FAQs

A

We understand that gathering documents can be a bind but don’t worry, our team are on hand to help and we’ll only need documents if you choose us to apply for a mortgage. As a minimum, we’ll need name and address ID, proof of deposit, proof of income and bank statements showing income and bills.

A

Not for us! Mortgage lender criteria can be complex, but there's no need to worry. Expert mortgage advisers, like ours at James Leighton, excel in navigating these intricacies. Lenders have specific rules for resale and new build properties, which they understand thoroughly. Choosing a new build specialist mortgage broker brings added advantages, such as access to dedicated underwriting teams, exclusive products, and even lenders not available through non-specialist brokers— all facilitated through our network Quilter Financial Planning. Your mortgage journey is in capable hands.

A

Yes, you can apply for a mortgage on an off-plan property with most banks and building societies. However, our advisers will consider key factors such as the expected completion date and the validity of mortgage offers, which typically last 6 months. Developers often provide a typical completion window of 3 months which is usually around 4-6 months in the future, so you’ll need a mortgage offer that accommodates this and any potential build delays. Despite the complexity, our expert advisers are well-equipped to guide you through this process.

A

Typically, your initial mortgage payment occurs roughly two weeks after legal completion. The specific date depends on the lender and direct debit setup time. This first payment covers interest for the days between completion and month-end, plus the entire next month. Completing near month-end results in a smaller initial payment compared to an early-month completion. It's advisable to budget for a double mortgage payment for the first month as a precaution; a topic our advisers will discuss with you.

A

There are many factors to consider in situations like this and you should seek guidance from a professional mortgage adviser to avoid paying unnecessary penalties. A mortgage adviser will be able to help you weigh up the costs of porting, and possibly topping up, with your current lender against the potential benefits of changing to a new lender.

A

A remortgage is when you replace your existing mortgage with one lender to one with another lender on the same property, perhaps to get a better deal or to borrow more money. If you transfer your existing mortgage terms to your onward purchase that is called porting. A home mover mortgage is a term to describe a new mortgage taken out by a home mover on their onward purchase.

When borrowing more money please note you should think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

A

Using a mortgage broker as part of your property move can be beneficial and save time. The broker will be able to assess your exact situation and offer realistic and advantageous options. Many people choose to use a broker as part of a property move due to the additional and ongoing support provided during what is a complex process.

A

This depends entirely on your circumstances. In general, your options are: Do nothing and roll onto the Standard Variable Rate, choose a new deal from your existing lender (called a Product Transfer) or change lender entirely (called a remortgage). However, there are so many other factors to consider and speaking to one of our specialist advisers is highly recommended - zero hassle and fee-free.

A

Fixed-rate mortgages mean fixed repayments which makes for easy budgeting and certainty for a number of years ahead. However, they lack flexibility because an early repayment charge will apply if you redeem the mortgage before the end of the fixed rate period. A variable rate product offers flexibility as they will usually have low or no early repayment charges (ERCs) and you might benefit if the Bank of England Base Rate drops.

A

Yes, clients with complex financial circumstances, such as being self-employed, being a contractor, having adverse credit, owning multiple properties, holding foreign passports and many other reasons, are well advised to speak to a broker. They will be able to use their experience and knowledge about lender criteria to open access to more lenders, often saving you time and money.

A

A Buy to Let mortgage is a loan for purchasing or refinancing residential property which is intended to be let to tenants rather than lived in by the borrower. Rates and fees are typically higher than those you would find with a standard residential mortgage.

A

The deposit for a Buy to Let mortgage is typically larger than for a standard residential mortgage. This is often 25% of the property’s value but can range from 20-40%. The size of the deposit can affect the interest rate and terms of the mortgage.

A

Buy to Let mortgages are typically for landlords and property investors, both individuals and companies. Lenders look at potential rental income, personal income, credit history and age, among other factors. Some lenders may require you to own your own home or have a certain number of existing properties.

A

Most Let to Buy mortgage lenders will offer a mortgage with up to a 75% LTV ratio. This means you will need to retain a 25% equity in the property even after accessing available equity to help fund the next property purchase. There might be some exceptions in the current market, which you can discuss with our Let to Buy mortgage advisers.

A

Yes, many homeowners use a Let to Buy mortgage to access some of their available equity, which is then used to contribute to the deposit for their next property purchase. There are pros and cons of accessing your equity, which our advisers will discuss with you and answer any of yout queries.

A

Let to Buy interest rates are subject to change and vary depending on current market conditions. However, you should expect Let to Buy interest rates to be comparable with Buy to Let mortgages. Our advisers can discuss current market conditions, so you have realistic expectations entering the mortgage market.

A

Depending on your situation, preferences and long-term property investment goals, it could be beneficial to begin your investment journey by setting up a limited company from the outset. As this decision will depend on personal needs and objectives, it is best discussed with a professional mortgage adviser from our team who specialises in this area.

A

Each lender will have their own lending criteria for a Limited Company Buy to Let mortgage. You could be expected to put down a greater deposit to secure the mortgage and subjected to more restrictive affordability stress tests compared to standard residential mortgages. This is to protect the lender but also for your financial safety.

