Mortgages and commercial mortgage made easy – In a nutshell

Mortgages and commercial mortgage made easy – In a nutshell, advice by John Allen from Team Financial Services
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Mortgages and Commercial mortgage made easy – In a Nutshell

Speaking to the wrong advisers can cost you thousands!

What is a mortgage? Simply it’s a Loan that you pay back in monthly installments or one lump sum at the end.

How do I get one? Easy you either go into a bank or building society Or speak to an independent mortgage adviser like myself.

How much does it cost? You will normally pay a fee once you have instructed a mortgage adviser to work for you but initial advice is nearly always free.

Is it complicated!
Not if you speak to the right advisers as it’s their job to comply with the financial services guidelines but more importantly advise you.

Can I get a mortgage?
This question can either take 2 hours of your life and a number of interviews to get the Yes or No answer you want, but most people initially just want a quick
indication if they are going to be able to buy a home.

So it’s important to speak to a person.

what I want is the answer to 5 simple questions

I call it the 5 second mortgage

1 value of your new home
2 size of your deposit
3 your incomes and are you employed or self employed
4 your liabilities /loans/credit cards/maintenance/etc
5 your credit file / have you missed any payments on loans/ county court judgements /etc

The self-employed and company directors normally have the biggest issues getting a mortgage.
Company directors with over 25% shareholding are classed by the majority of lenders as Self-employed.

New start up businesses with 1 years trading account accepted, accountant’s references and retained profit in your company are all accepted by certain lenders.

As you can see this is where you might need to speak to a mortgage advisor.

John Allen
Team Financial Services Ltd
01392 678678

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What is a Mortgage | by Wall Street Survivor

What is a mortgage?

Mortgages exist to solve a problem. Most people want to buy their own home, but a house costs hundreds of thousands of dollars, and you likely don’t have that kind of cash lying around in the crevices of your sofa. You’d have to work and save for decades to get that much money, and in the meantime you could easily end up paying out more in rent than the cost of the house you wanted to buy.

So to enable people to buy a house before they are too old to remember why they wanted it in the first place, we have the mortgage system. A mortgage is just a type of loan, pure and simple. If the house you want to buy costs $100,000, then you could pay $10,000 from your savings (that’s called the downpayment), and borrow the remaining $90,000 from the bank.

So if it’s that simple – just a housing loan that you pay back over time – why all the fuss and complexity around mortgages? Well, mortgages come in more flavors than Ben & Jerry’s ice cream, and not all of them taste good. You’ve got ARMs and balloon mortgages, fixed-rate loans and interest-only loans, bridge loans and refis and reverse mortgages.

Learn more about the different types of mortgages and find out which one is right for you with Wall Street Survivor’s Paying For Your Home course:

Mortgage Basics – What is a Mortgage?

Welcome to, where you will find all the answers to your home financing needs.

In this video, I will explain: Mortgage Basics

When you want to buy a house, there is a good chance that you will need to get a mortgage.

For instance, take my friend Byron the Home Buyer. Byron wants to buy a home but he only has a small down payment to pay for it. Byron would need to get a mortgage for the remainder…

A mortgage is a loan, usually from a bank, that provides a home buyer with the money required to purchase a home. In return for receiving a loan, the homebuyer needs to pay back the bank with interest.

Let’s assume that Byron has $10,000 and would like to purchase a $200,000 home. In this case, Byron doesn’t have enough cash to pay for his home. Byron will need to borrow $190,000.

Byron chooses a 30-year amortization 5% fixed rate mortgage. – Don’t worry, I will explain what all of that means in another video… This means that Byron must make monthly payments to his bank of $1,014. After making this payment for 30 years, Byron will own his house!

Congratulations Byron, on purchasing your first home!!

Over the course of 30 years, Byron pays back the $190,000 he owes the bank plus $175,000 in interest. In very simple terms, this means that his $200,000 home actually cost him $375,000.

However, if the loan was paid back, in let’s say, 20 years, Byron would save a over $65,000

Byron’s mortgage helped him purchase his home. But it’s important for him to remember that his home is also a type of debt. The faster he pays off his mortgage, the less he pays in interest, the sooner Byron becomes debt free.

Thank you for watching!