More Lenders Slash Income Barriers for Bigger Mortgages as First-Time Buyers Get a Boost

First-time buyers across the country are set to benefit as a growing number of high street lenders follow Skipton Building Society’s lead in lowering the income required to borrow more against your salary.

Just days after Skipton announced it would cut its minimum income threshold for higher loan-to-income mortgages from £50,000 to £40,000, Nationwide and Yorkshire Building Society have rolled out similar reforms 1. The changes are set to make it easier for thousands more people to step onto the property ladder, as the market responds to calls from the Prudential Regulation Authority to boost support for new buyers.

Nationwide Expands High-Income Lending

Nationwide, Britain’s largest building society, now allows sole first-time buyers earning just £30,000 to access its flagship Helping Hand mortgage deals. Previously, the income requirement stood at £35,000. For joint applicants, the minimum combined income has dropped from £55,000 to £50,000. These mortgages allow borrowing up to six times your salary, subject to affordability checks, opening the door for many who would previously have fallen short.

Henry Jordan, director of home at Nationwide, said that these changes are expected to help at least 10,000 extra first-time buyers this year. He added that the building society acted quickly in response to the regulator’s announcement, confident it will make a real difference to buyers facing high house prices 2.

Yorkshire Building Society Follows Suit

Yorkshire Building Society and its specialist lending arm, Accord Mortgages, have also reduced the minimum income needed for their high loan-to-income deals. Borrowers now need an income of only £50,000 to access five-times income mortgages, down from £75,000. These products are now available at up to 95 percent loan-to-value, giving a significant boost to those with smaller deposits3.

Earlier this year, Yorkshire also eased its interest-rate stress test, allowing customers to borrow more while still meeting responsible lending standards4.

Why Are Lenders Making These Changes?

The shift comes after the Bank of England’s Prudential Regulation Authority relaxed the rules for lenders. Previously, high loan-to-income lending was capped at 15 percent of new mortgages. Now, as long as lenders meet strict overall lending standards, they can apply to lend more at higher income multiples. The move is aimed at helping first-time buyers, who have seen average house prices rise far faster than wages in recent years.

Mortgage advisers are welcoming the news, with many saying the reforms will make homeownership more realistic for those who might have been stuck renting otherwise. However, all lenders insist that proper affordability checks will remain, and urge buyers to seek advice to ensure they are not overstretching themselves 5.

What Does This Mean for You?

If you have been struggling to save a large deposit or have just missed out on borrowing enough in the past, these new rules could make a real difference. Whether you are a single buyer or purchasing as a couple, it is now easier to access higher loan amounts with a lower income, provided you can demonstrate you can afford the repayments.

Mortgage brokers say that with more lenders offering flexible deals and higher income multiples, now is an excellent time for first-time buyers to review their options and get professional advice.

The Bottom Line

The high street mortgage market is opening up for first-time buyers, with Skipton, Nationwide and Yorkshire Building Society leading the way. These changes could help thousands more people achieve their dream of homeownership this year.

If you are considering buying your first home or want to know how much you could borrow, now is the time to speak to a mortgage adviser for expert guidance.

 References:

  1. Mortgage Finance Gazette.  (2025). Skipton BS lowers high LTI thresholds to £40,000 from £50,0000    – Mortgage Finance Gazette. [online] Mortgage Finance Gazette. Available at: https://www.mortgagefinancegazette.com/market-news/skipton-bs-lowers-high-lti-thresholds-to-40000-from-500000-21-07-2025/       [Accessed 23 Jul. 2025].

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‌Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but is typically around £399 and this will be discussed and agreed with you at the earliest opportunity

All the information in this article is correct as of the publish date 31st July 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

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Young Homeowners Risk Losing Homes as Thousands Remain Unprotected

Thousands of young homeowners are putting themselves at risk of losing their homes because many have no insurance cover to protect against life’s unexpected shocks. New research has revealed that a large number of people aged 18 to 34 have little understanding of essential financial protection, and even fewer have taken steps to safeguard themselves1.

Low Awareness and Worrying Gaps in Cover

A recent survey of over 1,200 homeowners, including 500 with mortgages, shows that only 15 percent of young mortgage holders say they know a lot about income protection. This is particularly concerning, as this age group is often more likely to experience job changes, illness or sudden financial setbacks.

Even more worrying, nearly one in three young homeowners admitted they have no protection in place at all. This means they do not have life insurance, critical illness cover, or an income protection policy that could support them if they were unable to work. While more than half of those surveyed claim to have life insurance, experts believe the true figure is likely to be much lower in reality1.

