FREQUENTLY ASKED QUESTIONS
What documents do I need to supply my mortgage broker with?
Hope Mortgage Solutions will need to see the following as a minimum:
How long do I need to have been self-employed to get a mortgage?
Usually, lenders require clients to have been self-employed for at least 2 years, however Hope Mortgage Solutions can offer mortgage options to clients who have been self-employed for just 1 year or sometimes less depending on profession and induvidual circumstances.
How long do I need to have been employed to get a mortgage?
Although most lenders like to see 3 months' payslips to prove track history of employment, Hope Mortgage Solutions can offer mortgage solutions to those who have been employed for just 1 day, other factors such as the size of your deposit and whether you are in a probationary period may be considered, speak to your adviser for more information.
Can I get a mortgage if I have just moved to the UK?
Although there are lenders that do not require you to have lived in the UK for a minimum period of time, it is heavily dependent on whether you pass their credit checks, and not having a UK address history or any active lines of credit in the UK can impact this. It is highly recommended to download a copy of your credit file from a credit referencing agency (Equifax, Experian or Noddle are some options) and send this over to Hope Mortgage Solutions to check before making an application.
Can I get a mortgage if I live abroad?
Yes, Hope Mortgage Solutions can offer mortgage solutions for expatriates living abroad as long as the property being purchased is in the UK. This may be a property to let or for you and your family to live in on your return to the UK. Speak to us for more information on our expat mortgages. 0117 914 7471.
How much stamp duty land tax will I need to pay?
When you purchase a property at a price of £125,000 or more you will incur a stamp duty land tax liability, the rates of stamp duty increase with increasing portions of the property value.
Do you charge any fees?
Yes Hope Mortgage Solutions do charge a fee for it's services, a typical fee is £395, this is discounted to £295 for first time buyers and £199 for a like-for-like re-mortgage. Hope Mortgage Solutions operate a lifetime fee scheme, this means once you have paid a fee you are entitled to free mortgage advice for life - see more on our lifetime fee scheme
Can I get a mortgage if I have bad credit?
It is possible to get a mortgage if you have impared credit showing on your credit file (missed payments, CCJ, IVA). Lenders need to see evidence that you are no longer in any sort of financial difficulty to ensure repsonible lending. Generally a larger deposit is required depending on what the credit report looks like, and will often need this to be supported by an explanation of a life event that has taken place that has resulted in financial difficulties. It is highly recommended to download a copy of your credit file from a credit referencing agency (Equifax, Experian or Noddle are some options) and send this over to Hope Mortgage Solutions to check before making an application.
What size deposit do I need for a mortgage?
The size of the deposit you have will have an impact on the interest rates available to you, therefore the higher the deposit the cheaper the mortgage. However Hope Mortgage Solutions can secure mortgage products where as little as 5% of the property value is required.
What size deposit do I need for a buy to let mortgage?
Hope Mortgage Solutions can secure buy to let mortgages where as little as a 15% deposit is required, however the rental income being received will need to be sufficient to support the rest of the loan using the lenders rental calculations - see our buy to let mortgages page for more information.
Can I get a mortgage on a property that is in disrepair, or non-standard construction?
In most cases, the lender will need to complete a valuation on a property before it is deemed suitable for mortgage purposes. Before making any financial commitment, is highly recommended you arrange for an indepedent survey to be carried out on the property, should you have any concerns of this nature. Speak to Hope Mortgage Solutions who can recommend an independent surveyor from a nationwide panel.