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Through a combination of modern technology and personal knowledge & expertise we can source a mortgage that truly reflects your personal circumstances from the whole market place. Our comprehensive database is updated daily, providing lender interest rates / products as they are launched.
Unless specifically stated or requested we will provide advice and a recommendation as to which mortgage is most suitable for your individual circumstances.
Scope of Our Mortgage Services
Warr & Co Independent Financial Advisers Limited offers whole of market advice for mortgages. However, we have chosen not to offer advice relating to products with which you would have to deal directly with the lender. Instead, we will only offer advice relating to lenders and mortgage products that allow us to act as intermediary from the commencement of the mortgage process through to its completion. In some situations, we may recommend an unregulated mortgage product, such as a Buy to Let scheme. We may also introduce you to a 3rd party if a Commercial Loan, 2nd Charge Loan or Lifetime Mortgage is required.
Mortgage Advice Process
As independent financial advisers (IFAs) and independent mortgage brokers, we will work for our clients to source the most appropriate solutions from a fair analysis of the market.
Free Initial Consultation – Your initial consultation with us is at our expense. If you do not wish to take matters further, you are under no obligation to do so.
During our first consultation, we will discuss your mortgage planning needs and requirements and how we can help you satisfy these. This may include information about the house buying process, which may be of benefit to first time buyers, and information that will allow you to determine the feasibility of a prospective transaction, be it a purchase or remortgage.
Providing you are happy to move matters forward, we will ask you to formally engage our services by signing our Client Instruction from our Client Agreements.
Getting to Know You – During this meeting, or as soon as practicable thereafter, we will have a more detailed discussion regarding your circumstances. In order to record these formally for our records, we will ask you to complete our financial questionnaire, mortgage questionnaire and a detailed income / expenditure analysis. This establishes a comprehensive base of information upon which we can ensure that the advice we provide is wholly appropriate.
We will not make any recommendations until this part of the process is complete.
The accuracy and comprehensiveness of the information provided is of the utmost importance as it will be upon this information that we will undertake research and assessment of affordability on your behalf and make and document a formal recommendation. Non-disclosure of information or inaccuracies relating to information provided may result in the level of loan proposed for being reduced or an application being outright declined. Warr & Co Independent Financial Advisers Limited will not accept liability where this occurs and in such situations, should you not proceed or the advice process needs to be recommenced, our normal application and cancellation fees will be chargeable.
Provide a Key Facts Illustration KFI) – We provide a Key Facts Illustration which provides comprehensive information about the scheme being recommended.
Explain Our ‘Reasons Why’ – We provide a bespoke report, often together with a KFI, outlining why specifically it was recommended. We undertake to do this on all mortgage recommendations, thus providing you with complete clarity in the mortgage process.
Obtain a Decision in Principle (DIP) – Often new build developers or estate agents require this to determine the solidity of your offer on a property and consequently your ability to progress further. The production of this can sometimes strengthen your position against competing purchasers. This can also be of particular benefit to first time buyers to instil confidence that they can take that first step on to the property ladder.
Complete Paperwork – The value of this is often under-estimated, particularly when you consider the daunting prospect that are most lenders’ mortgage applications. We can arrange a meeting if required, thus assisting with the ‘packaging’ of the application, which can often be crucial to its likely acceptance.
Whilst initial documentary requirements to support an application are often comprehensive, further supporting documentation may be requested after submission, either for immediate underwriting purposes or further down the line as a result of separate internal ‘spot checks’ that may be required. We must forewarn that this can even be after the issue of a mortgage offer and is a consequence of greater regulatory scrutiny of mortgage lending since the ‘credit crunch’.
Manage the Application – We monitor and manage the application from the point of submission through to formal underwriting, instruction and obtaining of selected valuation and preparation of a satisfactory formal offer of mortgage advance.
Relationship Liaison – Where required and with your permission we will liaise with your vendor’s Estate Agent and your appointed Solicitor to keep all interested parties abreast of progress.[/av_textblock] [/av_one_full] [av_promobox button=’yes’ label=’Contact Us’ link=’page,21′ link_target=” color=’blue’ custom_bg=’#444444′ custom_font=’#ffffff’ size=’large’ icon_select=’yes’ icon=’ue83c’ font=’entypo-fontello’] Please feel free to contact us to discuss your mortgage requirements.
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Our standard, non-refundable application fee for the mortgage advice process is £299. For non-standard or complex work, a fee will be agreed before commencement of work on your behalf. Our application fee is payable up-front with your mortgage application.
We will also receive and retain a fully disclosed introductory fee (sometimes referred to as a ‘procuration fee’) from the lender when the mortgage completes.
Where an application does not proceed to completion, we will charge a cancellation fee of £300. This is to cover our time and expertise and is payable upon request once we are aware that you are not proceeding with the mortgage arranged by us.
Should a further mortgage application be required following a prior application not proceeding to completion, a further standard application fee will be charged.
All mortgages are secured against property. Think carefully before securing debt against your home or other property. Your property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
The Financial Conduct Authority does not regulate some forms of commercial mortgages, buy to let mortgages, overseas mortgages, property development finance, new business funding, unsecured and secured loans and bridging finance.[/av_textblock]