Frequently asked questions
1. How does the process work?
Enquire with our easy-to-use online form and you’ll be connected to the most appropriate mortgage advisor from our parent company JAmes Alexander FS. Whether a first-time buyer, landlord, self-employed individual, or worried about the in’s and out’s of bad credit or re-mortgaging, we’ll help you find the information and support you need.
2. What service do you provide?
We use our expertise and insight to connect you with experienced mortgage advisers from our parent company James Alexander FS. Depending on your personal situation, we’ll put you in touch with a professional adviser who can educate and empower you to find the most beneficial mortgage.
3. How much deposit do I need for a mortgage?
A mortgage deposit depends on the contract provided by the lender as well as the property in question, your income and credit score. These factors all determine what deposit you will need to put down on your mortgage. Unfortunately, we can not give you a specific figure as deposits can range greatly with many falling in the 5%-25% bracket.
4. Can I get a mortgage with previous credit problems?
If you have a poor credit record or credit problems you can still find yourself a mortgage. However, it is important to remember that as a result of credit issues you may have to pay higher rates or fees.
5. I’m self-employed, can I get a mortgage?
It can be more difficult for self-employed individuals to obtain a mortgage as it is dependent on your specific circumstances. However, this shouldn’t deter you. We’ll put you in touch with one of our self-employed specialists from James Alexander FS who will help you understand how to prove you have a reliable income and meet the requirements to land a mortgage.
6. What documents do I need for a mortgage?
Most mortgages require a proof of ID, proof of income, a deposit, and legal address however you may need more proof depending on the type of mortgage you apply for and the mortgage lender’s policies. As always, our experts from our parent company James Alexander FS will help you find a mortgage lender and inform you of what paperwork and information you need to prepare.
7. How long can the mortgage process take?
There is no concrete timeline for the mortgage process due to the complicated nature of the agreement. However, most mortgages take 2-6 weeks to process with the mortgage offer valid for several months after approval. A mortgage broker can speed up this process by finding mortgage deals that you are likely to qualify for. As always, this depends greatly on your circumstances, the mortgage itself, and the lender’s policies.
8. What is a mortgage broker?
A mortgage broker is an industry expert with unique insight into market trends and information. This means brokers can help you find the best mortgage deals for your situation and needs. Brokers also often have access to deals not available on the High street.
9. Do you charge a fee?
No, our service is free. However, the specialist advisors from our parent company James ALexander FS that we connect you with may charge a fee for their time and expertise, typically around £499 subject to your situation.
10. What different types of mortgages are there?
Mortgages fall broadly into two categories; namely fixed-rate mortgages and variable rate mortgages. Within these categories, there are several different types of contracts with various payment structures, interest rates, and repayments.
Once connected to an expert advisor, they’ll inform you about the various types of mortgages available to you and which ones best suit your needs.
11. How do I work out how much I can afford?
This is all determined by the mortgages available to you. One of our mortgage specialists will help you assess how much you can afford by taking into account your circumstances and needs. This includes information like your credit rating, income, and the property you’d like to buy.
12. What insurances do I need for a mortgage?
The only mandatory insurance required for a mortgage is home insurance although your assigned advisor will inform you of appropriate cover that may help protect you and your finances.
13. What are my mortgage options?
Mortgages are highly-specialised contracts and as a result, are unique to everyone’s circumstances.
14. How do I get a first-time buyer mortgage?
If you’re a first-time buyer simply contact our team, inform them you are a first-time buyer and we’ll take it from there. We’re committed to helping clients find the right mortgage for their needs and demystifying mortgages for first-time buyers is a large part of what we do.
15. How do I get a buy-to-let mortgage?
If you’re interested in a buy-to-let mortgage, or BTL mortgage, then contact us and let us know you’re looking to buy-to-let. You’ll be connected with a dedicated BTL specialist who will walk you through the process and help you start your property portfolio.
16. How much can I borrow?
This depends on your circumstances and what mortgage you’re applying for but is typically based on an affordability calculation and the lender’s policies. Our team is well-versed with helping homeowners find the right mortgage; contact us today and we’ll put you in touch with an expert advisor from our parent company who will clear up how much you can borrow.
17. How much will a mortgage cost each month?
Mortgage repayments differ according to your specific contract. The loan-to-value ratio, length of the term, and interest rate all determine your monthly repayments. Once you contact our team, a specialist advisor from our parent company James Alexander FS will help you understand what mortgages are available to you and how much you’ll need to pay every month.
18. What is the difference between a repayment mortgage and an interest-only mortgage?
A repayment mortgage is a contract where you pay off the loan, as well as the interest. This means over time you build equity and pay off capital until you pay off the entire loan amount.
An interest-only mortgage is a mortgage where you only pay the interest on the mortgage, not the mortgage capital itself.
19. How can I improve my credit score?
There are several ways to improve your credit score. Registering on the voters’ roll, being responsible with credit, and consistently paying long-term payments such as rent, phone bills, etc. can all increase your credit score to help you obtain better credit options.
20. How do I find out the maximum mortgage that I can get?
The amount you can borrow is determined by an affordability calculation and the lender’s terms and conditions.
21. What is a Help-to-Buy (HTB) mortgage?
Help-to-Buy (HTB) is a government scheme designed to help first-time buyers (FTBs) on the property ladder. This scheme is exclusive to FTBs looking to buy new build properties with at least 5% of the purchase price as a deposit.
HTB will finance a secured equity loan of 20% of the property value (40% in London), this equity loan will be treated as part of your deposit by your mortgage lender, the HTB equity loan will then be repayable in 5 years.