Welcome to Jim Kelly Mortgage Services where you can obtain professional independent mortgage advice. The house or flat you are purchasing may be from an estate agent, your local council under the right-to-buy scheme, from a housing association under a shared equity or shared ownership scheme or perhaps as a private sale from a friend or relative.
Here, we will guide you through the house purchase process, how much deposit you will need and the likely costs involved. We are not tied to any bank, building society or network and offer a comprehensive range of mortgages from across the market, but not deals that you can only obtain by going direct to a lender.
Here, we will guide you through the house purchase process, how much deposit you will need and the likely costs involved. We are not tied to any bank, building society or network and offer a comprehensive range of mortgages from across the market, but not deals that you can only obtain by going direct to a lender.
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Jim Kelly is an experienced mortgage broker with over 20 years experience in arranging mortgages for first time buyers, clients moving home or requiring mortgage finance for buy-to-let properties or self-build projects.
Jim Kelly Mortgage Services is directly authorised and regulated by the Financial Conduct Authority number: 302179.
You can check this on the FCA's register by visiting the FCA's website at www.fca.gov.co.uk/register or by contacting the FCA on 0845 606 1234.
As independent mortgage brokers we are not tied to any bank, building society or network and offer a comprehensive range of mortgages from across the market, but not deals that you can only obtain by going direct to a lender.
Jim Kelly Mortgage Services is directly authorised and regulated by the Financial Conduct Authority number: 302179.
You can check this on the FCA's register by visiting the FCA's website at www.fca.gov.co.uk/register or by contacting the FCA on 0845 606 1234.
As independent mortgage brokers we are not tied to any bank, building society or network and offer a comprehensive range of mortgages from across the market, but not deals that you can only obtain by going direct to a lender.
This guide gives you a summary of the process and procedures in purchasing your first home.
Some estate agents may require this before they are prepared to submit your offer to the vendor.
The whole house purchase process normally takes between 6 - 8 weeks to complete but this could vary depending on your individual circumstances and any legal issues that may arise.
Some estate agents may require this before they are prepared to submit your offer to the vendor.
The whole house purchase process normally takes between 6 - 8 weeks to complete but this could vary depending on your individual circumstances and any legal issues that may arise.
Once you have found the property you would like to purchase, you should make an offer to the estate agent who is acting on behalf of the vendor.
The estate agent or vendor will understand your offer is subject to a satisfactory survey or valuation of the property and satisfactory exchange of contracts.
The estate agent will contact the vendor and you should receive written confirmation that your offer has been accepted.
An estate agent has a duty to submit all offers to the vendor, unless instructed to the contrary by the vendor, up until contracts have been exchanged.
The estate agent or vendor will understand your offer is subject to a satisfactory survey or valuation of the property and satisfactory exchange of contracts.
The estate agent will contact the vendor and you should receive written confirmation that your offer has been accepted.
An estate agent has a duty to submit all offers to the vendor, unless instructed to the contrary by the vendor, up until contracts have been exchanged.
However some lenders are offering mortgages up to 95% of the value of a property, subject to certain criteria.
Having a larger deposit will enable you to obtain a mortgage with a lower interest rate and lower monthly costs.
If you are employed and in permanent employment you would normally be required to supply your latest 3 months payslips, P60, your latest 3 months consecutive bank statements and evidence of your deposit.
If you are self-employed and have been trading for at least 2 years you should supply your latest 2 years accounts and SA302s which are your self assessment tax calculations issued by HMRC and obtained by contacting you tax office.
Having a larger deposit will enable you to obtain a mortgage with a lower interest rate and lower monthly costs.
If you are employed and in permanent employment you would normally be required to supply your latest 3 months payslips, P60, your latest 3 months consecutive bank statements and evidence of your deposit.
If you are self-employed and have been trading for at least 2 years you should supply your latest 2 years accounts and SA302s which are your self assessment tax calculations issued by HMRC and obtained by contacting you tax office.
The main methods of repaying a mortgage are the Capital & Interest Repayment method, the Interest-Only method or a combination of both.
However because of the new mortgage regulations most lenders will now require the mortgage to be arranged on a capital and interest repayment basis.
Under this method, capital and interest payments are made each month and provided the repayments are maintained, the loan will gradually reduce over the mortgage term.
During the early years the majority of your monthly payment will be made up of the interest element with little of the capital being repaid.
However because of the new mortgage regulations most lenders will now require the mortgage to be arranged on a capital and interest repayment basis.
Under this method, capital and interest payments are made each month and provided the repayments are maintained, the loan will gradually reduce over the mortgage term.
During the early years the majority of your monthly payment will be made up of the interest element with little of the capital being repaid.
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