Frequently Asked Questions

A mortgage broker acts as an intermediary between you and potential lenders. We:

• Search the market to find the best mortgage deals for your circumstances
• Handle the application process and paperwork on your behalf
• Provide expert advice tailored to your financial situation
• Negotiate with lenders to get you the best possible terms
• Support you through to completion and beyond

At aFinancial, we have access to thousands of mortgage products from across the market, including exclusive deals not available directly to consumers.

Our fees vary depending on the complexity of your case. For most standard residential mortgages, we typically charge a broker fee upon completion. However, we always discuss our fees upfront before you commit to anything.

You can view our full fee structure on our pricing page or contact us for a personalized quote.

Many clients find that the money we save them by finding a better mortgage deal more than covers our fee.

The timeline can vary, but typically:

• Initial consultation: 30-60 minutes
• Decision in Principle: Same day to 48 hours
• Full mortgage application: 1-2 weeks
• Lender processing: 2-6 weeks
• Completion: 8-12 weeks from offer acceptance

We work efficiently to speed up the process wherever possible and keep you informed at every stage.

Yes, we strongly recommend getting a Decision in Principle (DIP) before you start seriously house hunting. A DIP:

• Shows estate agents and sellers you're a serious buyer
• Gives you a realistic budget to work with
• Speeds up the process when you find the right property
• Doesn't commit you to taking out the mortgage

We can typically arrange a Decision in Principle within 24-48 hours. Contact us to get started.

Fixed Rate Mortgage: Your interest rate stays the same for a set period (typically 2, 3, 5, or 10 years). Your monthly payments remain constant, making budgeting easier.

Variable Rate Mortgage: Your interest rate can go up or down. Types include:

• Standard Variable Rate (SVR): Set by your lender and can change at any time
• Tracker Mortgage: Follows the Bank of England base rate
• Discount Mortgage: A discount off the lender's SVR for a set period

Fixed rates offer certainty, while variable rates may offer lower initial rates but carry more risk. We'll help you choose the right option for your circumstances.

Want to know why mortgage rates do not always fall when the Bank of England cuts the base rate? Read our guide.

Repayment Mortgage: Each monthly payment covers both the interest and part of the capital. At the end of the mortgage term, you'll own your home outright.

Interest-Only Mortgage: You only pay the interest each month. The capital amount remains the same throughout the term, and you'll need to repay it in full at the end (usually through savings, investments, or selling the property).

Most residential mortgages are repayment mortgages. Interest-only mortgages are more common for buy-to-let properties.

A Buy-to-Let (BTL) mortgage is specifically designed for purchasing property you intend to rent out to tenants. Key differences from residential mortgages:

• Higher deposit requirements (typically 25-40%)
• Affordability assessed based on rental income, not your salary
• Usually interest-only repayment
• Higher interest rates than residential mortgages
• Additional legal and tax considerations

Use our BTL mortgage calculator to estimate your borrowing capacity.

Yes! While self-employed mortgages can be more complex, we specialize in helping self-employed individuals secure great mortgage deals.

You'll typically need:

• 2-3 years of accounts or tax returns (SA302 forms)
• Proof of ongoing contracts or work
• Business bank statements
• Evidence of your deposit

Some lenders are more flexible with self-employed applicants than others, which is where our expertise really helps. Contact us to discuss your specific situation.

The minimum deposit varies by mortgage type:

• First-time buyers: Typically 5-10% (some schemes allow less)
• Home movers: Usually 10-15% minimum
• Buy-to-Let: Typically 25-40%

However, the larger your deposit, the better interest rates you'll typically access. A 15-20% deposit usually gets you much better rates than 5-10%.

Use our maximum mortgage calculator to see how different deposit sizes affect your borrowing.

Most lenders will lend between 4-5.5 times your annual income, though this varies based on:

• Your income and employment status
• Your monthly outgoings and existing debts
• Your credit history
• The size of your deposit
• Number of dependents

Complete our online affordability assessment for a personalized calculation, or use our quick calculator for an estimate.

Loan-to-Value (LTV) is the ratio between your mortgage amount and the property value, expressed as a percentage.

Example: If you're buying a £200,000 property with a £20,000 deposit, you need a £180,000 mortgage. Your LTV is 90% (£180,000 ÷ £200,000).

Lower LTVs generally get better interest rates:

• 60% LTV or less: Best rates available
• 75% LTV: Very competitive rates
• 85-90% LTV: Higher rates, fewer product options
• 95% LTV: Limited products, highest rates

Yes, your credit history is one of the most important factors lenders consider. They'll look at:

• Your credit score with major credit reference agencies
• History of missed payments or defaults
• County Court Judgments (CCJs) or bankruptcy
• Level of existing debt
• Credit utilization on cards and loans

We recommend checking your credit report before applying. Get your free statutory credit report or try CheckMyFile for comprehensive monitoring.

Even with poor credit, we can often find suitable lenders - it's what we specialize in.

