Simplifying complex terms to enhance your understanding.

Exploring the areas of mortgages and insurance can often feel like learning a new language due to its specific terms and jargon. This glossary aims to make those terms easy to understand, helping you navigate through the mortgage process and understand insurance policies with more confidence.

▸ ▾ A

Accident, Sickness & Unemployment Insurance (ASU): Insurance policies enabling partial coverage of regular mortgage payments during incidents of accidents, illness, or unemployment, subject to particular exclusions.

Act of God: An event not attributable to any individual, like a natural disaster, generally not excluded in insurance policies.

Actuary: Specialists who assess insurance premiums and risk, often within mortgage domains.

Added to Loan: Applies to specific fees, such as administration and indemnity fees, included in the borrowed amount.

Administration Fee: A fee imposed by a lender to manage your mortgage application, alternatively termed an application fee.

Adverse Credit: A track record of credit issues, including late payments, CCJs, or bankruptcy.

Adverse Mortgage: Mortgages tailored for individuals with credit issues.

Affordability Check: A test conducted by lenders to ensure that borrowers can afford to take out a loan.

Agreement in Principle: An initial step in mortgage applications, where lenders preliminarily determine eligibility for loan amounts.

Amortisation: A gradual decrease of mortgage debt via consistent payments.

Annual Percentage Rate (APR): A representation of the percentage rate at which charges are incurred when borrowing.

Annual Percentage Rate of Charge (APRC): A thorough calculation of borrowing costs, inclusive of fees and interest.

Annual Premium: The sum paid to an insurer yearly for an active policy.

Applicant: A person applying for a mortgage.

Application: The process of submitting information for mortgage consideration.

Appointed Representative: A firm or person who provides advice acting under a firm who is directly authorised by the Financial Conduct Authority (FCA).

Appraised Value: The estimated worth of a property, as determined by a professional assessor.

Appreciation: The enhancement in property value due to market fluctuations.

Arrangement Fee: Charges covering the administrative aspects of setting up a mortgage, often linked to specific interest rate agreements.

Arrears: Reflects the degree to which you are behind on mortgage payments, typically expressed in monetary or monthly terms.

Asset: Any tangible or intangible item of ownership and value, such as property, vehicles, or financial holdings.

Assignment: The process of transferring an asset or mortgage from one owner to another.

Assurance: Coverage for an event that is certain to happen, such as death, differentiating it from insurance which protects against potential events.

Auction: A public sale where properties are sold to the highest bidder.

▸ ▾ B

Balance Sheet: A snapshot of a company’s financial condition, showcasing assets, liabilities, and shareholders’ equity at a specific time.

Bank Rate/Base Rate: The foundational interest rate set by the Bank of England, influencing variable and tracker mortgage rates.

Basic Earned Income: The core salary excluding additional earnings such as bonuses or overtime.

Beneficiary (General): An individual designated to receive advantages or assets from a will or trust.

Beneficiary (Life Insurance): A person or entity who will receive the death benefits of a life insurance policy.

Benefit: Monetary compensation provided by an insurer upon the approval of a claim.

Bonus: An additional payment or amount received, supplementary to expected amounts, often due to exceptional performance.

Booking Fee: A charge associated with arranging a mortgage, often to secure fixed rates or available funds.

Borrowing Back: Within the realm of flexible mortgages, this denotes the option to retrieve overpaid amounts.

Bridging Loan: A short-term loan typically 12-18 months secured on a property until obtaining stable, long-term finance, or selling the property.

Broker: An individual or firm serving as a intermediary for customers and insurers or mortgage lenders.

Broker’s Fee: A fee charged for providing advice to customers, identifying suitable mortgages and processing the application.

Building Survey: A comprehensive inspection of a property, often undertaken before purchase to check for defects or structural issues.

Buildings Insurance: A policy covering potential damage to the structural components of a dwelling.

Buy to Let Mortgage: A mortgage specifically for properties that will be rented out.

▸ ▾ C

Cap: A mechanism that sets an upper limit on interest rates for a specified duration.

