Endeavourmagicmortgages.co.uk Review

Based on checking the website Endeavourmagicmortgages.co.uk, it becomes immediately apparent that this service deals with interest-based mortgages. From an ethical standpoint, particularly within an Islamic framework, engaging with interest (Riba) is strictly prohibited. This is a fundamental principle that supersedes any perceived benefits of a conventional mortgage. Consequently, we must strongly discourage the use of such services and instead advocate for ethical, interest-free alternatives. The website’s description of a mortgage as a “dead pledge” where “the deal dies when the debt is paid or when payment fails” and explicitly mentions “plus interest” only reinforces its non-compliance with Islamic financial principles.

Overall Review Summary:

• Service Type: Conventional Mortgage Broking
• Core Offering: Facilitates interest-based loans for property purchase and remortgaging.
• Key Concern (Ethical): Directly involves Riba (interest), which is forbidden.
• Transparency: Clear about the involvement of interest and fees.
• Regulatory Compliance: Claims FCA regulation (FCA 1007248 via Stonebridge Mortgage Solutions Ltd).
• Business Model: Charges a fee for processing applications and receives commission from lenders.
• Suitability for Ethical Consumers: Not suitable due to interest-based nature.

While Endeavour Magic Mortgages provides information about its services and regulatory status, the fundamental issue of offering interest-bearing financial products makes it incompatible with ethical financial practices. The website’s attempts to lighten the mood with “magic” and “supernatural powers” cannot detract from the underlying reality of an interest-based transaction. For those seeking to adhere to ethical financial principles, especially within an Islamic context, conventional mortgages and similar financial products involving interest are to be avoided. The long-term implications and contractual obligations rooted in Riba can lead to profound spiritual and financial detriment, making it crucial to seek out genuinely ethical and permissible financial solutions.

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IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

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Best Alternatives for Ethical Property Financing

For individuals committed to ethical financial practices, particularly those avoiding interest (Riba), the landscape of property financing requires a different approach. These alternatives focus on shared ownership, rent-to-own models, or equity partnerships that align with ethical principles.

• Al Rayan Bank Home Purchase Plan

  

  • Key Features: This is a Sharia-compliant alternative to a conventional mortgage, operating on an Ijara (lease) or Diminishing Musharakah (partnership) basis. The bank buys the property, and you pay rent and acquire increasing shares in the property over time.
  • Average Price: Varies based on property value and financing structure; typically involves regular monthly payments over a term.
  • Pros: Fully Sharia-compliant, ethical, transparent process, avoids interest.
  • Cons: Limited availability compared to conventional mortgages, potentially fewer product options, strict eligibility criteria.

• Gatehouse Bank Home Purchase Plan

  • Key Features: Another prominent UK-based Islamic bank offering Sharia-compliant home financing. Their approach is also based on co-ownership and lease agreements, eliminating interest.
  • Average Price: Monthly payments structured on property value and a diminishing share principle.
  • Pros: Adheres to ethical principles, competitive rates within the Islamic finance sector, regulated by the FCA.
  • Cons: Specific eligibility requirements, process might differ from conventional lending, potentially fewer branches.

• Wayhome Fractional Ownership

  • Key Features: Wayhome offers a part-buy, part-rent model where you can buy a portion of a property and rent the rest. As your finances improve, you can buy more shares until you own the whole property. While not explicitly Islamic finance, its equity-based approach avoids interest.
  • Average Price: Initial down payment for your share, then monthly payments combining rent and potential equity increases.
  • Pros: Lower initial deposit, flexible path to full ownership, avoids traditional mortgage interest.
  • Cons: You don’t own the full property initially, rent payments continue until full ownership, may not align with all specific ethical interpretations.

• Shared Ownership Schemes (Government-backed)

  • Key Features: Offered by housing associations, you buy a share of a home (25% to 75%) and pay rent on the remaining share. You can buy more shares later. While some schemes may involve conventional mortgages for the purchased share, it’s crucial to seek interest-free financing for that portion.
  • Average Price: Varies significantly based on share bought and property value.
  • Pros: Makes homeownership more accessible, lower deposit requirements, can buy more shares over time.
  • Cons: Rent payments apply to the unowned share, restrictions on selling, must ensure the financing for the purchased share is interest-free.

