Mortgage FAQs: Straight Answers for First-Time Buyers, Movers, Remortgages & Buy-to-Let
- Adrian Collins
- 7 days ago
- 7 min read
Updated: 5 days ago
Welcome to your go-to resource for all things mortgage and home buying related! In this practical guide, we address the most frequently asked questions from first-time buyers, home movers, those remortgaging, and buy-to-let investors. You'll find clear answers, realistic timelines, and helpful links to in-depth guides on our website. Whether you’re taking your first step into homeownership or exploring new investment opportunities, our goal is to empower you with the knowledge you need for a smooth process.
How much can I borrow?
This will always be affordability-led. Typical ranges are roughly 4–5 income and now up to 6x in specific cases. Lenders assess income type, credit, commitments, your dependants etc. See: Mastering Mortgage Affordability & How Much Can I Borrow? for a more complete rundown.
I need a mortgage, where do I start?
Speak to a broker or your bank/building society. A broker compares lenders, criteria, and products, and manages the whole process from start to finish. See: Optimising the Mortgage Process and Timescales.
Will I Pay a Broker Fee?
We always offer a free consultation and explain any charges as soon as we have a complete understanding of your situation. Most Beechwood customers now receive free support, terms apply. Compare brokers to ensure you’re getting the best deal. See: A Closer Look at Our Broker Fees.
Do all mortgage brokers charge fees?
No. Some charge, some don’t. We’re paid by lenders in most cases; any charges are explained upfront. Compare overall broker value, not just price. For more information check out Do All Mortgage Brokers Charge Fees?
Why shouldn’t I go direct to my bank?
We do all the legwork and have direct access to most mortgage deals. We are familiar with lenders criteria, the paperwork needed, problem‑solving, and provide you with one to one support throughout. See: Benefits of Working with a Mortgage Broker.
How long does it take to purchase a property?
Varies depending on many moving parts but now typically 4 to 6 months. Chain length, searches, survey, mortgage offer, and solicitors drive timing. Check out: Essential Step‑by‑Step Guide to Buying a Property.
Can I get a mortgage without a deposit?
Usually a deposit is required but a few lenders now offer mortgage options with zero deposit. Some also offer mortgages with family support. Refer to Mortgage Deposits Explained and Unlock Home Ownership: Explore Joint Borrower Sole Proprietor Mortgages Today.
How much deposit will I need?
Typically at least 5% of the purchase price. Larger deposits unlock better rates at Loan to Value (LTV) bands (95%, 90%, 85%, 80%, etc.). Some special deals exist (e.g., track‑record rent or family‑assisted). See: Mortgage Deposits Explained.
What is an Agreement in Principle (AIP)?
An AIP is a lender’s initial indication of what you could borrow, based on soft checks and key details. Useful before viewing properties and making offers. See: Understanding Mortgage Agreements in Principle.
How quickly can I get an Agreement in Principle?
Often within 24 hours once we’ve reviewed your details and documents.
What Documents Will I Need to Provide?
Preparation is key. You’ll need to supply some ID, address proof, 3 months’ payslips and bank statements (employed) or your tax calculations / company accounts if you’re self employed. For more details check What Documents Are Required For My Mortgage Application?
I have a poor credit record, can I still get a mortgage?
Often, yes. Depends on recency/severity of issues and your overall credit profile. Specialist and some mainstream lenders can help. See: 5 Tips for Securing a Mortgage with Less‑than‑Perfect Credit.
I’m self‑employed, how much can I borrow?
Will always be on a case‑by‑case basis but lenders use average or latest year profits/dividends/salary; criteria varies from lender to lender. See: How Much Can I Borrow? and Guide to Mortgages for the Self‑Employed.
I’ve been self‑employed for one year—can I still get a mortgage?
Several lenders will consider one year’s finalised accounts; most will prefer two. Strong track record and documents help. See: I've Been Self-Employed For One Year, Can I Still Get A Mortgage?
I’ve just started a new job, can I still get a mortgage?
Yes, if it’s permanent employment. Some lenders will ignore probation periods; evidence of contract and first payslip will be requested, although some lenders now consider if you’re yet to start your new job.
I don’t have permanent rights to reside in the UK, can I still get a mortgage?
Some lenders will consider you, depending on time in UK, visa type/expiry, deposit size, and employment. See: As a Foreign National, Can I Get a Mortgage in the UK? along with Can I Get a Mortgage with a Skilled Worker Visa?
