A mortgage is a loan you take out to buy a home. You borrow money from a lender, such as a bank or building society, and agree to repay it with interest over a set number of years. The loan is secured against your home, which means your property may be repossessed if you do not keep up repayments on your mortgage.

This depends on your income, regular spending, debts, deposit amount and credit history. Many lenders may offer around 4 to 4.5 times your annual income, or joint income if buying with someone else, but this varies. We will help you understand what may be realistic for your circumstances.

A deposit is the part of the purchase price you pay upfront. Most lenders usually require at least 5%, although a larger deposit may give you access to better mortgage deals and could reduce the amount of interest you pay over time.

A fixed-rate mortgage keeps your interest rate the same for a set period, such as 2, 5 or 10 years, which can make budgeting easier. A variable-rate mortgage can change, often depending on the lender’s standard variable rate or the Bank of England base rate, meaning your payments may go up or down.

There are many types of mortgages, including first-time buyer mortgages, home mover mortgages, remortgages, buy-to-let mortgages, interest-only mortgages, lifetime mortgages and second charge mortgages. Faulkner Powell Mortgages can explain your options and help you understand which route may suit your needs.

Typical costs may include valuation fees, lender arrangement fees, legal fees, broker fees and Stamp Duty, depending on your circumstances. We will explain the costs clearly before you commit to anything.

A mortgage offer is often issued within around 2 to 4 weeks, although this can vary. Remortgages may take around 6 weeks from start to finish, while purchases can take longer depending on the property, chain and paperwork. We will keep you updated throughout the process.

A mortgage in principle, sometimes called an Agreement in Principle or Decision in Principle, is an indication from a lender of how much they may be willing to lend. It is not a guarantee, but it can help show estate agents and sellers that you are serious.

In many cases, yes. A low credit score, missed payments, a CCJ or previous default does not always mean you cannot get a mortgage. Some lenders consider adverse credit, although you may need a larger deposit or pay a higher interest rate. We will help you understand what may be possible.

Yes, self-employed applicants can still get a mortgage. Lenders usually want to see proof of income, such as accounts, tax calculations, tax year overviews and bank statements. We can help you prepare the documents and present your income clearly.

You will usually need proof of ID, proof of address, payslips or income evidence, bank statements, proof of deposit and details of any credit commitments. If you are self-employed, lenders may also ask for accounts, SA302s and tax year overviews.

Your deposit may come from personal savings, equity from a property sale, a gifted deposit from family, inheritance, investments or ISAs. Some lenders may also consider builder incentives or developer discounts. We will check whether your deposit source is acceptable to lenders.

A mortgage broker searches for suitable mortgage options, explains your choices, handles paperwork, liaises with lenders and helps keep the process moving. At Faulkner Powell Mortgages, we aim to remove jargon, save you time and support you from the first conversation through to completion.

If you miss a payment, contact your lender as soon as possible. The earlier you act, the more options may be available. Long-term missed payments can have serious consequences, including repossession.

Many mortgages allow you to overpay, often up to 10% of the balance each year without penalty, but this depends on your mortgage deal. Overpaying can reduce your mortgage term and the interest you pay, so we can help you check the details.

You may be able to port your mortgage, which means taking your current deal with you to a new property. If this is not possible, early repayment charges may apply. We can help you compare your options.