• Islamic Finance Advisory Services (e.g., UK-based)

  • Key Features: These are not direct product providers but advisory firms that can guide you through the complexities of Sharia-compliant financing options available in the UK. They can help identify suitable banks and schemes.
  • Average Price: Consultancy fees may apply, or they may operate on a commission basis from recommended providers.
  • Pros: Expert guidance on ethical finance, tailored advice, helps navigate the market for suitable products.
  • Cons: Adds an additional layer to the process, cost of advisory services, still reliant on available products.

• Property Investment Crowdfunding Platforms (Ethical Focus)

  • Key Features: While primarily for investment, some platforms are emerging that allow individuals to collectively purchase properties with an ethical, equity-based model, avoiding debt and interest. This could be a way to acquire property over time.
  • Average Price: Investment amounts vary, typically starting from smaller sums.
  • Pros: Opportunity for collective ownership, potential for capital appreciation, avoids interest.
  • Cons: Newer models, liquidity concerns, not a direct homeownership product for living in initially.

• Saving for a Full Cash Purchase

  • Key Features: The most straightforward interest-free approach is to save enough to buy a property outright with cash. This eliminates all debt and interest concerns.
  • Average Price: Requires significant upfront capital, varies by property.
  • Pros: Complete freedom from debt, no interest, full ownership from day one, simplifies the process.
  • Cons: Requires substantial savings, can take a long time to accumulate funds, may not be feasible for everyone.

Endeavourmagicmortgages.co.uk Review & First Look

Based on looking at the website, Endeavourmagicmortgages.co.uk presents itself as a mortgage broker aiming to simplify the process of securing a mortgage in the UK. The site uses an informal, almost whimsical tone, attempting to demystify what it acknowledges as a “boring” yet “very important” financial product. From the outset, the website dives into the etymology of “mortgage,” explaining its origins as a “dead pledge” from Old French, further elaborating on the consequences of non-payment, including repossession and the transfer of debt. This candid, albeit slightly sombre, introduction sets the stage for a service that aims to guide clients through these significant financial commitments.

Initial Impressions of the Website’s Design and User Experience

The design of Endeavourmagicmortgages.co.uk is clean and straightforward, focusing on clear text and easy navigation rather than elaborate visuals. The colour scheme is muted, and the layout is standard for a professional service site.

• Simplicity: The website prioritises readability, avoiding cluttered sections or overwhelming graphics. This minimalist approach allows the user to focus on the content.
• Navigation: Key information, such as contact details and service offerings, is readily accessible. The “Learn More” links for specific services (Credit Issues, Foreign Nationals, Purchasing a Home, etc.) are prominently displayed.
• Accessibility: The font sizes and contrast are generally good, contributing to decent readability. However, there’s no immediate indication of advanced accessibility features for users with disabilities.

Understanding the Core Service Proposition

Endeavour Magic Mortgages defines its role as trying “very hard to influence the best outcomes for our clients, using our supernatural powers (which is industry knowledge, not really a magic wand!)”. This playful language attempts to make a complex topic more approachable. The core proposition is to act as an intermediary, leveraging “over 19 years of experience” from the proprietor, Mark Collins, to navigate the mortgage market on behalf of clients.

• Brokerage Model: The company operates as an “appointed representative of one of the biggest UK mortgage networks,” granting “access to the Whole of Market and 12 of the main protection providers.” This suggests a broad reach for finding various mortgage products.
• Client-Centric Approach: The website states, “Our clients are at the heart of our business and always will be.” This emphasis aims to build trust and assure potential clients of personalised service.
• No Upfront Cost: A key selling point is that “No cost will be incurred until you have a full knowledge of the best options available to you, previously agreed in principle, with the lender (credit search completed) and you are ready to submit an application.” This transparency regarding fees is a positive aspect.

The Inherent Conflict: Interest-Based Mortgages

Despite the user-friendly interface and transparent fee structure, the fundamental nature of the services offered by Endeavour Magic Mortgages revolves around conventional interest-based mortgages. The website explicitly states: “A mortgage is an agreement between you and a lender, which gives the lender the right to take your property, if you fail to repay the money you have borrowed, plus interest.” This clear admission of interest (Riba) being integral to their service immediately flags it as problematic for those adhering to ethical financial principles.

