Mortgage, Protection & Property Finance FAQs
Your Questions, Answered Clearly
Mortgages, protection and property finance can involve a lot of terminology, different lender criteria and important financial decisions.
At Cambs Ely Mortgages, we believe understanding your options is an important part of making confident decisions.
We've brought together answers to some of the questions we're regularly asked by first-time buyers, homeowners, landlords, property investors, business owners and families.
Rather than putting every question on one very long page, we've organised our FAQs into clear subject areas so you can quickly find the information most relevant to you.
Every person's circumstances are different, so the information within our FAQs is intended as general guidance. The answer for you may depend on your income, deposit, existing commitments, credit history, property and future plans.
If you can't find the answer you're looking for, you can speak to us directly.
What Would You Like to Know About?
First-Time Buyer FAQs
Buying your first home? Find answers about deposits, affordability, Agreements in Principle, mortgage applications, gifted deposits and what happens during the buying process.
Mortgage FAQs
Understand mortgage rates, fixed and variable deals, Loan to Value, mortgage terms, repayments, overpayments, Early Repayment Charges and the mortgage application process.
Remortgage FAQs
Find answers about when to remortgage, product transfers, changing lenders, borrowing more, Early Repayment Charges and what happens when your current mortgage deal ends.
Self-Employed Mortgage FAQs
Learn how lenders may assess sole traders, company directors, contractors and other self-employed applicants, including income evidence, accounts and trading history.
Credit & Mortgage FAQs
Understand how credit history can affect a mortgage, including missed payments, defaults, CCJs, debt arrangements and other credit issues
Buy to Let & Landlord FAQs
Find answers about Buy to Let affordability, rental calculations, deposits, limited companies, portfolio landlords, HMOs, holiday lets and landlord mortgages.
Commercial Finance FAQs
Explore questions about commercial mortgages, buying business premises, commercial investment property, semi-commercial property, bridging finance and development finance.
Protection & Insurance FAQs
Understand life insurance, critical illness cover, income protection, business protection and other insurance considerations.
Popular Mortgage Questions
How much can I borrow for a mortgage?
There isn't one universal income multiple that applies to everyone. Lenders use their own affordability calculations and can consider income, expenditure, debts, dependants, mortgage term and other financial commitments.
This means two applicants with similar incomes can potentially receive different borrowing figures.
How much deposit do I need?
The deposit required depends on the lender, mortgage type, property and your circumstances.
Generally, a larger deposit results in a lower Loan to Value and may provide access to a wider range of mortgage products.
What is an Agreement in Principle?
An Agreement in Principle, sometimes called an AIP, DIP or Decision in Principle, is an initial indication from a lender of how much it may be prepared to lend based on the information provided.
It isn't a mortgage offer and doesn't guarantee that a full mortgage application will be approved.
Should I choose a two-year or five-year fixed mortgage?
Neither is automatically better.
The appropriate fixed period can depend on the rates available, product fees, Early Repayment Charges, your future plans and how important longer-term payment certainty is to you.
Can I get a mortgage if I'm self-employed?
Potentially, yes.
Lenders have different ways of assessing self-employed income, so the options available can depend on your business structure, trading history, income and the lender being considered.
Can I get a mortgage if I've had credit problems?
Potentially.
The type of credit issue, amount involved, when it occurred, whether it has been satisfied and your circumstances since then can all be relevant.
Different lenders also have different criteria.
More Ways to Learn
Our FAQs are designed to provide straightforward answers to specific questions.
For subjects where you want a more detailed explanation, our website also contains extensive mortgage, Buy to Let, commercial finance and protection guides.
You can also watch our Educational Videos for straightforward explanations of mortgage, property finance and protection topics.
Can't Find the Answer?
Every mortgage application is different.
Sometimes the quickest way to get an answer is simply to explain your circumstances.
Whether you're buying your first home, moving, remortgaging, investing in property, arranging commercial finance or reviewing your protection, we're happy to discuss what you're trying to achieve.
Cambs Ely Mortgages is based in Cambridgeshire and works with clients in Ely, Cambridge, Cambridgeshire, East Anglia and throughout England through remote appointments.
Building Blocks for a Brighter Future.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
The Financial Conduct Authority does not regulate some forms of Buy to Let, commercial mortgages and business finance.
Information is for general guidance and does not constitute personalised mortgage, protection, insurance, tax, legal or financial advice. Eligibility and the options available will depend on individual circumstances, lender criteria and, where applicable, insurer underwriting.