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Your questions answered

I am a first time buyer, how much do I need for a deposit?

Mortgage providers will accept an absolute minimum deposit of 5%, the rates for these mortgages are generally high but are no longer unaffordable. We would always recommend that you put as much of a deposit down as you can afford as the rates improve and the monthly payments are reduced.

I have a mortgage already; can I change my mortgage provider?

Yes you most certainly can, this is called a remortgage, its usually quick and easy and can save you money by reducing the interest rate payable, which in turn would reduce your monthly payments

Can I make overpayments on my mortgage?

You can make overpayments on your mortgage however when you are in the deal or tie in period these are usually restricted to a maximum of 10% of the outstanding mortgage balance per year.

What fees are there to pay when I take out a mortgage or complete a remortgage?

Whilst we don’t charge any adviser fees there is sometimes a product fee to pay directly to the lender however many lenders do offer products with no fees which our Independent Mortgage Advisers can talk you through. When you purchase or sell a property there are usually costs incurred, these include solicitor’s fees and Stamp Duty. You can take a look on the Stamp Duty website where you can enter the properties value which will give you an estimate on the stamp duty that would be payable.

What documents would I need for a mortgage to prove income / identification?

Lenders would usually require three monthly payslips for employed applicants and three years SA302s (these can be obtained from HMRC) for self-employed applicants. They would also want to see at least one - three months bank statements and would require a copy of your passport or driving license for identification. Our Independent Mortgage Advisers will talk you through what documents you would require at your initial free consultation meeting.