Frequently Asked Questions
Here are some common mortgage questions that you may have before deciding to get in touch
Who I help
A. Absolutely. If you’re self-employed different lenders will treat you differently. I save you time by going to the right lender for you.
A. I don’t get mortgages for people who use drive-thrus and then leave a bag of rubbish in the car park. If they aren’t ready to use a bin, they aren’t ready for a mortgage.
A. I talk about this here.
Getting a mortgage
A. As soon as you’re thinking about buying a home. Finding a property then seeking advice is more likely to leave you disappointed. The sooner my clients contact me, the more value and advice I can give them. Sometimes it’s over a year between our first call and them being ready to buy.
“Yeah but you would say that, you’re a mortgage advisor.”
Actually it would be great for me if all my clients turned up with a deposit and a home they’d like to buy as I would get paid much sooner. But this isn’t realistic, and it’s not how First Time Buyers get the best results. Best results come from planning ahead and being prepared, and early mortgage advice is a key part of that.
A. Potentially, but it would have to be a lot bigger, such as a 15% deposit instead of a 10% deposit. That’s an extra deposit of £10k on a £200k home. How much you can borrow is determined by how much money you earn and how much credit commitment you have.
Yes it helps. You can check your credit report here. I will go through your Check My File credit report before submitting your mortgage application so that we know exactly what the lender will see when they check you out. I use Check My File as they report multiple credit reference agencies and you can access it for free for the first month and then cancel. It’s £14.99 per month if you don’t.
A. You will need to provide me with pay slips (or tax calculations and overviews if you are self employed), bank statements, proof of deposit, ID, and your credit report. Depending on your situation you may also need to provide other things like benefits statements, company accounts, accountant’s certificates.
A. First you should ask if now is a good time to buy a home for you. If your lifestyle is stable, you can afford a home that meets your needs, you are ready to commit to one location, and perhaps to one person for a long time, it sounds like a good time. If what you are really asking is are house prices likely to drop after you buy a home, nobody knows. But you intend to live there for years not months, and if you are able to fall in love with a home, I bet somebody will too when you decide to sell.
About My Services
A. Yes. I have access to over sixty lenders and am not tied to any one or a select few.
I don’t like the term ‘whole of market’ though, because no mortgage advisor has access to every single lender. Some lenders only deal with borrowers directly, some lenders only deal with mortgage brokers, many do both.
A. Usually I don’t charge first time buyers a fee. This will depend on your circumstances though.
For schemes like Help2Buy Equity Loan, Shared Ownership, Right To Buy, and others, you’ll typically pay an advice fee of £245. Other example of when I’d charge are for bad credit mortgages, complex incomes, or non standard homes. A typical fee would be £245 but could be up to £795. I’ll always let you know of any fees before we move on, and never charge you unless your mortgage completes.
A. I want to make professional advice accessible.
If I had to pay an advice fee when I bought my first home, I wouldn’t have taken professional advice and ended up paying a lot more in the long run because I didn’t realise how much I didn’t know back then.
I can do this because when a mortgage advisor arranges a mortgage, they are paid the same by the lender regardless of whether or not they charged their client a fee for the advice.