Frequently Asked Questions

Here is a list of the questions we’re frequently asked.  If you have a question that isn’t answered here please get in touch and we will be happy to help.


Q: How much can I borrow?

A: See our step by step guide to buying which gives information on how to make the initial calculations.  To get a definite answer however you will need to speak to the bank or a mortgage broker.

Q: Are bonuses included in the salary figure used to calculate how much you can afford?

A: A lot of the time yes. It will depend on the particular provider but if you receive a bonus every year it is likely to be included in the figure used for the calculation.

Q: Does my partner’s income count?

A: Yes it changes how the affordability calculation for a mortgage is calculated.  See the step by step guide to buying section for more information on how to calculate this.

Q: I have other debts/loans will they matter?

A: A bank will assess your monthly outgoings against the money you get in each month therefore if you have debts/loans that have to be repaid each month this will be factored into the amount you can afford on a mortgage.

 Q: How much is it all going to cost?

A: This varies greatly from case to case and will change dramatically if large renovations or the like are needed.  As a guide however approximately £3,000 to £6,000 is generally needed for buying costs with stamp duty on top.  Stamp duty is calculated as a percentage of the purchase price.  These percentages are:

Up to £125,000 – 0%

£125,001 up to £250,000 – 2%

£250,001 up to £925,000 – 5%

£925,001 up to £1,500,000 – 10%

£1,500,001 up – 12%

You are only charged the percentage on part of the property price which falls into each band, so if you’re buying a house for £200,000 you won’t pay any stamp duty on the first £125,000. You will only pay the stamp duty on the £75,000 of the purchase price above that, which will be charged at 2% due to the band it falls within. In this example you would therefore pay £1,500 in stamp duty.

If the purchase price had been £300,000, the stamp duty charges would break down as follows:

0% on the first £125,000 = £0

2% on the £75,000 in the second band =£1,500

5% on the £50,000 in the third band =£2,500

Total stamp duty on £300,000 property = £4,000

Who to use

Q: Should I use a mortgage broker?

A: This is a personal decision but there are benefits to using a broker.  If you’re time poor they cut out a lot of the leg work on your part, much like using a price comparison website for insurance, although some providers won’t be registered with them so check before you assume they’ve assessed the whole market for you.

Q: How do I find a solicitor? 

A: The best way is to ask for recommendations from friends.  If you don’t have anyone you can ask, get in touch and we’ll make some recommendations.