How much can I borrow?
Most lenders start from a multiple of your income, then adjust for credit commitments, dependants and the term you take. The multiple is not the same at every lender, which is why one refusal tells you very little.
Questions
The questions people actually ask us.
Straight answers on borrowing, deposits, remortgaging, protection and what any of it costs. If yours is not here, ask us and we will answer it properly.
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Before you start
Getting readyHow big a deposit do I need?
Five per cent is enough for many purchases. Rates improve at ten, fifteen and twenty-five per cent, and we will show you what each step is worth in monthly terms before you decide to save longer.
Does a decision in principle affect my credit file?
Usually not. Most lenders run a soft search at that stage, which others cannot see. A full application leaves a footprint, which is why we only submit where we have good reason to expect a yes.
How long does a purchase take?
From offer accepted to completion is commonly two to three months, but it depends on the chain, the solicitors and the lender. We will tell you what is realistic for your case rather than a best case.
Buying
PurchaseCan I use a gifted deposit?
Yes, with most lenders. They will want a letter from the person gifting it confirming it is a gift and not a loan, and evidence of where the money came from.
I am on a visa. Will a lender consider me?
Many will. What matters is the type of visa, how long is left on it, and how long you have been in the UK. Some lenders have no minimum time left; others want two or three years.
I am self-employed. How many years do I need?
Two years of accounts or tax calculations opens most doors. Some lenders will consider one year. What you can borrow depends on how your income is structured, not only the total.
What costs should I budget for besides the deposit?
Valuation or survey, solicitor fees, searches, stamp duty or its Welsh and Scottish equivalents, removals, and buildings insurance from the day you exchange.
Remortgage and moving
Later onWhen should I start a remortgage?
About six months before your current deal ends. Offers can usually be held that long, and if rates fall in the meantime we will check whether your lender will let us move you.
What happens if I do nothing?
You move onto your lender’s standard variable rate. It is set by the lender, it can change at any time, and it is usually higher than the deal you were on.
Can I take my mortgage with me when I move?
Often yes — it is called porting. Whether it is worth doing depends on your early repayment charge and what else is available. We will set out both, with the numbers.
Can I borrow more against my home?
Sometimes, depending on the value, your income and what the money is for. A further advance from your lender and a full remortgage are both options, and they rarely cost the same.
Protection and insurance
CoverDo I have to take cover through you?
No. Protection is never a condition of the mortgage advice, and your recommendation does not change if you decline it.
Is my employer’s cover enough?
Sometimes. Death in service is often four times salary and ends the day you leave the job. We look at what you already hold before recommending anything new.
Will a health condition stop me getting cover?
Often not. An insurer may apply an exclusion or a higher premium rather than decline. Which insurer you approach first matters — that is where advice earns its place.
Do I need buildings insurance?
Yes, if you are buying a house. Your lender will require it in place for completion day. Contents cover is your choice, and we can arrange both.
Costs and how we are paid
FeesWhat does your advice cost me?
Nothing. We are paid by the lender or provider when a case completes, and you will be told what we receive before you decide anything.
Is a fee-free broker worse?
Not in itself. What matters is whether the recommendation is explained and documented. Ask any broker to put their reasoning in writing — a good one will.
Do you cover my area?
We advise across England, Wales, Scotland and Northern Ireland. Most of our work is done by phone and video, with the office in Preston for anyone who prefers to come in.
Who regulates you?
We are an Appointed Representative of Arkke Capital Ltd, which is authorised and regulated by the Financial Conduct Authority. Both firms are listed on the FCA register.
What matters is whether the recommendation is explained and documented.
Not the question you had?
Ask us. You will get an answer from an adviser who has handled the case before, and it costs nothing to ask.
Where to next
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The guides
Twelve longer pieces, for the questions that need more than a paragraph.
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