Frequently Asked Questions

Mortgage FAQs

  • 1
    Where are you based
    We have mortgage brokers based in Harrow, Teddington and West London. Meeting the team here. But we work with clients all over the country.
  • 2
    How much should a mortgage broker cost?
    We do not charge a broker fee on residential and Buy-To-Let purchase mortgages. We will receive and retain any commission paid by the lender when your mortgage completes. This amount will be confirmed by the lender in their disclosure document. A £500 administration fee will be charged if you withdraw from the transaction after an application is submitted for any reason. For some mortgages like those through a limited company there is a charge of £500.00 due to the extra work involved, however this will be disclosed at outset.
  • 3
    When is the best time to get mortgage advice?
    Right at the beginning. So, you have decided you are ready to buy a home. Speak to one of our mortgage advisers who will guide you through the process and assist you with what you need to do to get the mortgage and allow you to obtain your dream house. Our mortgage advisers will help you work out, how much you can borrow, what price range you should be looking at and help you work out all of the additional costs that come with buying a home.   Similarly if your mortgage rate is coming to an end, it is recommended to engage with us to discuss the available options ideally at least 3 months before your rate expires. You may wish to raise some additional capital to build an extension, or a loft conversion – it is always best to look at the whole market when considering your options at this time.
  • 4
    How much can I borrow?
    There are a number of factors we need to look at when calculating your affordability. It is not always just a simple case of 4.5 x your salary. We also need to consider your deposit, outgoing commitments and any essential costs like child care, loans or credit cards you may have. Speak to one of our mortgage brokers to discuss your options and help you determine how much you can borrow. You also need to consider the additional costs of buying a property
  • 5
    Is it easier to get a mortgage through a broker?
    It depends on your circumstances. If your circumstances are simple, it may be easy for you to go to your local high street bank. However, remember they can only sell you the products they have available. We don’t just get you any mortgage product, we have a team of qualified independent mortgage brokers who are here to find you the most suitable product for you, guide you through the whole process, including (filling out applications, liaising with underwriters and speaking to your estate agent and solicitors) to make the process as smooth as possible for you and get you your dream home. (check out our article here, about why you should use a mortgage broker).
  • 6
    What is the difference between interest only and repayment mortgage?
    In an interest only mortgage, your repayments only go towards the interest on your mortgage and you will still owe the same amount of capital you originally borrowed at the end of your mortgage term. The monthly mortgage costs would be lower which is an obvious attraction, but beware of not having a method of repayment in place.   A repayment mortgage is where your monthly mortgage payments go towards clearing your mortgage balance. Overall a repayment mortgage would be cheaper believe it or not, and it’s the only guaranteed method to ensure you loan is repaid at the end of the loan term.
  • 7
    Is it better to go for a 2 year or 5 year fixed rate?
    It depends on the situation. A 2 year fixed rate gives you more flexibility, if you are likely to move sooner and if the value of your home increases over the two years, you may be able to re-mortgage and lower your interest rate. 5 year fixed rate would give you stability in knowing what your payments are going to be for the next 5 years. If you know you are going to stay in the home for a long time, if you are thinking of becoming self-employed and would like the security, a 5 year fixed rate may be right for you. It’s always good to discuss these options with a professional mortgage adviser.

We know purchasing a property can be stressful. Our experienced mortgage brokers are here to help you.

Find out more

What are the additional costs of buying a home?
  • Stamp duty
  • Solicitor/ legal fees
  • Mortgage valuation fee
  • Independent valuation fee (advisable on certain types of property)
  • Mortgage product fee
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    Evolution Financial Services is a trading name of Evolution FS Ltd which is authorised and regulated by the Financial Conduct Authority (FCA).
     
    We are a broker and not a lender. Your home or property could be repossessed if you don’t keep up repayments on your mortgage, or any other debt secured on it. The Financial Conduct Authority doesn’t regulate tax planning, and some forms of mortgages and loans.
     
    The guidance and/or information on this website falls under the UK regulatory regime and so is restricted to consumers based in the UK.