FAQs
When is the best time to contact a mortgage advisor?
Imagine what it would be like to be organised and stress free with the help of a good mortgage advisor who will get you prepared in good time to help you get what you want.
Seeking expert advice early from a mortgage advisor with access to the whole market remains the best way to identify and secure the best mortgage for your needs.
Having a mortgage agreed in principle early will enable you to make a quick move when the opportunity requires you to.
To benefit from our help and expertise, add yourself to our ADS Mortgage Solutions database to get your free financial health check. This can be done by simply completing a quick online mortgage enquiry form.
Contacting us as soon as possible will speed up your mortgage process for the following reasons:
As a first time buyer, home mover or investor
ADS Mortgage Solutions will help you to understand the associated cost and process of selling a property, buying a property or both. We take pride and care in ensuring that your transaction runs smoothly.
We will contact all parties involved in the whole process on your behalf, to make sure that it is as stress free as possible for you. You will have the peace of mind in knowing that everything has been handled correctly.
ADS will get you organised early to make sure that a mortgage in principle is agreed for you before you start viewing properties. A mortgage in principle is a certificate from a lender stating that they are happy to lend you money in principle. The advantages of having this are:
- To work out your disposable income and how much you can borrow
- To work out the maximum purchase price for your property
- You will know the amount you will spend monthly on your mortgage and protection products
- Those involved in selling you a property will take you even more seriously
- You will be in a better position to move quickly possibly compared to anybody else interested in the same property as you as your finance has already been agreed and organised.
We can also help you with your conveyancing if required early.
We can also tell you more about buyers protection cover which can safeguard you during the home buying process to ensure that you do not lose any money.
When remortgaging or renewing your protection needs
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As a registered customer with ADS Mortgage Solutions, eight weeks prior to your mortgage or protection product expiring, we will contact you to give you a free financial review, which will include a health check to make sure you and your mortgage are fully protected.
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Working together early will help your transaction to run smoothly.
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Working together early will also help you to secure a good product rate as some lenders only have limited funds available on a first come first to be served basis. A product rate can be secured around three months in advance.
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Overall, as an ADS Mortgage Solutions customer, we will help to save you time and money.
To benefit from our help, you can register with us now by simply completing our quick online mortgage enquiry form or you can contact us.
What do I need for my mortgage application when employed?
In order for your mortgage to go through smoothly and quickly, you will need to supply your original (or copies) of the items listed:
- Passport or driving license (including the counterfoil if a photocard driving license)
- a Utility bill dated within the last three months. Examples of acceptable bills are gas, electricity, council tax and water bills. Mobile phone bills will NOT be accepted
- Last three months bank statements
- Last three months payslips
- Most recent P60
- Mortgage or rent statement for the last 12 months
- Recent credit card/store card statements
What do I need for my mortgage application when self-employed?
In order for your mortgage to go through smoothly and quickly, you will need to supply your original (or copies) of the items listed:
- Passport or driving license (including the counterfoil if a photocard driving license)
- a Utility bill dated within the last three months. Examples of acceptable bills are gas, electricity, council tax and water bills. Mobile phone bills will NOT be accepted
- Last six months bank statements
- Last six months business bank statements
- Accounts reports for the last three years
- Accountant's details:
- Full address with postcode
- Details of status, eg, chartered
- Contact name
- Contact number
If you have been self-employed for less than two years, please contact us to discuss your circumstances.
Is supplying my personal information over the internet going to be safe?
Our system is about five years old and is used throughout the UK by a wide range of financial services. Your confidential information that you submit online is encrypted, which means that as soon as you give us any personal information via our web portal, it is only recognised by our system. To be totally safe and secure, we use the latest security technology.
How do we get paid?
- You will receive a free financial health review, which will show you how you can benefit from our products and professional service.
- We do not charge you for taking out any insurance products.
- We also appreciate that associated costs involved in purchasing a property or remortgaging can add up, so to ease any burden, we are happy to receive payment at the end of your transaction.
- We charge a fee so that we can cover the costs involved in providing you with a first class level of customer service.
We aim to be a personalised one-stop-shop service, where our ultimate focus is to save you money and time.
- Our standard administration fee is £399. And for more difficult cases, the maximum administration fee is £995.
- Before your transaction starts we will state how much your administration fee is going to be, which will depend on your circumstances. We strive to offer you a fair and competitive service.
- We receive commission from our lenders and protection providers. We are regulated by the Financial Services Authority and we will always provide you with the best products for your needs.
How is payment from a life policy taxed?
ADS Mortgage Solutions can give you tax advice for your life policy but we cannot give you tax advice for your estate.
If you wish to receive advice on financial planning, (ie, for your estate, planning for your retirement, your children’s future) please contact ADS Mortgage Solutions and we can refer you to specialists.
Claims paid from a life insurance policy will not be subject to either income tax or capital gains tax. It could be subject to inheritance tax, depending on how the policy has been set up.
If you’re insuring yourself, the lump sum paid out when you pass away will normally go into your estate and inheritance tax could apply to the part of your estate that is worth more than £312,000 at 40 per cent.
The good news is if your estate is worth less than £312,000, inheritance tax will not apply. Remember that £312,000 is the amount that applies for the tax year 2008/09. It normally goes up every year.
Your estate is the total value of all your assets (for example your savings, your home and your personal belongings) minus any debts you owe, (ie, a mortgage or outstanding credit card bill). It can also include assets you’ve already given away.
If your life insurance/assurance policy is written in trust, then it will not normally be included in your estate, therefore would not be eligible for inheritance tax. Inheritance tax however can be pretty complicated.
How much tax you pay depends on your personal circumstances.
Any references to tax are based on our understanding of the current laws and HM Revenue & Customs practice.
The Government does change things and any changes could affect your policy.
If you think your estate might be affected, or to find out whether a trust might be suitable for you, please contact us.