Cap and Collar: Represents a mix of maximum (cap) and minimum (collar) interest rates.

Capital: Fund or deposit used for purchasing property, also known as equity.

Caveat: A warning or particular exception.

Chain: A series of interdependent property sales.

Chain Free: Refers to a property being sold when the seller doesn’t need to buy a new property, often speeding up the buying process.

Claim: A request from a customer asking an insurance company to cover problems caused by an event.

Claim frequency: The total number of claims made on a policy.

Collateral: An asset used as security for the repayment of a loan.

Commercial business insurance: Any insurance policy secured by an organization to cover their trade, business, or profession.

Commercial Mortgages: Loans that apply to commercial properties, like shops or offices.

Commission: Payment to a third party for matching customers with insurance providers, or a fee for arranging mortgages or related services.

Common Areas: Areas like gardens or hallways that are shared among property owners or tenants.

Comparative Search: A method of estimating a property’s value by analysing recent sales of similar properties.

Completion: The moment when loan funds are transferred, and one becomes the legal property owner.

Compound Interest: Interest computed on both the initial principal and the accumulated interest.

Compulsory excess: A portion of any claim that a customer must pay.

Compulsory Insurance: Insurance that is obligatory, often encompassing property and its contents.

Contestable period: A duration wherein the policy may be contested by the insurance company if they believe the customer has not adhered to the policy.

Contract: A legally enforceable agreement between two or more parties to do (or not do) something.

Convertible term assurance: The option for the policyholder to change to whole life insurance without providing further health evidence.

Cooling off period: A set time frame within which a customer can cancel a policy without penalty.

Coverage: The extent of protection provided by your insurance in case you need to make a claim.

Covenants: Regulations related to property mentioned in title deeds.

Credit: Money acquired from selling goods or services.

Creditor: An individual or entity to whom money is owed.

Credit Rating: A numerical representation used to evaluate an individual’s creditworthiness.

Credit Report: A record that details an individual’s credit activity and history.

Critical Illness Cover: An insurance product where the insurer pays out a lump sum if the insured is diagnosed with one of the predefined illnesses.

Current assets: A balance sheet account representing the value of all assets expected to be converted into cash within one business year.

Current liabilities: Short-term liabilities due to be paid within a year, such as bank overdrafts or money owed to suppliers.

▸ ▾ D

Daily Interest: Interest that is calculated on a daily basis.

Debt Consolidation: The process of combining multiple debts into one single debt for easier management.

Debt-to-Income Ratio (DTI): A calculation that lenders use to determine how much of a borrower’s monthly income goes towards paying debts.

Decision in Principle: A preliminary approval for a mortgage, based on an evaluation of the applicant’s creditworthiness. Also known as Agreement in Principle.

Declined risk: An instance where an insurer refuses to provide insurance because the customer or event does not meet specific criteria.

Deeds: Legal documents that confirm ownership of a property.

Default: Failure to meet the terms for mortgage repayments.

Deferred premium: A predetermined waiting period before an income replacement policy begins to pay out.

Dependent: An individual, such as a family member, who relies on you financially.

Deposit: A sum of money provided by the buyer during a property purchase.

Depreciation: A reduction in the value of assets or belongings over time, e.g., due to wear and tear.

Direct Debit: A payment method where bills or mortgages are paid automatically.

Disbursements: Payments made by a conveyancer on behalf of a client during the conveyancing process.

Discount Rate Mortgages: Mortgages that offer reduced interest rates for a predetermined period.

Drawdown: The act of accessing funds from a previously agreed loan.

Decreasing term insurance: A term insurance policy where the life cover amount decreases over the policy term.

▸ ▾ E

Early Redemption/Repayment Charge/Penalty: A fee charged by lenders when a mortgage is paid off earlier than scheduled. It is common in fixed and discounted rate mortgages.

Early Repayment: Paying off a loan before its due date. This can sometimes incur penalties, as noted with Early Redemption Charges.

