Frequently asked
questions.

Most lenders require a minimum deposit of 5% of the property price, though 10% or more gives you access to significantly better rates. First-time buyers may also benefit from schemes such as the Lifetime ISA (which adds a 25% government bonus to your savings) or Shared Ownership. Your adviser will help you work out the most cost-effective deposit strategy for your circumstances.

Lenders typically offer between 4 and 4.5 times your annual income, though this varies considerably based on your income type, outgoings, credit history, and the lender. Some specialist lenders will go higher for the right borrower. An affordability assessment, which we carry out as part of your initial consultation, gives you an accurate picture before you start viewing properties.

A fixed rate mortgage locks your interest rate for a set period, typically 2, 3, or 5 years, so your monthly payment stays the same regardless of what happens to the Bank of England base rate. A tracker mortgage follows the base rate directly, meaning your payment can rise or fall. Fixed rates suit people who want certainty; trackers can be beneficial when rates are expected to fall.

Remortgaging means switching your existing mortgage to a new deal, either with your current lender or a different one. Most people remortgage when their initial fixed or discounted rate period ends, as they would otherwise move onto the lender's standard variable rate (SVR), which is almost always more expensive. You should typically start the remortgage process 3–6 months before your current deal expires.

Mortgage lenders do not legally require you to have life insurance, but it is strongly advisable. If you were to die during the mortgage term, the outstanding balance would need to be repaid, potentially from your estate, which could force the sale of the property. Life insurance ensures your family can stay in their home. We always recommend discussing life insurance at the same time as arranging a mortgage.

Your initial consultation carries no fee for most clients. We are typically paid by commission from the lender when a mortgage completes, so most clients pay no adviser fee at all. In some cases (for example, complex applications where our work is more intensive), we may charge an advice fee; if so, this will be disclosed and agreed with you in writing before any work begins.

From initial consultation to mortgage offer typically takes 2–6 weeks, depending on the lender and the complexity of your application. The full process from offer to completion (including conveyancing) usually takes 8–16 weeks. We manage the mortgage element throughout and chase lenders proactively to keep things moving.

Yes. Self-employed applicants are assessed differently to employed applicants. Lenders typically require 2–3 years of accounts or tax returns (SA302s) and may assess income differently depending on your business structure. We have considerable experience with self-employed applications, including sole traders, limited company directors, and contractors, and know which lenders take the most favourable approach to each.

A buy-to-let mortgage is specifically designed for properties purchased as rental investments, rather than to live in. Lending criteria differ from residential mortgages. Lenders assess the expected rental income against the mortgage payment (typically at 125–145% coverage), and deposits are usually higher (typically 20–25% minimum). Most buy-to-let mortgages are not regulated by the FCA.

Critical illness insurance pays a tax-free lump sum if you are diagnosed with one of a specified list of serious conditions, including most cancers, heart attack, and stroke. Unlike life insurance (which pays on death), critical illness cover provides financial support while you are still alive, to cover your mortgage, replace lost income, or fund private treatment. Whether you need it depends on your financial resilience, existing savings, and employer sick pay. We recommend discussing it alongside life insurance as part of any mortgage conversation.

Yes. VSure Financial Ltd is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority. Approved by The Openwork Partnership on 01/02/2025. You can verify regulatory details on the Financial Services Register.

Our office is at 10A Cartwright Court, Bradley, Huddersfield HD2 1GN. We advise clients across the UK, including Huddersfield, West Yorkshire, Harrow, Chelmsford, and nationally via phone, video call, and email.