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Clear, friendly answers to all your mortgage questions
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Common Questions
Most lenders typically require at least a 5-10% deposit, although putting down more can give you access to better interest rates and lower monthly payments.
For example, on a £200,000 property, a 5% deposit would be £10,000, while 10% would be £20,000. The larger your deposit, the less risk for the lender, which is why better deals are often available.
If you're unsure what's realistic for you, it's worth exploring your options early, as there may be schemes or products available to help. If you need advice, please get in touch with us, and we can point you in the right direction.
For example, on a £200,000 property, a 5% deposit would be £10,000, while 10% would be £20,000. The larger your deposit, the less risk for the lender, which is why better deals are often available.
If you're unsure what's realistic for you, it's worth exploring your options early, as there may be schemes or products available to help. If you need advice, please get in touch with us, and we can point you in the right direction.
The amount you can borrow usually depends on your income, outgoings, and overall financial position. As a general rule, many lenders offer around 4 to 4.5 times your annual income, but this can vary.
Lenders will also assess your monthly commitments, such as loans, credit cards, childcare, and living costs, to make sure the mortgage is affordable long term.
Because every situation is unique, getting a tailored calculation will give you the clearest picture. You can use our Affordability Calculator to give you a detailed breakdown.
Lenders will also assess your monthly commitments, such as loans, credit cards, childcare, and living costs, to make sure the mortgage is affordable long term.
Because every situation is unique, getting a tailored calculation will give you the clearest picture. You can use our Affordability Calculator to give you a detailed breakdown.
Lenders look at a combination of your income, regular expenses, and financial commitments to determine what you can comfortably afford.
They'll review things like:
They'll also "stress test" your finances to make sure you could still afford payments if interest rates rise.
They'll review things like:
- Salary or self-employed income
- Credit commitments (loans, credit cards, finance)
- Household bills and living costs
- Dependants and lifestyle spending
They'll also "stress test" your finances to make sure you could still afford payments if interest rates rise.
An Agreement in Principle (AIP), sometimes called a Decision in Principle, is an early indication from a lender of how much they may be willing to lend you.
It's usually based on a soft credit check and some basic financial information, and it can often be arranged quickly.
Having an AIP can strengthen your position when making an offer on a property, as it shows sellers you're a serious buyer.
It's usually based on a soft credit check and some basic financial information, and it can often be arranged quickly.
Having an AIP can strengthen your position when making an offer on a property, as it shows sellers you're a serious buyer.
No - you can arrange an Agreement in Principle before you start viewing properties.
This is often recommended, as it gives you a clear budget and helps you act quickly when you find the right home. It also avoids the risk of falling in love with a property that's outside your price range.
If you would like help to get pre-approved, please get in touch.
This is often recommended, as it gives you a clear budget and helps you act quickly when you find the right home. It also avoids the risk of falling in love with a property that's outside your price range.
If you would like help to get pre-approved, please get in touch.
Most lenders will ask for:
Additional documents may be required depending on your situation, but having these ready early can help speed up the process. If you need any help to sort out your documents, feel free to come and see us; we'll stick the kettle on.
- Proof of ID (passport or driving licence)
- Proof of address
- Recent payslips (or accounts if self-employed)
- Bank statements (usually 3-6 months)
Additional documents may be required depending on your situation, but having these ready early can help speed up the process. If you need any help to sort out your documents, feel free to come and see us; we'll stick the kettle on.
A fixed-rate mortgage keeps your payments the same for a set period (e.g. 2, 3, or 5 years), giving you stability and certainty.
A variable-rate mortgage can go up or down depending on interest rates, meaning your payments may change over time.
The right option depends on your personal circumstances, risk tolerance, and future plans - there's no one-size-fits-all answer. You can use our Mortgage Calculator to help you work out mortgage rates from the comfort of your own home.
A variable-rate mortgage can go up or down depending on interest rates, meaning your payments may change over time.
The right option depends on your personal circumstances, risk tolerance, and future plans - there's no one-size-fits-all answer. You can use our Mortgage Calculator to help you work out mortgage rates from the comfort of your own home.