How Would They Cope?

The risk for these homeowners is significant. Fourteen percent of those aged 18 to 34 said they would immediately struggle to pay their mortgage if illness or injury stopped them from working. More than half would face serious financial difficulties within just six months.

When asked how they would cope with a sudden loss of income, many young homeowners offered only short-term solutions. Nearly a third said they would try to take on extra work. Almost a quarter would cut back on savings or stop making pension contributions, putting their long-term financial security at risk. One in five would rely on government support such as Universal Credit, while more than one in ten would even consider taking out a bank loan1.

Experts Warn of a Growing Financial Gap

Industry experts have issued a warning that young homeowners are living on a financial tightrope. Many under-35s are taking on some of life’s biggest financial commitments without knowing what protection is available or how it works. Income protection is not just for older people or high earners. It is for anyone who depends on a regular income to pay the mortgage and cover essential costs. Without this safety net, a period of illness or injury could have devastating consequences.

Paula Higgins, chief executive of the HomeOwners Alliance, said that buying a home is a proud moment but it comes with real risks. She explained that many young buyers have already stretched their finances to get onto the property ladder, and that their financial resilience is often still developing. She called for greater support for young people so they can stay secure, especially as they take on the long-term responsibility of a mortgage1.

Don't Wait Until It's Too Late

Missing mortgage payments can quickly lead to arrears, repossession, and long-term damage to your credit record. Having insurance cover in place, whether income protection, life insurance, or critical illness cover, can provide the financial support needed to keep your home safe if the unexpected happens.

If you have a mortgage, now is the right time to look closely at your protection arrangements. Ask yourself whether you could continue to pay your mortgage if you were unable to work for six months. Do not assume that your employer’s sick pay will be enough, as statutory cover is limited and often does not last long. Talk to a qualified adviser about the type of cover you really need. Remember, the younger and healthier you are, the lower your premiums are likely to be.

Protect Your Home and Your Future

Owning your home is a major achievement, but it comes with responsibility. Do not risk losing your home because of illness or accident. Review your insurance today to make sure you and your loved ones are protected.

If you would like to discuss your options, or want a  review of your insurance cover, contact our team for guidance and support.

References:

  1. IFA Magazine. (2025). Almost 1 in 3 young mortgage holders have no protection cover - LifeSearch and HomeOwners Alliance Available at: https://ifamagazine.com/almost-1-in-3-young-mortgage-holders-have-no-protection-cover-lifesearch-and-homeowners-alliance/       [Accessed 23 Jul. 2025].

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All the information in this article is correct as of the publish date 31st July 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Is Your Mortgage Deal Ending in Early 2026? Why Now Is the Time to Act

Homeowners whose fixed-rate mortgage deals expire in early 2026 are being urged to start planning ahead, as a new wave of rate rises and higher payments could be on the horizon.

UK Finance data shows that around 1.6 million fixed-rate mortgage deals are due to end in 2025, with a similarly high number expected to mature in 2026 1 .If you are one of them, it is important to act early to avoid the shock of increased monthly payments and to secure the most suitable deal for your circumstances.

Five-Year Fixes: A Different World in 2021

Many households locked into five-year fixed rates in 2021, when the Bank of England base rate was at an historic low. At that time, borrowers could secure deals below 2 percent, making mortgage repayments relatively affordable. Since then, the landscape has changed dramatically. The Bank of England raised interest rates repeatedly to tackle inflation, pushing its base rate to 5.25 percent in 2024, with mortgage rates following suit 2. If your five-year deal is coming to an end in early 2026, you are likely to face a significant increase in your monthly payment.

Two-Year Fixes: The Turmoil of 2023

If you fixed your mortgage rate for two years in 2023, you may remember that rates were unusually high. This was a direct result of the financial market upheaval caused by the September 2022 mini-budget. Many lenders withdrew products or repriced them, with two-year fixed rates often above 6 percent. If you fixed during this period, you have already been managing higher payments. As your deal nears its end, it is wise to plan early to secure the most suitable next rate, as the market remains volatile and rates are still well above pre-2022 levels.

