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Frequently Asked Questions

We provide the solution for asset management

What is a mortgage?

A mortgage is the loan that you take out which is secured against your property that enables you to purchase your home.

The mortgage lender has the option of taking possession of the property and selling it on if the mortgage repayments aren’t made to try and recoup any losses it has suffered.

The lender will charge you ‘interest’ in return for lending you the money. Therefore over the term of the mortgage you will need to pay the lender interest, and repay the amount you originally borrowed fully before the mortgage ends.

How much can I borrow?

Every lender will be different in their approach to what you can borrow and unfortunately there is no set calculation. The actual amount you’re eligible to borrow will be determined by the cost of the property you wish to purchase, the size of deposit you have, your income and affordability (taking into account your monthly financial commitments and any future commitments). Refer to our Mortgage Calculator to provide you with bespoke mortgage advice based on your needs & circumstances.

What is a remortgage?

This is simply swapping the mortgage you have on your current property for another mortgage with a different lender. You may consider this option if your existing mortgage deal has expired and you wanted to see if a more competitive deal was available. You could also consider this if your circumstances have changed and you want to borrow more. There are many reasons why you would remortgage but this does not involve moving home.

How do I prove what income I have?

If you are employed, you will need to provide at least your last 3 months payslips as a guide and sometimes your P60.

If you are self employed, the easiest way to prove your income is via SA302s which can be obtained from HMRC. Alternatively at least 2 years’ trading accounts may also be acceptable to lenders. Some lenders may have other requirements.

You will also be required to provide your bank statements for the last 3 months.

If you have any other form of income, eg tax credits, then written evidence from the provider will be required.