ENQUIRYFORM
ENQUIRY
FORM
Whatever your circumstances we can help...
First time buyer?
Moving home?
Looking to remortgage?
History of adverse credit?
Self employed?
No deposit?
Commercial finance?
* We do not charge in most cases.
About us
Being a property developer I am always requiring commercial finance. I have used AGA mortgages on several occasions and have only nice things to say about them.
âWe were referred to them as we required completion for a new build property within 30 days. They were able to prioritise our case and we received a written offer within 10 days of our application. We would recommend them to anyone!â
âWe had a really stressful time buying our dream house and the only thing that went smoothly was arranging and getting our mortgage.â
âBuying my first house was a bit daunting but AGA were there every step of the way. They explained all the different types of mortgages to me and helped me choose the right one.They were excellent and even dealt with my solicitor for me so I didn't have to worry so much. I would recommend AGA to anyone as they are friendly, reliable and professional. I'll be giving them a call when my 2 year deal ends.
âI have already forwarded your details to two people with a high recommendation that they contact you.â
Jane Fage, London
Lisa Morris, Hertfordshire
Edward Druce, Bedfordshire
Nicola Rickard, Hertfordshire
Svetlana Scheck, London
AGA Mortgages is a trading name of Alexander Groom Associates. Alexander Groom Associates is an appointed representative of Mortgage Intelligence which is authorised and regulated by the Financial Services Authority.
Mortgage Intelligence Limited heads a network of more than 3,000 members, who between them have arranged more than £7 billion of mortgages in the last twelve months. Itâs owned by Close Brothers, the biggest independent quoted merchant bank in the UK and one of the 200 largest companies by market capitalisation listed on the London Stock Exchange. It means that while weâre small enough to give you a personal service, weâre also part of a large and powerful alliance.
Based in Hertfordshire, we can offer face-to-face contact to clients in the local region or a telephone and internet based service to clients further a field. We have ten years of experience within financial services and specialise in mortgages and mortgage related insurance, with no investment element. The combination of qualifications and years of practical experience has enabled us to develop a service that makes the complicated simple and exceeds clientsâ expectations.
Products and Services
AGA Mortgages offer a wide range of products and services to help when buying and selling property. We are totally independent, so offer impartial advice.
MortgagesFirst Time BuyersRe-MortgageSelf-CertificationBuy-to-LetAdverse CreditEquity ReleaseCommercialRight-to-BuyDebt ConsolidationBridging FinanceSecured LoansOverseas Mortgage
Mortgages
InsuranceBuildings and ContentsLife AssuranceCritical IllnessIncome ProtectionMortgage Payment Protection (MPPI)Click here for more information >>
Insurance
Click here for more information >>
Home Information PacksAlso known as H.I.P.s please click here for details >>
Home Information Packs
Also known as H.I.P.s
please click here for details >>
WillsAGA Mortgages can introduce you to a company dedicated to will writing and inheritance tax planning. Their comprehensive range of estate planning services are suited to any size estate, from a simple single will with a small estate to multi-million pound estates and clients with business assets which need to be dealt with in the most tax efficient way possible.Click here for more >>
Wills
AGA Mortgages can introduce you to a company dedicated to will writing and inheritance tax planning. Their comprehensive range of estate planning services are suited to any size estate, from a simple single will with a small estate to multi-million pound estates and clients with business assets which need to be dealt with in the most tax efficient way possible.
Click here for more >>
Solicitor RecommendationAGA Mortgages deal with several reputable solicitors and can recommend one depending on your needs. For more information contact us >>
Solicitor Recommendation
AGA Mortgages deal with several reputable solicitors and can recommend one depending on your needs.
For more information contact us >>
FAQ's
Still unsure?
Then please contact our senior adviser, Alex Groom on:
01279 721706 / 07796 271 801
or email us for expert,
impartial advice
Here at AGA Mortgages, there are several questions that prospective clients typically ask us. We have highlighted some of these below which you might find usefulâ¦
MortgagesIn a nutshell a mortgage is a type of loan used to buy a property. This loan is usually taken out with a lender, such as a bank or building society.
In a nutshell a mortgage is a type of loan used to buy a property. This loan is usually taken out with a lender, such as a bank or building society.