• Riba (Interest) Inclusion: The direct mention of “plus interest” is a critical point. In ethical finance, particularly within an Islamic framework, Riba is prohibited due to its exploitative nature and contribution to economic inequality.
• “Dead Pledge” and Ethical Implications: The historical definition of “dead pledge” (mortgage) as a loan that “dies when the debt is paid or when payment fails” highlights the coercive nature of the agreement, where property is collateral. This contractual arrangement, when combined with interest, further compounds the ethical concern.
• Long-Term Debt: The website notes that mortgages can be “as long as 40 years.” This extended period of obligation to an interest-bearing debt can have significant long-term financial and spiritual ramifications, locking individuals into a system that may conflict with their values.

Endeavourmagicmortgages.co.uk Cons

When evaluating Endeavourmagicmortgages.co.uk, it’s crucial to highlight its significant drawbacks, especially from an ethical standpoint. While the website provides some clarity on its operations, the core nature of its service inherently presents major concerns. Jmw.co.uk Review

Fundamental Ethical Conflict: Riba (Interest)

The most pressing and overarching concern with Endeavourmagicmortgages.co.uk is its direct involvement in facilitating interest-based mortgages. The website clearly states that a mortgage involves repaying the borrowed money “plus interest.” This immediately renders their service incompatible with ethical financial principles that prohibit interest (Riba).

• Prohibition of Riba: Many ethical frameworks, including Islamic finance, strictly prohibit interest in financial transactions. Riba is seen as an unjust enrichment and a form of exploitation that leads to economic instability and inequality.
• Zero-Sum Game: Interest-based lending can create a zero-sum game where one party profits without productive effort, often at the expense of the borrower. This fundamentally conflicts with principles of mutual benefit and risk-sharing.
• Accumulation of Debt: The model of interest-based loans encourages debt accumulation, which can be a significant burden on individuals and economies. The website itself mentions that mortgages can be “as long as 40 years,” highlighting the extensive period of obligation.

Lack of Ethical Alternatives

Endeavourmagicmortgages.co.uk makes no mention of Sharia-compliant or other interest-free mortgage alternatives. Its focus is exclusively on conventional, interest-bearing products available in the UK market, which is a major limitation for ethically conscious consumers.

• Narrow Product Range: By offering only conventional mortgages, the broker overlooks a significant segment of the market that actively seeks ethical financing solutions. This limits choice for those who cannot or will not engage with interest.
• No Guidance for Ethical Consumers: The website does not provide resources or guidance for individuals looking for property financing that aligns with their values. This forces ethical consumers to look elsewhere for relevant information and services.
• Implicit Endorsement of Unethical Practices: By solely promoting interest-based products, the service implicitly endorses a financial model that is considered unethical by a substantial portion of the global population.

Risks Associated with Conventional Mortgages

Beyond the ethical conflict, conventional mortgages, as facilitated by Endeavourmagicmortgages.co.uk, carry inherent financial risks that are worth noting. The website itself alludes to some of these.

• Repossession Risk: The explicit warning “Your property may be repossessed if you do not keep up repayments on your mortgage” is a stark reminder of the significant risk faced by borrowers. This consequence can lead to homelessness and severe financial distress.
• Long-Term Financial Burden: Mortgages are described as “probably the biggest loan you ever agree to, and likely over the longest term you will ever have.” This long-term commitment means decades of regular payments, which can be challenging to maintain through economic fluctuations, job losses, or personal crises.
• Hidden Costs and Fees: While Endeavour Magic Mortgages states its processing fee (£99) and completion fee (up to £900), it also mentions “Interest, Product Fees, Professional Fees and Valuation Fees are all regularly added to your mortgage over the full term.” These additional costs can significantly increase the total amount repaid, making the loan more expensive than initially perceived.
• Early Repayment Charges: The warning “you may have to pay an early repayment charge to your existing lender if you remortgage” highlights a punitive aspect of conventional loans, penalising borrowers for paying off their debt ahead of schedule.

Limited Transparency on “Whole of Market” Access

While Endeavour Magic Mortgages claims “access to the Whole of Market,” the practical implications of this are not fully detailed. For a discerning consumer, understanding the breadth and depth of this access is important.

