Frequently Asked Questions
If you can't find your answers below, get in touch and we can help you with any questions you have.
Borrowing & Deposits
How much can I borrow?
We start our process by assessing your finances to help you understand how much you can borrow and how much this will cost you, based on your current and future position, as well as the up to date lenders' criteria - giving you confidence before you start house hunting or looking further into a remortgage.
Can I use a Gifted Deposit?
You can use a gifted deposit to help with buying your home, we will need to evidence where the money will be coming from and the relationship between yourself and the person giving you the gifted deposit.
What types of income are accepted?
Each lender views income types differently. We will advise you on how lenders will assess your income whether this be - Salary, Dividends, Net profit, Overtime, Bonus, Car allowance, London Weighting Allowance, Foster income, State benefits etc.
Can I get a mortgage if I'm self employed?
Yes, many lenders accept self employed applicants. You will usually need at least 1-2 years of accounts or tax returns.
Can I get a mortgage with bad credit history?
It may still be possible yes. There are specialist lenders who consider applicants with adverse credit, depending on your situation. We will assess your credit file against a wide range of lenders criteria to put you in the most informed position.
Application Process & Timeline
What happens after I've applied for a mortgage?
We will take your mortgage right through from research to Agreement in Principle, to application, to offer and then through the solicitor's to completion. We are with you every step of the way!
How long does the mortgage process take?
From application to offer is typically up to 1-2 weeks, but this is dependent on your current circumstances and the type of mortgage being applied for. The mortgage process as a whole may take up to 6 months as this is also dependent on the position of third parties in the sale, purchase or remortgage.
Mortgage Product Types
What is the difference between a fixed-rate and variable rate mortgage?
A fixed-rate mortgage has a set interest rate for a defined period, while a variable rate can change, affecting your monthly payments.
Fees & Costs
What fees are involved in getting a mortgage?
Your mortgage may include lender fees, valuation fees, adviser fees and legal costs. We will provide a full breakdown of any upfront costs prior to your mortgage application submission.
Protection FAQs
Do I need life insurance with a mortgage?
It is not always mandatory, but it's strongly recommended to ensure your mortgage can be repaid if you pass away during the term, especially if you have a partner or dependents who would want to remain in the property.
What is critical illness cover?
This type of cover pays out a lump sum if you're diagnosed with a serious illness listed in your policy, helping you manage finances during recovery. This is often seen combined with a life insurance policy.
What is income protection?
This provides regular payments if you're unable to work due to illness or injury, helping you maintain your lifestyle and cover essential costs. The payments are usually calculated by protection providers as between 60 & 70% of your take home pay and usually starts after your sick pay from your employer ends.
What's the difference between income protection and critical illness cover?
Critical Illness cover pays a one-off lump sum for specific serious conditions while income protection pays a monthly benefit if you cant' work, until you return to work or until your selected policy end date.
Is home insurance a requirement?
Buildings insurance is a requirement from your mortgage lender and will need to be in place when you exchange contracts. Contents insurance is optional but recommended to protect your belongings.
Can I get protection with a pre-existing condition?
Yes, although terms and premiums may vary and exclusions to critical illnesses may apply. We will help you find insurers who can offer suitable cover based on your circumstances.
How much protection cover do I need?
This depends on your income, mortgage, lifestyle and expenditure. We will help you work out the right level of cover for your needs.
Get In Touch Today
Can't find your questions? Book a free consultation with us so we can answer all your questions for you.
Joanne Ramsden Financial Solutions Ltd is an appointed representative of Sesame Ltd which is authorised and regulated by the Financial Conduct Authority.
The information and content of this website is intended for UK consumers only, and is subject to the UK regulatory regime.
Joanne Ramsden Financial Solutions Ltd. Registered Office: Heaton Lodge, Marshdale Road, Bolton, BL1 5AQ. Country of Registration: England and Wales. Registration No. 09851361
The FCA does not regulate solicitors, surveyors, accountants, trust, some forms of tax planning and buy to let mortgages. For solicitors, surveyors, accountants, trust and tax planning we act as introducers only. The FCA does not regulate some forms of buy to let mortgages.