Mortgage FAQs

  • You will need a minimum of 5% deposit.  The more deposit you put in, the better the interest rates will be.  For example, if you put in 15% deposit this will get you a better interest rate than a 10% deposit.

  • The main things that dictate how much a person or couple can borrow is income and current credit commitments.  All lenders have different ways to calculate what someone can borrow. Have a look at our simple and easy calculator, this will give you a good guide on how much you can borrow for a mortgage. If you do want any further help or advice please send us a message to arrange a call.

  • This will vary depending on the loan amount, the term of the mortgage and the interest rate. Our easy mortgage repayment calculator with give you a good guide.

  • A repayment mortgage is guaranteed to pay off your mortgage by the end of the term as long as all payments have been made.

    An interest only mortgage is where your monthly payments are only covering the cost of the interest and your loan amount will remain the same.  At the end of the term, you would either need to sell the property to repay the mortgage or find another source to repay the loan.

  • As a minimum, the building itself needs to be insured.  We would usually recommend that you also insure the contents within your home too. Other insurances we recommend are life insurance and income protection insurance, all of which are quoted from a panel of highly rated providers.

  • Yes.  You can “remortgage” to another lender to take advantage of their better interest rates.  As part of our service we will contact you as you approach the final few months of your existing mortgage deal to provide you with details of the options available to you.

    • Stamp Duty Land Tax (SDLT): currently first time buyers are not required to pay SDLT.  Current percentages payable can be found at https://www.gov.uk/stamp-duty-land-tax
    • Solicitor’s fees: These are based on the purchase price.  Typically, First Time Buyers will pay £500-£1000.
    • Valuation fees: For most lenders these are also based on purchase price.  Many lenders offer free valuations, especially for first time buyers and remortgages.
    • Lenders arrangement fees: These can usually be either added to the mortgage or paid up front and average at about £999.00.
    • Mortgage broker fees: We charge competitive broker fees to our clients.  Existing clients get a significant reduction.
  • Yes, however you could have early repayment charges to pay if you have only had your mortgage product for a short amount of time.

  • Yes, most lenders allow up to 10% of the mortgage balance to be overpaid each year without incurring any penalties.

  • A Buy-to-Let mortgage is where you buy anther property specifically as an investment with the intention of letting it out.

  • Normally a minimum of 25% deposit.

  • Not for your main residence, but if you have investment properties that were bought on a Buy-to-Let basis, these will be subject to Capital Gains Tax.

  • This is a score that we all have and is based on how we have conducted our finances over the preceding six years and is used by Financial Services companies to assess our credit worthiness.
  • You can improve your score by proving that you can repay debt and cope with any credit commitment you have, such as loans and credit cards and by paying things like mobile phone bills and utility bills on time.  Also, it helps to be on the electoral role.
  • Yes, various things will be taken into consideration such as how many defaults have been registered, how long ago they were and how much they were for.
 Even what you defaulted on will be taken into consideration, but it is not a closed door from the lenders.

  • Yes, trust deeds can be very personal and you can enter into these for various reasons. Lenders take a holistic view of the full picture. If you have a decent savings pot its always worth the conversation.

  • Yes, we have access to over 90 lenders from high street to more specialist options. We have helped many people in the past in this scenario and sometime even managed to save them money compared to their bank.

    Yes, we have access to over 90 lenders from high street to more specialist options. We have helped many people in the past in this scenario and sometime even managed to save them money compared to their bank.

  • Yes, we have access to over 90 lenders from high street to more specialist options. We have helped many people in the past in this scenario and sometime even managed to save them money compared to their bank.

    Yes, we have access to over 90 lenders from high street to more specialist options. We have helped many people in the past in this scenario and sometime even managed to save them money compared to their bank.

Get in touch with Tony Flynn Mortgages to help you get the right deal on your mortgage.
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