• Definition of “Whole of Market”: While it generally means access to most lenders, it doesn’t guarantee access to every single product or the best rates from every lender. It also notably excludes ethical, interest-free providers.
• Lender Relationships: The website states they receive “commission from the lender.” While this is standard practice for brokers, it raises questions about potential biases, even if unintentional, towards certain lenders who offer higher commissions.

How to Avoid Interest-Based Mortgages

Avoiding interest-based mortgages, often referred to as Riba in ethical finance, is a fundamental commitment for many individuals. This involves understanding the nature of interest and seeking out Sharia-compliant alternatives that align with ethical principles. It’s about more than just finding a different name for a loan; it’s about a complete shift in the financial contract’s underlying mechanism. Lookiero.co.uk Review

Understanding Why Interest is to be Avoided

For centuries, various ethical and religious traditions have cautioned against or prohibited interest. In ethical finance, the prohibition of interest (Riba) is based on principles of fairness, justice, and risk-sharing.

• Exploitation and Inequality: Interest is seen as unjust because it allows money to generate more money without productive effort or risk-sharing. It can lead to the rich getting richer and the poor getting poorer, exacerbating wealth inequality.
• Speculation vs. Productive Investment: Interest-based systems often encourage speculative financial activities rather than real economic growth tied to productive ventures. Ethical finance, conversely, emphasizes investments in tangible assets and real economic activity.
• Moral Hazard: Interest can create a moral hazard, where lenders are incentivised to lend without fully sharing the risk of the venture. The borrower bears the entire burden of repayment, regardless of the success or failure of the underlying investment.
• Debt Burden: Compound interest can lead to an unsustainable debt burden, trapping individuals and nations in cycles of perpetual debt. This is a significant concern for financial stability and social well-being.

Exploring Sharia-Compliant Home Financing Models

The primary method for avoiding interest in property acquisition is through Sharia-compliant financial products. These alternatives are structured to eliminate Riba by focusing on genuine trade, partnership, and leasing arrangements.

• Diminishing Musharakah (Declining Partnership): This is one of the most common models.

  • Mechanism: The bank and the customer jointly purchase the property. The customer then buys the bank’s share incrementally over time, while paying rent for the portion of the property still owned by the bank.
  • Features: It’s a true partnership where both parties share ownership and risk. The customer’s equity in the property increases with each payment.
  • Example: Al Rayan Bank and Gatehouse Bank in the UK widely use this model.

• Ijara (Lease to Own): In an Ijara contract, the bank purchases the property and then leases it to the customer for a fixed term. At the end of the term, ownership of the property is transferred to the customer, often for a nominal price.

  • Mechanism: The customer pays regular rental payments, which also contribute towards the eventual purchase of the property.
  • Features: It’s a rent-to-own model where the customer eventually owns the asset.
  • Example: Some Islamic finance providers offer Ijara solutions for property.

• Murabaha (Cost-Plus Financing): While less common for long-term home finance due to its single-transaction nature, Murabaha is used for asset acquisition. Boombiotics.co.uk Review

  • Mechanism: The bank purchases the property (or asset) directly from the seller and then sells it to the customer at a pre-agreed mark-up. The customer pays this marked-up price in instalments.
  • Features: The profit margin is fixed and known upfront, and there is no interest charged.
  • Limitations: This is generally better suited for short-term asset purchases rather than long-term home financing.

Practical Steps for Ethical Property Acquisition

Transitioning to ethical property acquisition requires careful planning and a proactive approach.

• Consult Islamic Finance Experts: Seek advice from reputable Islamic finance advisors or scholars who can guide you through the available options and help you understand the nuances of each product.
• Research Ethical Banks: Identify banks and financial institutions that explicitly offer Sharia-compliant home finance products in your region. In the UK, institutions like Al Rayan Bank and Gatehouse Bank are prominent examples.
• Understand the Contract: Thoroughly read and understand the terms and conditions of any ethical finance contract. Ensure that there are no hidden interest components or clauses that contradict ethical principles. Don’t be afraid to ask for clarifications.
• Save for a Larger Deposit: A larger deposit can reduce the amount of financing needed, potentially making ethical finance options more accessible or reducing the overall cost of the ethical alternative.
• Consider Shared Ownership Models: Explore shared ownership schemes, ensuring that the financing for your owned portion is interest-free and that the rent component aligns with ethical principles. Wayhome’s fractional ownership, for instance, offers an equity-based model.
• Prioritise Long-Term Ethical Goals: While conventional mortgages might appear simpler or cheaper upfront, prioritize the long-term ethical implications. Adhering to principles of justice and fairness in finance can bring greater peace of mind and blessings.

