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helparr[0]="Property Value(First Time Buyer) This is the current value of the property you want to purchase (purchase price). If you are unsure of the current value you could ask the real estate agent or the vendor. Alternatively you can estimate how much you think the property you want to buy might be worth and enter that figure here.
Once you have applied for your mortgage a certified value will value your property which may differ from the purchase price. The lender will use the lower of purchase price and valuation in the assessment of your loan.
If you have not already found a property you can use our calculators to help work out how much you can afford. Use the calculator link on the left hand navigation.";
helparr[1]="Loan Amount(First Time Buyer) This is the amount of money you will need to borrow. It is the difference between the cost of the property and your deposit.
If you have not already found a property you can use our calculators to help work out how much you can afford. Use the calculator link on the left hand navigation.";
helparr[2]="Mortgage Term The typical mortgage term is 25 years but you can specify a term that suits you.
On a repayment mortgage a longer term will generally mean that you are required to make lower repayments each month, but the total cost of the mortgage to you over time will be higher due to the additional interest charges incurred over the longer term. Likewise, a shorter term will generally increase your monthly payments but ensure your loan is paid of earlier.
On an interest only mortgage your monthly payments are not affected by the term selected, as you are only paying off the interest rather than the capital. The longer the term you select, the more interest you will pay.";
helparr[3]="Type of Repayment Repayment
With a repayment mortgage, the money you pay each month covers both the interest and capital elements of the loan, so you don't need any extra money to pay off the debt at the end of its term.
Interest Only
If you have an interest only mortgage your monthly mortgage payment will just pay the interest element of the loan, but won't pay off any of the capital. To repay the capital you'll also need to consider an alternative way of ensuring your loan is paid in full at the end of the term, such as an ISA, or an endowment.
Repayment is the most common type of mortgage chosen by first time buyers.";
helparr[4]="Property Type Converted flat means that the building used to be another type of property such as a large house which has been converted into flats. E.g. a "Victorian conversion".
A maisonette is similar to a flat, except that it is usually on two levels and has its own entrance rather than sharing an entrance with other flats in the building.
An agriculturally restricted house is one where the occupier must either be retired from, or obtain a percentage of their income from farming (either employed by a local farmer, or producing from their own smallholding). This type of restriction varies from area to area. Your local council can give you details if this applies to you.
A studio flat is a flat without a separate bedroom; i.e. the bedroom is included in the living space.";
helparr[5]="Freehold/Leasehold Freehold property means that you will own both the building and the land it is on for an unlimited time.
Leasehold means that someone else owns the land the building is on and so you are only buying the right to live in the property for a certain length of time. This is known as buying a 'lease'. The land and the property built on it will revert back to the owner once the lease has run out. Most leases are created to last for 99 years, although some can be as long as 999 years. Be careful when you buy a leasehold property where the time left to run on the lease is short, as this can cause problems.
Share of Freehold is where you own part of the freehold with other people in your block or building. Many central London dwellings "share" freehold e.g. in converted houses.
Feudal ownership is the traditional Scottish system of land ownership.";
helparr[6]="Leasehold Term This is the length of time remaining on your lease. You will find this information on your lease agreement.
When you purchase a property the current vendor or real estate agent should be able to provide you with this information.";
helparr[7]="Property Location Please select the appropriate location. This is the general location of the property you wish to purchase. It is required as some lenders only lend to certain districts or areas within Great Britain.";
helparr[8]="Date of Birth Please enter your date of birth using the dropdown menus. This information is required as some lenders will not lend to people under a certain age and others will require your mortgage to be repaid before you reach a certain age - normally retirement age.";
helparr[9]="UK Resident Answer Yes if you are resident in the UK for tax purposes - i.e. if you live and work in the UK and pay tax here from your earnings.
If you frequently work abroad you may not be classed as a UK resident for tax purposes, even though your main home is here.
Our team will be able to help you to determine whether you are a resident or not. If you would like more information about this question or any other part of your mortgage search just talk to our team.";
helparr[10]="Credit Problems Please ensure that you do say "some" in answer to this question, if you have had any credit problems at all. If you select 'None' and you have had some credit problems once you go on to apply for your loan it may be declined and you may incur unnecessary costs.