How do I go about buying my first property?
Some lenders offer very good deals for first time buyers, where for example there is more flexibility, and no deposit required. It is also worth remembering the additional costs, on top of your deposit and mortgage that you will be expected to pay.For example, you will have to pay stamp duty, which is 1% of the purchase price for properties between £125,000 and £250,000, then 3% up to £500,000 and 4% over that amount. Plus you will have to pay for the survey and the valuation on the property, plus solicitorâs fees. You may also have to pay an arrangement fee for the mortgage and a Higher Lending Charge - which is insurance for the lender for you defaulting on your payments when your property is worth less than the loan. Add all these costs to the cost of your property and you may need a mortgage of 105% or more, which is possible.
Some lenders offer very good deals for first time buyers, where for example there is more flexibility, and no deposit required. It is also worth remembering the additional costs, on top of your deposit and mortgage that you will be expected to pay.
For example, you will have to pay stamp duty, which is 1% of the purchase price for properties between £125,000 and £250,000, then 3% up to £500,000 and 4% over that amount. Plus you will have to pay for the survey and the valuation on the property, plus solicitorâs fees. You may also have to pay an arrangement fee for the mortgage and a Higher Lending Charge - which is insurance for the lender for you defaulting on your payments when your property is worth less than the loan. Add all these costs to the cost of your property and you may need a mortgage of 105% or more, which is possible.
Buying your first property and choosing the right mortgage can be rather daunting, so do contact us and we can advise you on the mortgage options available to you. In the meantime, we hope you find the following information useful.The amount of mortgage you can get depends on your income. As a rough guide the usual multiples are 3.25 times the gross salary of single borrowers. A couple can get 3.25 times the first income plus one times the second income. However, you could get 2.5 times the combined income of both of you. These multiples do vary from lender to lender so it is worth talking to us to find out what is available.Once you add to this the amount that you can afford to pay as a deposit, you have the amount you can pay for your first property.
Buying your first property and choosing the right mortgage can be rather daunting, so do contact us and we can advise you on the mortgage options available to you. In the meantime, we hope you find the following information useful.
The amount of mortgage you can get depends on your income. As a rough guide the usual multiples are 3.25 times the gross salary of single borrowers. A couple can get 3.25 times the first income plus one times the second income. However, you could get 2.5 times the combined income of both of you. These multiples do vary from lender to lender so it is worth talking to us to find out what is available.
Once you add to this the amount that you can afford to pay as a deposit, you have the amount you can pay for your first property.
How much can I borrow?
How much you can borrow will depend on your income and whether or not you have any other financial commitments, i.e., loans, credit cards, maintenance payments. It will also depend on how much deposit you have to put down as an initial down-payment on your property. For further information please contact us, we guarantee a response within 24hrs.
How much will my monthly repayments be?
Such as:Valuation fee, which will be paid to an approved surveyor who has carried out an independent assessment of the value of the property you intend to buyArrangement fee, this is charged by your lender, ie bank or building society, when arranging the mortgageSolicitorâs fees for carrying out the conveyancing work on your propertyLife Assurance and Buildings & Contents Insurance
Such as:
Your mortgage payments will depend on the following factors:
The actual amount of the mortgageThe interest rate applicable to the mortgageThe term of the mortgage (years over which the mortgage will be repaid)Whether the mortgage is a repayment or interest only mortgageA Key Facts Illustration detailing what your monthly payments would be, can be provided once we have discussed your case.It is also worth bearing in mind that there will be additional costs involved that you will need to factor in when budgeting for your mortgage.
A Key Facts Illustration detailing what your monthly payments would be, can be provided once we have discussed your case.
It is also worth bearing in mind that there will be additional costs involved that you will need to factor in when budgeting for your mortgage.
Mortgage products & how they work
There are broadly four types of mortgage products available:
Fixed: This is a mortgage rate where the interest rate is agreed at the start of the mortgage and will not change during the term of the fixed rate. So you know exactly how much your monthly payments will be each month during the fixed rate period.Discounted: A discounted rate mortgage offers you reduced repayments for a given term. This interest rate is discounted from the published bank standard variable rate, or 100% standard variable rate if applicable, for an agreed period from the start of the mortgage. What this means for you the borrower is that you are guaranteed to pay a set amount below the standard variable rate for the period of the discount. The standard rate can go up and down, but the discount amount remains fixed during the agreed period.
