Mortgage FAQs | Your Questions Answered

The amount you can borrow will depend on various factors including your income, credit score, employment history, and existing debts. Our mortgage brokers will work closely with you to assess your financial situation and determine the maximum amount you can borrow. Beechwood Mortgages has access to a wide range of lenders, allowing us to find competitive rates and flexible terms that suit your specific needs. Additionally, we offer personalised assistance throughout the entire moving process, providing guidance and support to help you secure the best financing option for your next home. For more detailed information around mortgage affordability, check out our articles Mastering Mortgage Affordability (https://www.beechwoodmortgages.com/post/mastering-mortgage-affordability)and How Much Can I Borrow?(https://www.beechwoodmortgages.com/post/how-much-can-i-borrow)

You can either engage with a mortgage broker or speak with your bank / building society. Click here (https://www.beechwoodmortgages.com/post/why-should-i-use-a-mortgage-broker)for full details of how a mortgage broker operates and the added value they bring. To get started now provide your basic details securely via our Client Portal (https://www.clienthub.org.uk/?id=433)and we'll be in touch!

At Beechwood, we provide a free consultation and will clearly explain any charges upfront. Most of our customers receive free support, terms apply. Since other mortgage brokers may charge fees, it's important to compare your options to find the best deal. Check our Fees page (https://www.beechwoodmortgages.com/fees)for a full rundown on broker fees. You can also visit our page Do All Mortgage Brokers Charge Fees? (https://www.beechwoodmortgages.com/post/do-all-mortgage-brokers-charge-fees)for further information.

No, not all mortgage brokers charge fees. As a mortgage broker, we take our fee directly from the lender, so in most cases you don't have to worry about paying any additional fees for our assistance. We are committed to helping you find the best mortgage deal without adding any financial burden. Our goal is to make the mortgage process as transparent and cost-effective as possible for our clients. Check out our article Do All Mortgage Brokers Charge Fees? (https://www.beechwoodmortgages.com/post/do-all-mortgage-brokers-charge-fees)for a complete rundown on broker fees and what to look out for.

Purchasing a property will take you anywhere from 8 to 16 weeks to complete. This is merely a guide, could be a little quicker – could also be much longer! To learn some hints and tips to maximise your chances of a successful and stress free purchase, check out our page Essential Step by Step Guide to Buying a Property.(https://www.beechwoodmortgages.com/post/quick-step-by-step-guide-to-buying-a-property)

You need to establish how much you can borrow (https://www.beechwoodmortgages.com/post/how-much-mortgage-could-i-borrow)so you have a good idea of what type of properties you can consider before you start looking. Then secure your mortgage Agreement in Principle (https://www.beechwoodmortgages.com/post/understanding-mortgage-agreement-in-principle-a-guide-for-home-buyers)as this will demonstrate you are a serious buyer and with the necessary funds preliminary approved. Not sure where to start but keen to crack on, get started now by providing your basic details securely via our Client Portal.(https://www.clienthub.org.uk/?id=433)

Most lenders will require a deposit. However, from time to time some lenders will offer a mortgage if you have a family member in the background who wants to help you where they can – this could mean the lender places a charge on their property. In this instance the lender may agree to support you without a physical deposit being provided. For more information check out Mortgage Deposits Explained.(https://www.beechwoodmortgages.com/post/mortgage-deposits-explained)

Lenders will usually issue a mortgage offer within one to three weeks, some are quicker and some, unfortunately, can take much longer. Your mortgage broker will be in a position to set your expectations in line with the lenders current turnaround times. To achieve the best outcome being prepared will be key, so take a look at Get Ready to Apply, Your Mortgage Application Document Checklist.(https://www.beechwoodmortgages.com/post/mortgage-application-document-checklist) To get started now provide your basic details securely via our Client Portal.(https://www.clienthub.org.uk/?id=433)

An AIP is an indication from a lender of how much you can borrow. For a more detailed explanation take a look at our article Understanding Mortgage Agreement in Principle's.(https://www.beechwoodmortgages.com/post/understanding-mortgage-agreement-in-principle-a-guide-for-home-buyers) Not sure where to start but keen to crack on, get started now by providing your basic details securely via our Client Portal.(https://www.clienthub.org.uk/?id=433)

In many cases we can provide an Agreement in Principle (https://www.beechwoodmortgages.com/post/understanding-mortgage-agreement-in-principle-a-guide-for-home-buyers)(AIP) within 24 hours - once we understand your situation and requirements, have sufficient documents (https://www.beechwoodmortgages.com/post/mortgage-application-document-checklist)from you, we can then organise an AIP very quickly. Outside our normal office hours of Mon-Thu 9am to 5.30pm, 5pm on Friday's? No problem, simply provide your details securely via our Client Portal (https://www.clienthub.org.uk/?id=433)- just register an account and away you go! We'll then be sure to connect with you as soon as we're back online.