A

Tax rules applied to Buy to Let investments held under a limited company structure are subject to different rules than if they were held personally. For example, limited companies don’t have to pay Capital Gains Tax when investments are disposed of. The tax rules are extensive and, because of that, we would always advise you to consult with a tax specialist.

Tax treatment varies according to individual circumstances and is subject to change.

A

Your income structure doesn’t directly affect your mortgage interest rate. However, the more complex your income, the number of lenders that will accept you reduce which may mean that the number of deals available is less. Working with an experienced mortgage brokerage, like James Leighton, will ensure that the highest quality research is carried out and the maximum number of lenders are made available to you.

A

Yes, you can apply for a joint mortgage even if both you and your partner have complex incomes. Lenders will consider the total income from all applicants when assessing your mortgage application. However, you may need to provide additional documentation to verify your incomes.

A

A mortgage broker will carefully assess your income and, based on their experience and knowledge, identify the lenders who will offer you the best value mortgage. A broker will also communicate directly with underwriters and relationship managers at the lenders to make sure that the application runs smoothly.

A

Yes, scores of lenders understand that many self-employed workers have fluctuating income and will still offer mortgage deals. Often it just requires the applicant to prove their income in different ways, such as providing tax returns rather than standard payslips. We work with you to help submit accurate information.

A

It’s possible to harness business assets to meet mortgage eligibility requirements. This may come with pros and cons, which are best discussed on a case-by-case basis with a qualified mortgage adviser. Our team has experience in this area and is always on hand to explain the details to you. 

A

Self-employed workers usually need to prove their income by supplying previous tax returns and/or bank statements. Some lenders will require the applicant to have been self-employed for a minimum duration before considering them for a mortgage. However, not all lenders are the same and eligibility criteria differ.

A

Yes! The housing association which owns part of your home will charge a rent of 2.75% of the value of their share of your property. For example, if you have a 50% Shared Ownership of a £200,000 property then the housing association owns £100,000 of it. Their annual rent of 2.75% would be £2750 per year, or £229.16 a month.

Our specialist mortgage advisers can help you work out if you can afford the rent and your mortgage payment on the half you own.

A

The Shared Ownership scheme is only for first-time buyers, existing Shared Ownership homeowners looking to move and people who have previously owned a home but aren’t in a position financially to buy one now. Contact our team today to confirm your eligibility.

A

You can buy between 10% and 75% of any home. However, the property must be owned by an approved not-for-profit housing association whose main aim is to supply housing. They’ll own the rest of the property and you’ll need to pay them rent.

A

We understand that gathering documents can be a bind but don’t worry, our team are on hand to help and we’ll only need documents if you choose us to apply for a mortgage. As a minimum, we’ll need name and address ID, proof of deposit, proof of income and bank statements showing income and bills.

A

Not for us! Mortgage lender criteria can be complex, but there's no need to worry. Expert mortgage advisers, like ours at James Leighton, excel in navigating these intricacies. Lenders have specific rules for resale and new build properties, which they understand thoroughly. Choosing a new build specialist mortgage broker brings added advantages, such as access to dedicated underwriting teams, exclusive products, and even lenders not available through non-specialist brokers— all facilitated through our network Quilter Financial Planning. Your mortgage journey is in capable hands.

A

Yes, you can apply for a mortgage on an off-plan property with most banks and building societies. However, our advisers will consider key factors such as the expected completion date and the validity of mortgage offers, which typically last 6 months. Developers often provide a typical completion window of 3 months which is usually around 4-6 months in the future, so you’ll need a mortgage offer that accommodates this and any potential build delays. Despite the complexity, our expert advisers are well-equipped to guide you through this process.

A

Typically, your initial mortgage payment occurs roughly two weeks after legal completion. The specific date depends on the lender and direct debit setup time. This first payment covers interest for the days between completion and month-end, plus the entire next month. Completing near month-end results in a smaller initial payment compared to an early-month completion. It's advisable to budget for a double mortgage payment for the first month as a precaution; a topic our advisers will discuss with you.

A

There are many factors to consider in situations like this and you should seek guidance from a professional mortgage adviser to avoid paying unnecessary penalties. A mortgage adviser will be able to help you weigh up the costs of porting, and possibly topping up, with your current lender against the potential benefits of changing to a new lender.

A

A remortgage is when you replace your existing mortgage with one lender to one with another lender on the same property, perhaps to get a better deal or to borrow more money. If you transfer your existing mortgage terms to your onward purchase that is called porting. A home mover mortgage is a term to describe a new mortgage taken out by a home mover on their onward purchase.

When borrowing more money please note you should think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

A

Using a mortgage broker as part of your property move can be beneficial and save time. The broker will be able to assess your exact situation and offer realistic and advantageous options. Many people choose to use a broker as part of a property move due to the additional and ongoing support provided during what is a complex process.

A

This depends entirely on your circumstances. In general, your options are: Do nothing and roll onto the Standard Variable Rate, choose a new deal from your existing lender (called a Product Transfer) or change lender entirely (called a remortgage). However, there are so many other factors to consider and speaking to one of our specialist advisers is highly recommended - zero hassle and fee-free.

