Help with Alerts & WarningsLast Updated: December 15, 2020
Blue Alerts - Information
When you see this, we are providing you with information about the loan to value for your mortgage.
Lenders may have different interest rates when your loan to value changes up or down by 5%. So for example, you might get better interest rates at 70% loan to value compared to 75% loan to value.
Loan to Value = Your loan amount required against the purchase price (or value of the property).
Purchase Price (or value): £100,000
Your loan required: £75,000
Loan to Value: 75.0%
Be careful to pay attention to the decimal place, if your loan to value is not exact then you may find your mortgage results are not as expected.
For example, 75.1% will not qualify for 75% loan to value mortgage interest rates.
Red Warnings - Action Needed
This error pops up when no results have returned and changes need to be made before you can add more information.
At the bottom of the page click the previous button to go back.
If you are having problems, simply tap the menu (the top left hand corner three lines) and tap restart.
The minimum mortgage loan that we can broker for our customers on new purchases and remortgages is £85,000.
How to stop this alert:
To stop this alert, simply delete the entire loan amount entered and then you can go back and make changes.
Please make sure if you are remortgaging that you include your existing balance as well as adding any additional borrowing amount you require.
We are unable to provide an online quote if you don't have a deposit, or if you have less than a 5% deposit for your mortgage. You can get advice on special types of mortgages (such as family assistance mortgages) and other government support schemes here: https://webchat.moneyadviceservice.org.uk
How to stop this alert:
To stop this alert, simply delete the entire loan amount entered and then you can go back and make changes to the property value or purchase price.
The maximum term we can consider is a 40 year mortgage term. Typically, most lenders will cap their maximum mortgage term at 40 years (some at 35 years).
The minimum mortgage term we can consider is 5 years. Typically, mortgage lenders won't allow a mortgage term below 5 years.
We are unable to proceed if you require a loan below £50,000 for buy to let. This is our own policy requirement and doesn't necessarily mean that you won't be able to obtain a buy to let mortgage elsewhere.
Yellow Warnings - Limited Results
Mortgage options are currently subject to further assessment with smaller deposits given the Coronavirus pandemic affecting job security.
Limited Mortgages or No Mortgages may be returned in these circumstances:
- Above 85% Loan to Value on all Residential
- Above 75% Loan to Value on all Buy To Let
Sometimes, changing the mortgage type (Fixed, Tracker or Variable) may change the result you get and bring back options.
** In all cases where you see this message a further eligibility assessment and a good credit score will always be required with no missed payments, CCJ's or Defaults within the last 6 years. **
We can only give general online guidance on this topic as it can be quite complex.
When you are looking for a residential mortgage, lenders will limit the availability of interest only mortgages. The general criteria to qualify for interest only is:
- a) You typically must have a loan to value below 75%. See the top of this page for an explanation of Loan to Value.
So for example, if you are purchasing a property and only have a small deposit this may return no mortgage results for interest only.
Likewise, if you are remortgaging and the value of your home minus the loan required does not provide sufficient equity, this may also return no results.
b) In addition to the loan to value/equity requirements, you typically must be a high income earner, earning above £60,000 per annum (sole income). If you are doing a joint application the income requirements can be higher.
Make sure you add your income when it asks you to 'Add more' information just before the mortgage results page.
If you are looking to take out a mortgage with a longer term, some lenders will not allow a term over 35 years and so your mortgage results may be more limited than usual.
Tracker rate mortgages typically have a minimum period of 2 years.
If you get no results for tracker rates, go back and try selecting 'All Periods'.
Fixed rate mortgages typically last for 2 years, 3 years and 5 years.
If you get no results for fixed rates, go back and try selecting 'All Periods'.
Discount mortgage rates are a special discount deal on the lender standard variable rate for a specific initial period.
If you get no results for discount variable rates, go back and try selecting 'All Periods'.
Some lenders do have term variable rates, you will need to select 'All Periods' to see if these options are available for your mortgage requirements.