Prospect Mortgage Services, Process and Types

Prospect Mortgage Services primarily advice on and arrange mortgage for people and it is an independent mortgage company with offices in Merstone and Ryde on the Isle of Wight.

Process of Getting a Mortgage

  • Obtain an Agreement in Principle: your Prospect Mortgage Services Brooker should arrange ‘mortgage agreed in principle’ for you.
  • Make a formal offer: once you have found the property you want, make an offer ‘subject to contract’.
  • The Survey: a ‘valuation report’s will be conducted on the property by the approved surveyor.
  • Complete a mortgage application: an official application for a mortgage with the lender you have selected will be completed by the Prospect Mortgage Services.
  • Appoint a solicitor: the solicitors main task is to handle the conveyance and he must be acceptable to your lender.
  • Examine the valuation report: this will either approve your mortgage as requested or approve it subject to some conditions.
  • Your Solicitor ACTs for you: your solicitor will complete all the legal checks and will draw up the contract.
  • Arrange Mortgage Protection: your Prospect Mortgage Advisor will help you complete all the appropriate application for protection cover in connection with the agreed mortgage.
  • Receive Mortgage Offer: in an ‘’offer of advance” letter to you, the lender will confirm agreement of the loan.
  • Contracts are exchanged: you will now sign the contract and pay the deposit.

This is done between you and seller.

  • Arrange immediate Building Cover: this is done for your new property from exchange date.
  • Start Planning your Move: contact a removal firm if need be.
  • Completion date: arrange to collect your keys by contacting the estate agent.

Mortgage Types

  • Capped Rate: your payment increases and decreases with the interest rate but you are sure that the rate will not exceed a certain level.
  • Standard Variable Mortgage Rate: the interest rate you pay goes up and down during the lifetime of the loan.
  • Fixed Mortgage Rate: this gives you a sure interest rate for a certain period of time, after which it reverts to Standard Variable mortgage.
  • Flexible Mortgage Rate: this mortgage allows you to vary or suspend payments for some time but it still follows the imposed interest rate by the Bank of England.
  • Lifetime Mortgage: this is suitable for older home owners looking for an increase in income or a lump sum for a special event.
  • Discounted Mortgage Rate: at the start of the mortgage, some lenders offers discount on the rate they usually charge borrowers for a limited period.
  • Tracker Mortgage Rate: this follows the rates imposed by the Bank of England and it is similar to the discounted rate.

Other added Benefits

  • Free conveyancing services
  • Free valuation survey Fee
  • Cash Back

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.