FAQs
Read some of our most frequently asked questions.
What is a remortgage and why should I do it?
A remortgage is when you switch your existing mortgage to another lender. Whether or not you remortgage depends on your circumstances. But there are many different reasons for doing so, including switching to a lower interest rate, funding home improvements, or investing in more property.
What is equity release?
Equity release refers to a range of products letting you access to equity, or cash, tied up in your home if you are over the age of 55. It is quite often referred to as a lifetime mortgage. You can take the money you release as a lump sum, in several smaller amount, or a combination of both.
What insurances do I need for a mortgage?
To be accepted for a mortgage, you will need buildings insurance as a minimum, and we advise that you also take out contents insurance alongside that. There are additional insurance options that can protect you and your loved ones, such as income protection, life insurance, and critical illness cover. All of these options are discussed when you meet with our advisors.
How do I work out how much I can borrow?
The amount you can borrow depends on a variety of factors, such as house price, deposit amount, and monthly income, among others. Use our mortgage affordability calculator to get a rough estimate of what you could borrow.
Will my bad credit stop me from getting a mortgage?
Not necessarily. Our goal is to help everyone get on the property ladder, no matter what their situation is. Our advisors will assess your individual needs and make a recommendation that is right for you.
What different types of mortgages are there?
The two main types are fixed-rate and tracker. With a fixed-rate mortgage, you will always pay the same amount each month because your interest rate is fixed for a certain amount of time, typically 2 or 5 years. With a tracker mortgage, the amount of interest you pay can vary, so therefore your monthly payments can also vary.
Do you charge a fee?
Yes, we do. By charging a fee, we are able to spend more time advising and supporting you through the application process and liaising with lenders and solicitors. You will be informed by our advisors of the fee and when it has to be paid. Our typical minimum fee is £399 but can be up to 1% of the mortgage loan.
What is a mortgage broker?
A mortgage broker’s job is to find the right mortgage product for your needs. We have access to over 90 lenders and thousands of different mortgage deals, so you are never tied to fitting into one lender’s criteria. We deal with the whole process, from application to completion, so you don’t have to worry about any of the admin involved.
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