You'll typically need:

Proof of Identity:

• Passport or driving license
• Recent utility bill (within 3 months)

Proof of Income:

• 3 months' payslips (employed)
• 2-3 years' accounts/tax returns (self-employed)
• Bank statements showing salary credits

Proof of Deposit:

• 3-6 months' bank statements
• Evidence of gifted deposits (if applicable)

Property Information:

• Property details and sale agreement
• Solicitor's details

Download our full document checklist for more details.

Yes, you can apply for a joint mortgage with up to 4 people (though most lenders prefer 2). This is common for:

• Couples (married or not)
• Friends buying together
• Family members pooling resources

All applicants' incomes are considered, but so are all their debts and commitments. Everyone is equally liable for the full mortgage amount.

We strongly recommend getting legal advice about ownership structure (joint tenants vs tenants in common) before proceeding.

Once you receive your formal mortgage offer:

1. Review the offer: Check all details are correct
2. Instruct your solicitor: They'll handle the legal work
3. Property survey: Lender arranges a valuation; consider getting your own survey
4. Exchange contracts: You're legally committed to buy (usually lose deposit if you pull out)
5. Completion: Keys are handed over, and you own the property!

We'll support you through each stage and liaise with your solicitor and the lender to ensure a smooth process.

Mortgage arrangement fees (also called product fees or booking fees) are charged by lenders for setting up your mortgage. They typically range from £0 to £2,000+.

You can usually either:

• Pay upfront: Pay the fee when you take out the mortgage
• Add to mortgage: Add it to your loan amount (but you'll pay interest on it)

Higher fees don't always mean better deals - we'll calculate the true cost including fees to find the best overall package for you.

Consider remortgaging when:

• Your fixed rate deal is ending (typically 2-5 years)
• You're on your lender's Standard Variable Rate (SVR)
• Interest rates have dropped significantly
• You want to borrow more (for home improvements, debt consolidation)
• Your property value has increased significantly
• You want to switch from interest-only to repayment

We recommend reviewing your mortgage 3-6 months before your fixed period ends to avoid early repayment charges and secure the best new deal.

Early Repayment Charges are fees you pay if you pay off your mortgage (or a significant chunk of it) before the end of a fixed or discounted period.

ERCs are usually calculated as a percentage of the outstanding balance:

• Year 1: Often 3-5%
• Year 2: 2-4%
• Year 3+: 1-2%

Most mortgages allow you to overpay up to 10% per year without charges. Check your mortgage terms or contact us to review your situation.

Usually yes, but it depends:

• Same lender (product transfer): Often no valuation needed
• New lender: Usually requires a valuation, though sometimes they use automated valuation models (AVMs)
• Borrowing more: Always requires a valuation

The good news: if your property value has increased since you bought it, your LTV will be better, potentially qualifying you for better rates.

While not legally required, life insurance (particularly Decreasing Term Life Insurance or Mortgage Protection Insurance) is strongly recommended to:

• Protect your family from losing the home if you die
• Cover the outstanding mortgage balance
• Provide peace of mind

We offer comprehensive protection advice alongside mortgage services. Learn more on our protection page or book an insurance consultation.

Buildings Insurance: Covers the structure of your home (walls, roof, fixtures). This is mandatory if you have a mortgage.

Contents Insurance: Covers your belongings (furniture, electronics, clothing). Optional but highly recommended.

Get a competitive quote through our partner Paymentshield, who offer 5-star cover with free annual reviews.

Income Protection insurance pays out a regular income (typically up to 60% of your salary) if you're unable to work due to illness or injury. It continues until you can return to work or until the policy term ends.

It's different from:

• Critical Illness Cover: Pays a lump sum if you're diagnosed with a specified serious illness
• Payment Protection Insurance (PPI): The controversial product that's now largely discontinued

Speak to our protection specialists about which cover is right for you.

Stamp Duty Land Tax (SDLT) is a tax paid when you buy property in England and Northern Ireland. The amount depends on:

• The property price
• Whether you're a first-time buyer (reduced rates/exemption)
• Whether it's an additional property (3% surcharge)

First-time buyers pay no stamp duty on properties up to £425,000 (and reduced rates up to £625,000).

Calculate your stamp duty using the official HMRC calculator.

Conveyancing (legal) fees typically range from £850 to £1,500+ depending on:

• Property value and location
• Whether you're buying, selling, or both
• Complexity of the transaction
• Whether it's freehold or leasehold

This usually includes legal fees, searches, and Land Registry fees. Get competitive quotes from our panel of conveyancers via this link.

While your lender will arrange a basic valuation, this is for their benefit, not yours. We strongly recommend getting your own survey:

• Condition Report (Level 1): £250-400 - Basic visual inspection
• HomeBuyer Report (Level 2): £400-900 - More detailed inspection, good for standard properties
• Building Survey (Level 3): £600-1,500+ - Comprehensive survey, recommended for older/unusual properties

A survey can identify costly issues before you commit, potentially saving thousands. Find qualified surveyors at RICS.