Endeavourmagicmortgages.co.uk Pricing

Endeavourmagicmortgages.co.uk details its fee structure clearly on its homepage, which is a commendable aspect of its transparency. Understanding these costs is crucial for any potential client, especially when comparing them with the broader market and considering the ethical implications of the service itself.

Breakdown of Fees

The website outlines two primary types of fees that a client might incur, alongside stating that initial consultations are free.

• Initial Consultation & Quotes: The website explicitly states, “Our initial mortgage consultations and quotes are free with no obligation.” This is a standard practice for many brokers, encouraging potential clients to engage without immediate financial commitment.
• Application Processing Fee: “If you apply for a mortgage, we charge £99 fee to process an application.” This is a flat fee for the administrative work involved in preparing and submitting the mortgage application.
• Completion Fee: “plus a maximum of £900 on successful completion of the mortgage. This will sometimes be reduced depending on your requirements and circumstances.” This fee is contingent on the successful securing of a mortgage. The flexibility for reduction based on circumstances suggests a degree of adaptability in their pricing, though the maximum is clearly stated.
• Lender Commission: “We will also receive a commission from the lender.” This is a common arrangement in the mortgage brokerage industry, where brokers receive a payment directly from the lender for bringing them business. This means their revenue stream is dual: from the client (fees) and from the lender (commission).

Additional Costs Mentioned

The website also makes potential clients aware of other costs typically associated with a mortgage, although these are not direct charges from Endeavour Magic Mortgages themselves but inherent to the mortgage product.

• Interest: Explicitly stated as part of the repayment: “plus interest.” This is the primary cost of borrowing, which, as discussed, is the core ethical concern.
• Product Fees: “Product Fees… are all regularly added to your mortgage over the full term.” These are fees charged by the lender for specific mortgage products, such as arrangement fees or early repayment charges.
• Professional Fees: “Professional Fees… are all regularly added to your mortgage over the full term.” This likely refers to fees for conveyancing solicitors, surveyors, and other legal or advisory services required during the property transaction.
• Valuation Fees: “Valuation Fees… are all regularly added to your mortgage over the full term.” Lenders typically require a valuation of the property to ensure it provides sufficient security for the loan.
• Early Repayment Charge: “Please note that you may have to pay an early repayment charge to your existing lender if you remortgage.” This is a penalty imposed by lenders if a borrower repays their mortgage in full or makes significant overpayments beyond a certain limit within a specified period.

Implications of the Fee Structure from an Ethical Perspective

While the transparency regarding fees is good, the existence of these fees within an interest-based system underscores the fundamental ethical conflict. Healthysupplies.co.uk Review

• Fees on an Unethical Product: Even if the broker’s fees are reasonable, they are charged for facilitating a transaction that is ethically problematic due to Riba. For those committed to ethical finance, any cost associated with an interest-bearing product is a cost towards an impermissible transaction.
• Total Cost of Interest: The significant cost mentioned is “interest,” which over a term of up to 40 years, would far outweigh the broker’s fees. This total cost of interest is the primary burden and the main ethical concern.
• Alternatives’ Pricing: In comparison, ethical finance alternatives (like Diminishing Musharakah or Ijara) operate on different pricing models, often involving profit rates, rental payments, or share acquisition costs, rather than interest. While they still incur costs, these are structured differently to align with ethical principles. For example, Al Rayan Bank’s Home Purchase Plan involves an acquisition fee (similar to a product fee) and then monthly payments structured as rent and capital contribution.

Endeavourmagicmortgages.co.uk vs. Ethical Alternatives

When we stack Endeavourmagicmortgages.co.uk against ethical alternatives, the comparison isn’t merely about features or pricing; it’s a fundamental difference in underlying financial philosophy and adherence to ethical principles. Endeavourmagicmortgages.co.uk operates squarely within the conventional interest-based lending model, while ethical alternatives actively seek to eliminate Riba (interest).