Credit problems may include any of the following:
· County Court Judgements against you
· Arrears on a mortgage
· Any repossession of property
· Problems getting a loan, hire purchase agreement or a credit card
· Difficulties in paying off a loan, hire purchase or credit card
· Cancellation of a credit card by the credit card company
· IVA and / or Bankruptcy
Credit problems do not include:
· A one-off late payment on your monthly credit card balance where you received one reminder from your credit card company.
If you have had some credit problems in the past you are sometimes best to seek financial advice when applying for your mortgage or a personal loan. An independent financial adviser can discuss the issues surrounding the credit default with you and recommend a mortgage or financial product which suits your needs.
Experienced team and Underwriters at Nicholas Hall , are experts at finding mortgages for those with "difficult" lending circumstances. If you'd like to speak with an Underwriter from Nicholas Hall, who will be completely independent, just call us on 0800 458 2978.";
helparr[11]="Employment Status Choose Employed if you have a permanent job and pay your tax through PAYE.
Choose Self-employed if you run your own business and pay Schedule D tax.
If you are a freelance employee or contractor (e.g. in the Information Technology industry), and you are self-employed but still taxed through the PAYE system of the companies that employ you, choose Contractor.
Employed - Self-certification or Self-employed - Self-Certification should be selected if you are unable to prove your own income - e.g. you have no tax record of your income. Lenders take the method of proof of income into account when assessing your mortgage application.
Unwaged - Select this option if you are not currently employed.";
helparr[12]="Joint Applicant If you are applying for a mortgage with another party (e.g. spouse or friend) you should select Yes.
For legal reasons most Lenders will require both parties who will be living in the property to be joint parties on the mortgage documents.";
helparr[13]="Type of Repayment Repayment
With a repayment mortgage, the money you pay each month covers both the interest and capital elements of the loan, so you don't need any extra money to pay off the debt at the end of its term.
Interest Only
If you have an interest only mortgage your monthly mortgage payment will just pay the interest element of the loan, but won't pay off any of the capital. To repay the capital you'll also need to consider an alternative way of ensuring your loan is paid in full at the end of the term, such as an ISA, or an endowment.
Part Repayment - Part Interest
If you already have arrangements in place to pay off part of your mortgage (e.g. ISA or endowment), you can consider taking a part interest part repayment mortgage. This is sometimes called a split mortgage.";
// remort
helparr[14]="Property Value(Remortgage) This is the current value of the property you want to remortgage. If you are unsure of the current value you could ask the real estate agent or the vendor. Alternatively you can estimate how much you think your property might be worth and enter that figure here.
Once you have applied for your remortgage a certified value will value your property which may differ to both your expectation and the local estate agent's value estimation. This is the value that the lender will use in the assessment of your loan.";
helparr[15]="Remortgage amount This is your existing mortgage plus any additional amount you would like to borrow. If you are borrowing additional funds you will need to provide details of what these funds will be used for when you apply.";
helparr[16]="Reason for remortgaging Some people re-mortgage to save money on their mortgage. If your old mortgage amount and new mortgage amount are the same you can select 'Reduce Payments' or 'Better Rate'.
Others want to borrow more money against their property for other reasons (e.g. to buy a car, or pay for home improvements). If you are borrowing additional money you will need to select 'Home Improvement', 'Capital Raising' or 'Consolidating Debt'.
If you are borrowing to buy a new car or go on holiday select 'Capital Raising'.If you are borrowing to repay another debt/debts select 'Consolidating Debt'.
Please choose the most appropriate option for you.";
helparr[17]="Compare current mortgage Select 'Yes' if you want to compare your current mortgage with mortgages currently available in the market.
Select 'No' if you do want to make the comparison.";
helparr[18]="Outstanding balance If you have a repayment mortgage, you can get this figure from your mortgage statement, if your lender sends you one, or by calling them. For an interest-only mortgage (such as an endowment, PEP or ISA mortgage) this amount will be the same as the amount you originally borrowed.
