Mortgage FAQs
The Mortgage Questions You Were About to Google…
Got questions about mortgages? You’re not alone. From first-time buyers in Wirral to landlords, movers and the self-employed, we’ve pulled together the most common questions we hear and answered them in plain English. No jargon. No fluff. Just straight answers.
Can’t find your question?
First Time Buyer Mortgage Questions
Your first home shouldn’t feel like rocket science.
Q: How much deposit do I need to buy my first home in Wirral?
Most lenders ask for at least 5% of the property price. Some want more, depending on your situation and the home you’re buying. Bigger deposits often mean better deals, but there are options if you’ve got less saved. We’ll show you what’s out there and what’s realistic for you.
Q: Can I get a mortgage if my credit history isn’t perfect?
Yes. Some lenders are stricter, but plenty are happy to work with people who’ve had the odd blip. The key is knowing who to approach. That’s where advice helps - we’ll point you towards lenders that fit your circumstances instead of wasting your time.
Q: What fees should I expect when buying my first home?
It’s not just the deposit. You’ll need to budget for solicitors, valuations, surveys, and sometimes a lender fee. On top of that come moving costs and insurance. We’ll give you a clear breakdown so nothing catches you by surprise.
Home Buyer Mortgage Questions
Because the packing is stressful enough.
Q: Do I need to pay off my current mortgage before moving?
Not always. Many lenders let you take your current mortgage with you - this is called “porting.” For some people, a fresh mortgage works better. We’ll explain both so you know what makes sense for your move.
Q: Can I move before selling my current home?
Sometimes, yes. Some movers use short-term “bridging” loans to cover the gap. Others keep their old place as a rental. We’ll run you through the options, with the pros and cons, so you know where you stand.
Q: What costs should I expect when moving home?
Alongside your deposit and mortgage costs, expect solicitors, stamp duty (if it applies), removals, and insurance. We’ll help you plan for it all so nothing gets overlooked.
Remortgage Questions
When your deal ends, your mortgage shouldn’t get messy.
Q: Why should I remortgage?
When your deal ends, your lender usually puts you on their standard variable rate - and that’s often more expensive. Remortgaging can bring your payments down, release equity for things like home improvements, or switch you onto a deal that suits you better. We’ll explain your options so you can see if it’s worth it.
Q: Can I remortgage if I’m self-employed or have a complex income?
Yes. Some lenders are more flexible than others. What matters is having the right paperwork, like tax returns or company accounts. We’ll show you which lenders look at self-employed borrowers in a fair way.
Q: When should I start looking at a remortgage?
Around six months before your deal ends is a good time. That way, you can line something up in advance and avoid paying more than you need to. Even mid-deal, it can still be worth checking if a switch saves money once early repayment charges are factored in.
Buy To Let Mortgage Questions
Because rental mortgages shouldn’t be a riddle.
Q: Can I get a buy to let mortgage in Liverpool or the Wirral?
It depends on your finances, the property, and the rent it could bring in. Not everyone qualifies, but there are plenty of lenders with different rules. We’ll explain what’s realistic for you before you commit.
Q: Do I need a big deposit for a buy to let property?
Most lenders want 25%. Some ask for less, but those deals usually come with stricter terms. We’ll talk you through the options so you know where you stand.
Q: Can I use rental income to help with affordability?
Yes. Lenders usually look at the expected rent to decide how much they’ll lend. Each one calculates it differently, so the figure can vary. We’ll explain how it works and which approach fits your property.
Self Employed Mortgage Questions
Self-employed and stuck on mortgages? Let’s clear it up.
Q: What proof of income do self-employed borrowers need?
Most lenders want two years of accounts or SA302s. If you’ve been trading for less, some lenders will still consider you. We’ll help you get the right paperwork together so your case stacks up.
Q: Can I get a mortgage if my income changes from year to year?
Yes. Some lenders look at an average over the last few years, while others just focus on the most recent year. Fluctuating income doesn’t always mean a no. We’ll show you which lenders fit your pattern.
Q: Will lenders accept dividends or retained profits?
Some will, some won’t. A few only look at salary and dividends, while others include retained profits. We’ll point you towards the lenders that take the full picture into account.
Mortgage Protection Questions
Cover explained, without the confusion.
Q: Do I need mortgage protection insurance?
No, there’s no law saying you have to take it. But for a lot of people it’s a safety net that makes sense. If you got seriously ill, lost your income, or died, the cover could help make sure the mortgage still gets paid. We’ll run you through the options so you can decide if it’s worth it for you.
Q: What type of protection should I choose?
There isn’t one “best” cover. Life insurance pays out if you die, critical illness pays out if you’re diagnosed with certain serious conditions, and income protection can cover part of your salary if you can’t work. We’ll explain how each works in real terms so you can pick what fits your life and your budget.
Q: Is protection expensive?
It can be cheaper than most people think. The cost depends on your age, health, job, and how much cover you want. We’ll show you what it looks like in pounds and pence so you can decide if it’s affordable for you.
General Mortgage Questions
The stuff everyone asks us around here…
Q: Do you work with clients across Wirral and Cheshire?
Yes. Most of our work is in Wirral, Liverpool and Cheshire, but we can help wherever you are in the UK. Being local helps - we know the area, the property market and the lenders who understand it, but it’s not a requirement.
Q: How long does it take to get a mortgage offer?
Once your paperwork is in, most lenders reply in about two to six weeks. Some are quicker, some take longer. We’ll keep you updated so you’re never left wondering what’s happening.
Q: How do I get started with NG Mortgages?
Simple. You can call, email, WhatsApp or book straight into our diary online. We’ll talk about your plans, show you your options and guide you through the next steps.
Q: Can you only help if I’m buying in Wirral?
No. We’re based here and know the Wirral market inside out, but we work with clients all over. Being local is a bonus, not a barrier.
Got Your Answers? Time to Get Your Mortgage Sorted.
Your mortgage, simplified.
We’ve covered the questions. Now let’s talk about your move, remortgage or first home in Wirral and beyond.