Our Mortgage Broker Guide to getting a mortgage in Frome
The mortgage application process has 4 stages regardless of which mortgage lender you use:
| |
Mortgage Broker Tip 1 | Mortgage Broker Tip 2 |
Regularly moving house can affect your credit scoreYou will often be asked “Have you lived at this address for longer than 3 years?” because if you haven’t been registered at one address for a long period of time this can have a negative effect on your credit rating.
Lenders favour stability and consistency over constant change so if they see evidence of you regularly moving on your credit report they may be less likely to lend to you. | Offset MortgageOffset mortgages are those in which you have a savings account linked to your mortgage. The savings account you link it with will no longer receive interest, but the benefit is you don’t pay interest on your mortgage up to the value of your savings account.
You only pay interest on the difference between the value within your savings and the value of your mortgage. It is possible to save thousands of pounds with this type of mortgage as you aren’t paying a lot of the interest you would be paying without this offset, so you may be able to pay off your mortgage quicker. |
Frome is a picturesque town situated 13 miles south of Bath, 43 miles east of Taunton (the county town) and 25 miles southeast of Bristol. Until 1650, Frome was the largest town in Somerset, with a larger population than Bath. The economy of the town grew due to its success in the wool and cloth industry. This industry was overtaken by the metal-working and printing industries which have still not left the town.
There is transport available to Bath, Bristol, Warminster and further afield from the town which means often people live in this pleasant town and commute into the larger cities and settlements for work.
Entertainment in the town includes the Frome festival which runs each summer, the two theatres and the cinema. The two theatres are the Memorial Theatre and the Merlin Theatre; additionally there is a pub theatre which is the only one within the county.