Who are Mortgage Advisory Service?

View our ´About Us´ section for more information on Mortgage Advisory Service..

How much can I borrow?

Most lenders will loan up to 75% of a property’s total value, with many going to 90%, 95% or even 100%. Additional amounts can sometimes be negotiated under special terms, for purposes such as renovations.

The amount you can borrow is directly related to your annual salary. Typically, the formula is three times your earnings, but this can vary considerably between lenders depending on your status and circumstances.

View the Mortgage Advisory Service mortgage calculator to see how much you could borrow.

What is remortgaging?

View our ´Types of Mortgage´ section for more information on Remortgages.

What is a mortgage in principle?

A mortgage ‘in principle’ is when a mortgage provider agrees to a loan amount based on the information you have provided being correct at the time of transfer.

Getting a mortgage in principle is a good idea before starting house hunting, as it gives you a clear idea of the price bracket you can comfortably look at. When you do find a property that you want to make an offer on, having a mortgage in principle can speed the process up considerably and can even be the difference between yourself and a competitor buyer.

How long are mortgages usually for?

Mortgage terms are generally agreed as a 25 year period, but this is variable on a case-by-case basis. Other common mortgage terms are 15 or 20 years. The longer the term, the lower the monthly repayments will be, but the interest will of course also apply to the longer period. Shorter terms, although resulting in higher monthly repayments, mean that over the length of the loan you will be paying less interest and therefore less overall.

What mortgage is right for me?

View our ´What type of mortgage is right for me?´ for more information on which mortgages suit different types of situation.

Valuations and Surveys

When you find a property that you are interested in, Mortgage Advisory Service can arrange the valuation and survey process. This offers an extra level of protection, giving information on whether the property is good value for money, and detailed information on any potential problems that may be present and their urgency. There are different levels of survey available, including a 'homebuyer's' survey and a 'structural' or 'full' survey. The homebuyer's survey takes into account the general state of repair of the property, giving an overview. The structural survey goes into more detail, and investigates all accessible parts of the building. The mortgage provider uses the survey to calculate the valuation. While the decision to buy shouldn't rest solely on the result of the valuation and survey, they do provide important insights into the property and can prevent finding any nasty surprises when the deal is done!

What happens when Interest Rates fluctuate?

Fluctuations in the interest rate result in changes to your monthly mortgage payments. If you are on a fixed rate or similarly arranged mortgage, changes in interest rate will not affect you. Your mortgage provider is obliged to inform you of any changes to your payments, and the implications on your mortgage arrangement.

What is a Local Authority Search?

A Local Authority Search is a preliminary assessment of the property and its surroundings that is used to find out if there are any factors that might affect the value or purchase. Issues such as potential future developments are highlighted here