A

Fixed-rate mortgages mean fixed repayments which makes for easy budgeting and certainty for a number of years ahead. However, they lack flexibility because an early repayment charge will apply if you redeem the mortgage before the end of the fixed rate period. A variable rate product offers flexibility as they will usually have low or no early repayment charges (ERCs) and you might benefit if the Bank of England Base Rate drops.

A

Yes, clients with complex financial circumstances, such as being self-employed, being a contractor, having adverse credit, owning multiple properties, holding foreign passports and many other reasons, are well advised to speak to a broker. They will be able to use their experience and knowledge about lender criteria to open access to more lenders, often saving you time and money.

A

A Buy to Let mortgage is a loan for purchasing or refinancing residential property which is intended to be let to tenants rather than lived in by the borrower. Rates and fees are typically higher than those you would find with a standard residential mortgage.

A

The deposit for a Buy to Let mortgage is typically larger than for a standard residential mortgage. This is often 25% of the property’s value but can range from 20-40%. The size of the deposit can affect the interest rate and terms of the mortgage.

A

Buy to Let mortgages are typically for landlords and property investors, both individuals and companies. Lenders look at potential rental income, personal income, credit history and age, among other factors. Some lenders may require you to own your own home or have a certain number of existing properties.

A

Most Let to Buy mortgage lenders will offer a mortgage with up to a 75% LTV ratio. This means you will need to retain a 25% equity in the property even after accessing available equity to help fund the next property purchase. There might be some exceptions in the current market, which you can discuss with our Let to Buy mortgage advisers.

A

Yes, many homeowners use a Let to Buy mortgage to access some of their available equity, which is then used to contribute to the deposit for their next property purchase. There are pros and cons of accessing your equity, which our advisers will discuss with you and answer any of yout queries.

A

Let to Buy interest rates are subject to change and vary depending on current market conditions. However, you should expect Let to Buy interest rates to be comparable with Buy to Let mortgages. Our advisers can discuss current market conditions, so you have realistic expectations entering the mortgage market.

A

Depending on your situation, preferences and long-term property investment goals, it could be beneficial to begin your investment journey by setting up a limited company from the outset. As this decision will depend on personal needs and objectives, it is best discussed with a professional mortgage adviser from our team who specialises in this area.

A

Each lender will have their own lending criteria for a Limited Company Buy to Let mortgage. You could be expected to put down a greater deposit to secure the mortgage and subjected to more restrictive affordability stress tests compared to standard residential mortgages. This is to protect the lender but also for your financial safety.

A

Tax rules applied to Buy to Let investments held under a limited company structure are subject to different rules than if they were held personally. For example, limited companies don’t have to pay Capital Gains Tax when investments are disposed of. The tax rules are extensive and, because of that, we would always advise you to consult with a tax specialist.

Tax treatment varies according to individual circumstances and is subject to change.

A

Your income structure doesn’t directly affect your mortgage interest rate. However, the more complex your income, the number of lenders that will accept you reduce which may mean that the number of deals available is less. Working with an experienced mortgage brokerage, like James Leighton, will ensure that the highest quality research is carried out and the maximum number of lenders are made available to you.

A

Yes, you can apply for a joint mortgage even if both you and your partner have complex incomes. Lenders will consider the total income from all applicants when assessing your mortgage application. However, you may need to provide additional documentation to verify your incomes.

A

A mortgage broker will carefully assess your income and, based on their experience and knowledge, identify the lenders who will offer you the best value mortgage. A broker will also communicate directly with underwriters and relationship managers at the lenders to make sure that the application runs smoothly.

A

Yes, scores of lenders understand that many self-employed workers have fluctuating income and will still offer mortgage deals. Often it just requires the applicant to prove their income in different ways, such as providing tax returns rather than standard payslips. We work with you to help submit accurate information.

A

It’s possible to harness business assets to meet mortgage eligibility requirements. This may come with pros and cons, which are best discussed on a case-by-case basis with a qualified mortgage adviser. Our team has experience in this area and is always on hand to explain the details to you. 

A

Self-employed workers usually need to prove their income by supplying previous tax returns and/or bank statements. Some lenders will require the applicant to have been self-employed for a minimum duration before considering them for a mortgage. However, not all lenders are the same and eligibility criteria differ.

A

Yes! The housing association which owns part of your home will charge a rent of 2.75% of the value of their share of your property. For example, if you have a 50% Shared Ownership of a £200,000 property then the housing association owns £100,000 of it. Their annual rent of 2.75% would be £2750 per year, or £229.16 a month.

Our specialist mortgage advisers can help you work out if you can afford the rent and your mortgage payment on the half you own.

A

The Shared Ownership scheme is only for first-time buyers, existing Shared Ownership homeowners looking to move and people who have previously owned a home but aren’t in a position financially to buy one now. Contact our team today to confirm your eligibility.

A

You can buy between 10% and 75% of any home. However, the property must be owned by an approved not-for-profit housing association whose main aim is to supply housing. They’ll own the rest of the property and you’ll need to pay them rent.