What is an interest‑only mortgage?
You pay interest only each month; the capital remains. You’ll need a credible repayment strategy (investments, pensions, sale of property, etc.). See: Interest Only Mortgages: How Do They Work?
What is a fixed rate?
Your rate and monthly payment stay the same for the fixed term, offering stability against rises. Alternatives (tracker/discount) can move with rates. Refer to Understanding the Different Types of Mortgages and Unravelling the Mystery of Mortgage Rates.
Will I pay Stamp Duty?
First-time buyers currently pay nothing up to £300,000, then standard rates above. Always check current thresholds. Check out the latest stamp duty rates and What Fees Will I Pay and When?
What purchase schemes are available for first‑time buyers?
First Homes Scheme, Shared Ownership, Right to Buy/Acquire, Own New plus occasional lender initiatives. Suitability depends on your income, deposit, and property type. Check to see what home purchase schemes are available. You can also refer to Which Home Purchase Scheme Is Right for Me?
What fees and other costs should I expect?
Beyond your deposit, lender arrangement fees, valuation/survey fees, conveyancing, searches, Land Registry, buildings insurance, removals, and potential stamp duty. Ask for a personalised costed summary. See: Buying a Property — What Fees Will I Pay & When?
Should I arrange a survey?
Strongly recommended. Choice depends on the property you purchasing, it’s age, size, value, location etc: RICS Level 2 (HomeBuyer) for standard homes; Level 3 (Building Survey) for older/altered properties. See: Should I Arrange a Survey?
How should I make my first offer on a property?
Have your mortgage AIP ready, don’t disclose your maximum, and avoid pressure to use the agent’s broker. Start with a considered offer, not your highest. See: How to Make an Offer on a Property.
How much do solicitors charge?
Varies by firm and property. Rough guide: £1,200–£1,500 to purchase; ~£1,000 to sell; more for leasehold due to extra work. Request an itemised quote from several solicitors.
How much does it cost to remortgage?
Many lenders offer fee‑free packages (free legal/valuation or cashback). Lowest rates often include an arrangement fee. Watch for Early Repayment Charges if exiting early. See: How Much Does It Cost to Remortgage?
How long does it take to remortgage?
Typically 6–8 weeks but can be quicker. A product transfer with your current lender can be faster but isn’t always the best value, compare both routes. See: When Is the Best Time to Remortgage?
Can I port my mortgage without selling my current home?
If you plan to keep your current home (e.g. rent it out) and buy another, you’ll usually repay the old loan and take a new one; a Let‑to‑Buy remortgage can facilitate this. Some mortgages are “portable,” but new affordability and criteria apply. See: Let to Buy Mortgages — Move Without Selling Your Home Explained.
What are my options if I’m moving home?
Four common paths: 1) sell and buy with a new mortgage. 2) port your current deal. 3) let‑to‑buy (keep current home, buy new). 4) temporarily rent while you search. We’ll model costs, timings, and risks for each scenario.
How Do Buy-to-Let Mortgages Work?
Yes. Lenders assess expected rental income (interest coverage ratio), your income, deposit (often 25%+), and property type. Options include personal name vs. limited company. Refer to Is Limited Company Buy to Let right for me?
Get Started Today — We're Here to Help Answer More Mortgage FAQs
Navigating the journey of buying your first home, moving up, purchasing another property, or remortgaging can seem daunting. However, with the right information and support from our mortgages FAQs and more detailed articles in our Learning Centre, it’s entirely manageable. We’ve briefly addressed the most common questions to help you understand your options, prepare effectively, and make informed decisions every step of the way.
Whether you’re worried about deposits, credit issues, or choosing the right mortgage type, our clear guidance and helpful resources are designed to assist you in your mortgage journey.
and let our expert team simplify the mortgage process tailored to your unique circumstances. Your new home or better mortgage deal is closer than you think!
Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Not all Buy to Let Mortgages are regulated by the Financial Conduct Authority.
Typically we do not charge a fee for arranging a mortgage, however, the actual fee will depend on your circumstances.
Published by Adrian Collins, Founder of Beechwood Mortgages Ref: 219335 with review and approval from Stonebridge Mortgage Solutions Limited who is authorised and regulated by the Financial Conduct Authority Ref: 454811.
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