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David grew up in North West London but has lived in North Manchester since 1997 after a few years studying in the North East and Glasgow. He started in international banking before qualifying as a management accountant in 2008. He also has a Minister of Religion diploma and has lectured extensively in Jewish theology.
After several years in Academy education finance he chose to do CeMAP in 2019 and has been doing mortgages and equity release ever since. He is married with five children, including one grandchild. Other interests include classical music and following international cricket.
David definitely feels that his listening ear coming from his theology background is an absolute plus, listening and providing help where he can to enable people to fulfil their home and protection ambitions.
David covers both Greater Manchester and Lancashire, but also covers North West London as an excuse to see his dear father!
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The two most common ways of repaying your mortgage are capital repayment and interest only.
On a repayment mortgage your monthly payments will comprise a portion to pay the interest on the money you’ve borrowed, as well as a portion to repay the capital sum (the amount you borrowed). The benefit of capital repayment is that you can see the mortgage reducing each year (albeit very slowly in the early years) and you are guaranteed to repay the debt at the end of the mortgage term, as long as payments are maintained. On a capital repayment mortgage the shorter the term you pay your mortgage over the bigger the monthly payment will be. By having a longer term you may benefit from a lower monthly payment but you will pay more interest to the lender over the term. You will need to think about how soon you want to be ‘mortgage free’ and balance this up with the mortgage term that makes the monthly payments affordable.
If you opt for an interest only loan, your monthly payments will only cover the interest on the mortgage balance. The capital (the amount you borrowed) will remain the same and will need to be repaid at the end of your mortgage term. This means you will need a separate investment or combination of investments to generate the capital required, and you will need to prove that you can afford to do this. The value of investments can go down as well as up and you may not get back the original amount invested. For an interest only mortgage, the lender will need to see your plan for repaying the loan when the interest only period ends. If you fail to generate enough to repay your mortgage by the end of the mortgage term, you may be forced to sell your property.
Type Of Mortgages
Here is a rundown of the different type of mortgages there are
With a fixed rate mortgage the rate stays the same, so your payments are set at a certain level for an agreed period. At the end of that period, the lender will usually switch you onto its SVR (see ‘Variable rate’). You may have to pay a penalty to leave your lender, especially during the fixed rate period. You may also have to pay an early repayment charge if you pay back extra amounts during the fixed rate period. A fixed rate mortgage makes budgeting much easier because your payments will stay the same – even if interest rates go up. However, it also means you won’t benefit if rates go down.
Your monthly payment fluctuates in line with a rate that’s lower, or more likely higher than a chosen Base Rate (usually the Bank of England Base Rate). The rate charged on the mortgage ‘tracks’ that rate, usually for a set period of two to three years. You may have to pay a penalty to leave your lender, especially during the tracker period. You may also have to pay an early repayment charge if you over pay extra amounts during the tracker period. A tracker may suit you if you can afford to pay more when interest rates go up – and you’ll benefit when they go down. It’s not a good choice if your budget won’t stretch to higher monthly payments.
These schemes allow you to overpay, underpay or even take a payment ‘holiday’. Any unpaid interest will be added to the outstanding mortgage; any overpayment will reduce it. Some have the facility to draw down additional funds to a pre-agreed limit.
Over recent years the government has backed a number of schemes – such as ‘Help to Buy’ – to support homebuyers. We can explain the details of these schemes and whether you can benefit from them.
Like a variable rate mortgage, your monthly payments can go up or down. However, you’ll get a discount on the lender’s SVR for a set period of time, after which you’ll usually switch to the full SVR. You may have to pay a penalty for overpayments and early repayment, and the lender may choose not to reduce (or delay reducing) its variable rate – even if the Base Rate goes down. Discounted rate mortgages can give you a gentler start to your mortgage, at a time when money may be tight. However, you must be confident you can afford the payments when the discount ends and the rate increases.
Taking out an offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it. For example, if you borrowed £200,000, but had £50,000 in savings, you would only be paying interest on £150,000. Offset mortgages are generally more expensive than standard deals, but can reduce your monthly payments, whilst still giving you access to your savings
What do I need to get a mortgage?
Income / Self-employed / Other Income
We need to see your last 3 months payslips or, if you’re paid weekly we’ll need your last 4 weeks payslip,
Your payslip must show:
- Your employer’s name & your name
- Payment date or tax period.
- Net pay & Gross pay.
If you’re self-employed we need evidence to support your mortgage application.
So we need either:
- Accountant’s Certificate or,
- Self-assessment tax forms (e.g. SA302) plus supporting Tax Year Overviews for the same period. These can be requested from HMRC or an online HMRC account.
Any other income:
- Regular (or Annual) overtime/ bonus/ commission
- Child benefit
- Working/ child tax credits
- DWP state benefits
- Fostering income
- State pension / private pension/ annuities
Bank Statements / Proof of name & address
We may need you to provide your bank statement.It must show:
- Your name and address as it appears on your application
- Commitments, such as regular standing orders, which must match your application
- Running balance
Online bank statements are acceptable but we can’t accept statements where information is illegible or has been amended.
We may also need to verify your identify, so we may need some photo identification e.g. your driver’s licence or passport.
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