Three-Year Fixes: Caught in the Middle

Some borrowers opted for three-year fixes in 2022. At the start of that year, rates were relatively low, but they began to rise quickly as the Bank of England increased rates to control inflation. After the mini-budget in September 2022, mortgage rates surged even higher. Borrowers who fixed early in 2022 benefited from better rates, while those who waited faced higher payments 3. If your three-year deal is due to finish in 2026, you should review your options as soon as possible to avoid rolling onto your lender’s standard variable rate, which is usually more expensive.

What Should Homeowners Do Now?

Experts agree that it is not wise to leave your next mortgage decision until the last minute. Most lenders allow you to secure a new deal up to six months before your current rate expires. Acting early can help you lock in a competitive rate and avoid unwelcome surprises if the market changes again. If rates fall before your new deal begins, you may have the option to switch to a better deal.

Here is what you should do:

Why Early Action Matters

Mortgage rates have risen sharply since 2021 and may not drop significantly in the near future. The Bank of England has indicated that interest rates will remain higher for longer to bring inflation under control. This means many homeowners will see their payments increase, and planning ahead can help you manage your finances and avoid any nasty shocks4.

The Bottom Line

Whether your mortgage was fixed during the bargain rates of 2021, the market chaos of 2023, or the uncertain times of 2022, now is the time to review your options. Acting early could help you secure a more affordable deal and give you peace of mind as you plan for the future.

If you have questions about your mortgage or want to discuss your next steps, contact your adviser as soon as possible.

References:

  1. UK Finance (2025) Household Finance Review: Q1 2025. Lee Hopley (Director, Economic Insight & Research) and James Tatch (Principal, Head of Analytics). UK Finance, June 2025. Available at: https://www.ukfinance.org.uk/system/files/2025-06/Household%20Finance%20Review%202025%20Q1.pdf  [Accessed 23 Jul. 2025].

‌Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will be around £399 and this will be discussed and agreed with you at the earliest opportunity

All the information in this article is correct as of the publish date 31st July 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

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How first time buyers can get a mortgage

How First-Time Buyers Can Get a Mortgage – A Guide to Government Schemes and Support

Buying your first home is exciting, but it can also feel overwhelming—especially when saving for a deposit, understanding mortgage options, and navigating rising house prices. If you or someone you know is trying to get onto the property ladder, there are government schemes and mortgage options that can help make buying a home more achievable.

This guide will take you through some of the key schemes available, explain how they work, and highlight why speaking to a mortgage adviser is an essential step in securing the right mortgage.

1. Understanding Low-Deposit Mortgages

One of the biggest hurdles for first-time buyers is saving for a deposit. Many believe they need a large sum upfront, but there are options available for those with small deposits—or even no deposit at all.

95% Loan-to-Value (LTV) Mortgages

For buyers with a small deposit, 95% LTV mortgages allow you to buy a home with just a 5% deposit. Many lenders, including high-street banks, offer these mortgages, and while interest rates may be higher than for larger deposits, they allow you to buy sooner rather than later.

A mortgage adviser can help you compare lenders and find the best 95% LTV mortgage suited to your financial situation.

The Mortgage Guarantee Scheme

This government-backed scheme helps lenders offer 95% mortgages to first-time buyers. If you have a 5% deposit, this scheme could improve your chances of securing a mortgage. It is available until June 2025, so if you’re thinking of buying, now is the time to explore your options1.

100% Mortgages – Skipton’s Track Record Mortgage

If saving for a deposit has been a struggle, Skipton Building Society’s Track Record Mortgage could be an option. This is a 100% mortgage designed for renters who have paid rent on time for at least 12 months. It allows buyers to purchase a home without needing a deposit, but it does come with certain conditions2.

A mortgage adviser can help determine whether this is a suitable option for you and explain any risks involved.

2. Boosting Your Deposit with Family Support

Many first-time buyers rely on family support to increase their deposit or improve their affordability. There are structured mortgage options designed to help families assist buyers in a secure and manageable way.

Family Assist and Guarantor Mortgages

These mortgages allow family members to provide financial support in one of two ways3:

  1. Family Assist Mortgages – A family member places savings into an account linked to the mortgage or uses their own property as security.
  2. Guarantor Mortgages – A family member guarantees the mortgage repayments, meaning they step in if the borrower struggles to make payments.

These options can increase borrowing power but also come with risks. It’s important to get expert mortgage advice before making a decision.

Generation Home – Income and Deposit Boosters

Generation Home offers innovative mortgage products that allow friends or family to help with affordability:

This flexibility makes it easier for first-time buyers to purchase their home without relying on a traditional lump-sum gift from family.

