Frequently Asked Questions
Mortgage faqs with questions on pre-application, application, completion, and protection to help guide you through the process.
If you can’t find an answer to any of your questions then please contact us here.
Pre-application
Why use Mortgage Select when I can do it myself?
We offer independent mortgage and protection advice and have no ties to any lender or provider, meaning we can search the whole market and source the best deal suited to you. Sometimes a lower rate of interest may seem like a good deal but will have other fees such as arrangement fees and valuation costs which could make it more expensive overall than a slightly higher rate with no fees. All lenders also have their own criteria which you may not be accepted for. Our advisors are highly experienced with the requirements of all lenders and can save you time by doing the work for you. Advice and products provided to you by our advisors are covered by our professional indemnity insurance.
How much can I borrow?
This can vary from lender to lender and on your personal circumstances. Income and credit commitments will affect how much you can borrow. Speak to one of our qualified advisors on 01823 323600 to find out.
What fees are involved?
There are several fees to consider when purchasing a property. These include solicitors’ conveyancing costs, mortgage arrangement and valuation fees, stamp duty, and moving costs.
On some occasions, we charge a broker fee which will be confirmed by your advisor at the initial enquiry stage. Click here to read our full Terms of Business.
What if I have credit issues?
This need not be a problem. We have access to several adverse lenders who specialise in providing mortgages to clients who have had credit problems in the past. The first thing we would recommend is obtaining a copy of your credit file from www.experian.co.uk and then give us a call and we can advise you how we can help and the mortgages that are available to you.
What documents will I need to provide?
We require 2 of Name ID and 2 of Address ID from the following list:
| List A – Name ID | Notes |
| Current Full Signed Passport | Must be in date |
| Current UK/EU Full Photocard Driving licence/Provisional Driving licence | If using as Name ID cannot be used for Address ID also |
| EU Resident permit | Must be in date |
| Firearms/Shotgun certificate | Must be valid |
| Military ID card | Must be valid |
State pension or Benefits book/Award letter | Including tax credits, child benefit, DLA etc Dated within the last 12 months |
Inland Revenue Tax Coding notice | These can be requested, free of charge, by calling HMRC on 0300 200 3300. |
P60 | As a last resort if you are unable to obtain any of the above |
List B – Address ID | Notes |
| Most recent Mortgage statement* | Dated in last 12 months |
| Council Tax bill | Dated in last 12 months |
Bank/Credit card/Store card/ISA/Pension statement* | Must be a statement from a financial institution with an account number, not just a general letter or marketing literature. Dated in the last 3 months |
| Utility bill (Gas, Electric, Water, Landline/Internet)* | Dated in the last 3 months |
| Current UK/EU Full Photocard Driving licence/Provisional Driving licence | If using for Address ID it cannot be used for Name ID also Must show correct current address |
| State pension or Benefits book/Award letter | Including tax credits, child benefit, DLA etc Dated within the last 12 months |
* Documents downloaded online are acceptable as long as they show your name and address
Common items that are not acceptable;
- Car insurance documents
- Mobile phone bills
I’m self-employed, can I get a mortgage?
Yes, as long as you have a minimum of 12 months’ accounts. Call and talk to one of our advisors to find out your affordability.
Can we meet face to face?
Yes, our office in Taunton is open Monday – Friday between 9 am & 5 pm for appointments, please give us a call to book in with one of our advisors.
Can you help with shared ownership, discounted purchase price (Section 106) and right to buy?
Yes, we can help with all types of mortgages. Speak to us to find out how!
On Application
How do I choose the best mortgage?
You don’t need to; our specialist experienced advisors will source the whole of the market and find you the best mortgage suitable for your needs.
What’s the difference between a fixed rate and a variable rate or a tracker mortgage?
There are many different mortgage products available. Our advisors will discuss your requirements and ensure a suitable type of mortgage is chosen that suits all your needs. They can explain the differences in rates available and the benefits or disadvantages of each type of product.
Can I add arrangement fees or solicitors fees or stamp duty to my mortgage?
Depending on affordability and lender arrangements fees can be added to your mortgage. Solicitors fees and stamp duty cannot be added to your mortgage but it may be possible to keep some of your deposit back to cover these costs. Our advisors will be able to work out the minimum deposit needed and how much extra you may need. You can find out how much stamp duty you may have to pay here: https://www.gov.uk/stamp-duty-land-tax
How do I provide my documents to you?
You can bring your documents to our Taunton office or you can post them to us. We recommend posting them signed for/special delivery and we will return them to you in the same way.
How long is my mortgage offer valid for?
This varies by lender. Our advisors will ensure they obtain a mortgage with a suitable offer length for your purchase.
My mortgage offer states my mortgage will start in June but I’m not moving until October?
The date on your mortgage offer is only an illustration. Your mortgage will not start until you complete on your property.
Post Completion
When will my first mortgage payment be taken from my bank?
Your first monthly payment may be different as it will depend on when the loan starts. Your lender will write to you when the mortgage starts to tell you when they will collect their first and subsequent payments and the amounts that will be due. The first monthly payment usually includes an amount of ‘Initial Interest’ from the day of completion to the first monthly mortgage payment.
What happens at the end of the 5 year Help to buy 0% period?
At the end of the 5-year interest-free period, interest payments will become payable on your equity loan. Your advisor will be in touch before this happens to discuss your options and see if it’s possible to repay some or all of your equity loan or whether you wish to keep it in place and start making the interest payments. We will look at all options and work out which is the most cost-effective possible way forward. You can download the full help to buy buyer guide here: Help to Buy Buyers Guide
What happens when my current deal ends?
Your advisor will contact you a few months before your current deal ends to discuss your options.
Will you help me remortgage when I need to?
Yes, we can arrange a remortgage on your current property, see if you borrow additional funds or reduce the term on your mortgage, or if you wish to move home. Your advisor will contact you a few months before your current deal ends to discuss your options.
Protection
Why should I have protection?
It is important to consider how you would cope financially should the worst happen. Protection policies are in place to protect you and your family and your home in the event of death, loss of income due to sickness, and serious illness.
When should my mortgage protection start?
For first-time buyers of protection, it would be advisable to start your cover from the exchange of contracts. This is the point you are legally bound to buy your property. If you have already completed it, we would advise you to arrange cover immediately. Home movers with a current policy should seek advice from our protection specialists as this can vary depending on circumstances.
When does my house insurance need to start?
If you are purchasing a new build property your home insurance should start from the date of completion. If you are purchasing an older property your home insurance will need to start from the exchange of contracts. Our home insurance specialist will be able to advise you and arrange your cover.
Do you compare providers?
Yes, Mortgage Select is able to compare across a large panel of providers and find the most suitable policy for your individual needs and budget.
Do you charge for your protection services?
There is no charge to you for our protection services, we receive a commission payment from the providers.
Why is it important to review your protection when your circumstances change?
It is important as your current coverage may no longer be adequate for your needs. For example, your help to buy an equity loan may have increased, or you have started a family, or even changed jobs. Our protection specialists can review your existing cover and advise you accordingly.