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   FAQs    

How much can I borrow based on my income? 

Typically you can borrow up to 5 times your income, however, some lenders will lend more, you will typically experience higher rates with higher borrowing multiples. 

Can I get a mortgage with poor/bad credit? 

Yes. Lenders will usually restrict Loan to Values (the % amount you can borrow against a property), and various lenders have different policies on bad credit. Some will lend more depending on how long ago your issues arose, whether the issue is now satisfied or the size of the balances where the issues occurred. We are happy to talk through your options and understand that life events can sometimes impact credit worthiness. Lima Money will work with you to find a solution. 

Do you only deal with clients throughout the UK? 

We work with clients all around the UK. We are based in Cardiff, but have clients needing mortgages or protection across the length and breadth of the UK. 

When should I begin looking at remortgage deals? 

We recommend beginning the process 6 months before your mortgage deal expires. Securing an offer at a favourable rate is important, and if better/more appropriate deals arise before your existing mortgage deal expires, then Lima Money can adopt those deals ensuring that you get the best deal available at the point your current deal expires. 

Why should I get Income Protection when my employer pays my wages for 12 months if I am ill? 

Data from the AMI and Protection Guru shows that the average term of an income protection policy claim is 6 years and 11 months. After your employer contributions end, if you can’t return to work the policy will ensure you are remunerated to the value insured. Employer payments normally cease after 12 months at the longest, meaning that without a policy, the average claimant of income protection would have relied on state benefits for at least 5 years and 11 months in the absence of their policy. 

Can I put my life policies in trust? 

Yes you can, and Lima Money will guide you through the process. If you are unsure if you should put your policies in trust we can explain how trusts work and might benefit you as policy holders. 

Why Should I use Lima Money for a product transfer of my mortgage when I could do it myself for free? 

Lima Money do not charge for straightforward product transfers with the same lender. Moreover, as we are part of Legal and General Mortgage Club our clients sometimes benefit from products exclusively available to Legal and General Mortgage Club advisors. 
 
By doing your product transfer via Lima Money, we will not charge you a fee, and we will contact you 6 months before your next deal ends to ensure that you are benefitting from whole of market advice meaning that your mortgage provision is always the most appropriate for your needs. Effectively managing your mortgage debt means you could become mortgage free quicker, reduce your mortgage costs, or raise funds to meet a specific goal in the most cost effective manner. 

I am self employed/a contractor can I get a mortgage? 

Yes. It is important that you receive the correct advice. Sometimes self employed customers income constitution is a good deal more complicated than employed customers and needs an in depth understanding of how mortgage providers lending policies affect your chances of an offer. 
 
With the advent of IR35 for contractors, advice from Lima Money will guide you through the lending obstacles to get you to offer. 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE 

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