Frequently Asked Questions

The amount you can borrow depends on your income, your outgoings, the size of your deposit, and the lender's specific affordability model. As a rough guide, most lenders will lend between four and five times your gross annual income, though this varies significantly depending on your circumstances. Some specialist lenders will go higher for certain borrower profiles. The only reliable way to know your maximum is to have a proper affordability assessment — which I can do as part of an initial conversation, with no obligation.

This depends on two things: your view of where rates are heading, and how much risk you're comfortable with. A fixed rate gives you certainty — your payment stays the same regardless of what happens to the Bank of England base rate. A tracker moves with the base rate, which means your payments could fall if rates drop, but they'll rise if rates go up. For most clients, particularly those with tight affordability or who simply want predictability, a fixed rate is the right choice. For clients who can absorb payment increases and believe rates will fall, a tracker can make sense. I'll always give you my view on the current market and help you make the right decision for your situation.

A 2-year fix gives you a lower initial rate in most market conditions, but you'll need to remortgage sooner — typically incurring product fees and adviser costs again in two years. A 5-year fix usually carries a slightly higher rate but gives you longer-term certainty and avoids the cost and disruption of remortgaging as frequently. The right choice depends on your plans: if you're likely to move, extend, or significantly change your borrowing within two years, a shorter fix may be more flexible. If you want stability and to minimise the frequency of remortgaging, a five-year fix is often the better value over time.

A repayment mortgage means every monthly payment reduces both the interest and the outstanding balance — at the end of the term, you own the property outright. Interest-only means your payments only cover the interest; the original loan amount remains unchanged and must be repaid at the end of the term, usually through the sale of the property or a separate repayment vehicle. Part-and-part is a hybrid: part of the loan is on repayment, part on interest-only, giving lower monthly payments than full repayment while still reducing some of the capital. For most residential borrowers, repayment is the standard and most straightforward route. Interest-only and part-and-part are more commonly used in buy-to-let or where a client has a specific financial strategy.

It depends on the lender and the type of product. Some lenders allow you to switch to a lower rate if one becomes available before your mortgage completes — this is sometimes called a 'rate switch' or 'rate lock' policy. Others will hold you to the rate you reserved at application. I always check the lender's policy on this at the point of application and will flag it to you clearly. If rates do move significantly before your completion date, I'll review your options and advise on whether switching makes sense.

The minimum deposit for a standard residential mortgage is typically 5% of the purchase price, though products at this level are limited and carry higher rates. At 10% you access a much wider range of products, and at 25% or more you'll generally access the most competitive rates available. For buy-to-let, most lenders require a minimum of 25%, with some specialist lenders requiring more for HMOs or portfolio landlords. If your deposit is below 10%, it's worth discussing whether any government schemes — such as the Mortgage Guarantee Scheme — might apply to your situation.

Yes — but not through most high street lenders. Standard lenders typically require you to be UK resident at the time of application. However, a number of specialist lenders offer dedicated expat mortgage products for UK nationals living overseas. These cover both buy-to-let and residential purchases, and some will accept income paid in foreign currencies. The key is working with a broker who has access to those lenders and understands how to present your case correctly.

Some do, yes. Specialist expat lenders will often accept income paid in major currencies such as US dollars, euros, UAE dirhams, and Singapore dollars, among others. The lender will typically convert your income to sterling using a set exchange rate and may apply a small haircut to account for currency risk. The currency you're paid in, your employer type, and your country of residence all affect which lenders are available to you — which is why specialist advice matters.

In many cases, yes. Some lenders will consider returning expat applications where you can demonstrate a confirmed return date, a UK job offer, or a clear intention to return. The earlier in the process you speak to a broker, the more options you're likely to have. Timing matters — some lenders require you to be back in the UK within a certain window of the mortgage completing.

An expat mortgage is designed for UK nationals who are currently living and working outside the UK. The key differences are: lenders assess foreign income rather than UK-based income; there are fewer lenders available, so rates tend to be slightly higher; and the application process requires additional documentation such as proof of overseas employment and residency. Standard residential mortgages assume UK residency and UK income, which is why expats are often declined when they apply through normal channels.

It depends on how you contract. If you work through an agency and are paid a gross day rate, many lenders will assess your income using that day rate multiplied by your working days per week and 46 or 48 weeks per year — which often produces a significantly higher income figure than a self-employed assessment would. If you operate through your own limited company, lenders are more likely to treat you as self-employed and assess your salary plus dividends, or your share of net profit. Getting this distinction right at the outset can make a substantial difference to how much you can borrow — and which lenders are available to you.

Yes, though the lender options narrow as the loan size increases. Most lenders assess self-employed income using two years' SA302s and tax year overviews. Some will use one year if your income is growing. For larger loans, some lenders will also consider retained profits within a limited company, net profit rather than salary and dividends, or a combination of income sources. The key is finding a lender whose criteria matches your specific income structure — which varies considerably across the market.

Some will, but not all — and the way different income types are treated varies significantly between lenders. Salary is straightforward. Dividends from a company you own are typically assessed using your share of net profit or the last two years' dividend income. Rental income is usually assessed net of mortgage costs and sometimes subject to a further percentage reduction. A specialist broker can identify lenders who will take the most favourable view of your combined income picture, which can make a significant difference to the amount you can borrow.

Most lenders will consider bonus and commission income, but they typically average the last two years' figures rather than using the most recent year in full. Some lenders will use 100% of the latest year's bonus if it is higher than the previous year and there is evidence of a consistent pattern. Irregular income — such as freelance earnings or variable overtime — is assessed similarly. The key is demonstrating that the income is sustainable and evidenced, which is where a broker's knowledge of individual lender criteria becomes important.

