Frequently Asked Questions
Frequently Asked Questions
Call: 0800 3 16 16 12 or Apply Online
Can I get finance if I’ve been refused elsewhere?
Propery Construction
But I’ve got Bad Credit?
How quick is a decision made?
What about paper work?
What does the term Sub-Prime or non-conforming mean?
What types of mortgages do Enable Finance offer?
What is meant by Capital repayment?
What is meant by Interest Only payment?
What do you mean by Self Certification?
Do you provide Buildings or Buildings and Contents Insurance?
Do you accept all types of property?
What are the minimum and maximum terms?
What interest rate options are available?
What is LIBOR and how is it calculated?
What is the Higher Loan Fee or MIG?
What is meant by Leasehold?
What is meant by Freehold?
What is a Local Authority Search?
How much can I borrow?
How long must I have been employed?
Can I get finance if I’ve been refused elsewhere?Regardless of what’s happened in the past we find a solution for you. We accept past credit problems and difficulty proving Income. But I’ve got Bad Credit?Mortgage Arrears, CCJ’s, Defaults, Discharged Bankrupts, Currently in an Individual Voluntary Arrangement (IVA), Threatened with repossession or previously repossessed. We have mortgages and loans sympathetic to all of these situations.
How quick is a decision made?
In most instances a decision is made within minutes
What about paper work?
Paperwork is boring we understand that and that’s why we do it for you.
More Mortgage Terms and FAQ’s What does the term Sub-Prime or non-conforming mean?
This term is used to Lenders who offer mortgages to people who are unable to fit the strict lending terms laid down by high street lenders. High street and direct lenders have become increasingly reliant on using credit-scoring techniques to determine whether applicants qualify for a mortgage. These techniques have always excluded a large number of people who for example cannot prove their income or who may have credit problems due to County Court Judgements, mortgage arrears or IVAs or who may have been declared bankrupt in the past.
What types of mortgages do Enable Finance offer?
We offer a wide range of mortgage products:
FULL STATUS
For borrowers who are able to provide proof of their income.
SELF CERTIFICATION
For borrowers who are not able to provide proof of income.
"BUY TO LET" PRODUCTS
For borrowers wanting to purchase residential investment property.
RIGHT TO BUY
For borrowers who are buying their property from a local authority under a Right to Buy scheme.
FLEXIBLE MORTGAGES
For borrowers wanting more control over their finances.
We offer all these products on a capital repayment or interest only basis or a combination of both under a Part and Part method.
What is meant by Capital repayment?
Where interest and capital are paid together monthly until, at the end of the term, assuming that all payments have been made on time, the whole loan will be repaid.
What is meant by Interest Only payment?
Where only the interest on the loan borrowed is paid during the mortgage term. You must make other arrangements to repay the loan and the end of the term. e.g.; using an endowment or pension policy, personal equity plan, ISA etc.
What do you mean by Self Certification?
We offer products for self-employed and employed applicants who, for what ever reason choose not to evidence their income. This may be due to difficulty in obtaining accounts, payslips or simply due to income being derived from a variety of sources.
Do you provide Buildings or Buildings and Contents Insurance?
We can arrange comprehensive and competitively priced Buildings or Buildings & Contents Insurance for our mortgage customers.
Do you accept all types of property?
Yes we have schemes that cater for all types of properties. Some non-standard constructions may have limited Loan To Valuations.
What are the minimum and maximum terms?
The minimum term is 5 years and the maximum term is 35 years.
What interest rate options are available?
We offer all rates available on the market. Base Rate Trackers, Flexible, Discounted, Fixed, Capped, LIBOR linked.
What is LIBOR and how is it calculated?
LIBOR ( London Inter-bank Offer Rate) is calculated by reference to the rate of interest that London banks themselves have to pay to borrow money. It is a rate that is “independent” of the Mortgage Lender; this rate is reviewed every quarter.
What is the Higher Loan Fee or MIG?
One-off fee payable by completion, which can usually be added to the loan. It covers the lender for the additional risk in lending a higher amount against the property value than would otherwise be the case. The fee is generally calculated at 5% of the balance of the loan above 75% of the value or purchase price (whichever is lower). Subject to the lenders product. Lenders vary
What is meant by Leasehold?
Possession of land or buildings for a term fixed in the lease.
What is meant by Freehold?
Outright ownership of land or property.
What is Title Insurance, why should I consider it?
We have arranged insurance which enables the solicitor to complete without a local search (see below) and without making a number of other enquiries relating to title, reducing the time it takes to complete. The flat fee covers us for the cost of this insurance.
What is a Local Authority Search?
Searches carried out by the solicitor, through the Local Authority, relating to the property to be purchased. A local search only relates to the property itself, and does not provide information about any planned developments in the neighbourhood, except for major roadwork"s within 200 metres of the property.
How much can I borrow?
We will lend up to 100% of the purchase price or value of the property (whichever is the lower). You could borrow as little as £5,000 or as much as £1,500,000. Please note there may be a specific maximum, which applies to an individual product.
How long must I have been employed?
Applicants must normally have been employed with the current employer for a minimum of 3 months. A reference in acceptable format is required, or latest automated P60 and last 3 month’s payslips, unless self certification has been chosen. Verification is also required for previous employments if the applicant has been with the current employer for less than 6 months.
Enable Finance Ltd. Is authorised and regulated by the financial services authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.