FAQS

Yes — but lenders usually want:

•    1–3 years of accounts or SA302s & Tax Year Overviews
•    Tax calculations
•    Business bank statements
•    Evidence of stable income

Using an Accountant and keeping clean records helps significantly.
 

A broker can:

•    Compare multiple lenders
•    Help complex cases
•    Explain affordability rules
•    Improve approval chances

Some are free; others charge fees.

Types:

•    Whole-of-market brokers
•    Tied brokers (limited lenders)
 

If you’re on:

•    Fixed rate → payments stay the same until the deal ends
•    Variable/tracker → payments usually increase

When a fixed deal expires, many borrowers move onto the lender’s SVR (Standard Variable Rate), which is often higher.
Many people remortgage before their fixed term ends to avoid payment shocks.
 

Yes — most UK mortgages allow overpayments, often up to 10% of the outstanding balance per year without penalties.

Benefits:

•    Reduce total interest paid
•    Shorten mortgage term
•    Build equity faster

Watch for:

•    Early Repayment Charges (ERCs) if you exceed the allowed amount during a fixed or discounted period.

Example:

If you owe £250,000 and can overpay 10%, you could pay an extra £25,000 that year penalty-free.
 

LTV measures how much you borrow compared to the property value.

Formula:

Mortgage amount ÷ Property value × 100

Example:

•    Property value: £300,000
•    Deposit: £30,000
•    Mortgage: £270,000

LTV = 90%

Typical bands:

•    95% LTV = 5% deposit
•    90% LTV = 10% deposit
•    75% LTV = better rates
•    60% LTV = best rates usually

Lower LTV generally means lower interest rates.
 

Your repayments depend on:

•    Loan amount
•    Interest rate
•    Mortgage term
•    Repayment vs interest-only mortgage

Example:

•    £250,000 mortgage
•    25 years
•    5% interest

→ roughly £1,460/month repayment mortgage

You can estimate payments using and online Mortgage Calculator

Yes. Common ways parents help include:

• Guarantor mortgage
• Parents agree to cover payments if needed.
• Joint borrower sole proprietor
• Parents’ income supports affordability, but the child owns the property.
• Gifted deposit
• Parents provide some or all of the deposit.
• Lenders usually require a signed declaration confirming it’s a gift, not a loan.
• Some lenders also offer family-linked mortgage products.
   

There are three common levels of property surveys in the UK:

1. Mortgage valuation

Required by the lender.

•    Checks the property is worth the loan amount
•    Not a detailed condition survey
•    Can be a desktop or physical valution

2. HomeBuyer Report (Level 2)

Most common for standard homes.

•    Highlights visible defects
•    Suitable for newer or conventional properties

3. Building Survey (Level 3)

Most detailed survey.

Best for:

•    Older homes
•    Renovation projects
•    Non-standard construction

Surveyors are commonly regulated by:

•    RICS (Royal Institution of Chartered Surveyors)
 

Possibly, yes.
It depends on:
•    Severity of credit issues
•    How recent they were
•    Deposit size
•    Income stability
Examples lenders assess:
•    Missed payments
•    Defaults
•    CCJs
•    Debt management plans
•    Bankruptcy history
Improving your chances:
•    Larger deposit
•    Reduce unsecured debt
•    Avoid multiple credit applications
•    Use a specialist broker
Bad credit often means:
•    Higher rates
•    Fewer lender choices
•    Larger deposit requirements

Remortgaging means switching your mortgage:
•    To a new lender, or
•    To a new deal with your current lender
People remortgage to:
•    Get a lower rate
•    Fix payments
•    Borrow more
•    Avoid moving onto the lender’s SVR
Many homeowners review deals 3–6 months before their fixed term ends.