We’ve collated our most frequently asked questions below, but if there’s a question on your mind that we haven’t covered, please get in touch.
What is a mortgage broker?
A mortgage broker’s job is to find the right mortgage deal for you & your needs.
We aren’t tied to just one lender, and have access to many different mortgage products and lenders, meaning we can find the deal that suits you. We also deal with the whole application process, so you don’t have to worry about the paperwork or admin that’s required.
Do you charge a fee?
Yes, we do charge a fee. This enables us to spend more time advising and supporting you throughout your application and means our advice can be focused solely on your needs. Your mortgage adviser will be able to tell you what their fee is.
What are the different types of mortgages?
The two main types of mortgages are fixed rate and tracker mortgage:
Fixed rate mortgage - You’ll always pay the same amount each month as your interest rate is fixed for a certain period of time e.g. 2 years, 5 years etc.
Tracker mortgage - The amount of interest you pay can change so the amount you pay each month can also change too.
How do I know what I can afford?
The amount you can borrow depends on a few things e.g. the house price, your deposit amount, your monthly expenditure and income.
to get a rough estimate of how much you might be able to borrow, why not use our online borrowing calculator.
Will my bad credit prevent me from getting a mortgage?
Not necessarily. We aim to help everyone get onto the ladder, no matter what your circumstances are. One of our specialist advisers will be able to look at your case and advise on the best option for you.
Do I need insurance when I get a mortgage?
You mortgage provider will require you to have buildings insurance as a minimum. We recommend you take out the contents part of the insurance with that too (building and contents insurance).
There are other insurances that provide you with a just-in-case plan, such as life insurance, critical illness cover, income protection. Our advisers can talk through these different options and help you choose what might be right for you.
What do I need to know as a first-time buyer?
Getting onto the property ladder can seem like a tall order. Not do you have to save for a deposit, but you also have to think about solicitors fees, survey, moving fees, stamp duty, etc.
Our Home Buying App has everything that you need to know, including what government schemes are available. Find out more here.
Do I need to remortgage?
We would always advise that you remortgage before the end of you fixed term mortgage. Otherwise, you will default to a Standard Variable Rate (SVR) which could mean much higher monthly repayments. You can start talking to your mortgage adviser about remortgaging up to 6 months before the end of your current deal.
You can also remortgage to release funds from your home, fund any renovation projects you may have, or simply move from one lender to another.
Because we play by the book we want to tell you that…
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.