will be an initial charge when we have got you a decision in principal and are in a position to submit an application. We then charge a Broker Fee which is earned upon offer, but payable on completion. If you were to change your mind AFTER we have obtained your mortgage this fee would still be payable.
Do I need insurance?
Your lender will want to know that if anything untoward happens (eg if you die), that their investment is safe. AMS can provide you with competitive, no obligation, quotes should you require them.
What documents do you need from me?
The documentation we need from you varies from lender to lender, however you will need bank statements, evidence of income and proof of identity, deposit and address. Most documents can be sent by way of copies but we will need to have sight of original ID documents (eg passport, photocard driving licence). If you are not a British citizen you will need to provide further documentation, depending on individual circumstances.
Do I need to visit your offices?
No, we carry out our business via telephone and/or email. This means that we can help you wherever you live.
Do you do commercial mortgages?
No, we only work with residential applications.
How do I get updates once my application has been submitted?
Once your application is in you will be allocated a Case Manager. Your advisor will give you all the information you need to stay in touch such as your Case Managers name, email address and telephone number. Our in-house team will take you right through to completion and will always address any questions you may have. The team also liaise with the lender and your solicitor/conveyancer throughout the process so that we can keep you up to date every step of the way.
Will AMS always find the best deal for me?
Yes! Our advisors have access to all lenders as well as dedicated manual underwriting. They will always endeavour to get the best deal for you and will discuss the available options. Before your application is submitted you advisor will go through all aspects of the product and whether it is right for you.
Can I borrow more money later on in the term?
Each case would need to be assessed on its own merit but, subject to eligibility, it may be possible to either re-mortgage or obtain a further advance. Discuss this with your advisor who will provide the best information for you to make the right decision.
Can my mortgage run into my retirement?
It’s possible, though most lenders prefer only to lend up to State Retirement Age. Again, each case is assessed on its own merit and this is where manual underwriting helps. You would need to evidence your ability to maintain your repayments eg by providing a pension statement. The same considerations would be taken into account if you wanted to remortgage your property.
Some of my income is in the form of benefits, can I get a mortgage?
You would need to discuss this with your advisor as it depends on what benefits you have and how affordable a mortgage would be.
Can you help me buy my council house?
Yes, if you are eligible for a mortgage then you can buy your home if you have the ‘Right to Buy’. You will need to find out from your landlord if you are eligible and your solicitor/conveyancer will deal with the legalities for you.
Can I get government help to buy my first property?
Yes. The government have a scheme to help first time buyers get on to the first rung of the property ladder.
Get more information here: https://www.helptobuy.gov.uk/