The outstanding value of your loan is the capital amount still owed against the original loan. Details of this value can be obtained from your Mortgage Statements or by contacting your existing lender.
It is not possible to provide a comparison between your existing mortgage and the new mortgages available if the loan amount, term or repayment type are not the same.
If you do want to compare your existing mortgage you will need to change the details on the remortgage details page. To change these details use the Previous button.";
helparr[19]="Existing Mortgage Repayment Type Details of whether your current mortgage is repayment or interest only should be in your original policy documents.
It is not possible to provide a comparison between your existing mortgage and the new mortgages available if the loan amount, term or repayment type are not the same.
If you do want to compare your existing mortgage you will need to change the details on the remortgage details page. Just use the back button to return and change your details.";
helparr[20]="Special Period The discount period is the number of months for which a reduced mortgage interest rate applies. The comparison tool only caters for a single discount period, i.e. only one discount period can be entered here.
If you do not know the discount period please refer to your original mortgage offer document or contact your lender.
If the special rate period has already finished do not enter any details in this field.";
helparr[21]="Special Rate This rate is the interest rate applicable during the special offer period (i.e. discount or fixed period). If you do not know the rate please refer to your original mortgage offer document or contact your lender.
The comparison tool only caters for a single special rate.
If the special rate period has already finished do not enter any details in this field.";
helparr[22]="Current Rate This rate is the interest rate applicable to your mortgage now or after the special period. This rate is normally your lender's standard variable rate (SVR) and is set by your existing lender.
If you do not know the rate please refer to your original mortgage offer document or your lender.";
helparr[23]="Redemption Penalty The redemption penalty is charged by your existing lender for leaving your existing mortgage "early", or before the "tie-in" ends. If you do not know the value of the redemption penalty please refer to your original mortgage offer document or contact your lender.";
// probl loans
helparr[24]="Outstanding defaults Please provide the total value of any missed payments which have been registered against you as a default. If a company has registered a default against you they should have informed you that they have done this (e.g. a missed credit card payment).";
helparr[25]="Number of defaults Please enter the number of times in the last 12 months that you have missed payments and where you have been informed by any company with whom you had credit that a default has been registered against you.";
helparr[26]="Amount of CCJs Please enter the combined value of defaulted payments where this has been taken to the small claims court and a judgement has been registered against your name (e.g. for credit card bills, hire purchase agreements).";
helparr[27]="Last CCJ Please enter the lapsed time in months since the last judgement registered against you. If you would like more information about this question or any other part of your mortgage search just talk to our team.";
helparr[28]="Uncleared CCJs Please tell us whether you have any CCJs still registered against you. Bear in mind that some lenders will still lend to you even if the companies or individuals that have registered the CCJ's against you have not been fully repaid.";
helparr[29]="Mortgage arrears Please tell us whether you have you missed any monthly repayments on your mortgage in the last year and if so how many. Enter 0 if you haven't missed any payments. If your mortgage is flexible and allows for "payment holidays" do not include these (enter 0).";
helparr[30]="Cleared arrears Please tell us whether you have made any overpayments since your missed payments and have therefore cleared the outstanding amount due. If you have not yet cleared your arrears enter "not applicable".";
helparr[31]="Arrears time lapsed Please tell us how long it has been since any arrears were paid in full. If you have not yet repaid your arrears please enter "not applicable".";
helparr[32]="Individual Voluntary Arrangements An IVA (Individual Voluntary Arrangement) is an agreement with a court to pay back a debt over a specified period of time, at a specified amount per week/month. Please enter "yes" even if you have successfully paid off the debt in full.";
helparr[33]="State of IVA If you have not agreed an IVA please enter "not applicable". Current and satisfactory, you are continuing to make payments in line with the agreement;
Completed, you have paid off the amount;Unsatisfactory, you have been unable to keep up the payments.";
helparr[34]="IVA Time Lapsed Please tell us how long ago the IVA was completed and the full amount paid off (in months).";
helparr[35]="Discharged Bankrupt Have you ever been bankrupt?