Fixed: This is a mortgage rate where the interest rate is agreed at the start of the mortgage and will not change during the term of the fixed rate. So you know exactly how much your monthly payments will be each month during the fixed rate period.
Discounted: A discounted rate mortgage offers you reduced repayments for a given term. This interest rate is discounted from the published bank standard variable rate, or 100% standard variable rate if applicable, for an agreed period from the start of the mortgage. What this means for you the borrower is that you are guaranteed to pay a set amount below the standard variable rate for the period of the discount. The standard rate can go up and down, but the discount amount remains fixed during the agreed period.
Tracker: This is a variable rate mortgage where the interest rate is linked directly to the Bank of England Base Rate. Therefore when the Base Rate changes, the rate on your tracker mortgage changes by the same amount. For example, if the Base Rate increases by 0.25% then your mortgage payments will increase by the same amount.
Capped: This is a type of loan where a maximum rate of interest is set at the start of the mortgage term. During the capped rate period the interest rate can fall below the capped rate but will never rise above it. What this means for you the borrower is that you know how high the mortgage payments could rise but are guaranteed the rate will not go any higher, therefore making home loan budgeting easier.
What is a mortgage in principle?
What is a mortgage
in principle?
This is a conditional offer made by a mortgage lender that - provided the information you give them is correct - they will "in principle" give you the loan you have discussed with them. A lender would need to carry out a credit score in order to obtain this.It's very useful to have one before you even start looking for a house to give you the edge over any competition. Having one means you should be able get the actual mortgage quicker when the race to buy your chosen home begins. Once we have found a suitable lender and product for you we can arrange for a mortgage in principle if you wish.
This is a conditional offer made by a mortgage lender that - provided the information you give them is correct - they will "in principle" give you the loan you have discussed with them. A lender would need to carry out a credit score in order to obtain this.
It's very useful to have one before you even start looking for a house to give you the edge over any competition. Having one means you should be able get the actual mortgage quicker when the race to buy your chosen home begins. Once we have found a suitable lender and product for you we can arrange for a mortgage in principle if you wish.
How long does it take to get a mortgage?
The time scales can vary considerably when applying for a mortgage and are dependent upon many factors, such as whether you are purchasing a new property or remortgaging.If you are remortgaging this can take around a month but this does depend on how quickly your solicitor acts, which can delay the process. We do however have an exclusive rapid remortgage service which could speed things up considerably for you, so do give us a call to find out more.
The time scales can vary considerably when applying for a mortgage and are dependent upon many factors, such as whether you are purchasing a new property or remortgaging.
If you are remortgaging this can take around a month but this does depend on how quickly your solicitor acts, which can delay the process. We do however have an exclusive rapid remortgage service which could speed things up considerably for you, so do give us a call to find out more.
What documents do I need?
Typically lenders will require your latest bank statement, last 3 wage slips or 3 years accounts if self employed. They will also require proof of identity and current address. Other documentation may be required although this varies amongst lenders.
What if I can't prove my income?
If you are having trouble finding a mortgage because youâre self-employed or have an irregular income, then a self certification mortgage may be the mortgage option for you. But how do you know if you qualify for this type of mortgage?A self cert mortgage, as its name implies, allows you the borrower to certify your own earnings without having to supply proof of income documentation, such as pay slips or fully audited accounts. Self cert mortgages are ideally suited to those who are self-employed, or employed but have an irregular income, due for example to bonuses and commission. They are also ideal for those who have several jobs, are seasonal wage earners or those who regularly undertake contract work.The overall cost for comparison is 6.5% APR
If you are having trouble finding a mortgage because youâre self-employed or have an irregular income, then a self certification mortgage may be the mortgage option for you. But how do you know if you qualify for this type of mortgage?
A self cert mortgage, as its name implies, allows you the borrower to certify your own earnings without having to supply proof of income documentation, such as pay slips or fully audited accounts. Self cert mortgages are ideally suited to those who are self-employed, or employed but have an irregular income, due for example to bonuses and commission. They are also ideal for those who have several jobs, are seasonal wage earners or those who regularly undertake contract work.
