Frequently Asked Questions
Why should I choose a mortgage broker?
When you deal with a bank or building society directly, the majority of them are not allowed to offer you advice, they are only permitted to offer you information on the products they offer. Unlike the banks that are single tied, JF Financial Associates are Whole of Market authorised, so depending on your specific client profile like income into the home, current debts, your credit history, the loan to value required, product flexibility and the other individual requirements, we offer you ADVICE and RECOMMENDATIONS based on the most suitable mortgages and products that best suits you as an individual. We deal with and assess all the lenders at the same time for you, as all lenders criteria varies greatly and so they do not treat all customers the same. We know who offers what and can give you the advantage of choice. For our client convenience, the majority of our services are offered over the phone which means you can complete your entire mortgage shopping and applications within the comfort of your home. If we do move forward with a purchase or re-mortgage, there is very little work on your part. We have a team that will take care of the online applications for you, the processing of these applications, and the instructing of solicitors and valuations if required. We will then keep you regularly update on your case's progression.
What fees do you charge?
Some brokers charge a flat rate or hourly fee for their service, whilst others get paid a commission from the lender. Some charge a fee as well as get commission from the lender. Just so you are aware we do charge a fee for our advice and processing service. We can charge a fee of up to, but not exceeding 1.5% of the Loan, subject to a minimum fee of £297.00, however we always propose that we schedule in a free chat first. This is so we can get a better idea of what you looking to achieve. We can then explain our offering in more detail, how our fees work and how we access the markets for you. Following this conversation and if you happy to instruct us, we can look to book in a further appointment and go from there.
Are you tied to a particular mortgage lender?
No, we're not! JF Financial Associates are Whole of Market authorised. We offer advice from the whole market, so can offer you access to mortgage deals and offers from a large number of different banks, building societies and mortgage lenders not available on the high street.
What types of mortgages can you offer advice on?
We help you seek mortgages for investment purchases and re-mortgages (buy to let), first time buyers, next time buyers, debt consolidation re-mortgages, offset mortgages, residential re-mortgage, fixed rate mortgage, tracker rate mortgage, discounted mortgage, repayment mortgage or interest only mortgage. We specialise in clients with poor credit histories or a weak credit history and who need a credit repair mortgage or adverse mortgage.
PLEASE NOTE - Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
The FCA does not regulate on Buy to Let mortgages.
Are you approved by the FCA?
Yes, we're an approved Mortgage broker in Norwich and have been authorised by the Financial Conduct Authority to offer mortgage and insurance advice. JF Financial Associates is a trading style of Lifetime Wealth Management Ltd, which is an appointed representative of Intrinsic Financial Planning Ltd and Intrinsic Mortgage Planning Ltd, which are authorised and regulated by the Financial Conduct Authority, and registered as 440703 and 440718 respectively. We are therfore fully authorised financial advisors in Norwich and across the UK.
How do I know how much can I borrow?
The amount that you can borrow can vary greatly from lender to lender, and is generally based on current and ongoing affordability. This is determined by several factors including your credit rating, annual salary, outstanding debts, your credit history, the loan to value required, product flexibility and the other individual requirements etc. Get in touch for advice.
How do you ensure that I get the best deal?
First and foremost, what seems as 'the best deal' to you, may not exactly be the case. For instance, you may consider a loan with the lowest interest rate as the best deal, but if it requires you to have a great credit score, has big early redemption penalties or comes with really high set up fees, it potentially isn't the best deal for you. Sometimes, a 30 year term may seem the best choice because of the low monthly outgoings, but in reality a 15 or 20 year loan can save thousands of pounds in interest (for those who can afford to pay a higher EMI). Thus, what constitutes the best deal depends entirely on your individual circumstances, needs and requirements. Something mortgage brokers are fully qualified to assess and advise on.
Who does the paperwork?
If we do move forward with a purchase or re-mortgage, there is very little work on your part. Our team will take care of initial fact finding, research, advising and recommending of the most appropriate deal and products for you. We will then do the online applications, the processing of these applications, and the instructing of solicitors and valuations if required. Throughout the process we will also keep you regularly update on your case's progression.
What if I am not happy with your advice?
You are not legally bound to accept our advice and are free to choose another mortgage broker, although that has never happened!
What to do if you have a complaint?
If you wish to register a complaint, please contact us: In writing: Write to Compliance Department, Intrinsic Mortgage Planning Ltd, Wiltshire Court, Farnsby Street, Swindon. SN1 5AH.
At what stage should I seek your help?
As soon as possible! There is nothing more frustrating than finding the property of your dreams and then realising you can't lend enough to buy it, Or applying for a re-mortgage and being declined due to lack of affordability. We suggest you contact us as soon as you start thinking of taking out a mortgage or re-mortgage. We can then help guide you through the deals you eligible for, and importantly how much you can borrow. You can then move forward with confidence and certainty!