Frequently asked questions as an Estate agency and Mortgage Adviser.
FAQ's
Where will my property be listed?
We use all major portals, Rightmove, Zoopla and On the Market which are exclusive to independent agents. Your property will also be advertised across all social media platforms and our website.
How long does it take to sell my house?
There are many factors to consider when deciding how long it can take to sell your property. These can be the listing price, the market itself, and the condition of your home.... usually we aim at around 4 to 6 months.
How much is my home worth?
We have a handy online tool you can access here >>> www.rokmarsh.co.uk and this will give a property valuation straight away depending on what other houses have sold for in your area. These cannot always be true therefore we do recommend one of our property agents to come out and visit your property to give a true figure.
How much does it cost to sell my home?
There are costs involved to sell your home, including estate agent fees (paid upon completion) which vary between 0.8 - 1.25%, solicitor fees, stamp duty, and removal costs. We offer free professional floorplans and photography.
Do i need an estate agent?
Having an estate agent is always great as they will have great property knowledge, access to all marketing resources and potential buyers lines up. The great thing about ROK Marsh is the on board mortgage advisors from RBM.
Are the mortgage brokers within your team 'whole of market'?
In short yes. So what does whole of market mean? It means our mortgage brokers can access products representative of the whole of market. It doesn't mean you have access to every mortgage product that's available, they will have products that are potentially better than another 'whole of market' broker.
What if my mortgage offer expires due to the chain taking longer than expected to complete?
It all depends on the lender you are using, some lenders will give you a free extension to your current mortgage offer. Others will need you to re-apply with a new application in case of circumstance changes. Lenders will most likely credit check again when extending your offer so DONT take out any additional credit until the mortgage is complete.
How much can I borrow?
The main things that dictate how much a person or couple can borrow is income and current credit commitments. All lenders have different ways to calculate what someone can borrow.
How much deposit do I need?
You will need a minimum of 5% deposit. The more deposit you put in, the better the interest rates will be. For example, if you put in 15% deposit this will get you a better interest rate than a 10% deposit.
How much will a mortgage cost each month?
This will vary depending on the loan amount, the term of the mortgage and the interest rate.
What is the difference between a repayment mortgage and an interest only mortgage?
A repayment mortgage is guaranteed to pay off your mortgage by the end of the term as long as all payments have been made.
An interest only mortgage is where your monthly payments are only covering the cost of the interest and your loan amount will remain the same. At the end of the term, you would either need to sell the property to repay the mortgage or find another source to repay the loan.
What insurance do I need for a mortgage?
As a minimum, the building itself needs to be insured. We would usually recommend that you also insure the contents within your home too. Other insurances we recommend are life insurance and income protection insurance, all of which are quoted from across the whole of the market.
Can I move my mortgage to another lender if they are offering a better interest rate?
Yes. You can “remortgage” to another lender to take advantage of their better interest rates. As part of our service we will contact you as you approach the final few months of your existing mortgage deal to provide you with details of the options available to you.
What costs are there when buying a property?
There are various costs associated with buying a property which we’ve detailed below:
Stamp Duty Land Tax (SDLT): currently first time buyers are not required to pay SDLT. Current percentages payable can be found at https://www.gov.uk/stamp-duty-land-tax
Solicitor’s fees: These are based on the purchase price. It is important to make sure when searching for solicitors the quality is checked to keep your cost down, for example, are they on panel with your lender? Are there lease costs to consider? Additional searches? We have a vast array of approved solicitors we are happy to provide you with a bespoke, accurate quote for this.
Valuation fees: For most lenders these are also based on purchase price. Many lenders offer free valuations, especially for first time buyers and remortgages. Also, this can escalate if you want more than just a basic survey, to a home buyers survey or a full structural survey. Make sure you discuss with your adviser which is best for you.
Lenders arrangement fees: These can usually be either added to the mortgage or paid up front and average at about £999.00.
Mortgage broker fees: We charge competitive broker fees to our clients. We also offer a price-match guarantee – if you can find a broker fee elsewhere that is cheaper, then we will match it.
Can I pay my mortgage off early?
Yes, however you could have early repayment charges to pay if you have only had your mortgage product for a short amount of time.
Can I make overpayments on my mortgage to pay it off sooner?
Yes, most lenders allow up to 10% of the mortgage balance to be overpaid each year without incurring any penalties.
What is a Buy-to-Let mortgage?
A Buy-to-Let mortgage is where you buy anther property specifically as an investment with the intention of letting it out.
How much deposit do I need for a Buy-to-Let mortgage?
Normally a minimum of 25% deposit, however, there are providers who will do this with a 20% deposit, typically at a higher rate of interest.
Is there any tax to pay when I sell my property?
Not for your main residence, but if you have investment properties that were bought on a Buy-to-Let basis, these will be subject to Capital Gains Tax.
What is a credit score?
This is a score that we all have and is based on how we have conducted our finances over the preceding six years and is used by Financial Services companies to assess our credit worthiness.
However, it’s more important to focus on the content of the credit report, which breaks down the conduct, balances and general behaviours. Many lenders now do not credit score, but credit check.
We recommended Check My File to monitor this for yourselves, as this checks against the three main credit checking providers, Experian, Equifax & Trans-union.
Here’s a link below which provides you with a free 28 day trial:
https://www.checkmyfile.com/credit-report.htm?ref=matthewmarsh&cbap=1
How can I improve my credit score?
You can improve your score by proving that you can repay debt and cope with any credit commitment you have, such as loans and credit cards and by paying things like mobile phone bills and utility bills on time. Also, it helps to be on the electoral role.
How do I find out the maximum mortgage that I can get?
Contact us at RBM Solutions for a free no obligation assessment.
T: 02393 233267
E: adviser@rbmsolutions.co.uk