Easement: A right given to a property owner to use part of a neighbouring property for a specific purpose, like a pathway.

Endorsement: A document attached to an insurance policy that modifies its terms or conditions.

Endowment policy: A life insurance policy that is linked to a with-profits fund and pays out a sum of money after an agreed period or upon death, whichever comes first.

Environmental Search: An assessment to find out if the property is on contaminated land, prone to flooding, or other environmental risks.

Equity: The portion of a property’s value that is not covered by a mortgage, calculated by subtracting the mortgage amount from the property’s valuation.

Equity Release: A process that converts a portion of a home’s value into cash, without requiring the home to be sold, often used for various purposes such as enhancing retirement.

Escalation benefit: A feature where premiums and benefits increase every year by a predetermined amount.

European Standardised Information Sheet (ESIS): A pre-contract disclosure document produced by the lender and contains all the legal information relating to the loan.

Evidence of insurability: Documents or other proof showing whether you qualify for insurance, potentially assessing health, age, occupation, and other factors.

Exchange of Contracts: A legally binding stage in a property purchase where the buyer and seller sign and exchange contracts, committing both to the sale.

Excess: The initial amount of any insurance claim that the policyholder agrees to pay, with the insurer covering the remainder.

Exclusion: A risk or item that is specifically not covered by an insurance policy.

Ex-gratia payment: A payment made by an insurance company that is not required under the terms of the policy.

Exposure: The potential costs that an insurer may have to cover in the event of an insured event.

▸ ▾ F

Family income benefit: A type of term insurance that provides your family or beneficiary with a regular income over a specified period if you die during that time, instead of paying out a lump sum. It’s often structured to provide consistent financial support while children are dependent.

First-time buyer: An individual or individuals purchasing a property for the first time.

Fixed asset: Typically a long-term item owned by a business—like buildings, machinery, or vehicles—that is intended for use over several years.

Fixed Rate Mortgage: A mortgage type that maintains a static interest rate for a pre-established period, protecting from base rate changes but possibly incurring early repayment penalties.

Fixtures & Fittings: Items that are considered legally integrated into a property, usually becoming a part of the property sale.

Flexible Mortgage: A mortgage type allowing for variation in repayment amounts and sometimes offering “payment holidays.” These often come with higher interest rates due to their flexibility.

Foreclosure: A situation where a lender forces the sale of a property because the borrower has consistently failed to make repayments.

Freehold: A form of ownership where both the property and the land on which it stands are owned outright, without any time limitations.

Friendly society: An organization owned by its members, commonly providing life insurance and sickness benefit, similar to a mutual insurance company but typically established for the benefit of its members.

▸ ▾ G

Gazumping: This occurs when a seller accepts a verbal offer on the property from one potential buyer but then accepts a higher offer from someone else.

Gazundering: This is when a buyer lowers their offer on a property just before the exchange of contracts.

General insurance: Non-life insurance policies that provide cover for damage or loss, encompassing areas like motor, travel, pet, health, and home insurance.

Gross: The total amount before any deductions, such as costs or taxes, are made.

Ground Rent: A payment made by leaseholders to the owner of the freehold, usually made on an annual or semi-annual basis.

Guaranteed premiums: Premiums that remain constant over a predetermined time frame.

Guarantor: A person, often a family member, who agrees to be responsible for making mortgage repayments if the borrower defaults.

▸ ▾ H

Help to Buy: Was the name of a government programme that aims to help first time buyers,

Home Buyer’s Report: A type of property survey that evaluates the condition of a property, A HomeBuyer’s Report is the most popular type of home survey chosen by buyers. It’s the mid-weight one that looks into any obvious defects at the property. It’s more detailed than a basic Level 1 Condition Report, but less in-depth than a full Level 3 Building Survey.

▸ ▾ I

Income Multiples: A method used by lenders to calculate potential loan amounts by multiplying applicants’ income by specified figures, adjusted for various criteria.

Income Reference: A verification of a mortgage applicant’s stated income through documentation provided by employers or accountants (for the self-employed).

