Frequently Asked Questions

Question 1

What does a mortgage broker actually do?

Accepted Answer

A mortgage broker searches the market on your behalf to find the most suitable mortgage for your circumstances. Rather than approaching lenders directly — where each application can leave a mark on your credit file — we assess your situation first, then recommend the right product from a wide variety of lenders. We handle the paperwork, liaise with lenders, and guide you from first conversation to completion.

Question 2

Why use a broker instead of going direct to a bank?

Accepted Answer

Banks can only offer their own products. A broker like Look 4 Mortgages has access to a wide variety of lenders — including specialist lenders not available on the high street — so you get a much broader choice. We also do the legwork for you: comparing rates, checking eligibility, and managing the application. We charge a fee for our advice, which will be communicated at the earliest opportunity.

Question 3

How much can I borrow?

Accepted Answer

Most lenders use a multiple of your annual income — typically 4 to 4.5 times your salary, though some specialist lenders go higher depending on your profession and circumstances. Affordability checks also consider your outgoings, credit commitments, and the property value. The best way to get an accurate figure is to book a free appointment with us so we can assess your full picture.

Question 4

How long does the mortgage process take?

Accepted Answer

From initial advice to receiving a mortgage offer typically takes 2–4 weeks, depending on the lender and how quickly documents are provided. The full process through to completion (including conveyancing) usually takes 8–12 weeks for a straightforward purchase, though this can vary. We keep you updated at every stage.

Question 5

What is the difference between a fixed rate and a variable rate mortgage?

Accepted Answer

A fixed rate mortgage locks your interest rate — and therefore your monthly payment — for a set period, typically 2, 3, or 5 years. This gives you certainty and protection if rates rise. A variable rate mortgage (including trackers and standard variable rates) can go up or down in line with the Bank of England base rate or the lender's own rate. Variable rates can be lower initially but carry more risk if rates increase.

Question 6

I am a first-time buyer — where do I start?

Accepted Answer

Start by booking a free appointment with us. We will review your income, deposit, and credit history, explain the schemes available to you (such as Shared Ownership), and give you a clear picture of what you can afford. We will then search for the most suitable mortgage and guide you through every step — from offer to completion.

Question 7

When should I think about remortgaging?

Accepted Answer

It is worth reviewing your mortgage around 3–6 months before your current deal ends, to avoid rolling onto your lender's standard variable rate (which is usually higher). You might also consider remortgaging to release equity, consolidate debts, or switch to a better rate mid-term — though early repayment charges may apply. We can run the numbers and advise whether it makes financial sense.

Question 8

Can I get a mortgage on a buy-to-let property?

Accepted Answer

Yes. Buy-to-let mortgages are assessed differently from residential mortgages — lenders primarily look at the expected rental income rather than your personal income, though your income and existing commitments are also considered. Deposits are typically larger (usually 25% or more). Most buy-to-let mortgages are not regulated by the Financial Conduct Authority. We can advise on the options available to you.

Question 9

Can I get a mortgage with bad credit?

Accepted Answer

Yes, in many cases. Specialist lenders exist specifically for people with adverse credit history — including missed payments, defaults, CCJs, or previous bankruptcy. The terms and rates will differ from standard mortgages, and the size of your deposit matters. We have experience placing credit-impaired cases and will give you an honest assessment of your options.

Question 10

I am self-employed — can I still get a mortgage?

Accepted Answer

Absolutely. Lenders typically require 2–3 years of accounts or SA302 tax returns to assess your income. Some lenders are more flexible than others for self-employed applicants, which is where a broker adds real value. We know which lenders are most accommodating and can present your application in the strongest possible way.

Question 11

How much deposit do I need?

Accepted Answer

The minimum deposit for a residential mortgage is typically 5% of the property value, though a larger deposit (10% or more) usually unlocks better rates. For buy-to-let, lenders generally require at least 25%. If your deposit is a gift from a family member, we can advise on the gifted deposit process and the documentation lenders require.

Question 12

Do I need life insurance or protection when taking out a mortgage?

