Frequently Asked Questions
We hope that the below answers any questions you may have regarding mortgage, insurance and protection advice. If you can’t find the answer to your query, complete the form below and we’ll be in touch.
What does a mortgage adviser do?
A mortgage adviser will meet with you initially to complete a fact find. They will give you an idea of how much you can borrow and how much it would cost per month. They will discuss the different interest rates, mortgages and related insurances and recommend a package that is right for you. They will hold your hand from putting in your offer all the way through to picking up your keys. They deal with estate agents, lenders and solicitors to ensure everything goes smoothly.
I am looking to get a Buy to Let, should I buy in my personal name or in a Limited Company?
Both methods have benefits. We would need to know more about your personal circumstances and your position as a taxpayer. We could discuss both options, but the final tax advice would need to come from a qualified accountant.
I am looking to buy my first home, what is the minimum deposit I need?
The minimum deposit a lender will accept is 5% of the purchase price. This will depend on your personal circumstances, this will include things like: do you appear on the electoral roll and are you up to date with your current credit commitments.
I have some saving to use for my deposit, what else is an acceptable deposit?
- A deposit can be made up of different parts. All lenders will accept savings, most will accept a gift from a family member, and some will accept a gift from a non-family member or even a discount of the purchase price if you have lived in and rented the property you are looking to buy.
What happens when my current mortgage deals come to an end?
- When your current deal comes to an end you will go to the lenders Standard Variable Rate (SVR). This is usually higher than the rate you have been paying. If your current lender offers product transfers, we can consider the product they will offer. You can usually remortgage to a different lender on a new product. But we will advise which product is the best option.
I’ve been self employed for 12 months, can I get a mortgage?
Yes. Some lenders will lend to you with 1 year’s worth of figures and a forecast from your accountant. There just tends to be fewer lenders to choose from.
I have previously had credit problems. Can I still get a mortgage?
- Most lenders measure risk by checking your previous credit, if you have had previous credit problems you can usually still get a mortgage, the lender may need a larger deposit or may charge a higher interest rate depending on what your credit problems are and how much for.
What should I do to prepare for buying a house?
Book an appointment with a mortgage adviser. They will let you know how much you can borrow and how much deposit is need based on your credit profile. They will also let you know how much it is likely to cost to buy the home you want and give you some tips on preparing your credit profile and your bank statements in readiness of buying a house.