Welcome to AbacusMoney.com

the F.A.Q page provides answers to the most obvious questions that we get asked on a day to day basis. Hopefully this will provide you with sufficient information.

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Abacus F.A.Q's

How long does it take?

Every mortgage has its own set of circumstances surrounding it that will alter the length of time it takes to complete. These can be things such as how long the 'chain' is in a mortgage purchase, amount of references required, return of reference coming back to us etc. We have a very experienced team who are skilled in keeping these to a minimum and have also developed relationships with providers so that we are now able to submit full applications on line to cut down on postal delays and responses. A typical mortgage will take approximately 4-6 weeks from start to finish, although many mortgages have completed well before this.

How much does it cost?

We will source the most suitable for you in terms of costs and fees giving you full reasons why and explanations for your circustances. A fee free mortgage is not always the best mortgage. Lenders will generally charge higher interest rates to compensate for the fact that they are not charging fees. We charge a fee for our services which is usually £299, however, it could be as much as 1% of the loan amount, payable on completion. The precise amount will be dependent on your circumstances.

Do I have to prove my income?

Mortgages nowadays can be provided on a self-certification basis, whereby you make a declaration of your own income with little or no references taken. Let your adviser know and they will assist you - the overall cost for comparison is 7.2% APR. The actual rate will depend upon your circumstances.Ask for a personalised illustration.

I am worried about my credit rating. Will I still be able to borrow money?

We have access to many lenders who will accept an array of circumstances such as:

  • Little to no credit history
  • Missed loan / credit card payments
  • Missed mortgage payments
  • Defaults / CCJs
  • IVAs / previous bankrupts
    • We can help tailor a package which helps you manage your credit as well as help repair your credit rating to get you back on a level footing with a mortgage that's affordable.

      The overall cost for comparison is 9.4%APR. The actual rate available will depend on your circumstances. Ask for a personalised illustration.