If your client decides to repay all or part of their mortgage early, an early repayment charge may apply. This is determined by the type of interest rate your client has, the amount they are repaying and the date they took out their mortgage.
The mortgage may be taken on a repayment basis, an interest only basis, or a combination of the two. With a repayment mortgage one payment is made each month for the length of the mortgage, which covers both the interest and repayment of capital. With an interest only mortgage, only the interest each month is paid. Your client can then decide how they wish to invest their money in order to pay off the mortgage at the end of the term.
All our mortgages are available to the self-employed.
The Mortgage Works is legally obliged to ensure that adequate insurance is obtained by your client for the property to be mortgaged. Full details may be required in the form of a policy schedule with the interest of The Mortgage Works (UK) plc noted as mortgagee.
If your client is experiencing financial difficulties, please ask them to contact our Collections Team on 0800 21 25 08 to explain their circumstances. Our Collections department is trained to deal with payment difficulties and have lots of experience in helping customers. They will look carefully at your client’s individual circumstances, and treat them sympathetically and fairly.
Your client can view our financial difficulties page on our TMW customer website for more information.
The application fee is payable upon product reservation. Therefore, clients choosing to change their product selection during the application process will need to pay another £150 application fee. However, if your client has to change their product selection due to a criteria restriction, a second application fee will not be charged.
If you aren't reviewing my application at DIP and then decline it at FMA, will my client lose their valuation and application fee?
The valuation and application fees will be collected at FMA submission.
- The valuation fee is non-refundable once the valuation has been carried out, with the exception of applications declined following an Underwriters review where the property was suitable.
- The application fee is non-refundable, with the exception of applications cancelled or declined prior to both the Underwriter’s review and the valuation being carried out.
The valuation will be instructed once we've received your client's application and once all fees have been paid.
A second charge is a second mortgage secured on your property with another lender. A second charge is secondary to your main loan so when the property is sold, the main lender will be repaid first. Your main lender will need to give its permission before you take a second charge.
If you want to secure a second charge on your property, we’ll consider it under strict criteria. Please contact us to find out more.
On Buy to Let mortgages, the LTV can’t exceed 50% and the purpose must be for home improvements only. We’ll also need to apply a rental calculation to assess the affordability.
We hope we have answered the most common questions above, but if you’re still unsure about something, you can contact one of our experienced advisers on Broker Chat.