Accepted Answer

It is not a legal requirement, but it is strongly advisable. If you were to die or become seriously ill and could not work, protection insurance ensures your mortgage can still be paid and your family can stay in their home. We review your existing cover and recommend the most suitable policies — life insurance, critical illness cover, and income protection — based on your circumstances.

Question 13

Do I need buildings and contents insurance?

Accepted Answer

Buildings insurance is required by your mortgage lender from the date of exchange of contracts. Contents insurance is optional but recommended. We can arrange both through our panel of insurers, often at competitive rates. You are not obliged to take insurance through your lender — shopping around (or using a broker) can save you money.

Question 14

How are you paid?

Accepted Answer

We charge a fee for our mortgage advice, which will be communicated to you at the earliest opportunity — before you commit to anything. We may also receive a procuration fee from the lender. We will always be transparent about how we are remunerated.

Question 15

Where are you based?

Accepted Answer

We have two offices: our head office at 1 Carr House Road, Shelf, Halifax HX3 7QY, and a regional office at Office 11, 13–15 Preston Street, Fleetwood FY7 6JA. We serve clients across Halifax, Bradford, Leeds, Fleetwood, Blackpool, Preston, and the surrounding areas. Appointments can be held in person or remotely.

Question 16

How do I get started?

Accepted Answer

The easiest way is to book a free initial appointment using our online calendar, or call us on 0800 009 6231. There is no obligation — we will listen to your situation, explain your options, and give you a clear picture of what is achievable before you decide to proceed.

Question 17

Is it worth using a mortgage broker in the UK?

Accepted Answer

The cost and time spent on a case is actually very low. For example, imagine being charged a broker fee of approximately £495 — what is involved in that cost? Document assessment and verification, two client appointments aligning circumstances and future needs to the right sourced package, write up, obtaining a verified decision in principle, doing a full mortgage application and packaging up the case and necessary documents, uploading to the lender, instructing the solicitor, chasing the valuation report, responding to underwriter queries, constant updates and emails to client, chasing solicitors, doing mortgage protection applications, writing up reports for mortgage and protection — which is our advice in writing, known as a letter of suitability. Then in the case of a purchase, in 8–12 weeks depending on chain, the case finally completes. This does not include rate changes forcing a re-advice or a valuation issue forcing a change of property and re-advice. Weigh up the cost and hours spent — a mortgage broker gets you the best deal for your circumstances, both mortgage and protection, and buildings and contents if needed. All those weeks of work and all that admin covered by an approximately £495 fee on average.

Question 18

How much does a mortgage broker cost?

Accepted Answer

Cost is based on circumstances and is given at the earliest opportunity. Baseline fees are £395 for a remortgage and typically £495 for a purchase. Fees vary according to the complexity of the case — poor credit history or complex incomes may add £100 or more — but we have a maximum fee of £995. The first appointment is free and the fee is not taken until the end of the second appointment.

Question 19

What salary do I need to borrow £300,000?

Accepted Answer

The amount needed to borrow £300,000 using 4.5 times salary as a base would be £66,666, either single or joint income. We do have select lenders who will use bigger income multiples — with a salary over £30,000, if you are a first-time buyer you can get 6 times income, giving a salary requirement of £50,000. Again, this is where a broker uses what he knows and pitches it to the market to find the lender with the required income multiple.

Question 20

Do I really need mortgage protection insurance?

Accepted Answer

Mortgages are a long-term commitment, so the question is: do you know what will happen years from now? The answer is no — no one does. Even if you are super fit and in good health, accidents can happen. Driving is one of the most hazardous things you can do, and a high percentage of accidents happen in the home. Income protection helps keep the lifestyle safe by paying the bills, while life and critical illness cover goes further — what if the accident leads to loss of limb or death? From a risk perspective, it is recommended you take it out. Look 4 Mortgages' policy is clear: we always offer it, but if you do not believe in the benefit of having it, we will not push it on you. Mortgage protection is a bought product, not a sold product — you have to understand and believe in its importance.

Question 21

What is the difference between a bank and a mortgage broker?