With a repayment mortgage, your monthly payments cover both the interest and part of the loan, so the balance reduces over time and is fully repaid at the end of the term.
With an interest-only mortgage, you only pay the interest each month, so the loan amount stays the same and must be repaid at the end of the term using another method (such as savings or investments).
Repayment mortgages are the most common option for residential buyers.
With an interest-only mortgage, you only pay the interest each month, so the loan amount stays the same and must be repaid at the end of the term using another method (such as savings or investments).
Repayment mortgages are the most common option for residential buyers.
Loan to Value (LTV) is the percentage of the property's value that you're borrowing.
For example, if you buy a £200,000 property with a £20,000 deposit, your mortgage would be £180,000 - meaning your LTV is 90%.
Lower LTVs (larger deposits) usually give access to better interest rates.
For example, if you buy a £200,000 property with a £20,000 deposit, your mortgage would be £180,000 - meaning your LTV is 90%.
Lower LTVs (larger deposits) usually give access to better interest rates.
Yes - it's often still possible, although your options may be more limited depending on your credit history.
Lenders will look at factors such as missed payments, defaults, or CCJs, as well as how recent they are and whether your situation has improved.
There are specialist lenders who consider applications that don't fit standard criteria. We have many trusted partners who can help with this.
Lenders will look at factors such as missed payments, defaults, or CCJs, as well as how recent they are and whether your situation has improved.
There are specialist lenders who consider applications that don't fit standard criteria. We have many trusted partners who can help with this.
Yes, self-employed applicants can absolutely get a mortgage.
You'll usually need to provide 1-2 years of accounts or tax returns, and lenders will assess your income based on these.
Preparation is key, and having your documents organised can make the process much smoother.
You'll usually need to provide 1-2 years of accounts or tax returns, and lenders will assess your income based on these.
Preparation is key, and having your documents organised can make the process much smoother.
Yes, many lenders accept gifted deposits, typically from close family members.
You'll usually need a signed letter confirming the money is a gift (not a loan), along with proof of where the funds came from.
Each lender has slightly different rules, so it's important to get this structured correctly. If you are in any doubt, get in touch and we can walk you through it.
You'll usually need a signed letter confirming the money is a gift (not a loan), along with proof of where the funds came from.
Each lender has slightly different rules, so it's important to get this structured correctly. If you are in any doubt, get in touch and we can walk you through it.
Yes - you can apply with a partner, friend, or family member.
A joint mortgage can increase your borrowing potential, as lenders will consider both incomes. However, all applicants are equally responsible for the repayments.
It's important to understand the legal and financial implications before proceeding. We can help you to get proper advice on this.
A joint mortgage can increase your borrowing potential, as lenders will consider both incomes. However, all applicants are equally responsible for the repayments.
It's important to understand the legal and financial implications before proceeding. We can help you to get proper advice on this.
Yes - there are many products designed specifically for first-time buyers.
These may include lower deposit options, incentives, or reduced fees. First-time buyers may also benefit from Stamp Duty relief, depending on the property price.
Getting the right guidance early can make the process much more straightforward.
These may include lower deposit options, incentives, or reduced fees. First-time buyers may also benefit from Stamp Duty relief, depending on the property price.
Getting the right guidance early can make the process much more straightforward.
Yes, although lending criteria can sometimes be slightly stricter for new builds.
For example, some lenders require larger deposits, particularly for flats. There may also be specific timelines to meet when buying from a developer.
With the right planning, new build purchases can be a smooth process. Our New Build Help page can offer more advice on this.
For example, some lenders require larger deposits, particularly for flats. There may also be specific timelines to meet when buying from a developer.
With the right planning, new build purchases can be a smooth process. Our New Build Help page can offer more advice on this.
From application to mortgage offer, the process typically takes between 2-6 weeks, although this can vary depending on the lender and complexity of the case.
The full home-buying process (including legal work) usually takes around 8-12 weeks in total.
The full home-buying process (including legal work) usually takes around 8-12 weeks in total.
