A
Arrangement Fees
General administrative, booking fees charged by the lender to set up and to secure your loan. They could be called various names, i.e.: Product Fee, Application Fee, Completion Fee, or just simply an Arrangement Fee. In some cases, the lender may allow you to add the fee to your mortgage loan; however, it would depend on their criteria and your affordability.
Affordability Check
It is an assessment which lender completes to establish if you can afford to repay the agreed mortgage amount over the mortgage term. For the verification, lender will require various proofs of income and information about your regular expenditure and other financial commitments.
Agreement in Principle (AIP)
Also known as Decision in Principle (DIP) – it is lender’s initial agreement to lend you the amount required based on the information and documents you have passed on to your broker. Very often you will hear that the lender will check your credit score and will base their lending decision on your credit history, too. So, please, do make sure that you disclose any past credit issues to your advisor, so that they could advise you on which lender would be most suitable to place your application with. Obtaining an AIP does not mean that your mortgage has been fully approved. But it will help you to make an offer on the property you fell in love with.
Application Form
It is a document submitted to a lender when you apply for a mortgage to purchase or re-mortgage a property. The application is extensive and contains information about the property being considered for the mortgage, the borrower’s financial situation and employment history, and more. Lenders use the information from the mortgage application to decide whether to approve the loan.
Appraisal (of property)
It is a property value estimation which is determined by an estate agent’s inspection of the property and its comparison to the recently sold homes in the area.
Arrears
If you have mortgage arrears, it means you are behind with your payments on your mortgage. Missed mortgage payments are recorded on your credit file and if you do not pay what you owe, you are at risk of your home being repossessed. (www.stepchange.org)
Auction
A method of selling and buying of a property in a public auction house through competitive bidding; property is sold to the highest bidder. (www.hoa.org.uk)
B
Bank (Base) Rate
Sometimes called the ‘Bank of England Base Rate’ – set by Monetary Policy Committee (MPC) to keep the government’s inflation target (currently set to 2% as measured by the Consumer Price Index [CPI]). If Bank Rate changes, then normally banks adjust their interest rates on saving and borrowing also. (https://www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate)
Bankruptcy
If you go bankrupt and you have a mortgage, your mortgage is not written off as part of the bankruptcy process. That is because mortgage is a loan secured on a property and bankruptcy can only “protect you” against unsecured debt claims (i.e.: credit cards, personal loans, etc.). You still must make mortgage payments and payments on any other loan secured on your home. But with the unsecured debt claims stopping, you should (theoretically) have money now to pay the required monthly payments. If you are still unable to make your payments, your home may be repossessed and sold at auction to recover the outstanding mortgage debt. If the proceeds of auction do not cover the outstanding mortgage commitments in full, the outstanding amount becomes a “mortgage shortfall” and as such it becomes an unsecured debt for which you can be released at the end of the bankruptcy term. In reality, however, if the lender still wants to pursue you for that shortfall, they have six years from the date of sale of your property to inform you about that intention. To get a mortgage after being declared a discharged bankrupt is not impossible, but it may take some time. You are always obligated to disclose to the lenders the fact that you have been a bankrupt in the past. Some lenders reject mortgage application for such clients right away, but some do not. A good mortgage broker should be able to help you to sort through such lenders’ offers. (For more information on bankruptcy, see: Guide to Bankruptcy: https://www.gov.uk/government/publications/guide-to-bankruptcy/guide-to-bankruptcy)
Basic Valuation
Even though the borrower pays the fees for it, it is ordered by the mortgage lender to make sure that it is not lending more than the property is worth since the property is to become the security for the lending. The valuation is rather basic and often it takes no more than half an hour. Its cost depends on the house price, but often it is done for anywhere between £100 to £500. The valuer walks around the property, noting the appearance of the property and obvious defects. Loft is unlikely to be inspected. And there is no lifting of carpets or moving of furniture to check for potential hidden problems. The valuer then checks the prices of similar properties in your area to arrive at the reinstatement value for insurance purposes. Should anything happen to the property in the future, i.e.: fire would destroy it, and it would have to be rebuild, what would the rebuild costs be. If it happens that the valuer will arrive at the house price that is lower than what you are willing to pay for it with the mortgage borrowing, the mortgage offer might be withdrawn, or you may need to negotiate the purchase price down.
