Mortgage FAQ

Frequently asked mortgage questions

Some of the questions our mortgage experts are asked most often. If you have more questions, get in touch with us today.

When looking for advice on mortgages we understand how difficult it can be to get to the advice you need. Our mortgage FAQ can help you get to the answers you need quickly. 

When should I get mortgage advice when moving house?

It is a well know fact that moving home is one of the most stressful times of life. Speaking to a mortgage advisor early is a great way to reduce stress. You will clearly understand your budget before you begin negotiations and increase the likelihood of successfully securing a property.  

When should I get mortgage advice when separating?

Another life event which we would all rather avoid, is separating from our partner or spouse. In such an event it is unlikely that your mortgage will be high on your list of concerns. However, a call to your mortgage broker will likely help you better understand the next steps and enable you to make important decisions far easier. Your mortgage advisor may even be able to assist with letters, valuations or evidence which could be required if the court needs to be involved. 

Is it harder to get a mortgage if you are self employed?

You may have heard that its harder to get a mortgage if you are self employed. Technically this is not true, however, due to various factors it can often seem to be the case. If you are employed you will receive payslips which will make the evidence gathering process more easy. If you are self employed, you will need to provide different evidence. Speaking to a mortgage advisor prior to setting your heart on a property can help you better understand what will be required and reduce the likelihood of disappointment. The evidence typically required can be found by downloading this guide.

I am a first-time buyer, what advice do I need?

Being a first-time can be an exciting but daunting time. In main, this is because you do not know what to expect and are likely getting advice from friends and family, which can be equally confusing as it can be helpful. Increasing your knowledge on the process can really help alleviate concerns as it will start to clear a path forward in your mind. Writing a list of your key concerns and questions before speaking to your advisor is a good step. Also, downloading our first-time buyer guide will give you a good base understanding. 

I am over 50, can I get a mortgage?

As the retirement age continues to creep up, lenders are constantly launching new products which can accommodate borrowers looking to extend their loan into later years. Ultimately everyone’s situation is unique, so, speaking to a whole-of-market broker is a good way to understand the full spectrum of products which could be available to you. Find out more about equity release.

How much can I borrow?

Possibly the first question which springs to mind is “how much can I borrow?” Of course, this is different for each person and how much you can borrow will be dependent on several factors. Your earnings, credit liabilities and personal situation all play a part in the lenders decision when they work out how much you can borrow. Each lender has different criteria, so speaking to an expert who has whole of market access is a great start.

I am moving house, when should I get mortgage advice?

If you are considering moving house then speaking to your mortgage advisor should be high up on your list of priorities. Your mortgage advisor will be able to help you work out how much the move will cost as well as working out any charges you may be due to pay. If you start to progress a house purchase without speaking to your advisor then you could wind up disappointed from not being able to purchase at the price you first thought. 

What is a mortgage calculator?

Lenders use mortgage calculators to work out how much they may be able to lend you. Whilst lenders design their calculators to give you as accurate an estimate as possible, they are no substitute for speaking to an expert. An expert broker will understand each lenders criteria and be able to give you a more accurate figure based on the evidence you provide.

When can I remortgage? 

When looking to move to a new mortgage product, it is important to remember that you may be liable to pay an Early Repayment Charge (ERC) if you move before your fixed rate ends. That being said, many lenders will allow you to lock in a product early, and when it’s time to switch, they’ll get it all done for you. Your current lender won’t automatically do this for you, so to avoid paying more, the earlier you enquire, the better.

Can I borrow more than the house is worth?

Technically, no. Mortgage lenders no longer offer mortgages over 95% loan to value (LTV). However, if you have equity in your property already, you may be able to borrow against this. Most lenders will want to know what you plan to do with it, whether it is consolidating debt, improving your property, or using it as a deposit for another mortgage. 

Still have questions? Contact one of our mortgage experts today for advice tailored to you.


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contact@ptmortgagesltd.co.uk

0800 8620 840

Acorn Barn, Wembdon Business Park, Smeeth
Ashford, Kent, TN25 6SZ

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