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Take a look at our Frequently Asked Questions If you have a question that's not covered below, feel free to get in touch!

Q: What are the advantages of using a mortgage broker?

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A: A mortgage broker is able offer independent advice from a range of market products, find the most suitable solution for your needs and assist you through the application process. Some mortgage advisors may only be able to advise on a small range of market products.

Q: Can I get a mortgage if I have bad credit?

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A: It's often possible to get a mortgage with a less-than-perfect credit history, although your options may be limited. Lenders conduct a credit check on anyone applying for a mortgage. However, some black marks on your credit history will carry more weight than others, depending on the amounts of money involved and how much time has passed.

Q: What happens to your mortgage when you move house?

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A: When moving home, you can potentially transfer your current mortgage over to your new property - called porting - or find a new deal altogether with a different lender. If you choose the find a mortage with a new lender, as part of the selling/buying process, your solicitor will manage the paying off of your existing mortgage with the funds from your new mortgage loan, and some of the equity from your sale, should you have any.

Q: What should I do if I can’t afford my mortgage payments?

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A: Contact your lender right away. You don't need to wait until you've missed a payment or you're sure you won't be able to make one; call your lender if you are concerned about your ability to pay.

Q: How long does it take to remortgage?

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A: The best time to remortgage can be different for everyone, but the most common time is when your current deal is coming to an end. The time frame the application process can take may vary depending on your circumstances, the lender, and the legal work, and, therefore, we recommend that you start to think about arranging your remortgage appointment with us six months before your deal ends.

Q: How much deposit do I need for a mortgage?

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A: You’ll need a deposit of at least 5% of your property’s purchase price to get a mortgage. If your deposit is higher than 5%, it will mean you have more mortgage options and lower costs, with the choice improving as the deposit gets bigger.

Q: What does it mean when a protection policy goes 'on risk'?

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A: When a protection policy goes ‘on risk’, it means that the policy has become active and insured. The term ‘on risk’ refers to the point at which the insurer assumes the responsibility for covering the specified risks outlined in the policy. In other words, once a policy is ‘on risk’, the insurer is now exposed to the possibility of paying out if a valid claim arises.

Q: How long does it take for a mortgage to offer?

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A: The time it takes to get a mortgage offer can vary, but in a normal market, it typically takes about 30 days. During high-volume months, it may take 45 to 60 days. Factors such as credit score and debt load can impact the approval process. Be prepared to be patient.

Q What aspects of my life do I need to cover with protection?

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A: Protection can be arranged to cover my life aspects, using one or more protection policies. Here are some of the life aspects people may wish to cover:

Mortgage - help to keep your loved ones in the family home by covering this large debt.

Household bills - plan to protect your existing lifestyle by covering the cost of your bills.

Future family living costs - consider the cost of raising a child until the age of 18, or 21.

Higher education costs - secure the education of your family by covering university costs.

Outstanding debts - help to pay off unsecured debt.

Household income - consider if your family get by on just one income if you were no longer around.

Funeral costs.

An inheritance - You could choose to leave an additional sum as a cash gift to allow loved ones to lead a more financially comfortable life.

Q: Can I get a mortgage if I'm self-employed?

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A: If you’re self-employed or a sole trader and looking to get a mortgage, in theory you will have access to the same range of mortgages as everybody else. However, you'll need to provide more evidence of your income. This normally means supplying the last two years' worth of accounts, or the lender will use your most recent profit figure if it’s lower to assess your affordability. For sole traders, you'll be asked for Self Assessment Tax Calculation (SA302) forms, as well as a tax year overview and your latest three months’ business and personal bank statements.

Q: Why would I need protection if I do not have a family?

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A: Life insurance is usually seen as being a way to protect those who are dependent on you, namely your spouse and children. Yet life insurance can in fact help you to protect any number of your loved ones, as well as your your assets. You may, for example, have parents who have reached retirement age who rely on your financial support for care and survival. Taking out a life insurance policy helps to protect your earnings and property in case the unimaginable happens, so that they can still be able to maintain their lifestyle.

Q: What is a house completion and how long does it take?

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A: House completion is the final stage of the buying process when the property legally changes hands and the buyer can move in. House completion occurs after contracts have been exchanged and signed by both parties, and the money is transferred to the seller. The completion date is agreed by both parties and usually falls between two to four weeks after exchange. If a mortgage is required to buy the house it can takes takes on average 4 months from having an offer accepted to a house completing. This can be shorter if there there are no concerns raised about the house and land.

Get in touch

Our offices are based in The Walled Garden of the beautiful Nostell Estate, just six miles from the centre of Wakefield and close to the M62. This prestigious and picturesque location is home to a thriving business community set amongst National Trust Yorkshire Parkland. We highly recommend visiting us to discuss your requirements and enjoying the spectacular surroundings in the process. To book an appointment, please contact our team on 01977 803654 or fill in our contact form.

Get in touch

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15 The Walled Garden, The Nostell Estate Yard, Nostell, Wakefield, West Yorkshire, WF4 1AB

01977 803654

[email protected]

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Homelife Financial Solutions Ltd is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited. First Complete Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales. Registration number: 11961964. The guidance and/or information contained within the website is subject to UK regulatory regime and is therefore targeted at consumers based in the UK. Registered office address - 15 The Nostell Estate Yard, Nostell, Wakefield, England, WF4 1AB. Please note that HomeLife Financial Solutions Ltd does not enter into any form of contract by means of Internet email. None of the staff of (HomeLife Financial Solutions Ltd) is authorised to enter into contracts on behalf of the company in this way. All contracts to which HomeLife Financial Solutions Ltd is a party are documented by other means. HomeLife Financial Solutions Ltd monitors emails to ensure its systems operate effectively and to minimise the risk of viruses. Whilst it has taken reasonable steps to scan this email, it does not accept liability for any virus that it may contain.

For our mortgage advice services, we will charge a fee of £500.00 for a purchase or remortgage. For existing clients who are remortgaging we charge a fee of £250.00. The fee is payable on application. You will not receive a refund if your mortgage or loan does not go ahead. We will also be paid a procuration fee from the lender. The amount of the procuration fee will be disclosed to you. If an application is submitted to a lender via a packager we will be paid commission by the packager. This will be disclosed to you.

Trading address - 15 Rear Walled Garden, The Nostell Estate, Nostell, Wakefield, West Yorkshire, WF4 1AB

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