| How quickly can I get a decision? |
| A decision in Principle can be done within a matter of minutes. |
| Can I get a decision on a mortgage before I have found a property to purchase? |
| Yes. We recommend that your mortgage be approved in principle before you make an offer on a property. There is less chance of a break in the property chain, your purchase will complete more quickly and you will be in a stronger position with the estate agents when you make an offer on a property. |
| Are you independent? |
| Yes. We are truly independent brokers and are authorised and regulated by the Financial Services Authority (FSA). You are able to get all our information from their website www.fsa.gov.uk/register or by telephone 0845 606 1234. To qualify for independent status we have to demonstrate that we do source the whole of the market for our clients. We have this facility, with our broker link and can source over 22,000 mortgages for our clients to suit their lending requirements. A fee of £1,000.00 or 1% whichever is greater of the loan amount(ie £100,000 would be no more than £1,000; will be charged by Capricorn Mortgages Ltd. The charges are for the expertise involved in arranging your mortgage, the administrative work which will ensure the successful application and completion of your new mortgage. The fee also allows us to review your mortgage throughout the term and provide periodic health checks of your mortgage and, if required, to access preferential rates and schemes for you throughout the whole of the market. |
| How much am I able to borrow in relation to my income? |
| Most lenders will lend 3.5 times you annual income on a single applicant and 2.75 times for joint. However, in some instances we are able to speak to the lenders directly and request an income stretch if we feel it is justifiable. |
| Can I have a 100% mortgage? |
| With a good credit score we are able to find mortgages of up to 130% loan to value. This facility will be an advantage to first time buyers. |
| What are the costs involved in remortgaging? |
| We have access to lenders who do not charge a valuation fee, arrangement fee or solicitor’s fee. This makes our remortgage package more attractive. A fee of £1,000.00 or 1% whichever is greater of the loan amount(ie.£100,000 would be no more than £1,000); will be charged by Capricorn Mortgages Ltd. |
| How long will it take to mortgage, remortgage or receive a personal loan? |
| Providing we have all the necessary paperwork and documentation we can arrange a secured loan in as little as 10 – 12 days and a mortgage or remortgage in 4 – 5 weeks. |
| What if I have been refused credit? |
| Because our plans are tailor-made to suit you needs and circumstances, we are able to place the most difficult of adverse with a suitable lender. |
| I have trouble proving my income because I am self-employed. Can you help? |
| Yes. We can usually self certify your income of up to 90% Loan to Value with specialist lenders. |
| I have CCJ’s and defaults. Can you help? |
| Yes. We can usually arrange mortgages with unlimited adverse. |
| I have been previously bankrupt can you help? |
| Yes. Providing you are discharged and we fully disclose all details to the lender, the lender will view the case and agree a mortgage facility to reflect their findings. |
| What is an Initial Disclosure Document? (IDD) |
| The FSA have designed the Initial Disclosure Document to provide information about firms that they are regulating. The document should provide a clear understanding about any service being offered and enable consumers to make informed decisions as to which company and whether or not to accept their service. |
| What is a Key Facts Illustration? (KFI) |
| The FSA have designed a Key Facts Illustration to ensure that consumers receive consistent illustrations, with content shown the same way, from all mortgage providers. Consumers must have personalised product illustration in the form of a KFI, at an early stage of the buying process, to ensure an easy comparison of different products. It also ensures consumers receive the information they need to decide whether to apply for a particular mortgage. |
| Why should I trust Capricorn Mortgages Ltd’s service and site? |
| Your application through us for a mortgage is a big decision and it is important to be confident of the security of the company you are dealing with. All Capricorn Mortgages Ltd’s brokers are fully CeMAP qualified and passionate about the mortgage industry and providing good service.We have been established in the mortgage market since 1988. Our online electronic service has been in operation for the past 7 years and our aim is to deliver the best service to our clients by continuingly reviewing our online tracking. We have a facility that you are able to track your mortgage progress 24/7. |
| What is a credit a reference agency? |
| Credit reference agencies hold records of people’s borrowing as well as any legal judgements taken against them. Credit references agencies get their information from organisations that lend money, such as banks, finance houses and retail stores, as well as from courts and the electoral roll. Although they are private companies and not government organisations, the law still strictly controls credit reference agencies. |
| Do you have to clear the loan by a certain age? |
| Mortgages usually are designed to finish no later than the borrowers normal retirement age. This age is currently 65 for employed people (male and female) and 70 for the self-employed. Increasingly more and more lenders will consider a longer term providing you have enough income after retirement. |