The overall cost for comparison is 6.5% APR
Why is it important to get impartial advice?
It is important to get impartial advice so that you are given the option of being able to consider the whole mortgage market place and all the mortgage options available to you.As we are not tied to any bank or building society and give totally impartial advice, we can work with you to get the right mortgage to suit your unique personal circumstances. Itâs worth bearing in mind that if you approach a lender direct they are only going to give you advice on their particular products.
It is important to get impartial advice so that you are given the option of being able to consider the whole mortgage market place and all the mortgage options available to you.
As we are not tied to any bank or building society and give totally impartial advice, we can work with you to get the right mortgage to suit your unique personal circumstances. Itâs worth bearing in mind that if you approach a lender direct they are only going to give you advice on their particular products.
Jargon Buster - Glossary of Terms
Jargon Buster Glossary of Terms
Jargon Buster
Glossary of Terms
A
Annual Percentage Rate (APR)A way of comparing the rates charged by different mortgage lenders. A percentage figure is calculated by using a standard formula that takes into account interest rates and associated costs over the term of the mortgage. Although mortgage lenders are legally obliged to quote the APR in any mortgage schedules they provide, its usefulness is questionable as more sophisticated repayment methods are introduced by lenders, and as mortgage borrowers become accustomed to remortgaging every few years.
Annual Percentage Rate (APR)
A way of comparing the rates charged by different mortgage lenders. A percentage figure is calculated by using a standard formula that takes into account interest rates and associated costs over the term of the mortgage. Although mortgage lenders are legally obliged to quote the APR in any mortgage schedules they provide, its usefulness is questionable as more sophisticated repayment methods are introduced by lenders, and as mortgage borrowers become accustomed to remortgaging every few years.
B
Base RateThe Bank of England Base Rate, set by its Monetary Policy Committee every month, determines lending rates in the UK. Directly or indirectly, all mortgage rates are linked to the present or past Base Rate.
Base Rate
The Bank of England Base Rate, set by its Monetary Policy Committee every month, determines lending rates in the UK. Directly or indirectly, all mortgage rates are linked to the present or past Base Rate.
Buildings & Contents InsuranceBuildings insurance is a pre-requisite to getting a mortgage. It is advisable to also have your contents insured in the event of any damage. By taking out a Buildings & Contents insurance policy you are protecting yourself should anything happen, for instance, fire, flooding, etc. more >>
Buildings & Contents Insurance
Buildings insurance is a pre-requisite to getting a mortgage. It is advisable to also have your contents insured in the event of any damage. By taking out a Buildings & Contents insurance policy you are protecting yourself should anything happen, for instance, fire, flooding, etc. more >>
Buy-to-Let MortgageA mortgage for a property that is, or will be, let to tenants. This is semi-commercial lending, reflected in the higher set-up costs and marginally less attractive rates available. Income multiples are of secondary importance with this type of lending; mortgage lenders are more concerned with the relationship between rental income and mortgage payments.
Buy-to-Let Mortgage
A mortgage for a property that is, or will be, let to tenants. This is semi-commercial lending, reflected in the higher set-up costs and marginally less attractive rates available. Income multiples are of secondary importance with this type of lending; mortgage lenders are more concerned with the relationship between rental income and mortgage payments.
C
Capital and Interest MortgageAnother term for a repayment mortgage.
Capital and Interest Mortgage
Another term for a repayment mortgage.
Capped Rate MortgageA mortgage that provides protection against rising rates by setting a maximum payable rate (the cap) for a set period. You wonât pay more than the capped rate but if rates fall and your mortgage lenderâs standard variable rate drops below the cap, you will pay less. Unless your cap is combined with a discount, a substantial fall in rates is required before your payable rate is reduced. There are usually early repayment charges during the capped rate period.
Capped Rate Mortgage
A mortgage that provides protection against rising rates by setting a maximum payable rate (the cap) for a set period. You wonât pay more than the capped rate but if rates fall and your mortgage lenderâs standard variable rate drops below the cap, you will pay less. Unless your cap is combined with a discount, a substantial fall in rates is required before your payable rate is reduced. There are usually early repayment charges during the capped rate period.
