Frequently asked Questions

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Banks and Building societies will only show you their own companies products, so if you want to compare the different ones you would either need to speak to ALL of them individually, or talk to a broker who can compare them all together for you. Brokers may potentially have access to deals that are not available on the high street. This means that they will be able to save you time and money!.

A broker will be able to assess your situation and match your circumstances to the most suitable and appropriate lender for you.

A mortgage is a loan usually taken out with a Bank or Building society which is used to purchase a land or property. The word 'mortgage' comes from the French language- 'mort' meaning death and 'gage' meaning pledge - so it technically means 'death pledge'! This is because the pledge (or loan in this case) dies or ceases when it is repaid.

This amount is usually based on an 'affordability calculator' which takes into consideration your income, outgoings (such as loans/credit cards/maintenance payments) and will generate a maximum amount. Each Bank or Building Society has their own way of establishing how much they will lend you for a mortgage and your mortgage adviser will help find you the best one for your individual circumstances.

This will depend on what deposit you are putting down, how long you take the mortgage over and what Interest rates the Banks and Building societies are offering at the time you apply for the mortgage.

Each Bank or Building society will have their own list of requirements but typically lenders will require:

ID (driving licence/passport

Last 3 months bank statements

Last 3 months payslips and P60 - if employed

Last 3 years accounts or SA302 tax calculations/year overviews- if self employed

Proof of address (dated within the last 3 months)

Proof of deposit (bank statement or gifted deposit letter)

Your mortgage broker will inform you of any additional documents that the lenders may require.

Most mortgage lenders will require you to put down a minimum deposit of 5% of the price of the property you are purchasing. For example if you are buying a property for £150,000, they would require a minimum deposit of 5% or £7,500.

The Banks or Building societies will offer different Interest rates depending on what deposit you put down, and typically they will offer these at 5% intervals (5%, 10%, 15% and so on). 

Once you have found a property, your broker will be able to show you the different options for the various deposits.

Most mortgage companies will let you take a mortgage up to a maximum of 40 years.

YES- Banks and Building societies are happy to consider Self Employed applicants. They will require a track record of self employment, and typically look for 2 or 3 years accounts or Tax calculations to work out a customers annual income. Some lenders will allow a customer to have a minimum of 1 years accounts in certain situations or occupations.

Speak to a broker who will be able to guide you.

YES- potentially.

Adverse credit can range from a default or county court judgement to debt management plans and IVA's/bankruptcies. The criteria of acceptability varies from lender to lender and it will depend on:

1) how much the adverse is for?

2) how many instances there have been?

3) When it was registered on your credit file?

4) If it has been satisfied or not.

If you are able to provide your broker with a copy of your up to date credit file, they will be able to assist you further.

There is a link to obtain a copy of your checkmyfile credit report in the 'Tools' section of this website.

Typically lenders will allow you to overpay 10% of the outstanding mortgage balance per year without any charges. It depends on your individual mortgage product, you should be able to see your lenders restrictions in section 8 or 9 of your mortgage illustration/offer.

If you are unsure, ask your mortgage broker, so they can advise you.

Most mortgage offers are valid for between 3 and 6 months from the date of issue. This will be dependant on the type of mortgage and the lender.

Banks and building societies know that buying a property can be a complicated process, with things often taking longer than anticipated and in the case of New Build properties, there can be delays with the building process. 

Most lenders will let you extend your mortgage offer if you need to, but they may require up to date income proof and bank statements to confirm your situation is the same as when you applied.

Speak to your mortgage broker who can liaise with lender as soon as possible to start the process of getting this extended.