What makes AR Mortgages very different from other providers, is that we’re not tied to any lenders. We provide the best impartial free advice at a time to suit you. We review existing arrangements to provide you with the best deals available. With our 22 years experience in financial services, we’ve operated in all types of market conditions and overcome lots of barriers, to provide fantastic deals for our customers
This is seen as one of the most stressful times in people’s lives, but this does not need to be if you have spoken to one of our expert mortgage advisors who can guide you through the process and can offer tailored mortgage advice specific to your needs and circumstances.
Our advisors will go through your personal circumstances with you at a time convenient for yourself so to tailor a more appropriate home mover mortgage for you and provide you with an indication of how much can borrow, how much this will cost and ultimately the purchase price you can afford.
To discuss further on moving home and how much you could potentially afford, please call and speak to one of our advisors.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON YOUR MORTGAGE
The Clients: Married homeowners looking to purchase their ideal family home in Bolton
The Property: The couple wanted to purchase a four-bedroomed detached home in the North West of England which was better suited to their growing family.
The Finance: The clients needed a 75% LTV mortgage on the property.
The Challenge: The house in question had a lot of interest from other prospective buyers, so our clients were keen to get a mortgage offer as quickly as possible to improve their chance of securing their ideal family home.
They were looking to borrow at a 5x income multiple, which was more challenging to find than usual in the reduced lender market we faced at the beginning of lockdown. Unfortunately, due to the Corona Pandemic the client’s incomes had stopped as they were both self-employed as Physio Therapists. Furthermore, the restrictions meant that a physical valuation of the property was no longer possible, meaning we would have to try and find a lender who would complete a desktop valuation for a purchase at 75% LTV. Again, as many lenders had reduced criteria at the beginning of lockdown, this was going to more challenging than usual to solve.
The Solution: The first thing we did was review lender criteria’s on both applicants and available income multiples. We then approached a few potentially suitable lenders about their restrictions on desktop valuations and current application processing times. Having sourced an appropriate lender who would be able to complete the remote valuation, the client received their mortgage offer within 10 working days
How Much Can I Borrow?
This will differ from lender to lender, some will use affordability calculators, whilst other lenders use income multiples. With an ever changing mortgage market a lenders criteria will change, so we will need to review your circumstances to determine which lender will be best for you.
How Long Does It Take To Get An Agreement In Principle For A mortgage?
In most cases 1-24 hours. Once you’ve received an agreement you’re ready to buy a property.
Explain The Level Of Service That Alexander Ross Mortgages Offers?
We’ll advise and make recommendations once we’ve assessed your needs. Everybody and situation is different, but we’ve been through them all! Thriving economies, helping people with debt and CCJ’s, small business owners and we’re accomplished at helping our customers get the mortgages they need, in these tough financial times.
Is The Lowest Rate Mortgage Deal Always The Cheapest?
No, it’s not. When we’re recommending a mortgage deal, we’ll also look at the associated fee’s within the mortgage and build these factors in. We’ll give you the true cost of the deal. Our aim is to help you work though the benefits and drawbacks of all the deals on the table, and work out the best for you.
How Long Will The Buying Process Take, From Placing A Mortgage Application, To Getting Our Keys?
Well this will be determined by the property that you are purchasing. If you purchase a vacant property and your not in a chain then it would be possible to get you keys within 4-6 weeks. However, if the property you’re purchasing is in a long chain, the process could take up to 12-16 weeks.
What Else Do I need To Consider Once I’ve Had My Mortgage Agreed?
It is important to understand that this commitment is a serious one. You’ve made it for a variety of reasons, that other life factors may need to be taken into consideration. Your need for Life Assurance, Critical Illness, Income Protection, Accident Sickness & Unemployment, Home Insurance and Private Medical Insurance, all of which can be discussed in detail and can easily be arranged for you.
Get a Free Consultation
We're here to help you secure your new mortgage and make the process as straight forward as possible – the way it should be.