Accepted Answer

A bank can only comment on its own products and services with no comparison offered. Look 4 Mortgages will search the market comparing the various deals to arrive at the best overall solution for you.

Question 22

How do mortgage brokers get paid?

Accepted Answer

Mortgage brokers charge a broker admin fee at the start and are paid a commission directly by the lender or insurer at the end. Brokers are duty bound to be transparent and can provide a percentage of loan scale of what they get paid, on request by the client.

Question 23

What questions should I ask my mortgage broker?

Accepted Answer

In our experience, once we have done the full fact find, income and expenditure to agree the budget to work in, done mortgage consideration questions to organically build the mortgage, considered the protection package, and assessed the client's full situation and future needs — generally speaking the client has no questions, because everything has been covered off.

Question 24

Can a mortgage broker really get me a better deal?

Accepted Answer

Mortgage brokers have access to both high street lenders and lenders not on the high street, as well as deals only available via a mortgage broker. A good example is a lender offering a slightly lower rate on the high street but with a large product arrangement fee, making it far more expensive overall. Or some protection products that are excellent but can only be arranged under advice via a mortgage broker.

Question 25

What is the catch with using a mortgage broker?

Accepted Answer

None that I can see. Some may say the broker fee — but considering all the work involved and the time the client saves, as well as the certainty of getting the best deal, and then if you add to that the saving month on month of cheaper repayments as a result, the choice is clear.

Question 26

Should first-time buyers use a mortgage broker?

Accepted Answer

Absolutely. The market is vast with a lot of noise and choices everywhere, so it is not surprising that first-time buyers get overwhelmed and make poor decisions based on what is right in front of them. Not to mention the risk of mortgage declines due to incorrect information or document issues — all things the broker would have sorted before it was even in the underwriter's arena.

Question 27

How much deposit do I need for a £300,000 property?

Accepted Answer

Depending on the scheme and credit file, the answer varies. We can do no-deposit mortgages on some schemes, all the way up to much larger deposits depending on client position. We can also use multiple sources such as savings, gifted deposit, and — if purchasing from family — gifted equity. Some examples: a 5% deposit is £15,000; 10% is £30,000; 15% is £45,000; 20% is £60,000.

Question 28

What not to say to your mortgage broker

Accepted Answer

A mortgage broker is a safe space and acts as the buffer between you and the lending community. The mortgage broker will assess and ultimately give advice — so be open and honest about everything. There is nothing you cannot say.

Question 29

Income protection insurance: do I need it?

Accepted Answer

Absolutely, because your income pays for everything — not just the monthly mortgage payments, but also other bills and lifestyle. If you are involved in an accident or long-term sickness beyond your employer's sick pay package, the SSP (statutory sick pay) will not cover the costs. You could even be forced to return to work before being well enough, causing further complications.

Question 30

Fixed vs variable rate mortgages explained

Accepted Answer

Fixed rates are deals that remain fixed for a specific period of time — 2, 3, 5, 10 years or longer. Variable rates change according to what they are tracking: discount rates on a lender's variable rate, Bank of England trackers, or even the lender's own variable rate. The main difference is that with a fixed rate, how much you pay stays the same for that period; with a variable rate, it can go up or down.

Question 31

Why does my mortgage broker keep pushing insurance?

Accepted Answer

We have a clear policy of offering mortgage protection — which includes life, critical illness, family income protection, and income protection — to our clients. The insurances offered depend on the client's situation and circumstances. After the information is given as to what it is and how it works, the client must decide for themselves if they see the value in it.

Question 32

How long does it take to get a mortgage through a broker?

Accepted Answer

Look 4 Mortgages Ltd aims for a formal, binding mortgage offer within 10 working days of advice being given at the second appointment.

Question 33

Can I switch mortgage brokers mid-process?

Accepted Answer

It is not advisable. A new mortgage broker would be starting again with the fact find and advice — they cannot use what has gone before with another broker.

Question 34

What information should I bring to a mortgage broker?