Income tax: A tax imposed on earned income, such as salaries, interest on savings, and received rent.

Inception date: The date on which your insurance coverage begins.

Increasing term: A type of term insurance policy in which the coverage amount increases annually by a predetermined figure, designed to boost the policyholder’s life cover as their income or debt increases.

Indemnity: A commitment to compensate for loss or damage that one causes to another party.

Independent financial adviser: A qualified individual or firm capable of providing independent advice on mortgage and insurance products, not bound to a specific company and able to advise on products from the whole market.

Index-linked: The linking of an item to an index, which ensures proportional adjustments corresponding to changes in the relevant index.

Individual policy: Insurance cover designed for a single individual as opposed to a couple or family.

Inflation: The percentage change in the cost of living over time, typically measured via the Consumer Prices Index (CPI) or Retail Prices Index (RPI).

Insolvency: The state of lacking financial resources to pay off debts.

Insurance: A financial product, facilitated by insurance companies, designed to protect individuals and/or their property against risk and financial loss.

Insurance company: An enterprise that designs insurance products to manage risks in exchange for premium payments.

Insured: The individual who is covered by the insurance policy.

Insurer: Alternative term for an insurance company.

Interest: A charge for borrowing money, which can vary based on numerous factors, or a return on invested amounts in deposit accounts.

Interest-Only Mortgage: A mortgage type where only the interest is paid, and the borrower ensures funds are available at the term end for complete repayment.

Intermediary: Any firm or individual that advises on mortgages and insurance without being an insurance company themselves.

Intestate or intestacy: The situation wherein an individual passes away without leaving a will, leading to the estate being divided according to governmental legal rules.

Investment: The act of allocating resources, such as purchasing items, in the hope of generating future income or appreciation.

Investment income: Income derived from various investment vehicles, including interest payments, dividends, and capital gains.

▸ ▾ J

Joint and Several Liability: A situation in which multiple parties can be held liable for the same event or act and be responsible for all restitution required.

Joint life: An insurance policy covering two individuals, where the policy pays out upon the first person’s death.

Joint life last survivor: A life insurance policy that covers two individuals and only pays out upon the death of the second person.

Joint Mortgage: A mortgage that is shared by two or more people. When co-owning with a partner, if one passes away, ownership automatically transfers to the surviving party.

Joint Tenancy: A form of property ownership between two individuals wherein, upon the death of one individual, their share automatically transfers to the surviving party.

▸ ▾ K

Key facts document: A document required by the regulator to be produced by insurance and investment firms. It provides an outline of the main features of a plan or product and is also referred to as a key features document or ESIS (European Standardised Information Sheet).

Key person insurance: A type of insurance that provides a sum of money in the event of the death of a key employee upon whom the business heavily relies for its continued profitability or existence. The funds can be utilized to cover costs related to finding and training a successor, and it may also compensate for reduced profitability.

▸ ▾ L

Lapse Termination: Describes a situation where a policy is discontinued due to non-payment of premiums or a conscious decision not to renew.

Land Registry: A non-ministerial department that registers the ownership of land and property in England and Wales. Land Registry provides property owners with a land title guaranteed by the government, as well as with a title plan that indicates the property boundaries

Leasehold: A property where you own the property but not the land it is built upon, with ownership typically reverting back to the landowner after a set period. You have a lease from the freeholder (sometimes called the landlord) to use the home for a number of years.

Level Premium: Indicates a premium that remains constant throughout the policy term.

Leverage: The use of borrowed funds to amplify returns from an investment, though it can also increase the magnitude of losses.

Licensed Conveyancer: A specialist legal professional focused primarily on managing the legal aspects of property transfer.

Life Assurance: A policy designed to offer financial protection, typically providing a sum of money upon the death of the insured individual.

Liquidity: A measure of how easily an asset can be converted into cash without impacting its price. High liquidity denotes that the asset can be quickly sold, and vice versa.

Listed Building: Buildings that are recognised for their architectural or historical significance and are subject to special regulations and protections.

