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Who
are 00 Mortgages?
Why come to 00 Mortgages when the high street
is full of lenders?
How much will my mortgage cost to arrange?
What about insurance?
What information will you need from me?
How long do I have to repay my
mortgage?
What happens if I move?
Can I repay my mortgage early?
What happens if things go wrong?
Can I get payment protection?
What is the Mortgage Code?
What types of interest products are
available?
What happens if I change my mind?
How do I repay my mortgage?
What else should I know?
Who are 00 Mortgages?
00 Mortgages are administered by Central Capital. The specialist
finance and mortgage broking subsidiary arm, of Central Trust
PLC. Central Trust PLC is one of the fastest growing companies
in the UK. 00 Mortgages act solely on the behalf of their clients.
We use a lender panel made up of between five and eight lenders
whom we consider best meet the needs of the majority of our
clients. Central Capital is registered with the Mortgage
Code Compliance Board ("MCCB") under registration
number 5606102.
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Why come to 00 Mortgages when
the high street is full of lenders?
We specialise in finding mortgages for clients who may have
difficulty getting a loan from a traditional bank or building
society. We have schemes to suit people that have mortgage arrears,
credit problems, no proof of income, unusual properties and
hundreds of other situations that might cause banks to say 'no'.
What ever your circumstances we can normally find a mortgage
to suit you.
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How much will it cost to arrange?
You may incur some or all of the principal transaction costs
described below when taking out a mortgage with us. Full details
of costs will be provided with your mortgage quotation. If you
are re-mortgaging there may be redemption charges or other fees
payable on redemption of your current mortgage. It is important
that you are aware of these costs and have considered them fully
before proceeding with a new advance. If you are re-mortgaging
and any of the funds raised are being used to repay or consolidate
existing unsecured debt then you should be aware that these
will now be secured by way of a first charge on your property
and you will pay more over the long term. If your payments lapse
then your home maybe at risk.
High Percentage Lending Fee
If your mortgage represents a high percentage of the price or
valuation of your property (typically 75% or more), you may
have to pay a high percentage lending fee. Some or all of this
fee may be used by the lender, at its discretion, to obtain
mortgage indemnity insurance to act as extra security for its
sole benefit. If this is the case, the lender will give you
a written explanation confirming that you are still liable to
pay all sums under the mortgage and this cover will not protect
you if your property is subsequently taken into possession and
sold for less than the amount you owe. You will remain liable
to pay all sums owing, including arrears, interest and the lender's
legal fees. If a claim is paid to the lender under such insurance
the insurers generally have the right to recover any amount
paid from you.
Legal Fees
You may need to instruct a solicitor to act on your behalf and
you will be responsible for paying their costs.
Arrangement Fee
We may charge you an arrangement fee, which will be deducted
from the mortgage advance. This payment is for the time we spend
researching the market, giving advice and for the administration
involved in submitting the application to the appropriate lender
on your behalf and ensuring the transaction is completed to
suit your requirements. Any fee payable will be notified to
you in advance of any chargeable work-taking place and will
be subject to a separate agreement.
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What about insurance?
A mortgage is one of the largest financial commitments that
most people take out. It therefore makes sense to ensure that
you have adequate protection in case things go wrong.
Would your family's home be protected if something happened
to you?
We will tell you if your mortgage is conditional upon
arranging any insurance policy. We are able to offer advice
on the following insurance plans:
· Payment Protection Plans
· Life Insurance
· Buildings Insurance
Help to secure your future by getting the right advice.
For more information e-mail our customer services team on customerservices@00-mortgages.co.uk
Mortgage Payment Protection Insurance
Although it is not a condition of the mortgage we strongly recommend
that you take out payment protection insurance to ensure that
your mortgage payments are maintained in the event of accident,
sickness or redundancy (for employed) or hospitalisation (for
self employed)
Life Insurance
You may also decide that you need life assurance protection
to ensure that your family are protected in the event of your
death. We recommend that you approach an Independent Financial
Advisor to help you select an appropriate policy to meet your
needs.
Buildings Insurance
In all cases your lender will require details of buildings insurance,
which should provide sufficient cover to meet the reinstatement
costs of the property. The required sum insured will be detailed
on the valuation report. It is your responsibility to ensure
that the premiums and therefore the cover are maintained on
these plans. If cover is arranged through or by us then we may
receive commission from the company concerned. Details are available
on request.
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What information will you need?
As we proceed with your enquiry we will provide you with a detailed
quotation relevant to your mortgage needs. During our initial
call with you we will complete a detailed mortgage questionnaire
so that we can give you appropriate advice on your mortgage
and related products. Once we have made our recommendations
to you we will confirm our advice in writing. Details of your
mortgage will also be confirmed in your lender's formal offer.
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How long do I have,
to repay my mortgage?
We can arrange mortgages over terms from 5 to 40 years. A Typical
example is, a £75,000 mortgage over a 20-year period.
We do not recommend that your mortgage continue beyond your
intended retirement dates unless you have adequate income to
continue to meet your mortgage commitments in retirement.
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What happens if I move?
If you decide to move before the end of the mortgage term then
your situation regarding the transfer of your mortgage to a
new property will depend on whether your mortgage is portable
or not. PortableIf you want to move home in the future it will
generally be possible to transfer the mortgage to the new property
subject to your lenders underwriting criteria at the time of
the move. You may be charged an administration fee for this
service. Not PortableIf you want to move home in the future
it will be necessary for you to repay your mortgage and then
to start a new mortgage on the new property. You may have to
pay early redemption charges in this situation. We will confirm
in writing if your mortgage is portable prior to completion.
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Can I repay my mortgage early?
