Leek United has been offering its services to customers for over 150 years and prides itself on the quality of service it provides.
So, if you are looking to remortgage your existing property and wish to see whether we can offer you a better deal than your existing lender, please view our competitive products or speak to one of our Qualified Mortgage Advisers.
You choose the way that you would like to apply for a mortgage with the Society.
You may choose to visit one of our branches and speak to a Qualified Mortgage Adviser face to face. We would love to meet you and spend the time getting to know you and what’s important to you.
Not all of our branches have a Qualified Mortgage Adviser in branch, however that’s not a problem as our Mortgage Advisers are flexible and will happily meet you at a branch of your choice.
Please get in touch, by contacting your local branch.
Step 1 – Contact us at a branch of your choice to arrange a mortgage appointment at a location of your choice.
Step 2 – Meet your Qualified Mortgage Adviser and let them guide you through your mortgage interview.
Step 3 – Consider all of the information provided and when you feel ready to do so, apply for your mortgage.
You may not live within our branch operating area and be unable to visit one of our branches. For your convenience we have a Direct Mortgage team based at our Head Office. Our team are here to carry out the same professional, friendly service that our in branch team of Qualified Mortgage Advisers do, the only difference being that this would be over the telephone. So it really doesn’t matter how you choose to apply with us.
Step 1 – Contact our Direct Mortgage Team to arrange a mortgage appointment at a convenient time.
Step 2 – Talk to your Qualified Mortgage Adviser and let them guide you through your mortgage interview.
Step 3 – Consider all of the information provided and when you feel ready to do so, apply for your mortgage.
At Leek United we know that re-mortgaging your home is an important and sometimes worrying prospect. Rest assured, our Qualified Mortgage Advisers are here to help take the stress out of re-mortgaging, delivering the right information and advice for you and your family.
Step 1 - When looking to re-mortgage, our Advisers will need to talk through your personal finances with you. They will need you to have important financial information to hand, such as last 3 months bank statements, last 3 months pay slips and details of loans, credit cards or other agreements which are already in your name.
Step 2 - We are ready and waiting to walk you through your options when looking for that best remortgage deal. Our experts are always more than happy to talk you through your options, with help available both in branch as well as over the telephone. You can contact our Direct Mortgage team or call one of our Branches to arrange a face to face meeting.
Step 3 - When you contact our Direct Mortgage team, we will look at your eligibility for re-mortgaging your home. If you meet the criteria, an appointment will be made to speak with one of Leek United’s Qualified Mortgage Advisers to look at in detail what you would like, what you need and what is available given your existing financial responsibilties.
Step 4 - At this stage you will need to carry out a full mortgage interview - this should take around 90 minutes but can vary. The aim is for us to get to know you and your needs, whilst making sure that you fully understand all the information provided – we want the mortgage that we recommend to be the best one for you.
Step 5 - You will receive an application pack in the post, containing all the paperwork you need to make a start on your application. Your Qualified Mortgage Adviser will be on hand to answer any questions which you may have when completing your paperwork.
Step 6 - Once your paperwork is completed and received by us, your Qualified Mortgage Adviser will talk you through the next stage. You will be introduced to your Mortgage Administrator, who will process your application, and you might need to provide some extra information. At this stage we will be able to provide you with a mortgage valuation. Our Mortgage Administrators are here to keep you fully involved, so you are aware of your application’s progress.
Step 7 - After a valuation report is successful and all other documentation has been completed, your application will be passed onto our Underwriting Team.
Final underwriting checks will be carried out.
Following this approval a formal Mortgage Offer will be issued. Copies will be sent to both you and your solicitor to enable the legal process to be completed.
Loan to Value (LTV)
Loan to value is the proportion of the value or price of the property (whichever is the lower), that you borrow on a mortgage. For example, a £90,000 mortgage on a house valued at £100,000 would mean an LTV of 90%
This is a Government Tax charged on purchases of land or property over a certain value. This is charged at different rates depending on different limits and property types.
A standard valuation report is a basic assessment of the condition and value of the property and is purely for the benefit of the Society. You may decide to have a more thorough Homebuyers Report or a full structural survey carried out. These types of reports are more expensive than a standard mortgage valuation.
A solicitor will handle all of the legal proceedings upto and including completion of the mortgage.
If applicable, these are payable when you apply for your mortgage with us. We will inform you of the cost of this at the outset.
Capital and Interest mortgage
A type of mortgage where, each month you pay both the interest on the loan and an element towards the mortgage amount borrowed. The mortgage balance decreases each month (assuming regular payments are made). The mortgage amount would be completely repaid at the end of the mortgage term.
A type of mortgage where, each month, you only pay the interest on the outstanding mortgage amount. This means that at the end of the mortgage term, the mortgage amount will still remain outstanding. With this type of mortgage you would need a suitable repayment strategy to repay the mortgage in full at the end of the mortgage term.