Almost certainly, yes. A decline from one lender tells you very little about what the rest of the market will do. Different lenders have different criteria, different risk appetites, and different ways of assessing income and credit history. What matters is understanding why you were declined and finding a lender whose criteria you do meet — rather than reapplying broadly and accumulating unnecessary credit searches. A broker can assess your situation and identify the right lender before any application is made.

Since 2017, lenders have been required to apply stricter underwriting rules to 'portfolio landlords' — defined as anyone with four or more mortgaged buy-to-let properties. High street lenders often find this too complex or too time-consuming to assess properly, so many simply decline portfolio landlords outright. Specialist buy-to-let lenders, on the other hand, are set up specifically to assess portfolio cases. They look at the whole portfolio — rental income, voids, mortgage costs, and overall gearing — rather than just the individual property being mortgaged.

Yes — this is one of the most common strategies used by portfolio landlords to grow their portfolios without injecting fresh capital. It involves remortgaging an existing property to release equity, which is then used as the deposit on a new purchase. The key considerations are: the available equity in the existing property (based on current value and outstanding mortgage), the rental income coverage ratio on both properties, and the lender's appetite for the overall portfolio. Done correctly, this approach allows a portfolio to grow significantly from a relatively modest initial investment.

Yes, though these are classed as non-standard properties and require specialist lenders. HMOs (Houses in Multiple Occupation) and MUFBs (Multi-Unit Freehold Blocks) have their own lending criteria, often including minimum room counts, licensing requirements, and rental income calculations based on the whole building rather than a single tenancy. Not all buy-to-let lenders will touch them — but the right specialist lender will, and the rates are often more competitive than people expect.

You can, but it is not a straightforward transfer — it is technically a sale from yourself to the company, which means Stamp Duty Land Tax and potentially Capital Gains Tax apply. For higher-rate taxpayers who are building a portfolio, the tax advantages of holding properties in a Special Purpose Vehicle (SPV) limited company can outweigh these upfront costs over time, particularly given the restrictions on mortgage interest relief introduced by Section 24. This is a decision that requires input from both a mortgage broker and a tax adviser — I can help with the mortgage side and point you to the right professionals for the tax analysis.

Currently, rental properties in England and Wales must have a minimum EPC rating of E to be legally let. The government has proposed raising this to a minimum of C for new tenancies, though the implementation timeline has been subject to change. It is worth checking the current rating of your properties now and planning any improvement works ahead of any regulatory deadline. Some lenders are already factoring EPC ratings into their lending decisions, particularly for new buy-to-let applications.

Under rules introduced by the Prudential Regulation Authority in 2017, lenders must assess the entire portfolio when a portfolio landlord applies for a new mortgage — not just the property being mortgaged. This means providing a full schedule of all properties, including outstanding mortgage balances, current rental income, estimated values, and tenancy details. The lender will stress-test the rental income across the whole portfolio at a notional higher interest rate to ensure it remains viable. Presenting this information clearly and in the right format is often the difference between an approval and a decline.

Once your application is submitted, the lender will instruct a valuation of the property — this typically takes one to two weeks. The underwriting team will then review your application and supporting documents, which usually takes a further two to four weeks depending on the lender and the complexity of your case. Once the underwriter is satisfied, a formal mortgage offer is issued. From offer to legal completion, the timeline depends on your solicitor, the vendor's solicitor, and any chain above or below you — but four to eight weeks is typical. I'll keep you updated at each stage and chase the lender on your behalf if there are any delays.

This is one of the most common concerns at the remortgage stage, and it's understandable. In most cases, your new lender will complete on the same day your existing mortgage ends, so there is no overlap. However, in some cases — particularly where completion is delayed — there can be a short period where both direct debits are active. I'll always flag this risk to you in advance and confirm the completion date clearly so you know exactly what to expect and when. If there is any risk of overlap, we'll plan around it.

Yes — most lenders allow you to reserve a rate at the point of application, which protects you if rates rise before your mortgage completes. This is sometimes called a rate reservation or rate lock. The reserved rate is typically held for a set period — usually three to six months — which should be sufficient to cover the application and completion process in most cases. If rates fall after you've reserved, some lenders will allow you to switch to the lower rate; others won't. I'll always check the lender's policy on this and advise you accordingly.

From submitting your application to receiving a formal mortgage offer typically takes four to six weeks, though this can be shorter with some lenders or longer for complex cases. From offer to legal completion, the timeline depends on the conveyancing process — for a straightforward remortgage with no chain, this can be as little as two to three weeks; for a purchase with a chain, four to eight weeks is more typical. I'll give you a realistic timeline at the outset based on the lender and your specific circumstances, and I'll keep you updated throughout.

A whole-of-market broker gives you access to a much wider range of lenders and products — including specialist lenders who don't deal with the public directly. Whatever your circumstances, a broker's job is to find the right lender for your specific situation, compare the full market on your behalf, and manage the process from application to completion. That applies whether your case is complex or straightforward — the value is in the access, the expertise, and having someone in your corner throughout.

At TMC Mortgage Associates, a fee is charged for mortgage advice. The exact amount depends on your circumstances and the complexity of your case — this will always be agreed and confirmed in writing before any work begins, so you'll know the full cost upfront with no surprises.

The exact list depends on your circumstances. For employed applicants: three months' payslips, three months' bank statements, your most recent P60, photo ID, and proof of address. For self-employed applicants: SA302s and tax year overviews for the last two years, company accounts if applicable, and sometimes an accountant's reference. For buy-to-let applications, you'll also need tenancy agreements and rental income evidence. For portfolio landlords, a full schedule of your existing properties is required. I'll provide you with a personalised document checklist once we've had an initial conversation.