Endeavourmagicmortgages.co.uk: The Conventional Model

Pros (from a conventional market perspective):

• Whole of Market Access: The claim of “Whole of Market” access suggests they can find a wide range of conventional mortgage products from various lenders. For those unconcerned with ethical finance, this offers broad choice.
• Established Processes: Operating within the mainstream UK mortgage market means they leverage well-established processes, regulatory frameworks (FCA regulated via Stonebridge Mortgage Solutions Ltd), and widely understood financial instruments.
• Experience: Mark Collins’ “over 19 years of experience” implies a deep understanding of the conventional mortgage industry.
• Clear Fee Structure: The explicit £99 processing fee and maximum £900 completion fee, alongside transparency about lender commissions, offer clarity on their direct charges.

Cons (especially from an ethical perspective):

• Interest-Based (Riba): This is the paramount concern. Their service directly facilitates loans involving interest, which is strictly prohibited in ethical finance. This makes it unsuitable for those adhering to such principles.
• No Ethical Options: The website makes no mention of Sharia-compliant or interest-free alternatives, effectively excluding a significant demographic of ethically conscious consumers.
• Focus on Debt: The inherent nature of a conventional mortgage is debt accumulation, often over very long terms, which can be seen as an exploitative model.
• Repossession Risk: The explicit warning about property repossession underscores the high-stakes, debt-centric nature of these agreements.

Ethical Alternatives: Sharia-Compliant Home Purchase Plans

Providers: Al Rayan Bank, Gatehouse Bank, and certain ethical shared ownership models.

Pros: Motorbiketrader.co.uk Review

• Interest-Free (Halal): These products are meticulously structured to avoid Riba. They use mechanisms like Diminishing Musharakah (co-ownership and gradual purchase) or Ijara (lease-to-own) models.
• Ethically Aligned: The entire financing process is designed to align with principles of justice, fairness, risk-sharing, and tangible asset-backed transactions, making them suitable for individuals committed to ethical finance.
• Shared Responsibility/Ownership: Models like Diminishing Musharakah involve genuine partnership and shared ownership, shifting away from a pure creditor-debtor relationship.
• Transparent Profit Rates: While not interest, ethical finance products involve a profit rate or rental structure that is transparent and agreed upon upfront.
• FCA Regulated: Reputable Islamic banks in the UK, such as Al Rayan Bank and Gatehouse Bank, are fully authorised and regulated by the Financial Conduct Authority (FCA), offering regulatory protection similar to conventional banks.

Cons:

• Fewer Providers: The market for truly ethical, interest-free property finance is smaller compared to conventional mortgages, potentially offering fewer choices or less competitive rates in some scenarios.
• Different Application Process: The application and legal processes can differ from conventional mortgages, requiring a deeper understanding of the ethical contracts involved.
• Stricter Criteria (Potentially): Some ethical finance providers might have specific eligibility criteria related to income, property type, or residency.
• Perceived Complexity: For those unfamiliar with Islamic finance concepts, the terminology and structuring (e.g., Musharakah, Ijara) might initially seem more complex than a straightforward interest-based loan.

The Decisive Factor: Ethical Stance

For an individual prioritising ethical finance, the choice is clear. Endeavourmagicmortgages.co.uk, despite its transparency on fees and experience, simply does not offer services that align with principles of avoiding interest. The core product it facilitates—the conventional mortgage—is fundamentally at odds with an ethical financial framework.

Ethical alternatives, while potentially requiring more research and offering a narrower selection, provide a mechanism for acquiring property without compromising on deeply held values. The decision hinges entirely on whether one accepts or rejects the principle of interest in financial transactions. For those who reject it, Endeavourmagicmortgages.co.uk is not a viable option, and ethical alternatives become the only permissible path.

FAQ

How does Endeavourmagicmortgages.co.uk describe a mortgage?

Endeavourmagicmortgages.co.uk describes a mortgage as a “dead pledge” from Old French, signifying a loan secured on a property where the lender has the right to take the property if repayments, plus interest, are not met.

Is Endeavourmagicmortgages.co.uk regulated?

