Frequently Asked Questions
The Complete Mortgage Shop is a long established independent mortgage broker providing tailored and professional mortgage advice to assist you to achieve your financial goal. We have created this FAQ section to address the most common questions we receive.
Mortgage FAQs
Why should I use a mortgage adviser instead of applying online?
While online applications are an option, our expert advisers navigate the complex mortgage landscape for you. We access exclusive deals from over 120 lenders to find the best mortgage for your needs and manage the entire application process, saving you time and ensuring a smoother experience.
How much do I need to invest to get started?
We help both first-time and experienced landlords assess their finances and goals. No matter your initial investment size, we provide tailored advice to effectively start and grow your property business, supporting you throughout your wealth-building journey.
What does “Independent Mortgage Adviser” mean?
As independent advisers, we prioritise your needs and are free from lender commissions. This allows us to explore the entire lending market and present the best mortgage options for your circumstances from over 120 lenders.
What is an SPV (Special Purpose Vehicle), and is it legitimate?
A SPV is a limited company that holds Buy-to-Let (BTL) properties, offering tax efficiency for higher-rate and additional-rate taxpayers. We specialise in BTL lending through SPVs and can guide you in managing your investment portfolio effectively.
Is “Semi-Commercial” classified as Buy-to-Let (BTL)?
Classification depends on the residential proportion of the property. If it doesn’t qualify as Semi-Commercial or BTL, we can connect you with specialist lenders for tailored commercial loan options.
Can I apply for a mortgage if I hold a visa and a foreign passport?
Yes, anyone 18 or older can apply for a mortgage in the UK. We will assess your circumstances and help you find the best mortgage options available from our extensive lender panel.
What documents do I need to prepare for a mortgage application?
Generally, you’ll need proof of identity, income (payslips or tax returns), bank statements, and details of financial commitments. We’ll guide you through the required documents for your situation.
What is the difference between a fixed-rate and a variable-rate mortgage?
A fixed-rate mortgage has an unchanging interest rate for its term, ensuring predictable payments. In contrast, a variable-rate mortgage fluctuates with market conditions, which can mean lower initial payments but possible increases over time.
How much can I borrow for a mortgage?
Your borrowing potential is based on factors like income, credit history, and financial commitments. We will evaluate your financial situation and provide a personalised borrowing estimate.
What are the costs involved in buying a property aside from the deposit?
Beyond the deposit, consider costs such as mortgage arrangement fees, valuation fees, legal fees, stamp duty, and survey costs. We can help you understand and budget for these additional expenses.
How does the mortgage process work?
The mortgage process typically includes an initial consultation, mortgage recommendations, application submission, lender assessment, and approval. We will guide you through each step for a seamless experience.
What should I do if my mortgage application is declined?
If your application is declined, don’t worry. We will review the reasons, assess your financial situation, and explore alternative options to improve your chances with another lender.
Can I get a mortgage for a property in a different country?
Yes, but it depends on the lender and specific circumstances. Some lenders may offer mortgages for foreign properties, and we can help you navigate the options available.
What is a “Mortgage in Principle," and do I need one?
A Mortgage in Principle, or Agreement in Principle, is an agreement from a lender on how much they might lend you based on your finances. While it is not a mandatory requirement until application stage, it can strengthen your position when making a property offer.
What happens if I can’t keep up with my mortgage payments?
If you are struggling with payments, please contact us immediately. We can discuss restructuring options, apply for payment holiday or explore government assistance schemes to help you maintain your payments.
What are the benefits of remortgaging?
Remortgaging can offer benefits like better interest rates, lower monthly payments, or the opportunity to release equity for other investments. We can assess your current mortgage for potential savings.