Borrower
A person or company that has received money from another party with the agreement that the money will be repaid. Most borrowers borrow at interest, meaning they pay a certain percentage of the principal amount to the lender as compensation for borrowing. Most loans also have a maturity date by which time the borrower must have repaid the loan. Borrowing and lending occur informally between family and friends, at the retail level through banks and on a large scale through governments and institutional investors. (Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved).
Bridging Loan
It’s a short-term lending often used by people who want to buy a property while waiting for the sale of another property they already own (outright or with a mortgage). Another words, if you need to pay for something but you must wait first for the funds to become available from a sale that must take place first. (https://www.money.co.uk/bridging-loans/what-is-a-bridging-loan.htm)
I wanted to pass on a review to Nest Mortgages. The service Is compeltely outstanding compared to most lenders/ brokers I have used in the past. I met Ania many years ago and recently in the last 3 years used her for my own mortgages. Ania is very professional, approachable and always there to be on hand even at weekends to help with any questions I had. This is one broker you need to use and work with for all your mortgages and advice. We also use her alot for clients at Thacker & Revitt. Nothing is any trouble and she has just managed to secure me a 12 month deal until my full mortgage changes. Its saved me a lot of stress and will always use her and Nest Mortgages. Thank you Nest & Ania again for a fab deal on my mortgage.
Hi, 100% recommended. Ania was very helpful from the beginning to the completion. She explained everything clearly, great service, super person Thank you so much Ania!
Thank you Ania again for your amazing service. You handled my re-mortgage previously and I had no doubts with returning to you for our house move this year. You filled us with confidence from the first step, even offering your advise on properties we were considering, before we had made a final decision. You shared in our excitement when we had our offer accepted and were with us through the entire process of the purchase. We had complete confidence in you finding the best deal for our mortgage and I would happily recommend your services to any of my family and friends looking to move in the future. Thank you for everything.
As a first time buyer Ania took me through each stage of the process in a kind and reassuring manner, taking the time to give me a full understanding of each stage of the mortgage process. Ania provides a true 5 star service at each stage of the process, her knowledge and professionalism are second to none. I would wholeheartedly recommend Ania & Nest to everyone I know if they were looking at taking out a mortgage. Thanks again Ania.
I thought that buying my first property and applying for a mortage will be difficult, but not with Anna Cooper! I could not imagine more knowledgeable and professional mortgage advisor. She made sure I understood all steps of mortgage application, advised me on all possible options, answered all my questions. I was informed about every stage of my application. I would definitely recommend Anna's services and I can't wait to remortgage and work with Anna again.
Firstly, I would like to start this with a massive thank you to Ania Cooper. Getting a mortgage and moving home can be one of the most challenging experiences, Ania made it a comfortable and pleasant experience. From the start of the process to the end her communication was exceptional and was always fast in her responses. Ania was professional, had a great knowledge and she is committed to offering a great service. My partner and I will not hesitate in recommending Ania going forward and in the future will be using her when we need again. Thank you again Ania!
Absolutely recommended. Ania was helping us from the very beginning to the completion. It's nice to feel that there is someone you can fully rely on in this long and difficult process. As a busy mother, I appreciated the fact that Ania took up all the things and advised me at every stage. Thank you so much Ania!
Hi Guys just wanted to say a huge Thank you for getting our clients to exchange today after all that has happened in this tough time and also with the clients. Thank you for providing a really great and speedy service. Highly recommend you to all of our clients. Thacker & Revitt are really pleased you are on board with us independently. Lots more referrals to come your way.
First of all, it was a pleasure have a business with Anna. I was First time buyer and obviously no knowledge how it workes. Anna was my angel in the dark, honestly. She was so professional and helpful. She guided me through all procedures, explaining the low, find the perfect deal with a mortgage, advice and many many more. I am so happy now with my new flat and thank you Anna for everything you done for me.