Yes, Endeavourmagicmortgages.co.uk states it is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA). They provide an FCA reference number (1007248) and a link to the FCA Register. Ltfrecruitment.co.uk Review

What are the fees charged by Endeavourmagicmortgages.co.uk?

Endeavourmagicmortgages.co.uk charges a £99 fee to process an application and a maximum of £900 on successful completion of the mortgage. They also state they receive a commission from the lender.

Does Endeavourmagicmortgages.co.uk offer interest-free mortgages?

No, Endeavourmagicmortgages.co.uk explicitly states that mortgages involve repaying the borrowed money “plus interest,” indicating that they do not offer interest-free or Sharia-compliant products.

What services does Endeavourmagicmortgages.co.uk help with?

Endeavourmagicmortgages.co.uk helps with various mortgage-related services, including credit issues and payday loans, foreign nationals, purchasing a home, remortgaging, Buy to Let (BTL)/investment property, and overpayments.

How much experience does Mark Collins of Endeavour Magic Mortgages have?

Mark Collins, the proprietor of Endeavour Magic Mortgages, has over 19 years of experience in the mortgage industry.

When was Endeavour Magic Mortgages established?

Endeavour Magic Mortgages is a family-run broker business that was established in January 2024. Steroplast.co.uk Review

What does “Whole of Market” access mean for Endeavourmagicmortgages.co.uk?

“Whole of Market” access implies that Endeavourmagicmortgages.co.uk has access to a broad range of mortgage products from various lenders across the UK market, through their network affiliation.

What is the primary ethical concern with Endeavourmagicmortgages.co.uk?

The primary ethical concern with Endeavourmagicmortgages.co.uk is its direct involvement in facilitating interest-based mortgages, which is prohibited in many ethical financial frameworks, including Islamic finance.

Does Endeavourmagicmortgages.co.uk provide any free services?

Yes, Endeavourmagicmortgages.co.uk states that their initial mortgage consultations and quotes are free with no obligation.

What is the “Magical Mailing List” mentioned on the website?

The “Magical Mailing List” is a newsletter offered by Endeavour Magic Mortgages for users to keep up with mortgage news, promising “no spam” and “straight talking” content.

What is the warning about property repossession on the website?

The website includes a prominent warning: “Your property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.” This is a standard regulatory disclosure for mortgage providers. Mya.co.uk Review

Does Endeavourmagicmortgages.co.uk offer second charge lending or bridging finance?

No, Endeavourmagicmortgages.co.uk explicitly states that they “do not offer second charge lending or bridging finance.” They offer an unrestricted range of first charge mortgages.

Is Endeavourmagicmortgages.co.uk a lender itself?

No, Endeavourmagicmortgages.co.uk undertakes credit broking and is not a lender. They act as an intermediary connecting clients with lenders.

What is the significance of the “dead pledge” explanation for a mortgage?

The website’s explanation of “dead pledge” highlights the historical and inherent nature of a mortgage as a debt secured by an asset, where failure to pay results in the loss of that asset.

What are some ethical alternatives to conventional mortgages?

Ethical alternatives to conventional mortgages include Sharia-compliant Home Purchase Plans (e.g., Diminishing Musharakah, Ijara) offered by Islamic banks like Al Rayan Bank and Gatehouse Bank, and some forms of shared ownership that avoid interest.

Are there any hidden costs beyond the listed fees for Endeavour Magic Mortgages?

While Endeavour Magic Mortgages lists its direct fees, it also mentions other costs like interest, product fees, professional fees, and valuation fees that are regularly added to the mortgage over its full term, which are part of the overall transaction but not direct charges from the broker. Getstamped.co.uk Review

How does the website ensure client satisfaction before applying for a mortgage?

The website states that “No cost will be incurred until you have a full knowledge of the best options available to you, previously agreed in principle, with the lender (credit search completed) and you are ready to submit an application.” This indicates a staged process to ensure client comfort.

Does Endeavourmagicmortgages.co.uk record calls?

Yes, the website mentions that “Calls may be recorded for training and quality purposes,” which is a common practice for financial service providers.

What are the contact details for Endeavourmagicmortgages.co.uk?

The contact details provided on the website are 07519 284658 and [email protected].

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