Local Authority Search: A procedural check executed during the property-buying process to uncover any potential upcoming developments or existing issues in the nearby area.

Loan to Value (LTV): A metric that calculates the ratio of a loan against the value of a property.

▸ ▾ M

Matured Policy: The point at which a policy, like life insurance, reaches its predetermined expiry, culminating in a payout of the accumulated value.

Medical Cost Insurance: A policy providing reimbursement for total or partial medical treatment expenses, commonly referred to as health insurance.

Moratorium Period: A specified duration during which certain risks (like pre-existing conditions) are not covered, or particular information (like genetic test results) is disregarded by the insurer.

Mortality Rate Measurement: The quantification of deaths within a population over a specific duration, potentially due to particular reasons.

Mortgage: A loan, secured typically against property.

Mortgagee (Lender): The entity extending the mortgage loan to a borrower.

Mortgage Indemnity Safeguard (MIG): An insurance policy that shields lenders from defaults on the borrower’s part.

Mortgagor (Borrower): The individual or entity securing financing through a mortgage.

Monthly Repayment: The regular monetary instalments made by a borrower to fulfil their mortgage repayment.

▸ ▾ N

Net Value: The worth of an item or transaction after accounting for related expenses.

New-for-Old Policy Feature: Policies that compensate or replace lost or damaged possessions with their initial purchase value, irrespective of their age or condition at the claim time, differing from indemnity policies that consider depreciation.

Non-Disclosure: Instances when a customer withholds information that could influence an insurer’s decision to grant cover or determine its cost.

Negative Equity: A financial state where the outstanding amount on a mortgage surpasses the actual value of the property.

Non-Status Mortgage: A mortgage variation designed to cater to individuals with non-traditional or irregular income scenarios.

▸ ▾ O

Offer Amount: The proposed financial sum presented for the acquisition of a property.

Offshore Mortgage Option: A mortgage variant generally tailored for high net worth individuals purchasing property in the UK.

Offset Mortgage: A mortgage plan that intertwines with a savings account, allowing for reduced interest payments.

▸ ▾ P

Pay As You Earn (PAYE) System: Involves employers automatically deducting Income Tax and National Insurance contributions from employee salaries, forwarding them to HM Revenue and Customs.

Payment Holidays: Periods during which borrowers are not required to make mortgage payments, usually due to a prior agreement with the lender.

Permanent Health Assurance: Often also known as Permanent Health Insurance (PHI), this provides a continual income for individuals who are unable to work due to health-related circumstances.

Personal Accident Insurance: Policies designed to provide cover for accidental death or specified physical injuries.

Policy Documentation: An agreement outlining the insurance coverage, established between the insurer and the customer.

Policyholder’s Schedule: An overview of the coverage provided under an insurance policy, detailing policyholder information and specifics of the provided cover.

Portability of Mortgage: Refers to the capability of a mortgage to be transferred or applied to a different property.

Portfolio: A collection of investments owned by an individual, institution, or mutual fund.

Power of Attorney: A legal document that empowers an individual to act on another person’s behalf, especially in financial or health-related matters.

Pre-existing Medical Condition: Any health condition, past or present, which could influence health or income protection insurance parameters.

Premium Payment: The financial amount due from a customer for a stipulated degree of insurance coverage.

Principal Loan Amount: The original, fundamental amount of a loan, not including any interest or additional fees.

Probate: The judicial process wherein a will is “proved” in a court and accepted as a valid public document that is the true last testament of the deceased.

Product Transfer/Rate Switch: After the conclusion of a mortgage product, normally a fixed rate, borrowers may switch to a new product from the lender.

Property Ownership and Management: Typically encompasses buildings and their fixtures as well as the adjacent land and structures, with considerations for their maintenance and value.

Proposing Customer or Proposer: The individual or entity applying for insurance coverage.

Purchaser of Property: The individual or entity engaged in the acquisition of property.

▸ ▾ Q

▸ ▾ R

Rate: Denotes the price or premium of a mortgage insurance policy.

