Frequently Asked Questions
You’ll find answers below to the questions that we are asked most often, but if there is a query that we haven’t addressed please do get in touch. We would be more than happy to talk through any aspect of our service with you.
What types of mortgages do you offer?
Our team of highly experienced Mortgage Advisors specialise in Residential and Buy-to-Let mortgages. We also provide Second Charge mortgages (secured loans/homeowner loans) to our clients. Being Specialists in such a targeted mortgage field ensures that our Advisors are kept fully up-to-date on all the latest offerings and industry regulations so they’re therefore best placed to advice you accordingly, saving you the time and money in doing your own research. In addition, as part of Commercial Finance Network we also have access to the full range of commercial finance solutions when required.
Do you charge fees?
We are able to offer you free advice in our initial discussions, then you can opt to instruct us to search the full market of lenders to find the most suitable options, for which again there is no charge or commitment. We will only charge you a fee once we provide you with at least one lender that will provide you with a mortgage. Our fee is applied so that we can deliver you our industry leading level of client service and find you the best possible deal for your situation.
Which lenders do you work with?
As a truly whole-of-market mortgage broker, we have access to every single lender on the market. We work with both mainstream and niche lenders, depending on the requirements of our clients and the suitability of the products. UK Mortgage Broker is directly regulated and authorised by the Financial Conduct Authority, which enables us to have complete control and flexibility, whilst ensuring our clients are fully protected.
How do I know that I’m getting the best deal?
Our team of Mortgage Advisors have years of experience working with the full range of lenders on the market and have established connections with both mainstream and niche lenders who provide us with exclusive rates that you won’t find anywhere else. We know the mortgage market inside-out and this enables us to always find the best deals available for our clients.
Am I able to speak directly with a Mortgage Advisor?
One of the unique services we offer is the allocation of a dedicated Mortgage Advisor for every client. You will be working with the same Mortgage Advisor throughout your mortgage application and they will always be available to call and email directly. You will never go through to a call centre and we answer calls within 6 rings. Additionally, we will answer any emails that you send to us within 4 working hours. Updates on your mortgage applications are also available 24/7/365 via our innovative online WiiN portal.
How can I get a quote from you?
Getting a quote is simple, starting with a quick 5-minute chat that we call Client Discovery. We capture all of the vital information and then get to work on finding you the ideal mortgage deal for your requirements. Usually, the deal will be sourced on the same day, unless it is a particularly complex case, which will take a little longer.
What information will you need from me?
Whilst this can vary depending on the lender, your dedicated Mortgage Advisor will be able to quickly advise you of the information that is required when you are presented with your lender options.
What are the benefits of working with you instead of going direct to a lender?
Due to our longstanding connections in the mortgage industry, we have access to the most competitive rates on the market. We have a strong insight into the mortgage market and the current deals available, which ensures we can get you the deals that you wouldn’t find if you went directly with a lender. Further to this, we do all of the hard work, saving you the time you would spend searching through thousands of mortgage lenders. Because we are a whole-of-market broker, we are not influenced by a set lender, we are influenced by what is best for you.
How are you different / better to other mortgage brokers?
As well as having access to every lender on the market, what sets us ahead of other mortgage brokers is our industry leading client service. We do not operate with a call centre, just hassle-free, direct contact with your dedicated Mortgage Advisor. We are also able to offer our unique WiiN online portal that provides 24/7/ updates and full visibility of your application at each and every stage, supported by your own dedicated Case Manager whom you can contact directly at any time.
Will my details be shared with any other companies / 3rd parties?
What is the complaints procedure?
It is unlikely that you will be disappointed with our service but if you do feel something has gone wrong, we would be happy to talk through the issue and work with you to find a solution. Call us on 0333 01 666 00 or contact us by email [email protected] to let us know what we can do to help. You can read our full complaints procedure here.
What are your contact details?
UK Mortgage Broker
Cressex Business Park
0333 0166 600
How long does it take to a get a mortgage offer?
There is not a specific set time that it will take to get a mortgage offer, as every situation and lender is different. Once we start searching for your mortgage, your Mortgage Advisor will explain the process in detail and provide you with an expectation of the timescales. We do work faster than most brokers due to our extensive knowledge of the market and typically you be issued with a Decision in Principle within just a few hours of your instruction, or 24 hours where the case is of a more complex nature.
There is no waiting around for updates, as your dedicated Case Manager will keep you updated every step of the way. You can contact us directly by phone or email and we also provide a unique online portal WiiN (Where Is It Now) that you can access any time of the day or night to see updates on your case. The innovative tracking system also provides complete transparency of the stages of your case and shows you what processes are still outstanding, along with expected completion dates. We are the ONLY broker that offers this exceptional service.
