FAQS

A bank or lender loans money with interest. in return, their loan is secured against the value of a person’s property. The details of the loan agreement are registered against the title of that property - this is known as a mortgage.

A decision in principle shows what a lender could be prepared to lend you. It’s also known as a mortgage in principle or an agreement in principle. It’ll give you an idea of what you can afford – handy for when you start house hunting. However, you have to complete a mortgage application form to secure a formal mortgage offer. That bit comes once you’ve found the home you want to buy.

With a fixed-rate mortgage, the amount you pay stays the same for an agreed term. This gives you peace of mind knowing your monthly repayments won’t change within that term – making budgeting easier. By contrast, with a variable-rate mortgage, the amount you pay can go up and down with the bank of england base rate. Not sure what the base rate is? It influences the interest rates that lenders charge for things, such as mortgages and other loans. So, if the base rate rises, your monthly repayments are likely to go up, and vice versa.

A mortgage broker, also known as a mortgage advisor, is a mortgage specialist who can help you plot a path through the maze. They can help find the best mortgage for you, based on your current situation. They can be invaluable if your application isn't straightforward, like you're going through a divorce or are self-employed.

This will not necessarily prevent you from getting a mortgage. our advisors have great success in helping clients with adverse credit. There are a number of lenders that we work closely with who are more favorable to clients who have previously had trouble sourcing finance. Talk to one of our advisors today for further information.