Unfortunately, your mortgage does not disappear when you move home. Mortgages can be transferred from property to property. It is likely that when buying a new property, you will need to borrow more money. Your lender will ask to value the new property. When moving home, you should check if there are early repayment charges or exit fees with your current lender. When working with our fees-free mortgage brokers we can help you find a deal that helps to cover any of these potential fees that could apply when you move home.

Here is a rough guide on how the mortgage application process works when you work with a mortgage broker.
The more you can save for your deposit, the better your mortgage rate can be. However, as a minimum, you will need 5% for the deposit.
Once you have a property you’d like to buy, Fees Free Mortgages brokers can assess your needs and circumstances to recommend a mortgage deal that is right for you. When you are happy with the deal, you will receive an Agreement in Principle (AIP) giving you an approximate sum of how much the lender is willing to let you borrow. This allows you to place an offer on your chosen property and if accepted, you will need to appoint a solicitor to handle searches, surveys and contracts. At Fees Free Mortgages we help you throughout the entire mortgage application process.

To determine whether you will be accepted for a mortgage you will need to check the criteria put in place by the different lenders. All lenders have their own criteria to determine the mortgage offer.

Generally, they may look at things, such as:

• how much you wish to borrow
• how much deposit you have
• your employment status and income
• your credit rating
• your current debt
• your outgoings
• your age
• the length of the mortgage term
• whether you are applying on your own or with a partner

All this data, as well as a thorough analysis of your credit file, will need to convince the lender that you are able to repay your mortgage for you to get accepted for a mortgage.

There are different types of mortgages available.

First-time buyers mortgages are more favourable for first-time buyers than all the other mortgage types mentioned below, which would still be available if you were buying your first house. There are also government incentives that help first-time buyers.

Buy to let mortgages enable you to buy another property for renting purposes only. The rent payments you expect to receive will determine the amount you are allowed to borrow.

Repayment mortgages are where you pay instalments with interest on a monthly basis so that by the end of the mortgage term you would have repaid the entire loan.

Interest-only mortgages allow you to only pay the interest on a monthly basis and repay the capital at the end of the mortgage term. This can be a risky option unless you know you will be able to pay off the remaining money when the term comes to an end.

Fixed-rate mortgages mean you will be paying the same amount each month for a fixed period of time. If the interest rate falls you may, however, be overpaying.

Variable-rate mortgages are also known as Standard Variable Rate (SVR). Your mortgage rate will be determined by your lender but never higher than the base rate set by the Bank of England.

Tracker mortgages are determined by the Bank of England’s base rate.

Discount rate mortgages are only available for a fixed period of time but maybe one of the cheapest options available, as they are linked to SVR.

Cashback mortgages mean that you get a percentage of the loan back in cash from your lender. It is possible though, that these would not be the most attractive deals due to the interest rate and additional fees.

Offset mortgages combine your savings and mortgage together. These deduct the amount you have in your savings, meaning you only pay interest on the difference between savings and mortgage.

95% mortgages are a good option for those with only a 5% deposit. If house prices go down, there is a higher risk of going into negative equity when using this type of mortgage.

Flexible mortgages allow overpayment when you can afford it and may allow for missed payments if you’ve chosen to overpay. The mortgage rate, however, does tend to be higher on flexible mortgages.

Our mortgage advisors can assess your situation and make appropriate recommendations for the correct type of mortgage for you.

When working with our free mortgage advisor, the information they need begins with getting an overview of those who wish to be named on a mortgage. We would then perform affordability checks, assessing household income and outgoings. To provide you with the best deal options our mortgage advisor would need to understand what your objectives are.

Some of the documents that you’ll then have to gather include:

• Utility bills
• P60s
• Last three months’ payslips 
• Proof of any benefits you receive
• Proof of ID (passport or driving licence)
• Current account bank statements for the last 3-6 months 

There may be more paperwork required if you are self-employed. 

Our fees free mortgage brokers are able to assist and guide you throughout the entire process, presenting you with the best mortgage deals.

Switching lenders may sometimes lead to early repayment charges. If your early repayment period has not come to an end before you decide to remortgage, you may be charged with a fee. The only way to avoid the early repayment charge is to wait until the deal ends. In some cases, the benefits of remortgaging to a more attractive deal may outweigh the charges incurred by exiting the current deal too early.
It is always worth getting advice from an independent mortgage broker before you make the decision though.

What mortgage you can afford to borrow will depend on several factors. The general rule is that the lender will lend you up to 5 times your salary. However, aspects such as your age, number of dependents and financial commitments will be taken into consideration to work out the realistic amount of monthly repayments you can afford, after all your living costs and other liabilities have been paid. 
As part of our service, we can help you understand how much you can borrow, which will allow us to point you to the correct lenders.

There is no specific amount that you need to earn to be eligible for a mortgage. However, your financial security does play a part when lenders are considering you for a mortgage. At Fees Free Mortgages we can help you calculate how much you’ll be able to borrow on the salary you are on now.

When working with one of our mortgage advisors, we can help you get a mortgage, hassle-free. The process would start with the mortgage broker getting an overview of those who wish to be named on a mortgage. We would then perform affordability checks, assessing household income and outgoings. To provide you with the best deal options we would need to understand what your objectives are.
Some of the documents that you’ll then have to gather include:

• Utility bills
• P60s
• Last three months’ payslips 
• Proof of any benefits you receive
• Proof of ID (passport or driving licence)
• Current account bank statements for the last 3-6 months 

There may be more paperwork required if you are self-employed. 

Our fees free mortgage brokers are able to assist and guide you throughout the entire process, presenting you with the best mortgage deals.

The way mortgages work is just like any loan. Mortgages are loans that help you buy a property. Typically, you need to put in at least 5% of the property value of your own money and the remaining amount is covered by the mortgage, loaned to you by a lender. You’ll then begin to pay this back on a monthly basis, generally over a period of many years.

A mortgage advisor will need to get an overview of those who are named on, or wish to be named on a mortgage. An idea of household income and outgoings will assist the advisor to make affordability checks. Most importantly the advisor will need to get an overview of your objectives, finding out exactly what you’d like to achieve!

Yes, you can borrow more money on top of your current mortgage, subject to meeting mortgage lender’s criteria. Many homeowners borrow more to improve or extend their home, or to consolidate their other outgoings.

Yes, in some circumstances you can either shorten or lengthen your mortgage term. It’s recommended that a qualified advisor get to know your situation and your motives to be able to advise accordingly on this.

A mortgage product fee is often known as an arrangement fee. Banks usually offer lower rates but with a fee which can either paid upon application or added to the loan on completion. We’ll calculate whether it’s worth paying the arrangement fee for you!

If your preferences are that you would prefer an option where you can avoid the early repayment charges, we can base our research on this preference. A small number of lenders offer fixed or tracker rates where the entire loan can be repaid, in full, without penalty.

A mortgage advisor who is ‘whole of market’ is a mortgage broker who has access to the entire mortgage market. Some advisors are ‘tied’ and only have access to a certain panel of lenders.

Our ‘whole of market’ independent mortgage brokers in Essex & Suffolk give a personal touch of humility behind our mortgage support and the fee-free mortgage advice given, ensuring every interaction with us is a positive experience.