Most mortgage offers are valid for between 3 and 6 months.
If your purchase takes longer than expected, it may be possible to request an extension, depending on the lender. Contact us if you would like support in requesting an extension.
If your purchase takes longer than expected, it may be possible to request an extension, depending on the lender. Contact us if you would like support in requesting an extension.
Common costs include:
Some deals include free valuations or cashback, so it's important to compare the overall cost, not just the interest rate.
- Arrangement (product) fees
- Valuation fees
- Solicitor/legal fees
- Broker fees (if applicable)
Some deals include free valuations or cashback, so it's important to compare the overall cost, not just the interest rate.
Stamp Duty is a government tax paid when purchasing property above certain price thresholds.
The amount you pay depends on the property value and whether you're a first-time buyer, moving home, or buying an additional property.
First-time buyers often benefit from reduced rates or exemptions within certain limits.
Use our Stamp Duty Calculator to find out how much stamp duty you may be required to pay.
The amount you pay depends on the property value and whether you're a first-time buyer, moving home, or buying an additional property.
First-time buyers often benefit from reduced rates or exemptions within certain limits.
Use our Stamp Duty Calculator to find out how much stamp duty you may be required to pay.
A re-mortgage is when you switch your mortgage to a new deal, either with your current lender or a new one.
People often re-mortgage to secure a better interest rate, reduce monthly payments, or release equity from their property.
It's usually worth reviewing your options when your current deal is coming to an end.
You can use our Equity Calculator to find out how much equity you currently hold in your home.
People often re-mortgage to secure a better interest rate, reduce monthly payments, or release equity from their property.
It's usually worth reviewing your options when your current deal is coming to an end.
You can use our Equity Calculator to find out how much equity you currently hold in your home.
Some mortgages are "portable", meaning you may be able to transfer your existing deal to a new property.
However, this is still subject to approval, and you may need to reapply based on your current circumstances.
However, this is still subject to approval, and you may need to reapply based on your current circumstances.
If you're on a variable rate, your monthly payments may increase if interest rates rise.
If you're on a fixed-rate deal, your payments will stay the same until the fixed period ends.
Planning ahead and reviewing your options regularly can help manage any potential changes.
If you're on a fixed-rate deal, your payments will stay the same until the fixed period ends.
Planning ahead and reviewing your options regularly can help manage any potential changes.
You can improve your chances by:
Small improvements can make a big difference when applying.
- Keeping your credit report clean and up to date
- Avoiding taking on new debt before applying
- Ensuring stable income and employment
- Saving a larger deposit, if possible
Small improvements can make a big difference when applying.
Life insurance isn't always required, but it's often recommended.
It can help ensure your mortgage is paid off if something unexpected happens, protecting your home and your family.
It can help ensure your mortgage is paid off if something unexpected happens, protecting your home and your family.
Yes - alongside mortgages, protection policies such as life insurance, income protection, and critical illness cover can be arranged to suit your needs.
This helps ensure you're financially protected, not just approved for a mortgage.
This helps ensure you're financially protected, not just approved for a mortgage.
You don't have to use a broker, but many people choose to because it can save time, reduce stress, and provide access to a wider range of deals.
A broker can also help navigate more complex situations and handle the application process on your behalf; it can save time, money, and stress. That's where we come in!
A broker can also help navigate more complex situations and handle the application process on your behalf; it can save time, money, and stress. That's where we come in!
Not necessarily - in many cases, a broker can help you find more competitive deals that may offset any fees.
It's important to understand how your broker is paid, and what value they provide. Many of our services are fee-free. And if fees apply, we're 100% upfront.
It's important to understand how your broker is paid, and what value they provide. Many of our services are fee-free. And if fees apply, we're 100% upfront.
Choosing the right mortgage is about more than just rates - it's about finding a solution that fits your life and future plans.
Working with an experienced, independent advisor can help you understand your options clearly, avoid common pitfalls, and move forward with confidence.
Working with an experienced, independent advisor can help you understand your options clearly, avoid common pitfalls, and move forward with confidence.