Burnley, Lancashire FCA Authorised · 597101
Pacific Financial (North West) Ltd, based in Burnley, is a dedicated mortgage company providing a whole range of services to help you navigate the home-buying process. Whether you’re a first-time buyer, looking to remortgage, or exploring specialist options, our experienced advisers are here to guide you every step of the way.
Try a different search term, or browse all our FAQs.
A mortgage is a loan secured against your property, allowing you to purchase your home. The lender has the right to repossess and sell the property if repayments are not maintained, aiming to recover any financial losses. In exchange for lending you the money, the lender charges interest. Over the mortgage term, you’ll repay both the interest and the original amount borrowed in full.
The amount you can borrow varies by lender and depends on factors such as the property’s cost, your deposit size, your income, and affordability (considering your monthly expenses and future commitments). At Pacific Financial (North West) Ltd, we offer a Mortgage Calculator to estimate your monthly repayments and provide personalised advice to determine your borrowing capacity.
A remortgage involves switching your current mortgage to a new one with a different lender, without moving home. This could be to secure a better deal after your existing mortgage term ends, or to borrow more if your circumstances change. Our advisers can help you explore the best remortgage options tailored to your needs.
Conveyancing is the legal process handled by a solicitor or conveyancer when buying or selling a property. Having a conveyancer or solicitor ready is essential to start and finalize your transaction. Pacific Financial (North West) Ltd can assist in connecting you with trusted professionals to streamline this process.
Employed: Provide at least your last 3 months’ payslips and, in some cases, your P60.
Self-Employed: Submit SA302 forms from HMRC or at least 2 years’ trading accounts. Some lenders may have additional requirements.
Additional Income: For income like tax credits, written evidence from the provider is needed.
Bank Statements: You’ll also need to supply 3 months’ bank statements.
The term depends on what you can afford. Our advisers at Pacific Financial (North West) Ltd will assess your circumstances to recommend a suitable term, ensuring your mortgage fits your budget and long-term goals.
With hundreds of mortgage deals available, finding the right one can be overwhelming. Your current situation, priorities, and future plans all play a role. Our expert advisers will guide you through the options to find a mortgage that suits your unique needs.
When taking out a mortgage, you may encounter:
Valuation Fee: Charged by the lender to assess the property’s value, usually paid upfront.
Solicitor Fees: For conveyancing, partly paid upfront and the rest upon completion.
Stamp Duty Land Tax (England/NI): Payable on properties over £125,000.
Land Transaction Tax (Wales): Applies to properties over £180,000 (primary residence) or £40,000 (additional properties).
Land & Buildings Transaction Tax (Scotland): Applies to properties above a certain threshold.
Lender Arrangement Fees: For setting up the loan, often addable to the mortgage.
Booking Fee: For reserving funds, typically paid upfront.
Broker Fees: If using our services, payable upfront or on completion.
Some fees are due at application, others at completion. Refund ability varies by fee. Your Pacific Financial adviser will provide a detailed breakdown during your consultation, including an illustration of all costs.
We can arrange mortgages from as little as a 10% deposit, depending on your circumstances. A larger deposit typically means lower monthly repayments.
Standard Variable Rate (SVR): The lender’s default rate, which may adjust with the Bank of England base rate but isn’t directly tied to it.
Tracker Rate: A variable rate that directly follows a specific base rate (e.g., Bank of England Base Rate or LIBOR), moving up or down accordingly.
This fee applies if you borrow more than a certain percentage of the property’s value. It funds an insurance policy to protect the lender if you default. Our advisers can explain if this applies to your mortgage.
If you repay a mortgage with an initial deal (e.g., fixed or tracker rate) early, you may face a charge, typically a percentage of the loan. Some mortgages are portable, allowing you to transfer the deal to a new property without penalty.
With a repayment mortgage, you pay both interest and capital each month, gradually reducing your balance. Early payments mostly cover interest, while later payments reduce the capital more significantly.
This depends on affordability and lender policies. Our advisers will help you choose a term that aligns with your financial situation.
You’ll need your lender’s permission, which may increase your interest rate. We can advise on mortgage and insurance adjustments, including appropriate buildings insurance for landlords.
Contact your lender immediately — they’re obligated to respond sympathetically. Some offer helplines or debt counselling. We can also provide guidance to explore your options.
Lenders require buildings insurance from the day you move in. We recommend considering additional protection (e.g., life or critical illness cover) to safeguard your mortgage against unforeseen events.
An AIP shows if a lender might accept you and how much they’d lend, but it’s not binding. If a better deal arises before applying, we can help you switch to a more suitable option.
Yes, but preparation is key:
A valuation is mandatory with a mortgage, but a survey is optional — though often recommended. We’ll explain the survey types available.
Pacific Financial (North West) Ltd has access to exclusive deals not found on the high street. We’ll assess your affordability to find lenders offering the amount you need.
Yes, we offer products for those with credit challenges, drawing from a wide market range to find solutions.
We can advise on the Help to Buy Equity Loan scheme. Speak to our advisers about current first-time buyer schemes available in your area.
From initial advice to securing your mortgage, our Burnley-based team offers personalised support.
Whether you’re buying your first home, remortgaging, or exploring investment options, we’re committed to finding the best solutions for you.
Contact us today to start your mortgage journey.
