FAQS

The initial stage in the mortgage application process can be known as Decision in Principle (DIP), Agreement in Principle (AIP) or Mortgage Promise… they are all the same thing.

Whilst you can arrange a Decision in Principle (DIP) direct with a mortgage lender, we will be happy to arrange the Decision in Principle (DIP) for you. we will learn about you and your requirements and apply on your behalf to a suitable mortgage lender. All being well the lender will provide you with a certificate which you can present to Estate agents to prove you have been accepted in principle for a mortgage.

Yes we can assist with this, we source from a panel of nationwide solicitors who quote fixed fees, we also bundle FREE homebuyer protection into our quotes. We can help with Sale, purchase and remortgage solicitors as well as many other legal situations such as stand alone transfer of equity or independent legal advice, just ask for information.

This depends on the type of mortgage rate you have and who your lender is, but you may be able to take this mortgage with you to your new home, this is called porting. If you are buying a house that is more expensive and you need additional borrowing, then subject to the lender approval you can take your existing mortgage to the new home and ‘top up’ with additional borrowing. You would end up with 2 mortgage rates on your account, your existing rate and a new rate. If you were purchasing a cheaper property and wanted to repay some of your existing mortgage, then this is also an option within certain limits. Your existing mortgage offer document is a valuable source of some of this information.

You are invested in your career, so it’s vital to protect your lifestyle & future income. If you were unexpectedly having an illness or injury that stops you from working you need to be able to take care of your important financial commitments while you recover. Missed payments to mortgages and other credit committments or utility bills can not only wreck your credit profile but in extreme circumstances can mean having bailiffs at the door and the risk of repossession is high. Think about your back up plan, what does your employer give you, are you going to use up all your savings, if you even have any?

We will find the most suitable plan for your needs from the whole of market providers.

Have you considered what would happen to your family, if you were to die and you were no longer there to support them? Money worries can be devastating for your family, at an already difficult time.

A life assurance policy could be the lifeline that helps your loved ones cope financially by providing them with a lump sum in the event of your death. The money can be used for any purpose for example, paying off a mortgage, paying household bills or any outstanding debts.

There are many factors that can influence how a lender looks at a self employed applicant, for example: how long have they worked self employed, do they have 2 yrs tax documents as evidence, what size of deposit have they saved, do they need a high loan to value, are they showing a healthy profit and many more, we are here to navigate all these issues for you. It does not have to be a daunting experience

The short answer is yes if you are still doing the same kind of work, most lenders would use any previous sole trader income documents without requiring you to complete 2 full years as a Ltd Company. If you have also changed occupation at the same time then this causes issues and it is more likely you will need to complete 2 full years as a Limited Company, have the signed company accounts available and be profitable to start looking into mortgages

Once you have submitted your tax return either via self assessment or via your accountant, HMRC produce a document called an SA302 or Tax Calculation, this shows the profits you have declared and calculates the tax due on these profits, it is easily available from either your Gov.uk account or ask your accountant for a copy. It is worth noting that you should have the latest copy available when looking into a mortgage although many lenders will allow affordability to be calculated using a document which is no more than 18 months old. As an example if you are looking for a mortgage in August 2024, you should have the SA302/Tax calculation from year-end 5th April 2024, however you can use the document from April 2023 but only up until October 2024, then it will be too old.

This document accompanies the SA302 / Tax calculation and shows the tax due for any given year plus a breakdown of payments you have made towards your tax liability. It is worth noting that for the latest tax year it is acceptable for tax to be outstanding but for previous years they must show a zero balance, if they don't you will have to get the tax paid and an updated copy from your Gov.uk account or accountant.You will need this together with your tax calculation/SA302 for your adviser.

Not really, if your income and outgoings are simple you can make use of the self assessment system, if however you are a Ltd Company you will need an accountant with an appropriate qualification to be able to sign off the accounts for you, there are many accreditations for accountants and not all lenders use them all so it is worth checking if your accountants qualification is going to be acceptable before you start the process, give us a call we can check for you.