Inflation – September 2023

A mortgage broker assesses your income, outgoings, credit history and deposit to recommend the most suitable mortgage for your circumstances. They compare lenders across the market, submit your application, liaise with underwriters and work alongside your conveyancer until your purchase or remortgage completes.

Using a mortgage broker gives you access to multiple lenders rather than just one bank’s products. An independent, whole-of-market mortgage broker can compare options across high street and specialist lenders, helping you apply for the most suitable mortgage first time.

Mortgage adviser fees vary depending on the complexity of your case. Some advisers charge a flat fee, while others are paid via lender commission. At Kerr & Watson, our fees are explained clearly upfront so you understand exactly what you’re paying and why.

Most lenders offer between 4 and 4.5 times your annual income, subject to affordability checks. The exact amount depends on your income, monthly commitments, credit history and deposit size. A mortgage broker can provide a personalised estimate based on your full financial situation.

A mortgage offer is typically issued within two to six weeks after submitting a full application. Timescales vary depending on the lender, valuation process and complexity of your case. Providing accurate documents from the outset can help speed up the process.

An Agreement in Principle can often be arranged within 24 hours once your key financial details have been reviewed. This provides an indication of how much you may be able to borrow and can strengthen your position when making an offer on a property.

Most lenders require proof of identity, proof of address, recent payslips or tax calculations, bank statements and details of your deposit. Self-employed applicants may also need accounts or SA302s. Your mortgage adviser will confirm exactly what is required before applying.

Yes, many lenders offer mortgages to self-employed applicants. You will usually need at least one to two years of accounts or tax returns. A specialist mortgage broker can help match you with lenders who understand variable or complex income structures.

It may still be possible to get a mortgage with adverse credit, depending on the severity and how recent the issues were. Specialist lenders consider applicants who may have been declined elsewhere. An independent mortgage broker can review your options carefully before applying.

Yes, most mortgages require a minimum deposit of 5% of the property value. A larger deposit can improve the range of lenders available to you and may secure a more competitive interest rate.

An independent mortgage broker can compare products across a wide range of lenders, including some intermediary-only deals. While rates are set by lenders, a broker helps ensure you apply for the most suitable and competitive option available.

Whole-of-market means a mortgage broker can access products from a broad range of lenders rather than being restricted to one bank or a limited panel. This gives you more flexibility and potentially better-suited mortgage options.

A mortgage decline does not necessarily mean you cannot secure a mortgage. Different lenders have different criteria. A mortgage broker can identify why you were declined and approach lenders whose criteria better fit your situation.

A qualified mortgage adviser should hold a recognised qualification such as CeMAP and be authorised and regulated by the Financial Conduct Authority (FCA). You can check their registration on the Financial Services Register for added peace of mind.

Reviewing your credit report before applying can help identify potential issues. UK credit reference agencies such as Experian, Equifax and TransUnion provide access to your credit information. Checking in advance allows you to correct errors before submitting a mortgage application.