FAQs

Below you can find answers to a variety of important questions.

When you’re ready, speak to one of our friendly Advisers.

About Us

Mortgage Marketplace are an experienced and growing independent Mortgage Advisers and Brokers. With a wealth of experience spanning the mortgage sector, we deliver high quality advice and utilise the latest technology to keep things simple.

Meet Our Team to find out more about our people.

We take a modern approach to business:

  • Work is split between the office and home – For our team members this provides much needed flexibility and a better work-life balance (without affecting our service). It also means we considerably reduce our environmental impact from travel…
  • We are a Climate Positive Workforce – with the help of Ecologi, we support carbon reduction projects and the planting of trees around the world. Check out our page to see how we’re trying to do our bit to fight the climate crisis.
  • Our diverse team – we believe in the power of diversity in the workplace and are proud to have some fantastic people on our team, from various personal and professional backgrounds
  • We work with your best interests at heart – It might sound simple, because it really is. We work to help you reach your goals and will always do what is best for our clients, not us, the lender, or anyone else.
 

Want to know more about us? Let’s talk…

We are a completely Independent and Whole of Market Mortgage Brokers.

This means that we are not tied to any lender or third party, and we have access to the whole mortgage marketplace, allowing us to ensure we get you the best deal.

We even have access to exclusive products and lenders not available on the high street, due to our standing in the industry.

We serve the whole United Kingdom, from our home in Bristol.

Everything can be done quickly and easy online and over the phone.

The best thing to do is check out verified reviews from our clients on Google or Feefo.

Many of our clients use us time and time again, and refer us to friends and family.

We are regulated by the Financial Conduct Authority, registration number 806832. The company is registered in England – No. 11260088.

All our advisors can be found in the FCA’s Register.

All your data is kept on our secure systems which are monitored and managed for security. You data is only ever processed in accordance with our Privacy Policy.

Phone calls may be recorded for training and monitoring purposes only.

We utilise a super smart ‘Client Portal’, provided by Smartr365. Their statement: “Our Client Portal and filing systems are securely encrypted to keep your personal details safe.

Smartr 365 are certified tp the ISO/IEC 27001 security standard, which is explained further here.

Following this standard ensures that all data is secured to the highest of standards as well as upholding GDPR to the highest of standards, and obeying the data protection act.”

Mortgage products and advisory firms are regulated by the Financial Conduct Authority. We are directly authorised with a registration number 806832. The FCA does not regulate some investment mortgage contracts.

All our Mortgage Advisers hold a Certificate in Mortgage Advice and Practice (CeMAP).

Many also hold a Certificate in Regulated Equity Release (CeRER) enabling them to advise on the specialist area of Equity Release.

Besides this, our team come from a diverse range of professional backgrounds and areas within financial services, giving them a broad range of understanding and certification.

The Mortgage Advice and
Application Process

In a nutshell, the advice process goes a little like this…

1. You’ll start with a free of charge initial consultation on the phone with one of our dedicated advisers. They’ll tell you a bit more about us, and our obligation to always do what is best for you.

2. We’ll then ask you to complete a ‘fact find’ via our clever online portal at a time and a place that suits you.

3. From there, we’ll search the market to find the best deals for your unique situation, and advise on all the options available.

You’ll then receive a personalised ‘illustration’ detailing the key features of what we’re recommending.

We can also obtain a Decision in Principle in as little as 2 hours, with your cooperation.

4. If you like what you see, we can submit an application to the lender on your behalf, and liaise with them to get your mortgage through as quick as possible!

5. We’ll also assist you with the next stages – from finding and managing solicitors and insurance providers, all the way through to exchange and completion! We’ll keep on top of these external professionals to get your new property to you as soon as possible.

A good mortgage advisor utilises their experience to save you time and hassle, and most importantly find you the best deal.

They will guide you through the process in simple terms, speaking to lenders and advising you on the best solutions available.

They’ll also take into consideration your future plans and goals, insurance needs, and more – to make sure you’re set up properly.

When it’s time to remortgage, we can help you continue to pay less.

We work for you. Not the lender, or anyone else.

When you pay for mortgage advice rather than using a ‘free’ service, or going direct, you can trust that everything we do is in your interest only. Put it this way – whether getting a tattoo or a mortgage, always hire a professional.

Hiring a Mortgage Advisor takes a lot of the stress and time investment away, as we do the hard work for you – finding the best deal, submitting paperwork, speaking to lenders, and much more.

