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Frequently asked questions

  • What is the minimum deposit required to get a mortgage in the UK?

    The minimum deposit required for a mortgage in the UK typically ranges from 5% to 20% of the property's value. However, most lenders prefer a deposit of at least 10%. A higher deposit often results in better mortgage rates and lower monthly payments. For first-time buyers, there are schemes such as Help to Buy, which can assist with a lower deposit.

  • How does my credit score affect my mortgage application?

    Your credit score is a crucial factor in determining your eligibility for a mortgage and the interest rate you may be offered. A higher credit score usually indicates to lenders that you are a low-risk borrower, which can result in more favourable mortgage terms. Conversely, a lower credit score might limit your mortgage options and result in higher interest rates. It’s advisable to check and improve your credit score before applying for a mortgage.

  • What types of mortgages are available in the UK?

    In the UK, there are several types of mortgages available, including:

    • Fixed-Rate Mortgages: The interest rate remains the same for a set period, typically 2, 3, 5, or 10 years.
    • Variable-Rate Mortgages: The interest rate can change over time, usually in line with the Bank of England’s base rate.
      • Standard Variable Rate (SVR): The lender’s default rate, which can change at any time.
      • Tracker Mortgages: The interest rate tracks the Bank of England’s base rate plus a fixed percentage.
      • Discount Mortgages: Offer a discount off the lender's SVR for a certain period.
    • Interest-Only Mortgages: You pay only the interest each month, with the full loan amount due at the end of the mortgage term.

  • What additional costs should I consider when taking out a mortgage?

    In addition to your monthly mortgage payments, there are several other costs to consider when taking out a mortgage, including:

    • Valuation Fees: For the lender to assess the property's value.
    • Survey Costs: To identify any structural issues with the property.
    • Legal Fees: For the conveyancing process.
    • Stamp Duty: A tax on properties over a specific value, with different rates depending on the property's price.
    • Broker Fees: A mortgage broker will typically charge a fee to find you a mortgage deal.
    • Mortgage Arrangement Fees: Charged by the lender for setting up the mortgage.
    • Moving Costs: Including removal services and potential new furniture or repairs.

    It’s important to budget for these costs to avoid any financial surprises.