1. Do I need great credit to get a mortgage?

Not necessarily, but it will certainly help. It is possible to get a conventional mortgage with a lower credit score. However, be aware that the lower your score, the higher your interest rate will be.

2. How much deposit do I need?

The short answer is that you can get a mortgage with as little as 5% deposit, however as it might suggest the higher deposit you can put down will help you obtain the best mortgage rates and deals available.

3. What costs are involved?

Our services are initially free. If you wish to proceed with an application our broker fee ranges from £199-£599 depending on services required and the timescales involved.

4. What type of mortgage is best for me?

Everyone's circumstances are different which is why we free advice to establish what the best product would be for you. We take into consideration many factors such as income, credit score and financial commitments. The best thing to do would be have a chat with us so we can determine your best options.

5. Should I get a 25-year or 35-year term loan?

This depends on how much you want to stretch your budget - If you can afford the higher monthly payments you will naturally pay off the mortgage loan quicker, you will also save a tremendous amount of interest. On the other hand, a 35-year mortgage will cost less per month leaving you with more disposable income.

6. What documentation should I gather?

Your lender may ask for many different items, but in general, be prepared to show all of the following:

  • Income verification (Last three years SA302 and overview tax returns if self employed, If employed 3 months payslips and latest year P60)
  • Passport and Drivers' license
  • Bank statements (3 months)
  • Proof of deposit funds (and an explanation of where they came from, if it's not obvious). Family and friend gifts are acceptable to some lenders (see below)
  • If some or all of your deposit is coming from a gift, you will need a gifted deposit letter from the source of the funds that confirm they are gift, not a loan. We will supply you with the letters for this don't worry.

7. What is a first appointment?

A first appointment is a basic review of your finances to determine if you would qualify for a mortgage. In general, a first appointment is based on unverified information you provide and does not include a credit check and is therefore not a firm guarantee of a loan.

8. How long does it take to get my mortgage?

The short answer is that a lot of things need to happen between you submitting your mortgage application and you taking ownership of your home. The average completion time with Love financial is around 10 weeks from application stage.

9. Will my monthly payments change during the loan term?

Probably. Even with a fixed-rate loan, your payment is likely to change after the end of the fixed term. We will work with you towards the end of the term to advise you and make sure you get the best advice to ensure you get the best deals and rates moving forward.