3. Government Schemes for First-Time Buyers

Beyond mortgage options, there are government-backed schemes designed to make homeownership more accessible.

Lifetime ISA (LISA) – Saving with a Government Bonus

A Lifetime ISA (LISA) helps first-time buyers save for a deposit with a 25% government bonus6.

This is one of the best ways to build a deposit quickly, especially for buyers planning their purchase in a few years.

Shared Ownership – Buying a Share of a Home

If a full mortgage is not affordable, Shared Ownership allows buyers to purchase a portion of a property (25%-75%) while paying rent on the remaining share7.

Shared Ownership is available across the UK, but the details vary by region. A mortgage adviser can explain how it works and whether it’s a good fit for your circumstances.

First Homes Scheme – Discounts for First-Time Buyers

This scheme offers new-build homes at a 30% discount (sometimes more) to eligible first-time buyers. The discount remains in place for future sales, ensuring affordable homes for local buyers8.

4. Next Steps – Speaking to a Mortgage Adviser

Why Speak to an Adviser?

Getting the right mortgage is about more than just finding the lowest rate. A mortgage adviser can:

How to Get Started

If you or someone you know is looking to buy their first home, the best place to start is by speaking to a mortgage adviser. They can help you explore your options and take the stress out of the mortgage process.

Buying a home is a big decision, but with the right support, it could be closer than you think.

Final Thoughts

Buying a home may feel challenging, but you don’t have to do it alone. There are government schemes, mortgage options, and mortgage advisers ready to help make homeownership possible.

If you know a first-time buyer, sharing this information with them could make all the difference. And if you’re ready to explore your mortgage options, speak to a mortgage adviser today to take the first step towards homeownership.

Your home/property may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The precise amount will depend on your circumstances and will be agreed with you before proceeding but estimate this to be £399.

The Financial Conduct Authority does not regulate conveyancing, some buy to let mortgages, Bridging finance and commercial mortgages.

The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

Zest Mortgage Brokers is a trading style of JC Mortgage Brokers Ltd an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.

Sources

1.GOV.UK (2023). The mortgage guarantee scheme. Available at: https://www.gov.uk/government/publications/the-mortgage-guarantee-scheme            [Accessed 14 Mar. 2025].

2. Skipton.co.uk. (2025). Track Record mortgages - Skipton’s mortgage for renters. Available at: https://www.skipton.co.uk/mortgages/first-time-buyers/track-record-mortgage           [Accessed 14 Mar. 2025].

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3. USwitch (2023). Family Assist Mortgages. Available at: https://www.uswitch.com/mortgages/guides/family-assist-mortgage/           [Accessed 14 Mar. 2025].

‌4. Generation Homes (2025). Income Booster - Generation Home Available at: https://www.generationhome.com/income-booster      [Accessed 14 Mar. 2025].

5. Generation Homes (2025). Deposit Booster - Generation Home. Available at: https://www.generationhome.com/deposit-booster    [Accessed 14 Mar. 2025].

6. GOV.UK (2025). Lifetime ISA. Available at: https://www.gov.uk/lifetime-isa         [Accessed 14 Mar. 2025].

7. GOV.UK (2022). Shared ownership homes: buying, improving and selling. Available at: https://www.gov.uk/shared-ownership-scheme         [Accessed 14 Mar. 2025].

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8. GOV.UK (2022). First Homes scheme: first-time buyer’s guide. Available at: https://www.gov.uk/first-homes-scheme  [Accessed 14 Mar. 2025].

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All the information in this article is correct as of the publish date 27th March  2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Mortgage Market Update: Borrowing Opportunities Improve as Lenders Cut Rates and Ease Rules

A shift is taking place across the mortgage market, bringing a wave of opportunity for both prospective buyers and existing homeowners. Leading lenders are responding to expectations of falling interest rates by reducing mortgage pricing and easing affordability criteria. This development could enhance borrowing potential for many households in the months ahead.

Leading Lenders Reduce Mortgage Rates

Several major lenders, including Barclays, TSB, HSBC, Coventry Building Society and the Co-operative Bank, have recently announced reductions to their fixed-rate mortgage products. Barclays has been among the first FTSE 100 banks to offer two-year and five-year fixed deals starting from 3.99 per cent1. 

HSBC has followed suit with a broad range of reductions across its residential and buy-to-let offerings, including five-year fixed rates falling below four per cent. Industry analysts suggest this trend signals increased competition in the market, with further reductions likely as other lenders seek to remain competitive1.

