Independent Mortgage Advice

How Our Mortgage Advisers Can Help

Mortgage products can differ in their interest rates, fees, repayment structures, early repayment charges and eligibility criteria. A low advertised rate will not necessarily represent the most suitable or lowest-cost option once these factors are considered.

Our mortgage advice service can help you:

• Understand how much you may be able to borrow
• Assess the deposit and associated costs you may need
• Compare suitable mortgage types and repayment structures
• Understand fixed, variable and tracker interest rates
• Consider product fees and the overall cost of borrowing
• Prepare the documents required by a lender
• Complete and progress a mortgage application
• Consider appropriate financial protection alongside the mortgage

We are not limited to the products of one lender. We can research a range of lenders and mortgage products available to us, subject to your circumstances and the type of borrowing required.

Mortgage Advice for First-Time Buyers

Buying a first home can involve unfamiliar terminology, several professional parties and costs that extend beyond the deposit. Seeking advice before making an offer can help you establish a realistic budget and understand what a lender is likely to require.

We can explain:

• How lenders assess income and affordability
• How the size of your deposit may affect available products
• The difference between repayment and interest-only mortgages
• Fixed, variable and tracker mortgage rates
• Product fees, valuation costs and other purchasing expenses
• What an agreement in principle means
• Which documents may be needed for an application
• What happens between application and completion

An agreement in principle can provide an initial indication of potential borrowing, but it is not a formal mortgage offer. A lender will still need to assess the full application, supporting documents and proposed property.

Mortgage Advice When Moving Home

Moving home may involve changing the amount borrowed, reviewing an existing mortgage or transferring the current product to another property. Even where a mortgage is described as portable, the lender will normally reassess affordability and the suitability of the new property.

We review the terms of your current mortgage, including any early repayment charges, and compare the available options. Depending on your circumstances, these may include porting the existing product, borrowing an additional amount or arranging a new mortgage.

The costs of moving, including legal work, valuation, surveys, removals and applicable property taxes, should also be included when assessing affordability.

Remortgage Advice

A remortgage involves replacing an existing mortgage with a new arrangement, either with the current lender or another lender. Clients often consider this when an existing fixed or introductory rate is approaching its end.

A review should consider more than the new interest rate. We assess:

• The remaining mortgage balance and term
• The current interest rate and date it ends
• Early repayment charges and exit fees
• Product, valuation and legal fees
• Changes in income, expenditure or credit commitments
• The estimated value of the property
• Whether the mortgage term remains appropriate
• The total cost of the available options

Remaining with the existing lender through a product transfer may sometimes be appropriate. In other circumstances, moving to another lender could provide a more suitable option. The costs and benefits should be compared before deciding.

It is usually sensible to begin reviewing your position before the current deal ends, allowing time to research the available options and complete any necessary application.

How Mortgage Affordability Is Assessed

The amount a lender may be prepared to offer is not determined by income alone. Lenders apply their own affordability and eligibility criteria, which can produce different results for applicants with otherwise similar circumstances.

A lender may consider:

• Employment status and income
• Regular expenditure and household costs
• Loans, credit cards and other financial commitments
• Number of dependants
• Deposit and loan-to-value ratio
• Credit history
• Mortgage term and expected retirement age
• Whether repayments would remain affordable if circumstances or rates changed

Being offered a particular borrowing amount does not necessarily mean that using the full amount is appropriate. The proposed repayments should remain manageable alongside other commitments, planned expenditure and a reasonable allowance for unexpected costs.

Understanding Different Mortgage Options

Fixed-Rate Mortgages

A fixed-rate mortgage keeps the interest rate unchanged for an agreed period. This can provide certainty over monthly repayments during that period, although early repayment charges may apply if the mortgage is changed or repaid early.

Variable and Tracker Mortgages

A variable mortgage rate can change. A tracker mortgage usually follows a specified external rate, such as the Bank of England base rate, plus an agreed margin. Repayments may therefore rise or fall during the mortgage term.

Repayment Mortgages

Monthly payments on a repayment mortgage cover both interest and part of the capital borrowed. Provided all required payments are made, the mortgage should be repaid by the end of the agreed term.

Interest-Only Mortgages

With an interest-only mortgage, the regular payments normally cover interest rather than reducing the original loan. A credible repayment strategy is needed to repay the capital at the end of the term. Interest-only lending is subject to lender criteria and is not suitable for every borrower.

Mortgage Fees and the Overall Cost

Comparing mortgages solely by their headline interest rate can be misleading. A product with a lower rate but a substantial fee may cost more over the initial deal period than one with a slightly higher rate and lower fees.

