FAQs

Read some of our most frequently asked mortgage and protection questions

With over 14 years of property industry experience, we have extensive knowledge of the full range of mortgages and protection products.

Mortgage FAQs

What information will I need to get a mortgage?

For us to gain a picture of your financial health, we will need to understand your income details, any benefits, your outgoings and your personal details so we can tailor the mortgage options to suit your individual needs.

What is a mortgage broker? Are they different to a mortgage adviser, consultant or advisor?

A mortgage broker is a specialist with impartial and in-depth knowledge of the market who can arrange a mortgage between you (the borrower) and a mortgage lender. We work directly with you and are able to look at a broad range of mortgage products and often broker-exclusive deals.

A mortgage adviser or mortgage consultant are simply different names for the same service, and a mortgage advisor is an American term.

What type of mortgage is best for me?

Instead of thinking about the best, consider the most suitable. Everyone’s personal circumstances, needs and financial health are different. Likewise, there are a multitude of mortgage types available. For instance, fixed rates, discount rates, tracker rates, variable rates, offset mortgages and flexible mortgages. It can be quite daunting; therefore, as unbiased mortgage brokers, we consider each option’s suitability.

How much deposit do I need for my first mortgage? 

The amount of deposit will affect the interest rate and the choice of lenders we source for you. Deposits range from 5% upwards depending on the specific schemes; however, options are available to first-time buyers with family-assisted deposits.

What will my mortgage payments be each month?

Your mortgage payments will depend on many factors, such as how much you borrow, the length of the mortgage term, the type of rate you choose, and the amount of deposit you put towards the purchase.

What’s the difference between a remortgage and a purchase mortgage?

A purchase mortgage is one used for the sole purpose of buying your home or property.

A remortgage is where you already have a mortgage on your property and may be nearing the end of an existing deal. Alternatively, you may wish to secure a different rate and review your options.

Remortgaging can involve capital raising, where you borrow extra money against your property to use towards home improvements, consolidate other debts or perhaps to use for a deposit to buy another property.

Can I get a mortgage if I am retired?

Several options are available for people receiving pension income solely or soon to retire. As lifestyles change, people live longer, many with mortgage needs; these options can be beneficial for buying a home or remortgaging to raise capital from your home.

How much can I borrow? 

The amount you can borrow will depend on many factors; your income and your outgoings will be the main things to consider here. Other factors to consider, such as your credit history, the size of your deposit, or whether you have dependents, are just a few of the considerations. Each lender can have a different way of calculating your borrowing, and this is where we can help find you a suitable mortgage product. 

Do I need a solicitor for my purchase or remortgage? 

Yes, you will need a conveyancing solicitor who deals solely with house-buying transactions. We can help you source a solicitor/conveyancer within your budget and can work at the appropriate speed and availability.

How long can I borrow for? 

There is no strict rule regarding the length of term you choose for your mortgage. That said, each lender will have a maximum number of years, and the length of your mortgage term will generally be determined by your age. The term will be chosen to fit the mortgage payments within an agreed budget. It is possible to have a mortgage past retirement age, providing your income is sufficient to pay the monthly payments. We can help you to decide on the term that fits your needs.

How much stamp duty will I pay for my first mortgage?

There are several rate bands for Stamp Duty. The tax is calculated on the part of the property purchase price falling within each band. We can cover this with you so you know the expected stamp duty costs.

Protection FAQs

What is a protection broker? Are they different to a protection adviser, consultant or advisor?

A protection broker is a specialist with impartial and in-depth knowledge of the market who can arrange protection and insurance between you and the insurer. We work directly with you and can look at products based on an analysis of a number of insurers.

A protection adviser or protection consultant are simply different names for the same service, and a protection advisor is an American term.

What’s the difference between income protection and critical illness?

The main difference is that income protection is an insurance policy designed to replace a percentage of your income if you cannot do your job through illness or injury. Put simply, this would mean your utility bills, mortgage and general outgoings each month could continue to be paid until your return to work.

On the other hand, critical illness is a lump sum payment if you are diagnosed with a critical illness such as some forms of cancer, stroke, heart attack and many others. The lump sum minimises any effect on your lifestyle so that you can pay off your mortgage earlier than planned.

What types of mortgage protection are there?

The main types are life cover, critical illness cover and income protection. Each will give you a lump sum to pay off your mortgage or an income so you can maintain your mortgage payments. Also, you can have additional cover to protect your family and lifestyle.

Do I need life insurance to get a mortgage?

Although life insurance is not a stipulation of your mortgage lender, it is an important consideration. To ensure your family and loved ones are not left with mortgage debt or in a position where they could struggle financially. Advice should be sought. 

What insurance do you need to get a mortgage?

You will be required to have buildings insurance in place on the exchange and completion of your new property. We can help you source cover with the correct benefits you feel are essential to you. Other insurances, such as life insurance, critical illness insurance and income replacement coverage, are highly recommended. Reviewing your circumstances and getting advice on what is important for you is vital.

Our opening hours are 8 am – 8 pm Monday to Friday and 8 am – 12 pm on a Saturday. However, please contact us outside of these times and we will be in touch at the earliest opportunity.