Mortgage FAQs

A mortgage broker acts as an intermediary between you and a lender. They'll look at your financial situation and find and compare the best deals to suit you. A mortgage broker can also assist with the application process.
Mortgage brokers can assist with all types of mortgages including first time buyers, remortgaging, moving home and more.

If you go to the bank directly then you are looking at only a very small selection of deals. A mortgage broker compares deals from a huge selection of different lenders. This means you are more likely to get a better deal by going through a broker, potentially saving you money.

Brokers also have access to lenders which may not be readily available on the high street or online.

Using a broker also means you can get personalised advice based on your personal financial situation.

The time it takes to get a mortgage can vary, depending on the lender and your own financial situation. More complex financial cases may take longer than average. It can take anywhere from a few weeks to a couple of months but we will be able to advise more on a case by case basis.

If you're looking to get a mortgage quickly, we would always advise to get your documentation in as quickly as possible to begin the application process.

Also it's worth noting that if you're purchasing a house, there may be delays depending on the vendor, solicitors or if you are in a chain. A good estate agency Sales Progressor will be able to help you with chasing this.

Generally, yes. There are specialist lenders which a broker will have access to who should be able to help with bad credit. The deals may be slightly different to a larger high street bank, for example, but you will always be advised clearly on all options to allow you to make an informed decision.

This depends on your own financial situation and your life circumstances. Variable rates fluctuate and tend to be higher than a standard fixed rate. With these you will have the opportunity to change and fix at a lower rate, should interest rates come down. The disadvantage is that they could also go up, meaning your monthly repayments will rise too.

Fixed rates mean you know exactly how much you will be paying every month, but lock you in for a set period. This could be anywhere from 2 years to 10.

A mortgage advisor will always inform you of all options to allow you to make the decision that's right for you.

A DIP or AIP is a statement from a lender that they are likely to lend you a certain amount of money, based on your financial situation. It is not a guarantee but it is a good indicator that you will get a mortgage with this lender.

This will be sent from the lender once you have spoken to a broker and chosen a potential mortgage deal.

You can use your DIP or AIP to prove to estate agents that a lender is willing to lend you the money when making an offer on a property.

Yes, mortgage brokers or lenders do credit checks to ensure your financial situation matches the information being provided on the application.

In general, a broker will do a 'soft' check, whereas a lender will do a 'hard' check when you actually apply. The 'hard' check will appear on your credit report and could affect your credit score but this check alone should not impact your chances of getting the mortgage.

If you're concerned about this, check with your advisor during your initial chat.

You'll need proof of your income which is typically 3-4 months payslips. If you're self employed then you'll need, on average, 2 years SA302s. You'll also need photo ID and proof of your current address.

There may be other documents needed throughout the application process. Your broker will be able to advise you on which documents are needed for your own application.