Rebuild or Reinstatement Value: An estimate of the cost to reconstruct your property if it were irreparably damaged. Building insurance commonly uses this figure, not the sale or market value.

Redemption: Involves entirely paying off a mortgage.

Redemption Penalties: Charges incurred for settling a mortgage earlier than agreed upon in the terms, also known as Early Repayment Charges.

Regular Premium: An agreed upon insurance premium payment, frequently set on a monthly or yearly schedule.

Reimbursement: Refers to refunding money to a policyholder for an expense which the insurance policy covers.

Reinsurance: Involves insurers securing cover from other insurers to shield themselves against significant or unanticipated losses.

Remittance Fee: A fee imposed for transmitting mortgage funds to the relevant parties.

Remortgage: Obtaining a new mortgage to substitute the existing one.

Renewal Notice: A notification sent to a customer prompting them to renew an insurance policy.

Repayment Mortgage: A mortgage type where monthly payments cover both interest and a portion of the principal amount.

Repossession: The procedure of a lender reclaiming a property when mortgage payments are defaulted.

Retention: The act of withholding a portion of the mortgage until certain stipulated conditions are satisfied.

Rider: Additional coverage appended to an existing insurance policy.

Right to Buy Scheme: A UK scheme enabling particular tenants to purchase their rented properties.

Risk: Refers to a potential event or outcome that insurance can be procured for.

▸ ▾ S

Schedule: A document detailing the specifics of the coverage provided, based on information provided to insurers.

Searches: Checks executed during the property-buying process to discern any potential issues or liabilities.

Shared Ownership: A property ownership model wherein you own a share of the property and rent the remainder.

Stamp Duty: A UK tax applied to property transactions exceeding a specific value.

Standard Variable Rate (SVR): A fluctuating mortgage interest rate that can change at the lender’s discretion.

Statement of Fact: A document delineating all information provided to an insurer, signed by the customer.

Structural Survey: An exhaustive evaluation of a property’s structural state.

Subject to Survey: A term implying that policy acceptance is provisional, pending survey results, like a property survey.

Subsidence Claim: A claim related to damage from subsidence, which occurs when the ground beneath a building sinks, pulling down the structure’s foundations.

Sum Insured: The assessed value of an insured item or event, which becomes the basis for a claim.

▸ ▾ T

Tangible Asset: Physical entities or properties such as buildings, machinery, and land.

Term: The designated period over which a loan must be repaid.

Term Insurance: An insurance that provides a payout if the insured dies within the policy’s active duration.

Third Party: An individual involved in an insurance claim who is neither the policyholder nor the insurer.

Tie-in Period: A timeframe during which mortgage exit incurs penalties.

Tied Agent: An individual advising on mortgage or insurance policies for a single insurance company, contrasted with multi-tied agents who deal with several companies.

Title Deeds: Legal documents affirming property ownership.

Total Permanent Disability: A life policy feature that triggers a payout if the policyholder becomes permanently disabled, concluding the policy.

Transfer Deed: Document marking the transfer of property ownership.

▸ ▾ U

Underinsurance: A situation where the sum insured, or insurance coverage, is not equal to the potential risk value.

Under Offer: A property purchase stage where an offer has been accepted but contracts have not yet been exchanged.

Underpinning: Strengthening or deepening a building’s foundations to manage or prevent subsidence.

Unencumbered: Owning a property free from financial obligations or liabilities.

Uninsurable Risk: A risk that is not coverable by an insurer due to its inevitability, gradual occurrence, or illegality.

Utmost Good Faith: An agreement between policyholder and insurer to be forthright and not withhold or falsify information that could influence the policy.

▸ ▾ V

Valuation: A professional assessment estimating a property’s market value.

Variable Rate: An interest rate on a mortgage that can change over time.

Vendor: The selling party in a property transaction.

▸ ▾ W

Waiver of Premium: A policy clause that omits premium payments under specified conditions.

▸ ▾ X

▸ ▾ Y

Yield: The profit from a property, represented as a percentage of its total value.