Accepted Answer

Look 4 Mortgages has an online appointment booking service at the top of the website at www.look4mortgages.co.uk. Once an appointment is booked, an email is immediately sent to the client with the full list of required documents.

Question 35

Is a self-employed mortgage easier with a broker?

Accepted Answer

Yes, because of the variables involved — such as length of time trading and type of self-employment — you should always go to a broker. Look 4 Mortgages Ltd is a specialist in this area.

Question 36

Mortgage broker vs direct lender: which is better?

Accepted Answer

A bank can only comment on its own products and services with no comparison offered. Look 4 Mortgages will search the market comparing the various deals from many different providers to arrive at the best overall solution for you.

Question 37

What happens if I do not qualify for the mortgage amount I want?

Accepted Answer

The decision in principle is applied after the first appointment and before the final advice is given. If we cannot find a lender to meet your borrowing requirement, we will provide a decision in principle based on the maximum we can get you. This means you will either need a bigger deposit or find a property within the overall budget you have.

Question 38

How do I know if a mortgage broker is regulated?

Accepted Answer

Look 4 Mortgages can be found on the Financial Conduct Authority register by searching our name, Look 4 Mortgages Ltd. We are also part of the PRIMIS network, who are also registered with the Financial Conduct Authority.

Question 39

Can a mortgage broker help if I have bad credit?

Accepted Answer

Yes — one of our specialist areas is poor credit history. One of the reasons we ask for a copy of the credit report upfront is so we can check it and give better, bespoke advice.

Question 40

What is the typical mortgage broker commission?

Accepted Answer

Most of the lenders we use pay us 0.36% of the loan amount agreed. This does not come from the client, nor is it part of the mortgage — it is the amount the lender pays to the broker directly. You can ask us to look at the commission rates from our lender spread on advice and we will happily provide it.

Question 41

Should I use a local mortgage broker or a national firm?

Accepted Answer

Look 4 Mortgages operates a localised service in the areas of Yorkshire and Lancashire, and we believe it works. Some say nationwide firms are less personal, where local brokers care more and are more attentive to the client's needs. This is purely my opinion — and I am biased, obviously!

Question 42

How much can I borrow based on my income?

Accepted Answer

Generally we say 4.5 times salary, but that can be increased depending on the lender. Purely from a general perspective, that is the basis for most lenders.

Question 43

What does 'mortgage in principle' actually mean?

Accepted Answer

Look 4 Mortgages goes further and we call it a verified mortgage in principle. It means that the lender has agreed to lend based on the information given being correct, subject to final underwriting and a satisfactory valuation. We take time to verify all information using documentation given upfront, so we know for sure the information is accurate — and we get a lot of compliments for that.

Question 44

Do mortgage brokers negotiate better rates?

Accepted Answer

The lenders put out the rates they are offering and the broker looks to get the right deal for the client based on their situation. We use a sourcing system to organise the lenders and get the best-in-class result.

Question 45

Life insurance vs mortgage protection: what is the difference?

Accepted Answer

Life insurance is one of the mortgage protection insurances on offer and is regarded as the cheapest because it only covers one peril — death. A good full circle of protection is life, critical illness cover, income protection, and buildings and contents. Your life, your diminished health, your income, and your house and everything in it.

Question 46

Can you really get a mortgage with no deposit?

Accepted Answer

Yes, and there are quite a few ways it can be done. For example, purchasing under value from a family member or landlord where you were the tenant — where the difference between the market value and the price offered is treated as the deposit. Track record mortgages are another example, using evidence of 12 months' rent to secure the mortgage, subject to rules and status. Some lenders offer no-deposit mortgages outright, though the main rule is an excellent credit rating. Gifted deposit from someone else, or gifted equity offered from a relative on their own home, are further options. All subject to change and qualifying criteria.

Question 47

Why would a mortgage broker reject me?

Accepted Answer

A mortgage broker works with a client, but if the client misleads the broker — deliberately or by omission — or worse still provides false information and documents, the broker will terminate the case and not work with that client again.

Getting Started

Types of Mortgage

Credit & Eligibility

Protection Insurance

Working With Us

David Wilkinson Answers

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