Annual Percentage Rate (APR)
The annual percentage rate (APR) is the total cost of the loan expressed as an annual percentage. The APR is provided to help you compare different offers and is calculated using assumptions regarding the interest rate. If part of your loan is a variable interest rate loan, the APR could be different from that quoted if the interest rate for your loan changes.
It takes into account the initial rate of interest, any other charges applicable e.g. valuation fee, application fee, solicitors costs and the amended rate when a discount or fixed rate period ends i.e. if the mortgage were to revert to the standard variable rate at the end of the agreed product term date.
We will also provide another figure to reflect the volatility of interest rates and to illustrate if these were to increase, what impact this would have on your mortgage payments and for you to think about whether this will be affordable to you in the future. The figure used is the highest that the Bank of England Base Rate (BBR) has ever been within the last 20 years. This is then added onto our current standard variable rate. This will illustrate to you the true rate of interest charged over the whole period of the loan if this circumstance occurred. This will be detailed in your mortgage illustration.
Early Repayment Charge (ERC)
An Early Repayment Charge may be payable if the mortgage is repaid in full or part before a set date. Your mortgage illustration and mortgage offer letter will set out how much it will be and the time period it will last for.
With some products you may receive a cashback when you complete on your mortgage. Your mortgage illustration and offer letter will set out how much it will be and when we will pay it.
The day that the property becomes legally yours. Your solicitors will arrange a completion date with you for the purchase or remortgage of the property.
The facility for existing mortgage account holders to borrow extra money from us. This may be available for a variety of reasons, but would be subject to you meeting the Society’s criteria and Responsible Lending Policy.
Conveyancing is the legal process involved in buying and selling a property.
Where the interest charged on the mortgage is calculated on a daily basis. It is calculated on the balance outstanding at the end of each day.
The equity in your property is the difference between the value of the property and the amount of mortgage outstanding.
Exchange of contracts
Exchange of contracts occur when the buyers and seller’s conveyancers exchange signed contracts. Once this exchange has occurred both parties are legally bound.
Financial Conduct Authority (FCA)
The Financial Conduct Authority is the regulatory body for the financial services industry in the UK.
Their aim is to protect consumers, ensure the industry remains stable and to promote healthy competition between financial services providers.
If you own the property as a ‘freehold’ tenure, then you own the property and the land that the property is built on.
A mortgage illustration outlines the terms of the mortgage and the total cost of the mortgage specifically to your requirements. This mortgage illustration will be provided to you by one of our Qualified Mortgage Advisers.
If you own the property under a ‘Leasehold’ tenure, then you own the property but not the land it's built on. The land remains the owner of the landlord, also known as the ‘freeholder’. Ownership of the property will also revert back to the freeholder once the lease runs out. Leases can last for decades or centuries. There is usually an annual charge for the lease, called a ground rent.
Standard Variable Rate (SVR)
The Standard Variable Rate usually known as the SVR is a variable rate of interest. This means that your payments can go up or down. Each lender sets their own standard variable rate to reflect market conditions and it is at the lender’s discretion as to when this changes
The mortgage term is the number of years in which you agree to pay back your mortgage. The Society currently offers mortgage terms from 5 years to 35 years.
A discount mortgage is a type of variable-rate mortgage. The term 'discount' is used because the interest rate is set at a certain 'discount' below our Standard Variable Rate (SVR) for a set period of time.
Having a discount mortgage means you can be sure that your rate will always remain below our SVR for the length of the deal.
|Product||Product Fee||Application Fee||Initial Rate||Reverting to standard variable rate currently||Overall cost for comparison||Terms and Conditions|
|Interest Only 2 Year Discount - up to 75% Loan to Value||£895||£100||1.74% variable for 2 years (our standard variable rate minus 3.95% discount)||5.69%||5.30% Annual Percentage Rate (APR)*||View|
|Interest Only 2 Year Discount - up to 75% Loan to Value||£0||£0||2.05% variable for 2 years (our standard variable rate minus 3.64% discount)||5.69%||5.30% Annual Percentage Rate (APR)*||View|
|2 Year Discount - up to 95% Loan to Value||£0||£0||2.74% variable for 2 years (our standard variable rate minus 2.95% discount)||5.69%||5.40% Annual Percentage Rate (APR)*||View|
|2 Year Discount - up to 90% Loan to Value||£0||£0||2.04% variable for 2 years (our standard variable rate minus 3.65% discount)||5.69%||5.30% Annual Percentage Rate (APR)*||View|
|2 Year Discount - up to 75% Loan to Value||£0||£0||1.59% variable for 2 years (our standard variable rate minus 4.10% discount)||5.69%||5.20% Annual Percentage Rate (APR)*||View|
* The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
^ Source: Moneyfacts dated 9 July 2018
Monthly payments for a repayment mortgage:£0.00
Monthly payments for an interest only mortgage:£0.00