Gold Financial Services

Frequently Asked Questions

To help you through the mortgage maze, we have compiled a list of our clients' most frequently asked questions. If we haven't answered your particular query here, just give one of our consultants a ring. We are happy to help.

My current mortgage deal is coming to an end, and I will soon be paying the lender's Standard Variable Rate, which means my payments will increase significantly. Can you help?

Yes. This is the biggest problem facing home owners today, and is caused by problems in the international credit market. Lenders do not have funds available and are turning away business, which means that you may be stuck on the SVR, at punitive rates, set by the lender. In some cases, lenders like Northern Rock are actively trying to reduce the number of mortgages on their books by making their rates uncompetitive, which means that, in order to keep your rate low, you need to remortgage as soon as possible.

Our relationships with lenders are such that we are able to find deals in circumstances where, if you approached the lender direct, you would be turned down. Contact us at least 3 months before your deal comes to an end and we will almost certainly be able to help.

I've found a property and I'd like a mortgage. Where do I start?

A quick phone call or email to Gold Financial Services is all you need to get started. Our consultant will ask you a few simple questions, and will immediately be able to give you an idea of your eligibility. This initial consultation is without obligation, and is completely confidential.

I have had credit problems in the past. Does this mean that I won't be able to get a mortgage/ remortgage/ further advance?

Not at all. We assist people in exactly your situation on a daily basis, and it is possible to find you a lender in 90% of cases. However, you may find that the interest rate and charges may be higher than standard mortgages.

I have not been in the UK for long, and am not on the electoral register. Is this a problem?

Not at all. We have a proven track record of being able to assist in such circumstances.

Do I always need a deposit?

Usually, 10% of the asking price would be enough to secure a loan, although if you have 15-25%, it is usually possible to secure better terms. However, in some circumstances it is possible to secure a mortgage for 100% of the value of the property. Our consultant will advise you on this according to your individual circumstances.

Do you handle 'Buy to Let' mortgages?

Yes, we have a proven track record in this field, and can assist you in exactly the same way as with a standard residential mortgage.

There are many types of mortgage. How do I find out which is right for me?

Our advice is based on an analysis of your individual circumstances. We will investigate the market, looking at the range of competitive products on offer to come up with the right solution for you. In some cases we will offer you a number of alternatives with a clear and unbiased explanation of the pros and cons of each type.

Why should I use your service? Why not just visit my local bank or building society?

A building society can only advise you on the products they have in their portfolio, which may or may not be right for you. Because we are an independent brokerage, we often have access to far better deals than are usually available to the public via high street banks and building societies.

Who pays for your service?

Partly, we are paid a fee by the mortgage provider. We also charge you a small fee for the advice we offer, but only if you go ahead with the deal.For more information about our charges, visit our compliance section.

How long will it take?

If there are no problems or delays, it is possible to that we could get you an offer within a few days. We can often get a decision in principle from a lender for you within a few hours which will assist you when dealing with estate agents. Part of our unique role as a mortgage consultancy is to assist you by collating all the necessary infomation and checking documentation before it is submitted to the lender, thereby ensuring that there are no unnecessary delays or complications.

Do you offer any other services?

If you wish, we can arrange instant cover for buildings insurance through Paymentshield or Abbey (essential for your mortgage to complete) for your new property,with up to 3 months' free cover. We can also arrange life insurance, payment protection and critical illness cover. Feel free to ask us for a no obligation quotation.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED ON IT.