FAQs
Getting started with the mortgage process can feel overwhelming, but we make it simple. To help you, we’ve compiled our most common questions. Can’t see your question? Contact us and we’ll help. Contact usMeet the team
General questions
Do you charge a fee?
We typically charge a fee of £295 on completion of the mortgage. In certain circumstances we would not charge a fee. Please contact us for a no obligation consultation at our expense.
Is FPG Mortgages regulated by the FCA?
Yes. FPG Mortgages Ltd is regulated by the Financial Conduct Authority and is entered in the Financial Services Register and its registration number is 976205.
We are also a member of the Equity Release Council.
What documents do I need?
To get you an Agreement in Principle, you’ll need to provide a few documents. Below is a typical list of what you might need:
- Bank statements from the last three months
- Proof of deposit
- Personal ID (Passport or Driving Licence)
- Proof of income
Depending on your circumstances (for example, being self-employed), there may be additional documentation required.
If you’re unsure, contact us and we’ll be able to advise.
What is an Agreement in Principle?
An agreement in principle which is the same as a decision in principle or mortgage in principle is essentially a provisionally approved mortgage from a lender after they’ve taken your finances and credit profile into account.
In most cases the lender will issue a certificate which provisionally confirms your eligibility and borrowing potential, which is essential before starting your property search.
How long does my Agreement in Principle last?
Your Agreement in Principle will usually last 30 days. It’s very simple for us to refresh your Agreement in Principle, so there is no pressure for you to use it within 30 days.
When can I start putting offers on properties?
Once we’ve assessed your finances, got your borrowing agreed in principle and completed soft credit searches, you will be ready to start viewing and making offers on properties.
If possible, we will issue you with an Agreement in Principle certificate. Most estate agents will ask for evidence of this if you want to make an offer.
When will I pay my deposit?
Your solicitor will typically request your deposit a few days before exchange of contracts, where the purchase becomes legally binding.
You should have your deposit prepared and easily accessible. You may wish to notify your bank that you’ll be making a considerable transfer as to not cause delays.
When does stamp duty become payable?
Stamp duty becomes payable within 14 days of completion.
Your solicitor will advise you exactly how much stamp duty is due, and will typically advise you to transfer the funds before completion.
First time buyers
Why should a first time buyer use a mortgage broker?
There are numerous reasons why you as a first time buyer should use a mortgage broker:
- We can help you find the most cost effective mortgage deal for your first purchase and any mortgage needs you may have in the future.
- We take care of the whole application process on your behalf, from start to finish, so you don’t have to lift a finger.
- We will provide ongoing support throughout the overall process, answering any questions you may have along the way.
Reach out to us via email or phone to hear about the many ways in which we can help you.
How can I improve my credit score?
Your credit profile is an important factor when looking to apply for a mortgage, especially for first time buyers looking for a high loan to value mortgage.
- Make sure you don’t miss any payments on any loans, credit cards, bills and the like.
- Keep your overall credit utilisation below 50% on your credit, or simply put, don’t frequently max out your credit cards and try to maintain a reasonable amount of credit usage.
- Check that you’re on the electoral roll at your current address.
- If you’re worried about your credit profile, contact us and we’ll talk you through your options.
Home movers
What is porting?
Porting a mortgage is effectively transferring your existing mortgage from one property to another when moving home.
You’ll keep the same interest rate and product and if you’re transferring on a like for like basis, you shouldn’t have to pay any early repayment charges.
What if I'm porting and I need to borrow more?
If you’re porting and need to top up, for example, if you’re upsizing and need further borrowing on top of your current mortgage, you’ll need to make sure you’re meeting the lender’s affordability requirements for the top up.
You’ll then have 2 parts to your mortgage and potentially 2 different products. If you’re unsure of how this might affect you, please get in touch with us.
What if I'm porting and my existing mortgage amount is more than I require?
If you’re downsizing and you don’t need the full amount of your current mortgage, you’ll still be able to port your mortgage.
However, you may incur early repayment charges on the amount that you don’t need to port.
Do I have to submit a new application when I port?
You will have to submit a new mortgage application to your existing lender when you want to port your mortgage.
It will be assessed in the same way your initial application was with credit checks, affordability assessment and full underwriting.
As mortgage brokers we can take care of this for you and relieve you of the stress of a new application.
What happens to my mortgage during a divorce or being made redundant?
When the unthinkable happens; you may not be moving by choice.
The change in circumstance will potentially have an impact on your affordability and eligibility for a mortgage and that means you may need to renegotiate your deal or find a new deal altogether.
If you’ve been made redundant or going through a divorce, you will likely need mortgage advice.
Remortgaging
What exactly is a remortgage?
In essence, a remortgage is transferring the debt from your current lender to a new lender who will then offer you a new product.
How long does the remortgage process take?
The timescale of a remortgage can vary depending on the lender and the complexity of your situation. It typically takes 2-8 weeks from start to finish.
Are there any hidden costs when remortgaging?
Some lenders charge arrangement fees on their products which can be added to the mortgage balance to avoid you having to pay up front.
Most lenders will offer a free mortgage valuation and legal fees too, but not always.
Self-employed and contractors
When would I be considered self employed?
You’d typically be considered self employed if you are a sole trader, a limited company director, a contractor or any other business owner or if you work on a self employed basis.
I’m a Ltd company director who takes dividends. Will lenders consider this?
Lenders can definitely consider this, they may take an average figure from your last 2 years of accounts.
For limited company directors, lenders can also consider your share of net profit for the business and your director’s salary, even if you are not taking the income from the business.
Will being self employed affect my interest rate?
As a self employed applicant you’ll be eligible for the same mortgage products that are available for employed individuals.
With that being said, different lenders have different criteria and it might be the case that you may not be able to use the same lenders an employed application would use. We will confirm this for you.
I've recently gone self-employed. Am I able to get a mortgage?
We have helped numerous people with similar circumstances, get in touch to see if we can help you too.
Buy-to-let
How is a buy-to-let mortgage different from a standard mortgage?
In simple terms, a buy-to-let mortgage is specifically for properties being rented out. A buy to let mortgage is typically on an interest only basis, which means that you don’t pay the capital back each month and only the interest. This so you can minimise your monthly payments and maximise monthly profits, however, you must have a suitable repayment vehicle in place. We can advise on this.