Your mortgage AIP will generally be valid for around 30 to 90 days. For more information take a look at our article Understanding Mortgage Agreement in Principle's.(https://www.beechwoodmortgages.com/post/understanding-mortgage-agreement-in-principle-a-guide-for-home-buyers) Not sure where to start but keen to crack on, get started now by providing your basic details securely via our Client Portal.(https://www.clienthub.org.uk/?id=433)

Yes, depending on your overall circumstances and the extent of your bad credit, it is likely that there will be lenders willing to support you. Check out 5 Tips for Securing a Mortgage with Less-than-Perfect Credit.(https://www.beechwoodmortgages.com/post/5-tips-for-securing-a-mortgage-with-less-than-perfect-credit)

There’s no easy answer to this one! Read our ‘How Much Can I Borrow’ (https://www.beechwoodmortgages.com/post/how-much-mortgage-could-i-borrow)page for more information and details on how lenders will view your individual situation. You can also check out our Guide to Mortgages for Self Employed.(https://www.beechwoodmortgages.com/post/guide-to-mortgages-for-self-employed)

Although the majority of lenders will need to see upwards of two years trading, there are now several lenders that will consider your application with just the one years finalised accounts. You may find our article Guide to Mortgages for Self Employed (https://www.beechwoodmortgages.com/post/guide-to-mortgages-for-self-employed)helpful👍

Yes, providing you are employed on a permanent basis then most lenders will be fine with this. Some will also ignore any probation period.

You will need a minimum of 5% of the purchase price. From time to time lenders offer special incentives, this could be a 100% mortgage if you can demonstrate a track record of paying rent. So it's worth engaging with a mortgage broker to see if there are any special deals available to you today. Increasing your deposit will result in better rates being offered to you – lenders improve their rates when your deposit increases incrementally by 5% - so to 10%, 15% and so on. For more information check out Mortgage Deposits Explained.(https://www.beechwoodmortgages.com/post/mortgage-deposits-explained)

You will need to ensure that your deposit is available and with your solicitor when you exchange contracts. For most purchases this would around 8-12 weeks from the moment your initial offer on the property was accepted.

Yes. Whilst most lenders can consider using your second income towards your mortgage affordability (https://www.beechwoodmortgages.com/post/mastering-mortgage-affordability)the majority like to see that you’ve been in that role for at least 6 months.

Yes, whilst the majority of lenders will be happy to consider your application most will require a minimum of 12 months history of you contracting. Your mortgage affordability will vary greatly from one lender to the next. Check out How Much Can I Borrow? (https://www.beechwoodmortgages.com/post/how-much-mortgage-could-i-borrow)for more information.

Yes, some lenders will consider supporting you, although this will depend on a few factors including the time you have been in the UK, the type and expiry date of your VISA and the level of deposit you have available. For more details check out, As A Foreign National Can I Get a Mortgage in the UK? (https://www.beechwoodmortgages.com/post/as-a-foreign-national-can-i-get-a-mortgage-in-the-uk)

The lenders valuation is not a survey, it is simply a process where the lender will check that the property’s valuation / selling price is an accurate reflection of the current market before they approve your mortgage. The majority of lenders now offer their valuation free of charge, although there are still some exceptions to this. You SHOULD NOT rely on the lenders valuation as it is merely for their own benefit, not yours - to understand your options you may find our article Should I Arrange A Survey (https://www.beechwoodmortgages.com/post/should-i-arrange-a-survey)helpful.

