Question 1

What documents do I need to supply my mortgage broker with?

Accepted Answer

Hope Mortgage Solutions will need to see the following as a minimum:
 - Proof of ID, for example a passport or driving licence. 
 - Proof of residence, for example a council tax or utility bill.
 - Proof of income, 3 months' payslips if you are employed, 2 years' SA302's and the corresponding tax year overviews if you are self employed. 
 - 3 months' personal bank statements. 
 - In some cases proof of deposit may be required, speak to your adviser for more information.

Question 2

How long do I need to have been self-employed to get a mortgage?

Accepted Answer

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. 
See our page on Self-Employed Mortgages for more information.

Question 3

How long do I need to have been employed to get a mortgage?

Accepted Answer

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.

Question 4

Can I get a mortgage if I have just moved to the UK?

Accepted Answer

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. 
Please be aware that by clicking on to the above links you are leaving Hope Mortgage Solutions website. Please note that Hope Mortgage Solutions or HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Question 5

Can I get a mortgage if I live abroad?

Accepted Answer

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.

Question 6

How much stamp duty land tax will I need to pay?

Accepted Answer

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. 
If you are a first time buyer, as of 22nd November 2017 you no longer pay any stamp duty land tax up to £300,000 property value. 
Be mindful that if you already own a property in the UK then you may be liable to pay increased stamp duty rates. 
You can see the stamp duty rates and property bandings here
You can use an online stamp duty land tax calculator to calculate your stamp duty liability here
Please be aware that by clicking on to the above links you are leaving Hope Mortgage Solutions website. Please note that Hope Mortgage Solutions or HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Question 7

Do you charge any fees?

Accepted Answer

Yes Hope Mortgage Solutions do charge a fee for it's services, a typical fee is £495, see our initial disclosure document for more information on our fee scale.

Question 8

Can I get a mortgage if I have bad credit?

Accepted Answer

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. 
3rd Party link disclaimer to be added beneath link -  Please be aware that by clicking on to the above links you are leaving Hope Mortgage Solutions website. Please note that Hope Mortgage Solutions nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Question 9

What size deposit do I need for a mortgage?

Accepted Answer

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. 
If you are struggling with saving a deposit but keen to get on the property ladder you may wish to consider a shared ownership mortgage as the deposit required is based on the share of the property you are purchasing, as opposed to the full market value.

Question 10

What size deposit do I need for a buy to let mortgage?

Accepted Answer

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.

Question 11

Can I get a mortgage on a property that is in disrepair, or non-standard construction?"

Accepted Answer

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. 
 
Looking at a heavier development project? See our page on development finance

FREQUENTLY ASKED QUESTIONS