Can you still help me if I’ve already been declined by some other Lenders?
We offer access to every lender on the market, which means even if you have been declined by another lender, we may still be able to find you a mortgage solution. If we can’t find it, then it doesn’t exist on the market. If your options are limited due to adverse credit, then we are able to work with specialist lenders to find a mortgage that suits your circumstances. Applying for a mortgage that gets declined can further affect credit records, so we will only present options that are best placed to provide you with a mortgage offer. We would always recommend checking your credit file regularly to make sure it there are no issues – you can check your credit score and full report with a 30 day Free Trial with Check My File which can be cancelled at anytime.
Can you help me to set up home and/or life insurance?
Yes, as well as providing a market-leading mortgage broker service, we also help you to protect you and your family through advising you on the types of protection to take out. Our Protection Team will happily build a protection plan tailored to your needs, providing peace of mind that your legacy will be protected, along with your mortgage payments and your home.
My situation is complicated. Will you still be able to help me?
Complex situations are our speciality. We’ve been helping our clients find solutions to their complicated situations for many years and have specialist knowledge on circumstances such as adverse credit or other complications. Even if another broker has been unable to assist you, our whole-of-market access and experience in this area means that we are better equipped to find you a solution.
What does a mortgage broker do?
A mortgage broker is a mediator between lenders and homebuyers. Their method involves evaluating your financial status, comparing loan offers from several lenders, and helping you apply for a mortgage while securing the best terms and interest rates for your house loan.
How does a mortgage broker differ from a bank?
A mortgage broker is a independent expert that assists you in locating and evaluating mortgage offers from numerous different lenders. Banks, on the other hand, are financial organisations that offer mortgage loans directly to consumers from just their own range of products. A mortgage broker locates the best mortgage alternative for you by negotiating with several lenders, unlike banks that only provide their own loan products.
Is it worth having a mortgage broker?
Yes, absolutely it is advantageous to work with a mortgage broker. They can search for the finest mortgage offers, expedite the application process, and provide professional guidance, making them an invaluable tool for time-saving and maybe obtaining better loan conditions.
What does Loan to Value (LTV) mean?
The mortgage amount divided by the property’s purchase price is represented by the Loan-to-Value (LTV) ratio, which is given as a percentage.
For example, the loan-to-value (LTV) ratio is 90% if the property is valued at £100,000 and your deposit is £10,000.
How can I check my credit report?
Every year, Equifax, Experian, and TransUnion—the three main credit bureaus—offer free copies of your credit report, which you may use to verify your credit report. To obtain your reports online or by mail, go to AnnualCreditReport.com. Use this link to obtain a FREE credit report from Check My File who search across all credit bureaus.
What documents do I need to pre-qualify for a mortgage?
In order to be considered for a mortgage, you will normally need to provide documentation of your income, work status, credit history, and assets and obligations.
How long will it take for my mortgage offer to be approved ?
This all depends on how quickly all parties respond to the requests made throughout the process. Once all documentation has been provided and a valuation report received, it usually takes approximately 1 week for a Mortgage Offer to then be issued. From this point, the legal process then commences with solicitors being instructed to complete all the necessary legal checks etc. This stage of the process can take anything from 2 weeks for a remortgage to 2 months for a new purchase – all dependent on how quickly all parties respond etc.
How much deposit do I need?
Some lenders will now accept NO deposit in certain circumstances only. However, the average deposit is around 15% – 30% and in order to get a good choice of lenders, you should look to have a minimum of 10% for a residential purchase. With a higher mortgage deposit, you will get a lower interest rate and a smaller mortgage payment. A higher mortgage deposit is less risky.
Can a mortgage broker help with bad credit?
The right mortgage broker can help individuals with bad credit obtain a mortgage even if they have less-than-ideal credit histories. Mortgage brokers have access to a wide range of lenders and can assist with finding options that may fit their needs.
How long does a mortgage last?
The length of the loan is determined by the terms negotiated with the lender, but typically it lasts between 15 and 30 years.
Can a First Time Buyer get a Mortgage with bad credit?
Yes absolutely! There are several lenders who are willing to lend to First-Time Buyers who have bad / adverse credit, even if things such as CCJs have not yet been paid off / settled. The interest rates and loan values available will vary depending on the exact credit scenario so best to speak with a broker who can get you a personal quote.
If you are not sure of your exact credit scenario then use this link to download your FREE Credit Report: Check My File