Yes, you are able to repay your mortgage early, but there may
be redemption charges associated with your mortgage if you wish
to repay it early. Details of any redemption charges will be
provided prior to completion.
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What happens if things
go wrong?
You should find your dealings with us to be prompt, efficient
and friendly. Our aim is to provide you with a world class,
professional and confidential service. If you have a complaint
we do have a formal complaints procedure to ensure that your
complaint is dealt with quickly and efficiently. In the first
instance you should contact our Mortgage Code Compliance Officer
at The Atrium, St Georges Street, Norwich, Norfolk NR3 1GT If
we are unable your complaint to your satisfaction then we will
assist you by referring you to The Mortgage Code Arbitration
Scheme. The arbitrators are available to resolve certain complaints
made by you if the matter remains unresolved through our internal
complaints procedure. The address of the scheme is: The Mortgage
Code Arbitration Scheme, Inter00 Arbitration Centre, 12 Bloomsbury
Square, London WC1A 2LP. Telephone 020 7421 7444
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Can I get payment protection?
Our payment protection plan offers a simple and effective way
to protect your monthly repayments and give you peace of mind.
I am self-employed. Can I apply for Payment Protection Insurance?Yes
you can. The policy will, however, exclude cover if your company
goes into voluntary liquidation. I work on a part time basis.
Can I get payment protection?This depends on the number of hours
you work each week. Employment is defined in the policy as working
for at least 16 hours per week. If, however, you do not qualify
and your partner works full time and is named on the mortgage,
then he/she could cover themselves for 100% of the loan. I am
65 years old. Can I apply for Payment Protection Insurance?No.
The policy provides cover only for borrowers aged between 18
and 64.
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What
is the Mortgage Code?
The Mortgage Code is a voluntary code that sets minimum standards
of good lending and advisory practice. Their 'You and Your Mortgage'
leaflet may be downloaded from this web site. In subscribing
to the code we promise that we will: · Act fairly and
reasonably in all our dealings with you · Ensure that
all our services and products comply with the Code even if they
have their own terms and conditions. · Give you information
on our services and products in plain language and offer help
if there is anything you do not understand. · Help you
choose a mortgage to fit your needs unless you have already
decided on your mortgage. · Help you understand the financial
implications of a mortgage. · Help you understand how
your mortgage account works. · Ensure that the procedures
our staff follow reflect the commitments set out in the Code.
· Correct errors and handle complaints speedily. ·
Consider cases of financial difficulty and mortgage arrears
sympathetically and positively. · Ensure that all our
services and products comply with relevant laws and regulations.
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What interest products
are available?
Variable Rate MortgageThis means that your monthly mortgage
payment will rise and fall in line with any increase or decrease
in interest rates. Discounted Rate MortgageThis means that your
monthly mortgage payment can rise or fall in line with any increase
or decrease in interest rates at a guaranteed discount on the
lenders basic variable rate for a specified period. At the end
of the discount rate period your interest rate would normally
revert to the lenders standard variable rate. It may also be
a condition of your discounted rate that the mortgage must remain
on the lenders standard variable rate for a period after the
discount period ends. Fixed Rate MortgageThis means that the
interest rate you are charged remains the same for a set period
of time and your mortgage payment does not change in that time.
At the end of the fixed rate period your interest rate will
normally revert to the lenders standard variable rate. If this
is higher than your fixed rate your payments will increase accordingly.
It may also be a condition of your fixed rate that the mortgage
must remain on the lenders standard variable rate for a period
after the fixed period ends. Flexible MortgageThis means that
you can vary your mortgage payments. The terms of a flexible
mortgage may vary with each lender. However, subject to the
lenders terms and conditions, mortgage payments may be varied
by making overpayments and lump sum payments and by making underpayments
and taking repayment holidays. Base Rate Tracker MortgagesThis
means that the interest rate you are charged will be linked
to the lenders base rate and will rise and fall in line with
base rates.
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What happens if I change my
mind?
You are under no obligation to proceed, and there will be no
cost or fees incurred, provided you have returned your original
application within 7 days as we will have paid the valuation
fee.
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How do I repay my mortgage?
Unless you request otherwise we will arrange a repayment mortgage
for you. Repayment Part of the monthly payment pays off the
interest on your mortgage and the balance of your monthly payment
pays off part of the capital of your mortgage. The monthly payments
will first go towards paying the interest and then towards paying
off the capital. With this arrangement you are guaranteed to
repay the loan in full by the end of your mortgage term, provided
that you have maintained your repayments in full. Interest OnlyThe
monthly payment covers only the interest on the mortgage, no
reduction is made in the capital outstanding. With this option
the whole of the mortgage will remain outstanding at the end
of the mortgage term. It is important that in the case of an
interest only mortgage you put in place a suitable repayment
vehicle such as an endowment policy, ISA or pension. If you
wish to go ahead on an interest only basis we recommend that
you approach an Independent Financial Advisor to help you select
an appropriate repayment vehicle.
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What else should
I know?
SolicitorsWhere the lender's own solicitor is being instructed
to carry out the legal work in respect of the mortgage transaction
you should be aware that they will be working predominantly
on behalf of the lender. In this situation you may wish to seek
independent legal advice. Packaging and Marketing AllowanceWe,
(or other companies in the Central Trust PLC Group) may receive
payment from your lender in recognition of the work we do on
their behalf. We will tell you if we receive a fee for arranging
your mortgage and we will tell you the amount of the fee in
writing. In addition to the above the lender may also pay us
an additional lump sum and/or other benefits based on the overall
levels of business we introduce to the lender over the course
of each quarter. Further details of these benefits are available
from us on request.
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