The Money Bee - Guide

One of our friendly mortgage experts will call you to discuss your mortgage requirements within 24 hours of you making contact with us.

They will email you their Privacy Statement (as required by the General Data Protection Regulation) which explains how they will use the information, you provided.

They will email you an important document which sets out the Key Facts about their service.

From the information you have provided, they will send you a quotation based on your demands and needs.  They will then call you to discuss the quote and answer any questions you may have.

They do not adopt any high-pressure sales techniques and they will not progress your application until you are happy to do so.  

If you are happy with the quote, they will provide you with a shopping list of items they will need to progress your application.

They will obtain a Decision in Principle from the lender they have chosen, at which point an application fee of £125.00 becomes payable.  This is only payable if they are successful in obtaining a Decision in Principle for you.

When all items have been received they will progress your enquiry to a formal mortgage application.  At this point, any additional information the lender may request will be provided.  They will also instruct a mortgage valuation to be carried out on your property.

Once all items have been satisfied, the lender will make a formal mortgage offer at which point solicitors will be instructed to arrange for the legal completion of your new mortgage.

Finally, the solicitor will complete all the enquiries, request funds from the lender and agree a mutually acceptable completion date.

Congratulations!

 

Your new mortgage has completed.

If you are a buying a new home you will be handed the keys to your new home - you will normally collect them from the estate agent acting on behalf of the seller.

If you are remortgaging then your existing mortgage will have been paid off and your new mortgage lender will write to you with new mortgage details including when your first mortgage payment is due.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR
PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

 

CALLS ARE RECORDED FOR TRAINING AND MONITORING PURPOSES

Legal Information

.The Money Bee, which is a trading style of Promise Solutions Ltd and is authorised and regulated by the Financial Conduct Authority– Number 681423. Registered in England, company number 04822774. Data Protection Reference Z8661889
Registered Office: 2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.

Terms and Conditions

There may be circumstances where we need to charge a fee.  In these instances, we will notify you at an early stage which could be £125.00 upon application and an arrangement fee up to 1% of the advance subject to a maximum of £2500.00, on receipt of the mortgage offer.

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2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.

2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

 

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker/processing fee and £125 application fee. Total repayable £119,873.

 

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, the total charge for credit is £42,584.52 which includes a £2,690 broker/processing fee. Total repayable £105,584.52.

 

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.