I simply must recommend Ania Cooper to anybody who is looking for excellent mortgage broker services. Ania has arranged for our personal residence mortgage when our offer on the house was first accepted. Because of Ania's systematic approach, an eye for detail and long-term strategic thinking everything went smoothly. It was amazing to see her literally throwing herself into the process with an absolute 100% commitment. I guess that would be really easy to do for someone who has such depth of knowledge of the mortgage and protection markets and such great insight. Ania is inspirational, down to earth, engaging, professional and yet personal. As we have come to learn very quickly, to have Ania in our team meant for us to have things done to a very high standard and in a timely manner. With her high work ethics showing all the way through, Ania guided us through a complicated process of acquiring a mortgage right to the completion. What was impossible or hard to achieve for other mortgage brokers that we spoke with, became a reality for us when Ania entered our house purchasing process. There are really no appropriate words to thank her enough for her hard work and commitment to our success. THANK YOU, ANIA!
Profesjonalne podejście do klienta, najpierw dokładna analiza naszych oczekiwań by później indywidualnie dobrać usługę i ofertę pod nasze potrzeby. Bardzo dokładnie i prostym językiem wytłumaczone warunki umowy, dzięki szybkiej reakcji i działaniu Ani dostaliśmy bardzo dobrą ofertę która była dostępna na rynku, Ania zmobilizowała nas do szybkiego kompletowania dokumentów i dzięki niej mając wszystko pod kontrolą ta oferta była dla nas dostępna. Z czystym sumieniem polecam Anię bo jest najlepsza w swoim fachu. Jej profesjonalizm i podejście do klienta jest widoczne już na pierwszym spotkaniu.
We have to say a huge thank you to Ania. Ania was able to find us the right mortgage for us under unique circumstances to get us our dream home. Nothing was too small to ask for her assistance on and I put it down to her efforts on us securing our property. Professionally Ania is dedicated and extremely motivated to succeed for her clients but is also extremely approachable on a personal level. I will be keeping in contact with Ania with future business without a doubt.
I had that pleasure of dealing with Ania twice so far and can honestly say, that will confidently do it again. Ania is not only friendly, helpful and honest person, but most importantly she is very knowledgeable, experienced and always happy to advice and direct. Full professionalism and individual approach to her customers. Thank you Ania!
I highly recommend Anna's services. She is the right person in the right place. Anna is very helpful, kind and patient. She explained everything to us very precisely and helped us make the right decision. She makes buying a house much less stressful experience.
Our mortgage was not straight forward, however, Ania’s knowledge of the subject has helped us to secure our first mortgage without any problems. She was very helpful, knowledgeable, friendly, prompt and always above and beyond. Her customer service skills and clear vision of the process were remarkable. We will be definitely returning to Ania when we are due for a re-mortgage, as Ania is certainly a professional in the right place.
Absolutely first class service from Anna Highly recommended and I would never consider using anyone else. Brilliant!
Ania was very helpful from the start to the end. Nothing seemed to be a problem. My partner and I are the first time buyers and it was important to find someone who will guide us all the way through. We've had a few meetings with different mortgage advisors and nobody explained to us everything as good as Ania did. That's why we decided to go ahead with Ania. I highly recommend Ania's service to everyone who is looking to buy a home or remortgage.
I would like to highly recommend Ania's services. It is a reliable company and of course a passionate person who will advise and answer every question. We couldn't get any better advice. We have easily passed a large number of domains thanks to the support of Ania. We highly recommend her.
Anna is very informative, helpful and reassuring. As a first time buyers we had no idea about the whole process. She helped us not only to find the best mortgage deal but also gave us advise about estate agents. She saved our time and money. Thank you. We would definitely recommend her service.
Professional advice, very friendly service, very quick information exchange, answer to every task. Definitely coming back for remortgage.
Ania was extremely helpful and knowledgeable. Ania’s professional advice and support has been of the highest standard. I am very happy that I followed her recommendation to remortgage my property instead of staying with my current lender as it saved me a lot of money. I honestly can recommend Ania to anybody who needs great mortgage advisor.
Mortgage advisor you can trust. Ania took care of all the formalities related to our remortgage to the smallest detail. Professionalism in a pleasant atmosphere. I highly recommend her service.
Disclaimer
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
NEST Mortgage and Financial Solutions fees are payable on application. Our typical broker fee is £495, however this may be subject to a change, dependent on your status and circumstances.