General Frequently Asked
Questions
What if my client wishes to repay part or all of their mortgage early?
How does my client repay their mortgage?
My clients are self-employed, what mortgage options are available to them?
Is buildings Insurance required?
What if my client can't meet their mortgage repayments?What if my client wishes to repay part or all of their mortgage early?
If your client decides to repay all or part of their mortgage early, an early repayment charge may apply. This is determined by the type of interest rate your client has, the amount they are repaying and the date they took out their mortgage.
How does my client repay their mortgage?
The mortgage may be taken on a repayment basis, an interest only basis, or a combination of the two. With a repayment mortgage one payment is made each month for the length of the mortgage, which covers both the interest and repayment of capital. With an interest only mortgage, only the interest each month is paid. Your client can then decide how they wish to invest their money in order to pay off the mortgage at the end of the term.
My clients are self-employed, what mortgage options are available to them?
All our mortgages are available to the self-employed.
Is buildings Insurance required?
Your client can arrange buildings insurance with The Mortgage Works by calling 0845 8409010.
The Mortgage Works is legally obliged to ensure that adequate insurance is obtained by your client for the property to be mortgaged. Full details may be required in the form of a policy schedule with the interest of The Mortgage Works (UK) plc noted as mortgagee.
Where insurance is not arranged with us, we will make a one-off charge.
What if my client can't meet their mortgage repayments?
Please advise your client to call our Arrears Management team to discuss their situation on 0800 212 508. Please note that for our mutual protection, and to improve service standards, we may monitor and/or record telephone calls.
