Mortgage FAQs

Your first appointment is at no cost to you and involves no obligation. It will typically last around an hour and can be held at your convenience, in person over a cuppa, or by video or telephone.

We will ask questions to allow us to understand your current personal and financial circumstances and what you are hoping to accomplish.

Your independent adviser will be able to discuss your needs and either give you an indication as to whether there is a lender likely to consider you or, if the timing or circumstances are not quite right, advise on how you might improve your position to be considered for a mortgage in the future.

Starting to look for a property can be exciting. But you don’t want to spend weeks finding a dream home to find that you won’t be considered without a decision in principle (sometimes called an AIP or agreement in principle).

A decision in principle gives estate agents and sellers the confidence that you can get the money required for your purchase, subject to a more in-depth assessment, so it is their guarantee that you are serious and can make you a more attractive buyer.

Following our first appointment and after we’ve understood your loan requirements we can usually look to apply for a decision in principle within 24 hours. Ordinarily a lender will give an instant decision as to whether they will consider you, though occasionally they will refer to a further assessment before making a decision.

Depending on the lender, an agreement is typically valid between 30-90 days. If it expires before you’ve found the right property you can re-apply.

Typically for residential purchases you’ll need a minimum of 5% deposit, though, depending on your circumstances and credit rating, a larger sum may be required.
For Buy to Let purchases a bigger deposit is ordinarily required because of the increased lending risk. Again this will depend on your circumstances and the property. Most lenders will consider a 25% deposit but since all situations are different others may accept as little as 20%.

For all applications you will require proof of ID, 3 months most recent pay slips, 3 months bank statements, proof of deposit, proof of any other income and details of any existing credit commitments.

Self-employed buyers will need latest 2 years Tax Calculations and Tax Year overviews as standard.

Further documents may also be needed depending on your individual circumstances.

The first step in buying a home is to assess your finances and understand how much you can afford to borrow. This usually means saving a deposit, checking your credit score, and speaking with a mortgage adviser to get an Agreement in Principle (AIP). Having an AIP gives you a clear idea of your budget and shows sellers you’re a serious buyer.

When buying a home, the main costs to budget for include:

• Deposit – usually at least 5% of the property price.
• Mortgage fees – arrangement fees, booking fees, and valuation fees may apply.
• Solicitor or conveyancing fees – legal costs for handling the purchase.
• Survey costs – to check the property’s condition.
• Stamp Duty – depending on the property price (first time buyers may get relief on lower-value homes).
• Moving costs – such as removals, storage, or van hire.
• Insurance – buildings insurance is often required by lenders.
• Service charges or ground rent – if the property is leasehold.

Being aware of these costs early helps you plan your budget and avoid unexpected surprises.

Popular schemes include the Lifetime ISA, Deposit Unlock, and Shared Ownership. Each option is designed to make buying your first home more affordable, either through government bonuses, low deposit mortgages, or part-buy, part-rent arrangements.

The amount you can borrow depends on your income, outgoings, credit history, and lender criteria. Typically, you can borrow on average around 4.5 times your annual income, but this varies and your adviser will discuss in more detail.

You’ll usually need proof of ID, 3 months most recent pay slips, 3 months bank statements, proof of deposit, proof of any other income and details of any existing credit commitments.

Self-employed buyers will need latest 2 years Tax Calculations and Tax Year overviews as standard.

Further documents may also be needed depending on your individual circumstances.

A moving home mortgage is a mortgage taken out when you sell your current property and buy another. It can involve transferring your existing mortgage to your new property (“porting”) or arranging a completely new mortgage deal.

Yes, many lenders allow you to “port” your mortgage, meaning you transfer the existing deal to your new home. However, not all mortgages are portable, and you will still need to go through affordability and underwriting checks.

Sometimes taking out a new mortgage is better than porting your existing one, especially if market rates have improved or your financial situation has changed. As independent brokers, we have access to a wide range of mortgage products across the market, including many not available on the high street, and one of our advisers can compare your options to see which is most cost-effective.

Along with your mortgage costs, you should budget for estate agent fees, solicitor or conveyancing fees, surveys, moving costs, and potentially stamp duty.

Yes, whether you’re porting or applying for a new mortgage, lenders will still carry out checks on your income, credit history, and affordability to ensure you can manage the repayments.

The best time depends on your current mortgage rate, remaining term, and financial goals. Changes in interest rates, property value, or your personal circumstances may make remortgaging beneficial.

The amount you can borrow is usually based on your income, outgoings, and the current value of your property. Lenders may allow you to borrow more if your property value has increased or if your financial situation has improved.

Yes, but some lenders have stricter criteria for applicants with a poor credit history. A mortgage adviser can help identify suitable options.

Yes, you can remortgage multiple times. Each time you remortgage, it’s important to consider any fees and whether the new deal offers genuine financial benefits.

Most lenders require a property valuation to determine the current market value. In some cases, you may be able to use a lender’s automated valuation service (AVM) for speed.

Most Buy to Let mortgages are set up on an interest-only basis, meaning monthly payments are typically covered by rental income, and the remaining mortgage is repaid when the property is sold. Some Buy to Let mortgages can also be arranged as repayment mortgages, depending on your long-term goals.

Yes. While some lenders prefer applicants with previous landlord experience, many offer options for first-time landlords. Cowens advisers can help identify lenders suitable for your circumstances.

In addition to your deposit, you should budget for arrangement fees, valuation fees, legal costs, stamp duty (including the additional property surcharge), and ongoing landlord expenses like maintenance and insurance.

Most lenders will require you to have suitable landlord insurance in place before you rent out the property. This typically covers buildings, contents, and liability.

As independent brokers, Cowens has access to a wide range of Buy to Let mortgage products, including many not available on the high street. An adviser can help you find a suitable deal, simplify the application process, and save time.

A specialist mortgage is designed for borrowers who don’t fit standard lending criteria, such as those with bad credit, irregular income, or unique property requirements.

Specialist mortgages are useful for self-employed people, contractors, those with adverse credit, foreign nationals, landlords, or anyone purchasing a property that doesn’t meet standard lending rules.

They can be, as lenders may charge higher rates or require larger deposits to offset the increased risk. However, a broker can help find the most competitive deal for your circumstances.

Yes. Many people start with a specialist mortgage and later remortgage to a mainstream product once their financial situation improves or they meet standard criteria.

If you’ve been turned down by mainstream lenders, have non-standard circumstances (like irregular income, bad credit, or a unique property), or just aren’t sure, speaking with a broker will help identify whether you need a specialist product.

Income protection insurance is designed to provide you with an income and to work alongside any sick pay you already have in place, ensuring that if you are off work due to long-term sickness, you would still have an income from which to pay your mortgage.

Life insurance can ensure your mortgage is paid off in the event of your death, giving your family financial security and allowing them to remain in the family home.

While separate from life or income protection, building and contents insurance are usually required by lenders to protect your home and possessions. Our advisers can help set up the right policies.

Yes. Cowens offers independent financial planning advice covering life insurance, critical illness, income protection, and building insurance to help you make informed decisions.

The amount of cover you choose should usually be enough to pay off your remaining mortgage balance, while also taking into account any ongoing financial commitments and your family’s living expenses. Your adviser will make a recommendation suitable for your personal circumstances. It’s a good idea to review your protection regularly to make sure it still meets your needs.