Frequently Asked Questions

We promise never to charge a broker fee upfront. Any fees relating to your new mortgage are discussed and agreed before any application can go ahead. If by then you’re not completely blown away with our service then there’s no obligation to continue. No fuss. No fee. Simple.

We typically ask for the following:

• Passport and/or Driving License
  
• Recent Utility Bill (dated within last 3 months) or recent Council Tax bill              
  
• Bank statements showing daily spending for last 3 months. Online statements are acceptable but must show your name and address.       
  
• Most recent SA302 / Tax Calculation (speak to your accountant or HMRC regarding this)
  
• Previous 2 years SA302 / Tax Calculations (if available)
• Full Limited Company accounts are acceptable for Directors with minimum 50% shareholding 
  

We can accept copies of the above documents by email, online (customer portal) or directly in the post to our offices.

We charge a Broker Fee (minimum £1495) however the actual amount you pay is dependent on the lender
we recommend. We always keep costs to a minimum and agree our Broker Fee with you BEFORE submitting the application. 

Our fee only becomes payable when the mortgage is AGREED by the lender.

If however you’re not completely blown away by our service and prefer to go elsewhere then there is no obligation to proceed with us.

We won’t charge any fees for the advice provided up to that point. Nice and Simple. Just the way we like it.

We will however be sad to see you go!

If you need a mortgage to buy your new home, then your mortgage lender will ask that a valuation be conducted on the property, before they determine whether they will approve your mortgage offer or not.

There are three different types of home surveys available. The survey your lender will request to be made, is dependent on the type of property you are looking to buy. For peace of mind, you can however pay to have a full structural survey carried out on your property, before you commit to buying it.

• Home condition survey: Most basic and cheapest survey, often used for new-builds
• Homebuyer’s report: More thorough, as it evaluates the inside and outside of the property
• Building survey:  A complete survey that assesses the full structure of the property, generally used for older or unusual properties.

We're asked this question a lot however the answer is always different.

We have access to underwriters and lenders that enable us to get a mortgage application approved really fast. Our fastest to date is within 72 hours!

If speed is important all you need to do is explain to your mortgage expert what time frames you're working to. They'll use their recent experience whilst taking on board your mortgage needs to recommend the most suitable lender to agree the mortgage on time.

Useful Tip: Be sure to provide your dedicated case manager with all the relevant documentation to avoid any unnecessary delays.

When buying a home, you will need to not only have enough money saved for your mortgage deposit, but also your mortgage fees, moving costs and legal expenses.

We have compiled a handy list below of all the possible purchase and moving expenses you may have topay, to help you with your budgeting. The exact fees and amount you will pay is dependent on the value of the property you are buying and your chosen mortgage lender.

Mortgage Booking Fee

Some mortgage lenders will charge a mortgage booking fee to secure a fixed-rate or tracker deal:

Cost: £99 – £250

Mortgage Arrangement Fee

Some mortgage products will incur a mortgage arrangement fee, in addition to the mortgage booking fee. This fee is either paid upfront or added to your mortgage debt. If you chose to add it to your mortgage, the cost will increase over the lifetime of your mortgage.

Cost: £1,000 – £5,000+

Mortgage Broker Fee

If you use a mortgage expert to arrange your mortgage for you, you will need to pay a fee or commission, depending on the value of your mortgage.

Cost: £495 – £1,495. However, this may vary if you need to use a specialist lender

Property Survey

There are different types of surveys available. The cost varies according to which survey you choose:

Basic Valuation report: Most basic and cheapest of all the surveys.

Cost: £250 - £600

Homebuyer’s report: More in-depth survey, assessing the inside and outside of the property, and also includes a valuation.

Cost: £400 - £800

Building survey:  A complete survey generally used for older or unconventional properties. Although they are the most expensive, they are certainly worth considering, as it could potentially save you a lot of money if any structural problems are found with the property.

Cost: £800 - £1,400

Conveyancing

You will need to instruct a solicitor to carry out the necessary legal work for you.

Cost: £850 – £1,500 plus VAT

Stamp Duty

You will need to pay Stamp Duty Land Tax (SDLT) on completion of a new purchase.

Cost: Visit Stamp Duty Land Tax calculator https://www.gov.uk/stamp-duty-land-tax

Removal Hire

Paid to the removal firm (if you choose to use one) to pack, transport and deliver your possessions to your new home.

Cost: £300 – £600

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Use this information only as a guideline to help with budgeting for your new mortgage.

Useful Tip: Your mortgage expert provides your personal breakdown of costs which is tailored specifically to you so you'll know everything is covered. Phew!

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Most mortgage lenders will lend you up to five times your salary. Some even higher however this is dependent on a number of factors including your age, number of dependants and current financial
commitments.

Lenders generally work out how much they will lend you based on what you can realistically afford each month after you have paid your bills, credit cards, loans etc.

Our mortgage experts help you understand how much you can realistically borrow before an application or credit search is completed, by assessing your individual needs and circumstances.

If you choose to proceed with an application, your expert will know which mortgage lender to approach to ensure you get the required loan amount.

To get a mortgage, you will need to save a deposit of at least 5%. However, the more you can save, the better your rate will usually be. If you already own your own home, you can use the equity in your property for this. Our expert mortgage advisors can talk you through the benefits and the difference in your monthly payments by increasing your deposit.

Once you have found the property you want to buy, your mortgage expert assesses your personal needs and then recommend a mortgage product that is right for you. We'll compare hundreds of mortgages, including a number of exclusive products not available on the high street or comparison sites to ensure that you get the best deal possible.

If you are happy with the mortgage product your mortgage expert recommends, you'll then receive an Agreement in Principle (AIP). This will give you an approximate sum of how much the lender is willing to let you borrow, and enable you to put an offer in on your dream home.

If your offer is accepted, you will need to appoint a solicitor to handle searches, surveys and contracts, which we can arrange for you. We handle the entire mortgage application process through to completion, liaising with your solicitor and lender to ensure that your application is a success.

If you are looking to remortgage, then we recommend looking for a new mortgage deal around 3 months before your current deal expires. Starting early will give you plenty of time to compare all the available mortgage products and submit your application.

If your mortgage is approved early there’s no need to panic, as we will ensure that the completion date corresponds with your current deal’s end date.

All mortgage lenders have their own criteria. The following factors all play a part in determining their mortgage offer and how much they are willing to lend to you:

• Amount you wish to borrow
• Size of your deposit
• Employment status and income
• Credit rating
• Outgoings
• Existing debt
• Your age
• Length of the mortgage term
• Your credit status
• If you are applying solely or jointly

In order to be accepted, you need to convince lenders that you are able to repay your mortgage. To do this, lenders typically use your credit report to check your repayment history. Your credit file will contain current and existing records on items such as credit cards, loans, overdrafts, mortgages, mobile phone/s, some utilities payments and all accounts opened in the past six years.

If you have had arrears, defaults, CCJs, debt management plans or previously been made bankrupt, there are mortgage options available which we can help you with.