Mortgage FAQs

Many lenders ask for a minimum deposit of 5%, although your options can depend on your circumstances. A larger deposit may give you access to lower interest rates, so a 15% deposit could open up better rates than a 10% deposit.

It mainly depends on your income and your existing credit commitments, and each lender calculates affordability differently. Our borrowing calculator can give you a rough guide, and Tony can talk through what may be possible for you.

This depends on the loan amount, the mortgage term and the interest rate. Our mortgage repayment calculator can give you a good guide.

With a repayment mortgage, each payment covers interest and part of the loan, so the mortgage is paid off by the end of the term as long as payments are maintained. With an interest only mortgage, your payments only cover the interest and the loan amount stays the same, so you would need a way to repay the loan at the end of the term. Interest only is not suitable for everyone.

Lenders usually require the building to be insured. It is also worth considering contents insurance, life insurance and income protection to help protect you and your family. Tony can arrange quotes from a panel of providers.

Yes. You can remortgage to another lender to take advantage of a better rate, and this is often possible up to six months before your current deal ends. Watch out for early repayment charges if you leave a deal early.

Typical costs include Land and Buildings Transaction Tax (LBTT) in Scotland, solicitor fees, valuation fees, lender arrangement fees and any mortgage adviser fee. First-time buyer relief may apply to LBTT. Tony can talk you through the likely costs for your purchase.

Usually yes, but you may have to pay early repayment charges if you do so during a fixed or discounted period.

Most lenders allow overpayments up to a set limit each year, commonly 10% of the balance, without charge during a deal. Check your own lender's terms.

There may be a fee for mortgage advice, which Tony will explain before you go ahead. Ask for a free initial chat and you will know exactly what to expect.

You do not have to use one, but an adviser can compare deals across a wide panel of lenders and help you understand your options, paperwork and timescales.