In this brief guide, we are going to discuss the mortgage business. The mortgage business has now gone out of business.
The mortgage business
The mortgage business was a niche mortgage lender which provided a curtain of niche mortgages such as flexible mortgages etc. The mortgage business brand was taken off the market about 11 years ago. The mortgage business brand is now owned by Bank of Scotland which is a subsidiary of Lloyds banking group.
You can contact the mortgage business through the below details if you still have a mortgage with them which needs managing.
Via phone on: 0345 725 3253.
Lines are open from 8am to 8pm Monday to Friday and 9am to 1pm on Saturdays.
Remortgage from the mortgage business
You may want to consider using an independent mortgage broker to get a remortgage from your current “The mortgage business mortgage”.
Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases. This could be over 11,000 mortgage products. This may have some advantages than going directly to a mortgage lender.
A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you.
After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your remortgage is indeed a possibility before you make a full mortgage application. Once you have found a home you want to buy or are satisfied with the mortgage offer for your remortgage then the mortgage broker will then look to get you a mortgage offer.
This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month if there are any limits such as early repayment fees, or annual overpayment limits.
If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer. Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it, they will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.