Frequently asked Questions
A mortgage broker is a licensed professional who helps individuals or businesses find and apply for mortgage loans from different lenders.
Mortgage brokers have access to a wider range of mortgage products from multiple lenders, which allows them to find the best mortgage deal for their clients. They can also provide valuable advice and support throughout the application process.
In most cases, mortgage brokers are paid by the lender rather than the borrower. However, some brokers may charge a fee for their services, so it's important to clarify this upfront.
All mortgage brokers in the UK must be registered with the Financial Conduct Authority (FCA) and abide by its rules and regulations. You can check the FCA register to confirm if a broker is authorized to offer mortgage advice.
You'll typically need to provide proof of income, employment, and identity, as well as details of any existing debts or financial obligations.
The amount you can borrow will depend on factors such as your income, credit score, and the value of the property you want to buy. A mortgage broker can help you determine how much you're eligible to borrow.
There are several types of mortgage products, including fixed-rate, variable-rate, and tracker mortgages. A mortgage broker can help you determine which product is best suited to your needs.
The application process can vary depending on the lender and the complexity of your application. However, it typically takes several weeks to complete.
A mortgage in principle is a conditional offer from a lender that indicates how much they're willing to lend you based on your financial circumstances.
It may be possible to get a mortgage with bad credit, but it will depend on the severity of your credit issues and other factors such as your income and employment status.
A remortgage is when you switch your existing mortgage to a new lender or product. This can be done to take advantage of lower interest rates or to release equity from your home.
Yes, it's possible to get a mortgage if you're self-employed, but you may need to provide additional documentation to prove your income.
A guarantor mortgage is when a third party agrees to guarantee the loan if the borrower is unable to make the repayments.
Yes, there are several mortgage products available specifically for first-time buyers, including government-backed schemes such as Help to Buy.
It's important to choose a mortgage broker with experience and a good reputation in the industry. You may also want to consider their fees and the range of products they have access to before making a decision.