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Mortgage Advice
What is mortgage advice?
For first-time buyers, we provide comprehensive support throughout the process, explaining all the costs involved and helping you explore options like government schemes that can make your dream of homeownership a reality. If you’re considering remortgaging, we’ll review your current deal and help you secure a better rate, release equity, or consolidate debts, depending on your goals. For buy-to-let investors, we offer tailored advice on mortgages that suit property portfolios, rental income considerations, and deposit requirements.
We also specialise in advising clients with more complex circumstances, such as self-employed individuals, those with adverse credit histories, or those purchasing non-standard properties. Our extensive experience means we’re equipped to handle even the most challenging situations, ensuring you don’t miss out on the best options available.
At Three Key Mortgages, we don’t just stop at finding the right mortgage. We’re here to support you throughout the entire process, from the initial consultation to the final completion. Our team will handle the paperwork, liaise with lenders on your behalf, and ensure everything progresses smoothly. Even after you’ve secured your mortgage, we’ll continue to offer support, reviewing your deal when circumstances change and helping you adapt to new financial goals.
With our expert guidance, you can be confident that you’re making the right choices for your future. Whether you’re stepping onto the property ladder, switching to a better deal, or growing your property investments, Three Key Mortgages is here to provide the advice and support you need to achieve your goals.
How We Help You Through the Mortgage Process
Step 1: Free Consultation & Affordability Assessment
The process begins with a consultation where we assess your financial situation, including income, expenses, and credit history. This allows us to determine your borrowing capacity and recommend mortgage options that align with your budget and future financial goals.
Step 2: Agreement in Principle (AIP)
Once we have evaluated your affordability, we help you secure an Agreement in Principle (AIP). This is a provisional indication from a lender confirming how much they may be willing to lend based on an initial review of your finances. An AIP strengthens your position when making an offer on a property, showing sellers that you are a serious buyer.
Step 3: Finding the Best Mortgage Deal
We compare a wide range of mortgage lenders to find the most competitive interest rates, repayment terms, and conditions. Unlike banks that offer limited in-house products, we search the market to secure the most suitable mortgage for your needs.
Step 4: Application Support & Documentation Guidance
Submitting a mortgage application can be complex. We assist with gathering the necessary documentation, liaising with lenders, and ensuring your paperwork is completed correctly. This helps to avoid delays and improves your chances of approval.
Step 5: Mortgage Offer & Approval
Once your application is approved, the lender will issue a formal mortgage offer outlining the loan terms. We review this document with you to ensure you fully understand the agreement, including interest rates, repayment structures, and any associated fees.
Step 6: Completion and Post-Completion Support
After the legal process and contracts are completed, you can officially secure your mortgage and take ownership of your property. Even after completion, we continue to offer guidance, assisting with remortgaging, future mortgage planning, and financial advice as needed.
Frequently asked Questions (FAQ)
How much can I borrow for a mortgage?
The amount you can borrow depends on your income, credit score, outstanding debts, and the lender's criteria. Most lenders offer between 4 to 4.5 times your annual salary, but affordability assessments also consider your monthly expenses and financial commitments.
What is an Agreement in Principle (AIP), and why do I need one?
An Agreement in Principle (AIP) is a preliminary statement from a lender indicating how much they are willing to lend based on an initial financial assessment. It strengthens your position when making an offer on a property, showing sellers you are a serious buyer.
What deposit do I need for a mortgage?
For most mortgages, you need a minimum deposit of 5% of the property’s value. A higher deposit (e.g., 10-20%) often results in better interest rates and lower monthly repayments.
Can I get a mortgage if I’m self-employed?
Yes, but self-employed borrowers typically need to provide at least two to three years of tax returns and bank statements to prove their income stability. Lenders may also require evidence of ongoing contracts or future earnings.
What additional costs should I consider when getting a mortgage?
Aside from your deposit, you should budget for stamp duty, solicitor fees, mortgage arrangement fees, survey costs, and moving expenses. These additional costs can add up, so planning ahead is essential.
How does remortgaging work?
Remortgaging involves switching to a new mortgage deal, either with your current lender or a different one, to secure a better interest rate, reduce monthly payments, or release equity from your home. It’s advisable to review your mortgage options before your current deal expires to avoid reverting to a higher standard variable rate.
What happens if I miss a mortgage payment?
Missing a mortgage payment can impact your credit score and may result in additional fees. If you’re struggling to keep up with payments, it’s crucial to speak to your lender or a mortgage adviser as soon as possible to explore potential solutions.
Should I choose a fixed-rate or variable-rate mortgage?
A fixed-rate mortgage locks in your interest rate for a set period (e.g., 2, 5, or 10 years), providing stability in monthly payments. A variable-rate mortgage fluctuates based on market conditions, meaning payments can increase or decrease. The best option depends on your risk tolerance and financial goals.
How long does the mortgage application process take?
The mortgage process typically takes between 4 to 8 weeks, depending on the lender, your financial circumstances, and the property valuation process.
Can I get a mortgage with bad credit?
Yes, but your options may be limited. Some lenders specialise in bad credit mortgages, though interest rates may be higher, and larger deposits (10-20%) are usually required.
What is conveyancing?
Conveyancing is the legal process of transferring property ownership from the seller to the buyer. It involves legal checks, property searches, contract exchange, and completion. A solicitor or licensed conveyancer handles this process to ensure everything is legally compliant and runs smoothly.
For more details on conveyancing and how we can assist you, visit our Conveyancing Services Page
