Within Caesar & Howie we have qualified mortgage advisors able to source the best mortgage deals for our clients from all the products on the market.
This is a brief guide to certain general features of mortgages.
1. Mortgage Type and Lender
Caesar & Howie staff can arrange a mortgage from a lender and of a type suitable to your circumstances, taking note of the mortgage offers on the market at the time you obtain your loan.
2. The Mortgage Offer
From the information you give you can obtain verbal confirmation of the availability of a mortgage at the time you require to offer to purchase. When your offer is successful the Mortgage Application will be processed and in due course you will receive direct from the lender a formal offer of mortgage. You should read this very carefully and return any acceptance forms immediately to the lender.
3. Obtaining the Loan
After you have accepted the formal offer of mortgage and completed various legal documents prepared by our legal staff we will request or requisition the mortgage funds to be paid direct to Caesar & Howie. The funds will normally arrive just before the date of entry for your purchase. Once we have received the funds, the mortgage lender will be back in touch with you again direct regarding the monthly payments due to them.
4. Deductions from Mortgage Cheques
When you apply for and obtain a mortgage there can sometimes be deductions from the amount of money actually received by our legal staff for you. For example sometimes there is an "Arrangement Fee" which is basically a payment to the lender for providing the mortgage and this can be deducted from the amount of the final cheque. There can be other deductions from loan monies to be received. Different lenders have quite different practices and often there are no deductions at all. It is however important to check your loan offer very carefully and account for any deductions from the mortgage cheque in your house purchase budgeting. Our legal staff will be happy to explain to you any matter in the mortgage offer which might not be entirely clear to you.
5. Warning - Life Cover
It is usually desirable to take out life cover to ensure that the loan is paid off should borrowers or a borrower die before the loan is repaid. We can offer assistance in obtaining this cover.
6. Special Note
A mortgage is different from many other forms of personal debt in that it is"secured" on the property you buy with it. This means that the lender has power to "repossess ", that is to recover ownership of the property involved in the event of mortgage payments not being made. In the unlikely event that you run into difficulties in repaying your mortgage please contact the lender straight away. Most lenders are very sympathetic where financial difficulties arise and there are many steps which can be taken to help before lenders will even consider repossession.