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Welcome to The Finance Centre website .
The Finance Centre is INDEPENDENT and deals with lenders from The Whole of The Market Place.
We were establised in Worthing in 1989 and have over 19 years trading.
There are literally thousands of mortgages to choose from. How do you find the best deal that is right for you?
What you should know about finding a mortgage...
Lenders will only tell you about their own mortgages. You could go to every lender to find the best deal but that will take a long time and your time is important. So, you really should talk to a mortgage broker but not just any broker because some only deal with a limited panel of lenders. Find one that is independent and offers mortgages from the whole market.
This website is operated by an Independent Mortgage Adviser that is authorised by The Financial Services Authority. We give mortgage advice and help people to arrange a mortgage.
Mortgages: be aware of....
Redemption penalties: 3 types to be aware of
During a special rate period: e.g. You could have a fixed rate for 2 years, during the fixed rate period there is a penalty to pay if you leave the lender, after 2 years there will be no penalty. These tend to be the most attractive deals.
Extended: When the rate reverts to the lenders standard variable rate you cannot leave without paying a penalty. We avoid recommending these deals.
Discharge Fees: Range from about £90-£295. Have been increased by many lenders in recent years. These charges can be changed by the lender during the term of your mortgage.
Stepped Interest Rates
The rate steps up each year. Not very nice, especially if you have a variable rate and interest rates are rising in general. Might be a good idea if you know you have a big pay rise coming.
Bad Credit. Do not make your credit history worse by applying to lenders that are likely to reject your application. Each credit search leaves a footprint, too many searches look bad. We know the the lending criteria of all lenders and can avoid applying for the wrong mortgage.
APR's show the cost of a borrowing over the overall mortgage term. The lowest APR is the cheapest over the life of the mortgage but since most people will switch their mortgage every 2-5 years there is little point in using a life long APR to compare mortgages. We can determine the lowest cost mortgage over all time periods.
What about the lowest interest rate; not the best deal if it comes with a hefty fee or high redemption penalties. When calculating the lowest cost deal you should take into account the rate at which a mortgage reduces, the method of calculating interest (daily or annual), fees to arrange the mortgage and fees to leave the lender.
There will be certain features of a mortgage that are worth paying a little extra for; overpayment facility, borrow back, further advances, portability, likelihood of being offered another great deal in the future and speed of processing your application to mention a few.
Look out for higher lending charges (mortgage indemnity guarantee or higher lending charge). With some lenders, you could avoid this by increasing your deposit only slightly. For example, the difference between a 10% deposit and 10.01% might only be £1 but it could save you £hundreds.
We will take all of the above into account when making a recommendation. The deals we recommend are the same as direct from the lender and sometimes we have exclusives which are better.
Applying for a mortgage through us is simple. You get a direct dial number to speak to your own dedicated mortgage adviser at any time during office hours - no call centre. Our administration department will see your mortgage application through from beginning to end. We can also help with life assurance, buildings and contents insurance, redundancy cover and payment protection.
If you need any more information then we would be delighted to hear from you either by telephone (call us on 01903 690055), email or through our enquiry forms.
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