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Mortgage FAQs

Q: I’ve heard that being self employed stops you from getting a mortgage is that right?

A: If you are self employed you may not be able to prove your income which may prevent you from the standard mortgages so you may need to apply for a self cert mortgage.

Q: I used to have a tracker mortgage but it’s now gone to a SVR what does that mean?

A: When you took the tracker mortgage it will have been for a set amount of time – perhaps 2 years and at the end of this time your mortgage reverted to the lenders Standard Variable Rate (SVR) which will mean that you are probably paying more every month and it also means that it’s likely that you could remortgage and save some money.

Q: I have never had a mortgage before having been in rented accommodation should I tell the mortgage companies that I haven’t had a mortgage before?

A:  Yes, as with any financial dealings honesty is the best policy, besides which you have an advantage as a first time buyer and you will be able to benefit from deals that aren’t available to other sectors.

Q: I haven’t tried to get a mortgage as I have a bad credit history, but I do resent paying out rent.  Do I have any other option?

A: Yes, some lenders specialise in bad credit mortgages and as long as you are honest about your situation and you meet other criteria you may well be able to get a mortgage.

Q: If I take out a buy to let mortgage and I make more money from the rent than I need to pay off the mortgage will I have to tell the tax man?

A: Yes.  All income has to be reported to the inland revenue.  What effect it has depends on your personal circumstances but failure to do so can land you in hot water.

Q: Is there a limit on how many houses I can buy with buy to let mortgages?

A: Some lenders will set a maximum limit and in fact some have a minimum limit of perhaps 5 houses in a portfolio.  It very much depends on the lender and how they view the buy to let market. Compare them all and see what suits your needs.