We believe in being competitive and transparent on fees.

Your initial mortgage consultation is free. You won’t be asked to pay a fee until we have submitted an application on your behalf.

Our fees depend on the product – see the list below or speak to an advisor.

Residential Mortgage & Remortgage
Application fee of £395.00 payable on receipt of the lender’s decision in principle and our broker fee of £595.00 payable on receipt of mortgage offer. Total fees payable – £990.00.

Buy-to Let Mortgages & Remortgages
Application fee of £395.00 payable on receipt of the lender’s decision in principle and our broker fee from £595 up to 0.50% of the mortgage offer. For example, loan amount £200,000, broker fee payable could be £1,000.00. Total fees payable £1,395.00. A minimum broker fee of £595.00 will be applied on all buy-to-let applications.

Equity Release Mortgages
Application fee of £395.00 payable on receipt of the lender’s decision in principle and our broker fee of £1100.00 payable on completion of your mortgage. Total fees payable – £1,495.00.

Credit Repair Mortgages
Application fee of £395.00 payable on receipt of the lender’s decision in principle and our broker fee equal to 0.5% of the mortgage offer. For example, loan amount £200,000, broker fee payable could be £1,000.00. Total fees payable – £1,395.00. A minimum broker fee of £595.00 will be applied on credit repair applications.

Life Insurance
No fee will be charged by us. You will receive a free quotation from the policy provider.

Your unique situation and goals will determine the amount you can borrow. 

Call us today on 0800 170 7021 to discuss your borrowing potential and eligibility.

Proving your income will depend on the manner in which you are employed, as well as the type of mortgage you are looking for. But the general rules are:

Employed applicant

  • 3 months of payslips and bank statements, depending on the lender.

For Self-employed applicants & business owners:

  • 2 years tax calculations and tax Overview statements, available from your accountant or HMRC portal

If you run a limited company, lenders will generally take into consideration the salary you have paid yourself, as well as dividends taken or share of profits made.

For contractors:

Lenders may ask for:

  • A copy of your work contract including the amount you are being paid
  • For most lenders, 2+ years of continued employment that can be evidenced. More specialist lenders can consider 1 year, but this will affect the available rates
 

Lenders will also consider your line of work, as some professions are predominantly based on contracts, so the likelihood of continuous employment is higher there. By contrast, other professions centre around contracts on short terms or seasonal work only, and so lenders may be more concerned about periods of being out of work.

For more information about proving income for your specific mortgage type, see our ‘Mortgages’ dropdown on the menu, and select your mortgage type.

Typically, the mortgage process will take 2-6 weeks to reach approval, but this varies.

A mortgage offer is usually valid for 6 months.

We recommend using CheckMyFile, who collect your credit data from the 3 credit references agencies most popular with lenders, all at once – Equifax, Experian, and Transunion.

Download our simple to use guide here to take advantage of their 14 day free trial. Your mortgage broker can help you to understand your credit report and the impact it has on your options.

Whilst you are not required to take out a life cover, our job is to ensure your mortgage is affordable, no matter what. It may not be nice to think about, but if something were to happen to you, you want to know your family and investment are safe.

We will advise on all the options available and provide a no obligation quote from our partner providers.

Take a look at our Protection page to learn more. We also have a Protection podcast on the way over on our Youtube

You don’t have to get a survey, although it is recommended.

As standard, all lenders will carry out a standard valuation for mortgage lending purposes.  This is not designed to be used by the applicant as it will not highlight defects or provide guidance on recommended work.  Should you wish to obtain a more in-depth assessment, you should contact a surveyor to arrange this.

Surveyors will inspect the property and tell you if there are any problems with its condition, ranging from minor to significant structural problems. Getting a survey therefore highlights any issues before you purchase, it may help negotiate with the seller or plans to make repairs, or even find another property – and generally make a fully informed decision.

There are three levels of survey defined by RICS (Royal Institution of Chartered Surveyors):

RICS Home Survey – Level 1

The cheapest but most basic survey, suitable if you’re buying a conventional property built from common building materials, that’s in reasonable condition.

The Level 1 survey provides a ‘traffic light’ rating of the condition of different parts of the building, services, and the grounds. It lists problems that require varying degrees of attention and an assessment of their urgency or importance. It also includes a summary of risks to the building, people and grounds.

But the report doesn’t include any advice, a valuation or go into great detail.

