Although it is not a legal requirement to take out mortgage protection insurance, we strongly advise considering it. Life insurance will protect your home for the recommended term, and it would give you the peace of mind that your family could remain in the property in the event of your death or serious illness.
Blossomfield Mortgages has access to mortgage deals that are not available direct from lenders on the high street. Loan amounts will differ from lender to lender, and some lenders may offer a bigger mortgage than others. Our friendly mortgage brokers will discuss affordability to see which lender’s criteria you meet and how much you can borrow responsibly.
Lenders sometimes charge fees, and these may be payable on application and some on completion of the property purchase. Some fees may be refundable. Your mortgage broker will explain applicable fees – including if they are refundable - and when they would be due. Your mortgage broker will always provide you with an ESIS (mortgage illustration) for any mortgage they discuss with you, and this will clearly show the breakdown of any fees and their terms.
Yes, a mortgage in principle will tell you whether your credit score is good enough at that specific time to allow a mortgage application, and the level of borrowing the lender may be willing to lend based on the information provided. You are not obliged to use that lender, and your mortgage broker will review this when it's time to submit a final application to ensure you are receiving the best advice.
Yes, this is known as releasing equity, but your lender will need to make sure it fits their affordability and credit scoring criteria. This can be achieved in a number of ways, but the two most popular are:
A further advance is where you are looking to borrow more money from your current mortgage lender. This is typically at a different rate to your main mortgage. This route can make sense if your lender's further advance is competitive or your existing mortgage provider has high early repayment charges.
A re-mortgage is a popular way to make savings on your monthly mortgage payments or raise funds quickly. Whether you want a better deal, fresh terms or to borrow more money, we’ll help you make the switch with ease.
Whatever the chosen outcome, our expert mortgage brokers will ensure you get the best rate on your new mortgage, so you can be sure your new repayments meet your current financial goals.
That will depend on what kind of product you chose when you took out your existing mortgage.
Most mortgage lenders charge an early repayment fee if you decide to pay a lump sum or clear the whole balance of your mortgage. These fees are typically due when you have entered into a fixed-period mortgage.
Repayment mortgages will usually allow you to make overpayments each month. Overpayments are normally allowed up to 10% above your standard monthly payment. However, this will depend on each particular mortgage plan and its terms.
Yes, you can take out a mortgage with a friend or family member. If this is something you are considering, it's a good idea to speak to a solicitor on whether an agreement (trust deed) would be a good option. A trust deed will give both of you power of sale so you are covered in the event of a dispute.
You should also discuss whether you'll be joint tenants (purchasing the property on a 50/50 basis) or whether you'll be tenants in common, with each of you owning a different share in the property, i.e., one of you will own more of the property than the other.
When using a mortgage to buy a property, you will need to work out how much of a deposit you can pay upfront before a mortgage lender gives you the rest.
The difference between the mortgage amount borrowed and the value of the property is known as the loan to value, typically abbreviated as LTV.
On average, mortgages last around 25 years, but some lenders will allow a term of up to 40 years, depending on your circumstances.
When discussing the length of the mortgage with our experienced mortgage brokers, they will guide you to the most suitable term.
A good practice is to keep the length of the mortgage to a minimum whilst still allowing you to have disposable money for a high standard of life, as this will result in less interest being paid over the full term of the mortgage.
Not at all. We regularly review your circumstances and look to get you into a better mortgage rate as soon as possible.
Our specialist mortgage brokers are always on hand to review your circumstances and offer you a competitive rate that meets your circumstances.
Yes, we have a lot of experience in dealing with these types of situations and are fully aware this can be a difficult time. We will review your situation and advise you on the best way forward. We offer guidance every step of the way throughout the transaction.
Yes - although lenders will usually want to see some evidence of this, such as a court order or a long-term history of the payments being paid into a bank account.
Yes, unfortunately they will, and you may not be able to access products from certain lenders. However, some lenders will allow previous credit problems and are happy to lend to clients even with previous repossessions, IVAs or even bankruptcy.
Our specialist mortgage brokers have access to a wide range of lenders across the market. This includes mortgage providers specifically lending to people that have had issues with credit in the past. We can't guarantee you'll always get what you're looking for, but we'll be there to support you every step of the way.
How much you can borrow is down to your individual affordability, taking into account your income and outgoings. Lenders will also look at your credit score and any financial commitments you currently have. Our mortgage brokers will always advise you on the lender(s) who can offer you the most suitable and affordable mortgages.
Yes, our mortgage brokers at blossomfield have access to a wide range of lenders. This includes products specifically for people who are self-employed. We can't guarantee you'll always get what you're looking for, but we'll do our best to assist.
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What our customers say about us
Blossomfield Mortgages provided fantastic advice. Our mortgage approval went through very fast, as our mortgage was handled with the utmost urgency. From start to finish, the whole process was a breeze. We sat back and let them handle all the hard work.
Lewis Jewsbury
I approached Blossomfield regarding a mortgage using there Birmingham branch and the service I have received has been nothing short of amazing their efficiency and passion to get everything done and approved in a professional manor is astounding.
Ryan James
Excellent service from Blossomfield Birmingham, they were able to sort a mortgage out for me very quickly and made the whole process simple and stress free, always available when needed and provided regular updates.
Jack Moriarty
Excellent service, quick turnaround, as promised. Will be using again and again. Would highly recommend Blossomfield Mortgages.
James Dean
Amazing service provided by Blossomfield in a quick and timely manner. No matter what questions we had they were always willing and happy to answer with their wide knowledge and experience. Would recommend Blossomfield to anyone.
Geraldene Marsh
Blossomfield mortgages were very helpful to me and my partner when we first enquired about whether we were mortgageable to buy our first home. We were very impressed with their professionalism. Best mortgage broker in Birmingham!