Cashback MortgageWith this type of mortgage, the lender refunds a percentage of the advance â the cashback and you are then usually tied by way of an early repayment charge to the standard variable rate for a set number of years. Early repayment charges are likely to apply during the time you are obligated to pay the standard variable rate.
Cashback Mortgage
With this type of mortgage, the lender refunds a percentage of the advance â the cashback and you are then usually tied by way of an early repayment charge to the standard variable rate for a set number of years. Early repayment charges are likely to apply during the time you are obligated to pay the standard variable rate.
Critical Illness InsuranceThis type of policy pays out a lump sum if you were to be diagnosed with a critical illness
Critical Illness Insurance
This type of policy pays out a lump sum if you were to be diagnosed with a critical illness
Current Account Mortgage (CAM)Essentially, a flexible mortgage with daily interest calculation that has a bank account attached to the mortgage account. This can be a tax-efficient option for some borrowers. Money in the bank account is offset against the outstanding balance of the mortgage on a daily basis, so in effect is earning a net rate of interest equivalent to the payable rate on the mortgage.
Current Account Mortgage (CAM)
Essentially, a flexible mortgage with daily interest calculation that has a bank account attached to the mortgage account. This can be a tax-efficient option for some borrowers. Money in the bank account is offset against the outstanding balance of the mortgage on a daily basis, so in effect is earning a net rate of interest equivalent to the payable rate on the mortgage.
D
Disabled Discretionary Trusts/Long Term Care ManagerWe do not plan to be the victims of an accident or a serious illness, or be born with one. Neither do we think about our day-to-day needs should any of these issues arise, but any of these cases can result in us requiring long term care, depending on the severity and if there are family members who can act as carers. Family members may be able to care for us short term but what happens when they can't?
Disabled Discretionary Trusts/Long Term Care Manager
We do not plan to be the victims of an accident or a serious illness, or be born with one. Neither do we think about our day-to-day needs should any of these issues arise, but any of these cases can result in us requiring long term care, depending on the severity and if there are family members who can act as carers. Family members may be able to care for us short term but what happens when they can't?
Many parents with disabled children for example may wish to make provision for continuation of care by leaving a legacy to the disabled person to pay for the long term care which is needed after they have died.In many cases the state or local authority will only pay for a certain level of care if a disabled person as substantial assets of their own, and if they have they will be expected to contribute or even pay all the care costs themselves.We offer planning solutions that protect your estate so that it is not swallowed up paying for long term care costs for yourself or loved ones.
Many parents with disabled children for example may wish to make provision for continuation of care by leaving a legacy to the disabled person to pay for the long term care which is needed after they have died.
In many cases the state or local authority will only pay for a certain level of care if a disabled person as substantial assets of their own, and if they have they will be expected to contribute or even pay all the care costs themselves.
We offer planning solutions that protect your estate so that it is not swallowed up paying for long term care costs for yourself or loved ones.
Discounted Rate MortgageThis gives a discount off a mortgage lenderâs standard variable rate for a particular length of time. The advantage of having a discount is that your payable rate will fall if rates generally fall. The disadvantage, however, is that if rates generally rise then your payable rate will rise too â without a ceiling. There are often early repayment charges during the discounted period.
Discounted Rate Mortgage
This gives a discount off a mortgage lenderâs standard variable rate for a particular length of time. The advantage of having a discount is that your payable rate will fall if rates generally fall. The disadvantage, however, is that if rates generally rise then your payable rate will rise too â without a ceiling. There are often early repayment charges during the discounted period.
Discretionary TrustsA Discretionary Trust enables part of an estate, principally property or investments, to be put into trust on behalf of the beneficiaries.
Discretionary Trusts
A Discretionary Trust enables part of an estate, principally property or investments, to be put into trust on behalf of the beneficiaries.
The trust acts as though the assets were owned by the trustees who can pay out income or capital to classes of beneficiaries at their discretion, although beneficiaries can be nominated by the settlor (the person/s arranging the trust)
Buildings & Contents InsuranceBuildings insurance is a pre-requisite to getting a mortgage. It is advisable to also have your contents
Buildings insurance is a pre-requisite to getting a mortgage. It is advisable to also have your contents