Frequently asked questions
Are you tied to using only one lender?
No, as part of the Openwork Partnership we can source from over 50 lenders and we will always recommend what we consider to be the right mortgage to suit your needs. We are all CeMap qualified, regulated through being an appointed representative of the Openwork Partnership and offer professional advice.
What is the difference between a repayment mortgage and an interest only mortgage?
A repayment mortgage is guaranteed to pay off your total mortgage by the end of the mortgage term as long as all payments have been made. With an interest only mortgage your monthly payments only pay the interest that is due so at the end of the term you still owe the same amount that you originally borrowed and would need to have a repayment plan in place, which could be to sell the property or find the funds through another source.
Can I repay my mortgage early?
What insurance do you need with your mortgage?
How much stamp duty will I pay for my mortgage?
A first-time buyer won’t pay stamp duty on the first £425,000, on properties that cost up to £625,000, but they will pay 5% on the portion between £425,001 and £625,000. However, for homes costing over £500,000 they will pay the same as someone who has bought before:
- Up to £250,000 the rate is zero
- From £250,001 to £925,000 the rate is 5%
- From £925,001 to £1,500,000 the rate is 10%
- From £1,500,001 and upwards the rate is 12%
Why are you recommending a mortgage loan with a rate of 3.99% when I have found a deal at 3.62%?
Do I need great credit to obtain a mortgage?
How much of a deposit do I need?
You can put down as little as 5% deposit but the rates would be higher than a 10% or greater. The greater the deposit the more favourable the rates. The percentage of mortgage loan in relation to house value is referred to as Loan To Value (LTV) for example a deposit of £50,000 on a £200,000 house would equate to a 75% LTV mortgage.