FAQs Mortgages

Meeting a new adviser can be a daunting prospect and it’s best to feel prepared.

To help you understand how we work, and assist you in your preparation for our initial meeting we have prepared some Frequently Asked Questions.

If we haven’t answered your question, please call us on 0800 612 8099 or email info@choicefinancialsolutions.com and we’ll do our best to answer it.

How much can I borrow?

Most lenders work on affordability calculators and the amount you can borrow varies depending on what you earn, your debts and even how many children you have. Different lenders will lend hugely varying amounts based on your circumstances and we choose not to have a calculator on our website for this reason. Our advisers will be able to work out your borrowing capacity after a five minute conversation.

What deposit will I need?

Most lenders will require a minimum 5-10% deposit, but there are some more specialist schemes available that require no deposit at all.

Rates get better with larger deposits and of course we would advise you of all the potential rates available with differing deposit levels.

Do I have to pay for advice?

In many cases the answer is no.

We will arrange your mortgage with whichever lender suits you and they will pay us a fee for the introduction of your mortgage. Most lenders get over 50% of their business through intermediaries like ourselves and it saves the lender the cost of employing mortgage advisers. The fee we receive does not affect your rate indeed in many cases you will get a better deal through an intermediary than you would directly with a bank.

For more complex situations, or mortgages below £100,000, we reserve the right to charge a fee. But this would only be with your prior agreement and after our initial free consultation.

Why should I use you?

Choice Financial Solutions provides expert independent mortgage advice for everyone from first-time buyers, home movers, remortgagers and experienced Buy to Let landlords. We provide advice and solutions from the whole intermediary market.

Our ability to see the whole market, to cut through the fine print and explain the pros and cons of each product makes your life easy. Our contacts and experience makes it all happen, from initial mortgage advice to money in the bank.

How long does it take to obtain a mortgage?

We can obtain an initial “agreement in principle” within minutes. To obtain a full mortgage offer the lender will want to survey the property and see proof of your income. This process will normally take between two and four weeks.

My bank has said no, does this mean I cannot get a mortgage?

No.

All banks have hugely varying criteria and where one bank says no another will happily lend. The benefit of using Choice is that we have extensive knowledge of all banks criteria and will do all of the research for you.

I am self-employed; does this cause a problem?

Most lenders will want two years’ history of your self-employment before they will consider lending. But, there is a number that will consider you with just one year’s accounts.

Lending criteria varies enormously from lender to lender but we can help by looking at the correct lender for your specific circumstances.

I have a less than perfect credit history; does this mean I cannot get a mortgage?

Not necessarily.

Whilst many high-street banks will say no, there are lenders available who will consider lending to you dependent on your individual circumstances. Our advisers will discuss your situation and within a short space of time will let you know the possibilities.

I am paying my lenders' Standard Variable Rate (SVR), should I look to change lender and remortgage?

In many cases the answer is yes.

Some lenders' variable rates are relatively high and there could be a substantial saving by changing lender. We will meet with you free of charge and assess the saving to be made. If there is no saving then we will tell you to continue with your existing lender. Remortgaging is very easy and can be done in three to four weeks.

My Estate Agent is pressuring me to use them to arrange my mortgage, do I have to?

Absolutely not!

Many Estate Agents charge you a fee for mortgage advice in addition to being paid by the mortgage lender. At Choice, we believe in fair remuneration for an excellent job so we do not charge a fee for our time in most circumstances.

We also work with the “whole of the intermediary market” whereas our research shows that most local Estate Agents work to a “restricted” panel of lenders.