Depending on the mortgage and transaction, costs may include:

• Mortgage product or arrangement fees
• Valuation or survey costs
• Legal and conveyancing fees
• Mortgage advice fees, where applicable
• Early repayment charges
• Mortgage account, transfer or exit fees
• Applicable property taxes

Before you proceed, we will explain how our mortgage service works, whether any fee will be payable and how we are remunerated. All relevant charges will be disclosed clearly so that you can make an informed decision.

Using Our Mortgage Calculator

Our mortgage calculator can provide an initial illustration of potential borrowing or monthly repayments based on the information entered.

The result is an estimate only. It does not take account of every lender’s affordability criteria, product fees, credit assessment or requirements concerning the property. It is not a mortgage offer or a guarantee that a particular amount will be available.

After using the calculator, you can speak to one of our mortgage advisers for an assessment based on your actual income, expenditure, commitments and objectives.

Use the Sturdy Edwards mortgage calculator

The Mortgage Advice and Application Process

Initial Discussion

We begin by discussing what you are hoping to achieve, the property involved and any particular deadlines or concerns.

Information and Affordability Review

We gather details of your income, expenditure, deposit, borrowing and credit commitments. Supporting documents may include identification, bank statements, payslips, accounts or tax calculations, depending on your circumstances.

Research and Recommendation

We research suitable options from the lenders and products available to us. We then explain the recommended mortgage, its costs, repayment structure, risks and relevant conditions.

Application

If you decide to proceed, we submit the mortgage application and provide the supporting information requested by the lender. The lender will complete its own affordability, credit and property assessments.

Offer and Completion

Once the lender has completed its assessment, it may issue a formal mortgage offer. Your conveyancer will deal with the legal work and coordinate the transaction through to completion.

All mortgages are subject to status, lender criteria and an acceptable valuation of the property. Submitting an application does not guarantee that a mortgage offer will be made.

Protecting Your Mortgage and Household Finances

A mortgage creates a long-term financial commitment. It is therefore important to consider how repayments and other household costs would be managed following death, serious illness or an extended period away from work.

Depending on your circumstances and existing workplace benefits, appropriate protection could include life insurance, critical illness cover or income protection. These policies address different financial risks and should be assessed separately from the mortgage recommendation.

Further information is available on our pages covering life insurance and family protection and critical illness and income protection.

Mortgage Advice from Sturdy Edwards

Sturdy Edwards Financial Services provides established financial and mortgage advice from its office in East Grinstead. Our advisers take the time to understand each client’s position and explain the available options in clear terms.

Our approach includes:

• A detailed assessment of your circumstances and objectives
• Consideration of affordability and longer-term commitments
• Research across a range of lenders and products available to us
• Clear explanations of rates, fees and mortgage conditions
• Support during the application process
• Consideration of relevant financial protection

You can also meet our financial adviser team or explore our wider financial advice services.

Sturdy Edwards (Financial Services) Limited is authorised and regulated by the Financial Conduct Authority. Our FCA reference number is 190659.

View Sturdy Edwards on the Financial Services Register .

Frequently Asked Questions

How Much Can I Borrow?

The amount available depends on the lender’s assessment of your income, expenditure, existing commitments, deposit, credit history and the property. Different lenders can reach different affordability decisions, so a personal assessment is required.

When Should I Seek Mortgage Advice?

It can be helpful to seek advice before viewing properties or making an offer. This allows time to assess affordability, prepare the required documents and consider whether an agreement in principle is appropriate.

How Much Deposit Will I Need?

Deposit requirements vary according to the lender, mortgage type, property and applicant’s circumstances. A larger deposit can provide access to a broader range of products, but money should also be retained for purchasing costs and emergencies.

Should I Choose the Mortgage with the Lowest Rate?

Not automatically. Product fees, incentives, early repayment charges and the period for which the rate applies can affect the overall cost. These factors should be considered alongside the headline interest rate.

Can You Help If I Am Self-Employed?

We can assess mortgage options for self-employed applicants. Lenders have different requirements concerning trading history, accounts, tax calculations and how business income is assessed.

Does an Agreement in Principle Guarantee a Mortgage?

No. It provides an initial indication based on limited information. A formal offer remains subject to the full mortgage application, supporting evidence, credit assessment and an acceptable valuation of the property.

Arrange a Mortgage Review

Whether you are buying your first home, moving property or reviewing an existing mortgage, our advisers are available to discuss your circumstances and explain how we may be able to assist.

Please contact Sturdy Edwards Financial Services to arrange an initial mortgage discussion.