According to data from Rightmove, the average two-year fixed rate has decreased by 0.42 percentage points over the past year, now sitting at 4.81 per cent. Five-year fixed rates have also seen a reduction, down 0.13 percentage points to 4.70 per cent1.

Increased Borrowing Potential

In addition to rate cuts, lending criteria are being revised to improve access to borrowing. Lloyds Banking Group, which includes Halifax, Bank of Scotland and BM Solutions, has adjusted its affordability calculations. This change could allow the average borrower to access approximately £38,000 more on their mortgage, equating to an increase of up to 13 per cent in maximum borrowing for some applicants1.

These adjustments have primarily affected stress testing rates, which assess whether borrowers could afford repayments if interest rates were to rise. For five-year fixed rate products, the stress test threshold has been lowered, making affordability calculations more favourable for applicants.

Similar changes have been made by Santander, which recently reduced its stress test rates by up to 0.75 percentage points, making them the lowest since 2022. These updates are particularly significant for first-time buyers and home movers who previously struggled to meet stringent affordability requirements2.

Remortgaging Activity Increases

The Bank of England's latest Credit Conditions Survey reports a notable rise in remortgaging activity, with homeowners reacting swiftly to falling rates. As fixed-rate deals expire and new, more competitive options become available, a surge in remortgage applications is anticipated over the coming months3.

This trend reflects a growing confidence in the mortgage market, driven in part by expectations that the Bank of England will cut the base rate later this year. Currently held at 4.5 per cent, the base rate remains below its 2023 peak of 5.25 per cent. Market consensus suggests that multiple cuts may take place in 2025, potentially improving conditions further for borrowers4.

A More Flexible Lending Environment

The Financial Conduct Authority has also acknowledged that mortgage stress testing may have been applied too cautiously in recent years. The regulator has indicated a willingness to review current rules in order to support greater access to home ownership, while maintaining prudent lending standards.

This policy backdrop, combined with lender-driven initiatives, suggests a more flexible and borrower-friendly environment is emerging. While broader economic uncertainties remain, improved mortgage availability and more accessible rates are welcome developments for anyone looking to purchase, remortgage or move home.

What This Means for You

For buyers, the increased supply of mortgage products and eased affordability checks could significantly expand borrowing options. For existing homeowners, now may be an opportune time to review existing mortgage arrangements and consider securing a new deal.

If you would like to explore how these changes might affect your borrowing potential or discuss whether it is the right time to remortgage, please get in touch to arrange a consultation.

References:

  1. City AM (2025). HSBC, Barclays, Lloyds: Lenders bank on interest rate cut as mortgage ‘price war’ heats up. Available at: https://www.cityam.com/hsbc-barclays-lloyds-lenders-loosen-up-as-mortgage-price-war-heats-up/  [Accessed 23 Apr. 2025].
  2. Santander (2025). Santander becomes first lender to reduce mortgage affordability rates to enable customers to borrow more Available at: https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-becomes-first-lender-to-reduce-mortgage? [Accessed 23 Apr. 2025].
  3. Bank of England (2025). Credit Conditions Survey - 2025 Q1.Available at: https://www.bankofengland.co.uk/credit-conditions-survey/2025/2025-q1       [Accessed 23 Apr. 2025].
  4. Euro News. (2025). UK inflation falls more than expected boosting rate cut chances. Available at:https://www.euronews.com/business/2025/04/16/uk-inflation-falls-more-than-expected-boosting-rate-cut-chances    [Accessed 28 Apr. 2025].

All the information in this article is correct as of the publish date 27th March  2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

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The complete guide to preparing for your first consultation with a mortgage broker

Seeing a mortgage adviser for the first time might feel a bit daunting. Here's everything you need to know so you can ensure you receive the right mortgage advice.

When working with a Mortgage Broker for the first time, you can get a step ahead by preparing some of the information you'll be asked for in advance. Here we'll tell you how to be ready and armed for your appointment. This can help you get the ball rolling on your mortgage offer more quickly and obtain the most suitable deal for your circumstances.

Collate all the information you need, and appoint a great mortgage broker and you are on your way towards home ownership.

The basics - what is a mortgage broker, and why do I need one?

Getting ready - How to be as prepared as possible for your appointment with a mortgage broker

Next steps - after appointing your mortgage advisor, what you need to do next.

What is a mortgage broker, and why do I need one?

