Question 1

How Much Does It Cost To Move Home?

Accepted Answer

There is not a simple answer to this as there are many variables at play, from estate agency & solicitor fees to stamp duty and removal costs.

Question 2

Will I pay Beechwood a Fee?

Accepted Answer

We are constantly striving to offer our services free of charge. This will however depend on your situation and requirements.

Question 3

Can I port my mortgage without selling?

Accepted Answer

You may want to keep your current home and rent it out. In this situation, it may be possible to port your existing mortgage to your next home. However, you will need to repay the mortgage on your current property, and this could be achieved with the support of a ‘Let to Buy Re-Mortgage'.

Question 4

I need a mortgage, where do I start?

Accepted Answer

You can either engage with a mortgage broker or speak with your bank / building society. Click here for full details of how a mortgage broker operates and the added value they bring.

Question 5

How quickly can I get an Agreement in Principle?

Accepted Answer

In many cases we can provide an Agreement in Principle (AIP) within 24 hours - once we understand your situation and requirements, have sufficient documents from you, we can then organise an AIP very quickly.

Question 6

How Much Can I Borrow?

Accepted Answer

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.

Question 7

Can I borrow more when porting my mortgage?

Accepted Answer

Yes, subject to status and a new affordability check, you may be able to port your mortgage and borrow more with your current lender. The additional loan will, however, be a new loan contract and there is a strong chance that it will end at a different date to your existing loan – this can then make things somewhat complicated in the future. You may have to pay an additional fee for taking out a higher mortgage or enter another mortgage deal at a different interest rate.

Question 8

I’m moving home, should I just speak with my current lender?

Accepted Answer

You can do but working with a mortgage broker has many benefits. Whether the right advice is to stick with your current lender or not, a broker will consider all options whilst, more importantly, offering you a reliable / accessible single point of contact throughout your move.

Question 9

Do all mortgage brokers charge fees?

Accepted Answer

No, not all mortgage brokers charge fees. As a mortgage broker, we earn our fee 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.

Question 10

What is an Early Repayment Charge (ERC)?

Accepted Answer

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.

Question 11

What will a mortgage broker do for me?

Accepted Answer

A mortgage advisor will do the leg work for you, offering in-depth knowledge of the property lending market, helping you overcome challenges, and offering exclusive access to a database of banks and building societies. What's more, they offer a level of support that streamlines the entire process and makes things easier for you.

Question 12

Why can't I port my mortgage?

Accepted Answer

Some mortgage deals are not portable from the start. In other cases, your lender may choose to decline your request to port your mortgage when purchasing a new home. Your lender can decline your porting application because of the following factors: Changes in your financial position. When you apply to transfer your mortgage to another property, your lender will undergo a new affordability and credit check. If there have been any changes to your income / expenditure or your credit score is lower than when you started the deal, your lender may not accept your application. The new house is not suitable for your lender. When you apply to port a mortgage, your lender will undergo a valuation of the new property. If they have any concerns with the property they may not offer a new mortgage.

Question 13

What is the lender's valuation?

Accepted Answer

The lender's 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 lender's valuation as it is merely for their own benefit, not yours.

Question 14

Will I Pay Stamp Duty?

Accepted Answer

This will depend on your circumstances – generally yes but if you are a First Time Buyer in 2024 you will not pay any Stamp Duty on a property up to £425,000.

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