Frequently Asked Questions
We answer some of our most popular mortgage related questions
Frequently Asked Questions
We’ve pulled together some of the most popular questions that we get asked. If your question isn’t answered, don’t hesitate to get in touch with us, we’ll be more than happy to answer any questions that you may have.
What is a mortgage broker?
A mortgage broker works similar to a comparison site, as a broker, we will find the best mortgage lender from our panel to suit your needs.
Amplo Mortgages take the time to understand your specific requirements, conduct a comprehensive search of the mortgage market and find the most appropriate mortgage based on your needs. We’re qualified to offer you advice so we can let you know what we think is best mortgage is for you.
We pride ourselves on taking the stress out of arranging your mortgage, managing the process from start to finish, liaising with your solicitor, estate agents and keeping you regularly updated. We aim to give you peace of mind as you’ll know exactly where your mortgage application is up to every step of the way.
When is it the best time to come to a mortgage broker?
We think it’s best to come to a mortgage broker before you start viewing properties so know your budget and how much you’re able to borrow.
However, if you have already viewed a property and expressed an interest in a property, we’ll do our best to provide you a quick turnaround so don’t lose your dream house.
Can you still help me if I've been rejected from other lenders?
We work with a large panel of lenders therefore, if you have been declined by one lender, we may have a lender on our panel who may approve you for a mortgage
What costs are involved in buying a property?
The costs may be slightly different depending on your circumstances. For rough guidance you may need to pay for the following during a house purchase:
First time buyers: Stamp duty if the property costs more than £300,000, mortgage broker fee, solicitor fees, conveyancing (house survey), removal companies if you wish to use them.
Moving House: Stamp Duty (varies depending on the cost of the next property), mortgage broker fee, estate agent fees (to sell your current property), solicitor fees, conveyancing (house survey), removal companies if you wish to use them.
Not all mortgage brokers charge a fee and fees can vary between brokerages
What do you mean by initial consultation?
The initial consultation is a discovery meeting to find out more about you, what your situation is, what type of mortgage you need and how we will be able to help. At the same time, we will let you know our process and timescales, so you know what to expect from us.
Why can a mortgage application be declined?
There can be a few reasons why a mortgage application could be declined such as:
- Poor credit history
- Not on the electoral roll (no proof on where you can currently live and who you are)
- Too many credit applications
- Too much debt
- Administration errors
- Not earning enough for the mortgage you’re requesting to have
This is where a mortgage broker like us can be key as we work with a large panel of lenders with different lending criteria, we may be able to find you a mortgage with a lender who specialises in poor credit history for example.
What does it mean if you have adverse credit?
Adverse credit describes problems with a person’s credit history – the problems could be defaults, CCJs, late payments or bankruptcy.
What that means from a lender’s perspective, you will be seen as a higher risk due to your history.
Can I get a mortgage I have a CCJ?
Yes, it can still be possible to secure a mortgage if you have a CCJ on your credit file but it will depend on a number of different factors.
Read out blog about CCJs and find out more details about getting a mortgage with a CCJ.
I've got bad credit, am I still able to get a mortgage?
If you have bad credit, it doesn’t necessarily mean that you can’t get a mortgage. Some lenders offer mortgages designed for people with bad credit however, this may involve higher interest rates and fees or you may need to come up with a larger deposit.
However, there are a few things that you could do to improve your credit rating. Improving your credit score can mean better interest rates and the opportunity to borrow more if you like.
How much of a deposit do I need for a buy to let mortgage?
A buy to let deposit can vary between lenders however as a rule, it is usually around 25% of the property value.
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