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FAQs

Get the answers to the most frequesntly asked questions:
 
How quickly can I get a decision?
A decision in Principle can be done within a matter of minutes.
 
Can I get a decision on a mortgage before I have found a property to purchase?
Yes. We recommend that your mortgage be approved in principle before you make an offer on a property. There is less chance of a break in the property chain, your purchase will complete more quickly and you will be in a stronger position with the estate agents when you make an offer on a property.
 
How much am I able to borrow in relation to my income?
Most lenders these days will look at affordability. We will look at your total earnings and your loans including any payments to credit cards that you make each month. Every lender will have their own unique way of scoring all applications they receive. By sourcing the lenders we will be able to provide a lender which can match your needs. Your net spendable income has to satisfy the lending criteria.
 
Can I have a 100% mortgage?
Lenders at present do not give 100% mortgages the most that you can hope for is 95% LTV (Loan to Value).
 
How long will it take to mortgage, remortgage or receive a personal loan?
Providing we have all the necessary paperwork and documentation we can arrange a secured loan in as little as 10 – 12 days and a mortgage or remortgage in 4 – 5 weeks.
 
What if I have been refused credit?
You may have been refused credit because the credit search has revealed late payments or arrears. Our plans are tailor-made to suit your needs and circumstances and therefore we are able to place some adverse clients with a suitable lender.
 
I have trouble proving my income because I am self-employed. Can you help?
Yes. We can usually help self-employed but affordability is the keyword with lenders these days. Our sourcing system will show which lenders are able to assist your needs.
 
I have CCJ’s and defaults. Can you help?
Yes. Depending on how old they are and how you have run your account with your creditors. We can usually arrange a mortgage, based on your credit file findings.
 
I have been previously bankrupt can you help?
Yes. Providing you are discharged and we fully disclose all details to the lender, the lender will view the case and agree a mortgage facility to reflect their findings.
 
What is a Combined Initial Disclosure Document? (CIDD)
The FSA have designed the Initial Disclosure Document to provide information about firms that they are regulating. The document should provide a clear understanding about any service being offered and enable consumers to make informed decisions as to which company and whether or not to accept their service. We are all now regulated by the FCA which is the Financial Conduct Authority.
 
What is a Key Facts Illustration? (KFI)
The FSA have designed a Key Facts Illustration to ensure that consumers receive consistent illustrations, with content shown the same way, from all mortgage providers. Consumers must have personalized product illustration in the form of a KFI, at an early stage of the buying process, to ensure an easy comparison of different products. It also ensures consumers receive the information they need to decide whether to apply for a particular mortgage.
 
Why should I trust Capricorn Mortgages Ltd’s service and site?
Your application through us for a mortgage is a big decision and it is important to be confident of the security of the company you are dealing with. All Capricorn Mortgages Ltd’s Consultants/Brokers are fully CeMAP qualified and passionate about the mortgage industry and providing good service.We have been established in the mortgage market since 1988. Our online electronic service has been in operation for the past 9 years and our aim is to deliver the best service to our clients by continually reviewing our online tracking systems. 
 
What is a credit reference agency?
Credit reference agencies hold records of people’s borrowing as well as any legal judgments taken against them. Credit references agencies get their information from organisations that lend money, such as banks, finance houses and retail stores, as well as from courts and the electoral roll. Although they are private companies and not government organisations, the law still strictly controls credit reference agencies.
 
Do you have to clear the loan by a certain age?
Mortgages usually are designed to finish no later than the borrowers normal retirement age. This could be 65/70 and even 90 and as government are moving goalposts and  lenders are increasingly considering  a longer term providing you have enough income after retirement.

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