FAQS

Stamp Duty Land Tax (SDLT) is a tax paid when buying property in England and Northern Ireland above certain thresholds.
Rates vary depending on:
•    Property value
•    Whether you’re a first-time buyer
•    Whether it’s an additional property
Different systems apply in:
•    Scotland (LBTT)
•    Wales (LTT)
Official calculator:
•    UK Government SDLT Calculator

Missing payments can lead to:
•    Fees
•    Damage to your credit file
•    Risk of repossession
If you’re struggling:
1.    Contact the lender early
2.    Ask about temporary support options
3.    Seek free debt advice
UK support organisations:
•    StepChange Debt Charity
•    Citizens Advice
 

It’s usually not legally required, but strongly recommended.
Common protection products:
•    Life insurance
•    Critical illness cover
•    Income protection
These can help protect:
•    Your family
•    Your home
•    Your ability to keep paying the mortgage
Some lenders require insurance for certain mortgage types.
 

Most UK lenders typically offer around 4–4.5× your annual income, although some may lend more depending on:

•    Joint income
•    Credit history
•    Existing debts
•    Deposit size
•    Childcare and living costs

Example:

•    £50k salary → roughly £200k–£225k borrowing range.
Lenders use affordability checks, not just salary multiples.

Usually:

•    5% = minimum for many residential mortgages
•    10–15% = more competitive rates
•    20%+ = significantly better rates

A larger deposit reduces the lender’s risk and often lowers monthly repayments.

There’s no universal minimum score, but lenders look at:

•    Missed payments
•    Defaults/CCJs
•    Credit utilisation
•    Electoral roll registration
•    Stability of income and address history

Good credit improves your options and interest rates.

Useful UK credit agencies:

•    CheckMyFile
•    Experian UK
•    Equifax UK
•    TransUnion UK

Fixed-rate mortgage

Your interest rate stays the same for a set period (commonly 2 or 5 years).

Pros:

•    Predictable payments
•    Protection from rate rises

Cons:

•    Early repayment charges if you leave early

Variable/tracker mortgage

Rate can go up or down depending on the lender or the Bank of England base rate.

Pros:

•    Potentially lower rates initially
Cons:
•    Monthly payments can increase

Common costs include:

•    Arrangement/product fee
•    Valuation fee
•    Solicitor/conveyancing fees
•    Broker fee (sometimes)
•    Stamp Duty (if applicable)
•    Survey costs

Some lenders offer “fee-free” deals, but rates may be slightly higher.
 

Typically:

•    2–4 weeks after full application
•    Longer if chains, surveys, or underwriting issues arise

Basic timeline:

1.    Agreement in Principle (AIP)
2.    Offer accepted
3.    Full mortgage application
4.    Valuation/survey
5.    Mortgage offer issued
6.    Exchange and completion
 

An AIP (also called DIP) is a lender’s initial indication of how much they may lend you.
Estate agents often ask for one before viewings or offers because it shows you’re financially credible.
It is not a guaranteed mortgage offer.