The Specialist Mortgage and Insurance Advisers

The amount you can borrow depends on your income, spending habits, and credit history.

• General borrowers: Most lenders offer around 4–4.5 times annual income.
• First-time buyers: Similar rules apply, but lenders may be more cautious with affordability checks.
• Buy-to-let investors: Loans are based on expected rental income, which usually needs to cover 125–145% of repayments.
• Self-employed applicants: Lenders look at your last 2–3 years of accounts and tax returns.
• Bad credit borrowers: You may still get approved but often for a lower amount.
• Commercial mortgages: Based on business income, lease agreements, and company strength.
• Semi-commercial mortgages: A blend of rental income and personal affordability is considered.

Deposits vary depending on the type of mortgage you’re applying for.

• Residential buyers: Typically 5–10% of the property value.
• First-time buyers: Minimum 5% with help from government schemes available.
• Buy-to-let landlords: At least 20–25% is standard.
• Self-employed borrowers: Often 10–20%.
• Bad credit applicants: Expect to put down 15–25%.
• Commercial properties: Usually require 25–40%.
• Semi-commercial properties: Deposits tend to be 20–30%.

Interest rates depend on the size of your deposit, your credit profile, and the type of mortgage.

• General borrowers: Bigger deposits often mean cheaper rates.
• First-time buyers: Better rates come with higher deposits.
• Buy-to-let mortgages: Rates are typically higher than standard home loans.
• Self-employed applicants: Rates are competitive if your income is stable.
• Bad credit cases: Rates will be higher, but specialist lenders can help.
• Commercial deals: Usually higher than residential and often linked to the Bank of England base rate.
• Semi-commercial mortgages: Rates tend to sit between residential and commercial levels.

• Residential mortgages: 4–8 weeks from application to offer.
• First-time buyers: Around 6–8 weeks, depending on how quickly paperwork is supplied.
• Buy-to-let: Around 6–8 weeks, sometimes longer for rental checks.
• Self-employed: May take longer if lenders request additional financial evidence.
• Bad credit: Often takes extra time due to detailed checks.
• Commercial: 8–12 weeks, as valuations and legal processes are more complex.
• Semi-commercial: Slightly quicker than commercial, but slower than residential.

Fees can add up, so always check the full cost of a mortgage.

• Residential buyers: Arrangement, valuation, and legal fees are common.
• First-time buyers: Some lenders offer cashback or waive certain fees.
• Buy-to-let landlords: Arrangement fees are usually higher than residential loans.
• Self-employed: Standard fees apply, though complex cases may cost more.
• Bad credit mortgages: Specialist lenders often charge higher fees.
• Commercial mortgages: Expect valuation, legal, and broker fees — all typically higher.
• Semi-commercial mortgages: Fees usually fall between residential and commercial.

Both have advantages, and the right choice depends on your situation.

• Fixed rates: Lock in your payments, making budgeting easier.
• Variable rates: Can be cheaper if interest rates fall but riskier if they rise.
• First-time buyers: Fixed rates are popular for peace of mind.
• Buy-to-let landlords: Many prefer fixed for stable rental planning.
• Self-employed: Fixed is safer if your income fluctuates.
• Bad credit: Fixed avoids nasty surprises with repayment hikes.
• Commercial & semi-commercial: Businesses often favour fixed for stability, though some prefer variable for flexibility.

Being organised with paperwork helps speed up approval.

• Residential buyers: ID, proof of address, bank statements, payslips, and deposit proof.
• First-time buyers: Similar to residential, plus evidence of savings or gifted deposits.
• Buy-to-let: ID, income proof, deposit evidence, and rental forecasts.
• Self-employed: 2–3 years of SA302s, accounts, and bank statements.
• Bad credit applicants: All of the above plus explanations for past issues.
• Commercial: Business accounts, lease agreements, cash flow forecasts, and ID.
• Semi-commercial: A combination of both personal and business financial evidence.

Yes — though it may cost more.

• Residential buyers: Mainstream lenders may say no, but specialists exist.
• First-time buyers: It’s possible with a larger deposit.
• Buy-to-let landlords: Harder, but achievable if rental income is strong.
• Self-employed: Feasible but requires careful lender matching.
• Bad credit applicants: CCJs, defaults, and missed payments don’t rule you out — but expect stricter terms.
• Commercial & semi-commercial: Yes, but deposits are usually larger and only certain lenders will consider it.

A Mortgage in Principle (MIP) shows how much a lender may be willing to lend.

• Residential buyers: Useful when making offers on homes.
• First-time buyers: Often essential — estate agents ask for it.
• Buy-to-let: Demonstrates your borrowing power based on rental income.
• Self-employed: Shows sellers your income has been accepted.
• Bad credit applicants: Vital for credibility with sellers.
• Commercial mortgages: Instead of an MIP, lenders often issue “heads of terms.”
• Semi-commercial: Some lenders provide an MIP; others follow the commercial rout

Mortgage repayments are usually monthly and come in two types:

• Repayment mortgages: Pay back both the loan and the interest, gradually owning your property outright.
• Interest-only mortgages: Pay just the interest, with the full loan due at the end.

By category:

• First-time buyers: Typically choose repayment mortgages to build equity.
• Buy-to-let landlords: Often interest-only, with capital repaid later through sale or refinance.
• Self-employed: Repayment is common; budgeting carefully helps with uneven income.
• Bad credit: Repayment mortgages are standard and help rebuild credit history.
• Commercial: Often interest-only with a lump sum at the end.
• Semi-commercial: Can be structured as repayment, interest-only, or a mix.