If so or if you are discharged please say 'Yes'.";
helparr[36]="Bankrupt time lapsed How long since you were discharged? Enter '0' if you are a non discharged bankrupt.";
// employed
helparr[37]="Annual Income This figure should be your gross basic salary (income before tax). If you receive income from a trust this should also be included.
Lenders will require proof of all the income included here.";
helparr[38]="Bonus or Commission Please enter the amount of bonus and commission you have earned with your current employer. This should be the amount you have received in the last tax year with your present employer, or if this year's amount is higher, the amount you have received in the current tax year to date.
The amount you enter should be a regular income stream and not a one-off. Note that the lender may require proof of this additional income before they make a decision on your mortgage.";
helparr[39]="Credit Card Repayment This applies if you generally have an outstanding balance on credit or store cards at the end of the month.
Most credit cards have a minimum amount that you are required to pay each month. Estimate what you need to pay on a monthly basis to meet the total of these minimums and enter the amount here.";
helparr[40]="Monthly Payments You only need to complete this if you have a personal loan, a hire purchase or car finance agreement which has six months or more remaining.
Enter the total of any monthly payments you make on these loans.";
helparr[41]="Maintenance If you are required to pay maintenance for a child or another party, please enter the monthly amount in this box.";
// self
helparr[42]="Time Self employed Please enter the time in years that you have been self-employed.";
helparr[43]="Self employed - Net profit most recent year Please enter your net income for the last complete tax year (not the year to date).
For example - most recent year will be from April 2001 to April 2002; previous year will be from April 2000 to April 2001, and previous year before that will be from April 1999 to April 2000.";
helparr[44]="Self employed - Net profit previous year Please enter your net income for the year prior to the last complete tax year (i.e. the year previous to that you have entered above).
For example - most recent year will be from April 2001 to April 2002; previous year will be from April 2000 to April 2001, and previous year before that will be from April 1999 to April 2000.";
helparr[45]="Self employed - Net profit previous year before that Please enter your net income for the previous year to the two you have entered above (three complete tax years ago).
For example - most recent year will be from April 2001 to April 2002; previous year will be from April 2000 to April 2001, and previous year before that will be from April 1999 to April 2000.";
// contr
helparr[46]="Hourly Rate Please enter as a currency number the amount that you charge for your contracting services per hour e.g. 10.50. Do not include £ signs or commas.";
helparr[47]="Contract Time This is the length of time you have been involved in contracting work. Please include all the time you have been contracting rather than just your most recent or current contract.";
helparr[48]="Contract time remaining This is the number of months before your current contract expires or is complete. Lenders will require proof of contractual arrangements before accepting your application.";
// bl
helparr[49]="Current Residential Mortgage Status This is your first property purchase: do you have an existing mortgage: have you previously held a mortgage that you have since paid off.";
helparr[50]="Residential mortgage income ratio Do you have a mortgage on your main residence? (If not mark not applicable).
If you do have a mortgage, does your annual income multiplied 3.5 times equal or exceed the total mortgage amount (for two income/joint application, does the total combined income multiplied by 2.75 equal or exceed the total mortgage amount)?";
helparr[51]="Basis of Let Some lenders insist on certain types of contract to be held between the landlord and their tenants.
Please specify what type of let you intend to offer your tenants: Assured shorthold tenancy (1-2 tenants) - you will have an agreed tenancy of at least 6 months, with only 1-2 tenants residing in the property. If you are letting to students, even if you have an assured tenancy, you must select "student or multiple let" further down. Holiday let - you are intending to rent the property to holiday makers (likely to be a series of very short lets). Company let - you are intending to rent the property to a business or company. Student or multiple let - you are planning to let to students (even if you have an assured shorthold tenancy) or more than 2 tenants. DSS tenancy - you are intending to rent the property to a DSS tenant.";
helparr[52]="Rental Income How much do you anticipate receiving in rent (per month) for the property when let out? Your local real estate agent should be able to provide you with an assessment. Note a rental assessment will be completed when the property is valued.";
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