FRequently asked questions
Securing a mortgage, getting protection and everything in between can be confusing!
See the most commonly asked questions below.
FREQUENTLY ASKED QUESTIONS
Securing a mortgage, getting protection and everything in between can be confusing!
See the most commonly asked questions below.
Mortgage FAQ
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.
Protection FAQ
Mortgages are a long-term financial commitment, and for many people, account for the single largest purchase they will ever make. With this in mind, it is important to consider how you would maintain future mortgage payments, should you suffer a loss of income or in the event of your death.
Income protection, critical illness or life insurance can provide peace of mind that could prevent you or your family from losing a property.
The types of critical illness that you can be insured against include:
- Heart disease
- Cancer – of various types and stages
- Stroke
- Multiple Sclerosis
Not all medical conditions are covered by critical illness policies, so it’s vital you speak to us.
STILL NOT FOUND THE ANSWER?
Get in touch and ask us yourself.
McGregor Ross Financial Solutions is a trading style of Yorkshire Financial Consultancy Limited which is is an Appointed Representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.
In general, buy to Let mortgages are not regulated by the Financial Conduct Authority.
A mortgage fee payable is dependent on the complexity of the case and will be agreed at the outset. A fee of up to 1% of the loan amount is payable, for example on a £100,000 mortgage a 1% fee would equate to £1,000. A typical fee is £299 and is payable at the outset or on the issue of an offer of the mortgage.