RICS Home Survey – Level 2

This covers everything you’d get from a Level 1 survey, plus they check roof spaces and cellars. 

They will also recommend any further investigations if the surveyor is unable to reach a confident conclusion, for example if they cannot fully access an area of the property.

RICS Home Survey Level 2 are offered with or without a valuation. If you opt for a Home Survey Level 2 with Valuation, it will also include a market value and an insurance reinstatement figure.

RICS Home Survey – Level 3

This is the most thorough survey offered by RICS. They are the most costly but are very thorough.

It is a good house survey option if you’re buying a property over 50 years old, of unusual design, a listed building or one in poor condition, if you’re planning to renovate, or if you have concerns about the property.

The Level 3 survey includes everything you get with Level 2, plus they describe the identifiable risks and causes of potential or hidden defects in any areas not inspected, such as a floor cavity. It will outline the likely scope of any necessary remedial work and explain the likely consequences of not doing these repairs. You’ll also get advice on the priorities for repairs, and the likely timescales for them.

Find out more on the RICS website.

You may need a solicitor, depending on the circumstance. Your adviser will discuss this with you, and should you need one we can put you in touch with our trusted partners, or you can use your own.

Should you wish to complain, and we work hard to ensure you never have the need do, speak to your adviser in the first instance or contact us on 0800 170 7474.  You can also write to us if you prefer – you will find details on how to complain as well as other useful details around who regulates us in our Initial Disclosure Document.

We aim to respond to you as quickly as possible but no later than 8 weeks from receipt of your complaint.  Should you remain dissatisfied with our resolution, you can refer your concerns to the Financial Ombudsman Service for an independent review and adjudication.

Yes, this is possible. The property must be in a mortgageable condition however and you should bear in mind that once you have placed a successful bid, you are obliged to proceed with a transaction. A deposit of typically 10% of the bid price is payable on the day, with the remainder due within time scales set by the auction house. You need to consider the maximum amount you can obtain by way of mortgage along with additional funds you need to cover associated fees or any shortfalls if your bid is higher than the lender’s valuation.

A big part of our role is the prevent any to minimise the risk of any application being declined. We do this by obtaining all the relevant information from you and rigorously checking lenders’ criteria so that if we submit an application on your behalf, we are confident it will come back approved. This is just one of the reasons using a mortgage broker is worthwhile.

Outside of this, however, reasons can include a default or CCJ on a loan within the last six years, or recent missed or late payments. Lenders can take these as red flags around your ability to cover mortgage repayments.  Lenders are required to assess all applications to ensure ongoing affordability and regrettably, we cannot prevent a decline in all instances.

If you’re concerned about your credit and its impact on your mortgage options, speak to one of our experienced advisers to explore your options with confidence.

We take all cases individually, so there is no simple answer to this. However, generally ‘bad’ credit’, otherwise known as ‘adverse credit’ is not a dealbreaker, but it may limit your lender options and increase the rates available. 

Speak to an adviser to get a broad understanding of the options with no obligation – your initial consultation with us is free, only pay when we submit an application on your behalf.

Managing your mortgage

Yes, there are products out there that help you do just this. Generally, this would be a ‘Debt Consolidation Remortgage’, an area we have helped hundreds of clients in. With the cost of
living squeezing everyone’s budgets, this is more and more common.

 

Speak to one of our experienced advisers today to discuss your options for debt consolidation
remortgaging. Adding unsecured debt onto your mortgage pay put your home at
risk and may increase the overall cost of borrowing.

This is of course possible, but restrictions may apply – your adviser will discuss your needs and will explain any recommendations we make, confirming overpayment allowances.  These are typically 10% of either the original loan amount or the outstanding loan amount per annum during your benefit period; restrictions do not normally apply on revert rates or tracker mortgages.

At the end of the mortgage term, the lender will expect the loan to be fully paid off so that the legal charge registered against the property at the Land Registry at inception can be lifted.  With a repayment mortgage, provided all payments have been made in full and on time, the borrower would have fully paid off the loan.  However, with Interest only mortgages, it is the borrower’s responsibility to ensure they have a suitable repayment vehicle in place, which will generate the required amount to cover the outstanding debt.  

If you feel you may not be able to fully repay your mortgage at the end of its term, you should contact your provider as soon as possible to discuss your options.  Also consider speaking to a mortgage adviser, who can discuss your needs and advise on the best way forward for your specific situation.