▸ ▾ Z

Why Kerr & Watson?

Understanding

We take the time to understand your situation so that we can search for the most suitable mortgage and insurance for you. Any recommendation made is completely bespoke to your circumstances.

Experience

Mortgage and insurance advice is our speciality. We have decades of combined experience giving us the knowledge to overcome challenges and find the appropriate solution for your needs.

Communication

We work around your schedule to arrange a mortgage or insurance policy that suits your needs. You’ll be kept updated throughout the entire process with clear communication so you’ll always know what’s going on.

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   charlotte yates 
 21 July 2026
 
 
  Marie Kitchener was extremely helpful with a difficult , quite complex case. Marie responded to our questions with understanding, great knowledge and we trusted her advice.  The solicitor she recommended was brilliant too. Highly recommend Kerr & Watson.
  
 
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   Lauren Murray 
 30 June 2026
 
 
  Marie Kitchen was absolutely fabulous. We had an incredibly complicated case due to living abroad and a few hiccups along the way. Marie was persistent and helped us to resolve these efficiently. Highly recommend.
  
 
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   Michelle 
 8 June 2026
 
 
  My 2nd time dealing with Kerr & Watson and they didn't disappoint, great service, professional and patient - big shout out to Andreea & Stephen
  
 
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   Sean Turner 
 2 June 2026
 
 
  I had an excellent experience with Kerr and Watson and would happily recommend them. A special mention has to go to James, who provided exceptional service throughout. He was professional, approachable, clear in his communication and always willing to help. His support made a huge difference, and we genuinely couldn’t have done it without him. I would not hesitate in recommending K&W to any family or friends.
  
 
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   Jackie 
 15 May 2026
 
 
  Brad was quick with getting me the right mortgage insurance prior to a move abroad. Polite and professional. Also liked that he would call to remind me take any actions if I hadn't responded to emails
  
 
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   Ade Kunle 
 1 May 2026
 
 
  I will always recommend Kerr & Watson to friend and family.
  
 
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   Minzel 33 
 23 April 2026
 
 
  This is my second product with Matthew, securing a BTL for my LTD with the best rate on the market. Once again great support, guidance and smooth process. Highly recommended, knowledgeable team. Reliable service.
  
 
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   Freya B 
 14 April 2026
 
 
  The team at Kerr & Watson were brilliant end to end. Daniel explained everything clearly, was always available to answer questions and helped us secure a great mortgage rate. The mortgage broking service they offer is worth every penny and I'd not hesitate to use them again. Thank you!
  
 
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   Dean Langton 
 7 April 2026
 
 
  Excellent service and very nice people. Would highly recommend using them.

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Frequently Asked Questions

▸ ▾ Is it better to use a mortgage broker or go directly to a bank?

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.

▸ ▾ What does a mortgage broker do?

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.

▸ ▾ Can a mortgage broker access better deals?

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.

▸ ▾ What does whole-of-market mean?

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.

▸ ▾ How much does a mortgage broker cost?

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.

▸ ▾ How much can I borrow for a mortgage?

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.

▸ ▾ How quickly can I get an Agreement in Principle?

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.

▸ ▾ How long does it take to get a mortgage offer?

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.

▸ ▾ What documents do I need to apply for a mortgage?

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.

▸ ▾ Do I need a deposit to get a mortgage?

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.

▸ ▾ Can I get a mortgage if I’m self-employed?

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.

▸ ▾ Can I get a mortgage with bad credit?

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.

▸ ▾ What happens if I’ve been declined for a mortgage?

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.

▸ ▾ Can I arrange my mortgage remotely?

Yes. Our mortgage advice process can be completed remotely via telephone, email and video call, allowing us to support our customers wherever you are located.

▸ ▾ Do I need a mortgage broker if I’ve already found a property?

No. You do not have to use a mortgage broker simply because you have found a property. However, a broker can still compare suitable lenders, check criteria, arrange an Agreement in Principle or mortgage application and help manage the process through to completion.