When you sign up to a special deal (fixed / discounted rate) your lender is likely to lock you into early repayment charges – these charges usually run for the special period you’ve signed up to and means there will be a penalty charge if you exit the deal early. Are you moving home and unsure what to do?? Check out our article Tips on Porting Your Mortgage When Moving Home.(https://www.beechwoodmortgages.com/post/from-here-to-there-tips-on-porting-your-mortgage-when-moving-home)

Also known as a Capital & Interest mortgage, this is the traditional and most common method of repaying a mortgage as your monthly 'repayment' will be towards both the capital and interest. Therefore, providing you meet your monthly repayments for the duration of your agreed term, your mortgage will be repaid in full. For more information on this and much more check out our article Understanding The Different Types of Mortgages.(https://www.beechwoodmortgages.com/post/understanding-the-different-types-of-mortgages)

This is where you pay just the interest and none of the original amount borrowed. You will need to consider the final repayment of your mortgage and your ability to make this payment at the end of the term – methods of repayment are typically a pension / stocks & shares / investments / sale of property. For more information on this and much more check out our article Understanding The Different Types of Mortgages.(https://www.beechwoodmortgages.com/post/understanding-the-different-types-of-mortgages)

With a fixed rate mortgage, you can sit back and relax knowing that your interest payments will stay the same throughout the 'fixed period'. This provides financial stability compared to discounted & tracker deals where the rate, and therefore your monthly payments, may change. This could work well if interest rates increase as your monthly payments will remain the same until your fixed rate expires. For more information on this and much more check out our articles Understanding The Different Types of Mortgages (https://www.beechwoodmortgages.com/post/understanding-the-different-types-of-mortgages)and Unravelling The Mystery Of Mortgage Rates.(https://www.beechwoodmortgages.com/post/unravelling-the-mystery-of-mortgage-rates-a-guide-for-first-time-buyers-and-beyond)

A tracker mortgage follows the Bank of England (BoE) base rate. Unlike fixed rates, which have a consistent payment structure throughout their duration, the amount you pay on your tracker mortgage could either decrease or increase each month depending upon changes in the BoE base rate. This could be an ideal choice if you want your mortgage to remain flexible over time. For more information on this and much more check out our articles Understanding The Different Types of Mortgages (https://www.beechwoodmortgages.com/post/understanding-the-different-types-of-mortgages)and Unravelling The Mystery Of Mortgage Rates.(https://www.beechwoodmortgages.com/post/unravelling-the-mystery-of-mortgage-rates-a-guide-for-first-time-buyers-and-beyond)

A discount mortgage is a type of variable rate mortgage where the lender offers you a discount on their standard variable rate (SVR) for a set period of time. Once you come to the end of that period, you start paying the more costly SVR, unless you remortgage onto a better deal. This could work well should interest rates come down, whereas you may then be stuck on a higher fixed rate. For more information on this and much more check out our articles Understanding The Different Types of Mortgages (https://www.beechwoodmortgages.com/post/understanding-the-different-types-of-mortgages)and Unravelling The Mystery Of Mortgage Rates.(https://www.beechwoodmortgages.com/post/unravelling-the-mystery-of-mortgage-rates-a-guide-for-first-time-buyers-and-beyond)

A standard variable rate (SVR) is a variable rate mortgage which you usually move onto once your special deal ends. This is generally the highest rate charged by a lender so it is advisable to consider your options well in advance of your current deal expiring. Is your deal coming to an end? If so, check out our article When Is The Best Time To Remortgage?(https://www.beechwoodmortgages.com/post/when-is-the-best-time-to-remortgage)

The Annual Percentage Rate of Charge (APRC) shows you, as a percentage, the annual cost of a secured loan or mortgage over its lifetime. It brings together all charges (such as fees and variable interest rates) calculated over the full term without changing it. It assumes you never change your mortgage.

Most lenders will allow you to make ‘overpayments’ – although this varies from lender to lender, the majority allow you to do so and usually up to 10% of the outstanding loan each year without incurring the early repayment charge.

Although it is advised that you pay fees separately where you can afford to do so, some lenders will allow you to add their main arrangement fee to your mortgage. Doing so will result in additional interest being charged, your mortgage broker will explain this in more detail. You may find our article What Fees Will I Pay And When (https://www.beechwoodmortgages.com/post/buying-a-property-what-fees-will-i-pay-and-when)helpful.

A Cash Back is often paid by lenders as part of their introductory offer and is usually paid to you when your mortgage completes. Many lenders now offer a cash back towards legal costs when re-mortgaging.