A mortgage broker works as an intermediary to help match applicants to the right mortgage lender, offering the most suitable deal for their clients' circumstances.

Once appointed, a mortgage adviser will use their expert knowledge to obtain the most competitive result for their client. Good mortgage brokers will search the whole market, and will have access to special mortgage rates and deals not available on the High Street. In fact, some lenders will only work with intermediaries, so, specialist mortgage brokers. The broker's expert advice will also be useful if you have special circumstances that require the specialist advice that a mainstream lender will be unable to provide.

The mortgage broker will have in-depth knowledge of the market, and a large benefit to their expertise is that they can quickly identify suitable mortgage deals. This can save you a lot of time and energy if you're researching rates and offers yourself, and trying to speak to multiple lenders.

Through being part of HL Partnership Limited, we can search the mortgage market and have access to special and exclusive mortgage rates and deals not available on the High Street

Why should you use a mortgage broker?

It's actually quite simple. The difference in cost between mortgage offers can be enormous. A good mortgage adviser will find the deal that offers you the most suitable financial outcome by using their market knowledge for your advantage.

Borrowers with special circumstances, for example 'bad' credit (we call it adverse credit in the industry), or those with complex income as part of their mortgage requirements can get the most suitable deal from an expert mortgage broker who understands their situation - meaning they know exactly which lender will be able to provide a mortgage offer. This should result in fewer declined applications for their client.

The self-employed, especially those unable to prove their income with payslips like an applicant on PAYE, can benefit massively from expert mortgage advice from a broker. Many lenders specialise in providing mortgage to the self-employed worker and brokers can introduce these.

Because brokers work with such a wide panel of lenders, they learn to understand the criteria and preferred client profile of each one - again, helping find the right mortgage for the client.

Using a mortgage broker has another great benefit. Speed. Using a mortgage advisor speeds the entire process along. Buying a property can take a long time, sometimes several months, and takes a lot of work. If you're trying to secure a mortgage yourself, you could run the risk of losing out on the property you want if the process drags and the mortgage takes too long to get approved.

Mortgage brokers have specialist software that will search across their entire panel of lenders, allowing them to quickly find deals matching the borrowers criteria. This is a lot quicker than individual searches for mortgage deals across multiple banks' websites. The hassle is taken out of the process, with far less paperwork.

How to be as prepared as possible for your appointment with a mortgage broker

You've done your research and found the broker you want to use. You've got your appointment set. What next?

Firstly, remember your chosen mortgage advisor is the expert. Go to the appointment with an open mind, and be ready to listen. Their job is to find the right deal for your circumstances, regardless of how they'll be rewarded at the end.

Have your supporting documentation prepared in advance. This will speed up the application process, and allow your mortgage broker to act in the most efficient manner, ensuring a mortgage offer comes sooner rather than later!

Supporting documentation

Proof of your identity and address

Mortgage Brokers support the Proceeds of Crime Act, and all efforts to eliminate Money Laundering. As part of this they need to verify the identity of their clients. Bring along original documents containing your full name and address.

You'll need to provide at least:

To support your mortgage application

You will need to provide:

if you're employed you'll need:

If you're self-employed, you'll need:

Further documentation

A copy of your latest credit report is really useful for your mortgage adviser. With an increase in identity theft, obtaining a copy of your credit report in advance ensures your application is not delayed by uncovering surprises later on in the process. It also means any credit issues uncovered can be addressed. This doesn't mean you won't be able to get a mortgage - you're using an expert mortgage broker, and they'll have access to lenders who have provision for this type of business.

They are available from agencies such as Experian, Equifax, Callcredit and CheckMyFile.

In addition to your credit report, where appropriate, you'll also need:

If you're lucky enough to have been gifted a deposit, you'll need to show your broker the following:

Next steps - after appointing your mortgage advisor, what you need to do next.

So you know what a mortgage broker is, and how they can help secure the most suitable mortgage deal for you. You've made your appointment and collated the documentation they'll ask for. You're on the right track, so that's great! Next, just make sure you reply in a timely way to any further requests from your broker and don't hide anything from them financially and before you know it, you've rescued the cat from the sitter, unpacked the kettle and made your first cuppa in your new house.

If you've read this, and haven't yet found the right mortgage broker, then please give us a try. Email us at enquiries@zestmortgagebrokers.co.uk, phone 0800 228 9715, or contact us here.

Think carefully before securing other debts against your home. Your home/property may be repossessed if you do not keep up repayments on your mortgage.