The 25 Most Asked Mortgage Questions in the UK in 2025
- Liam Drummond
- 3 days ago
- 5 min read
Buying a home, remortgaging, or investing in property can feel overwhelming, especially with the amount of information online. At Drummonds Finance Group, we work with clients across Oxford, Bicester and the UK, and we hear the same core questions again and again.
This guide answers the twenty-five most asked mortgage questions in clear English. Each section is short enough to read quickly and detailed enough to help you make informed decisions. If you want personalised advice, our team is here to help throughout the UK.
1. How much can I borrow?
Lenders calculate your borrowing power using income, committed credit, monthly spending and your credit history. Most clients fall between four and five times their income, although some lenders offer more if your finances are strong.
If you are a first-time buyer or you live in Oxford or Bicester, you can get an accurate figure through us.
2. What deposit do I need?
Most residential mortgages start at five to ten per cent. Buy-to-let mortgages typically require twenty to twenty-five per cent. A larger deposit reduces your monthly payments and may unlock better interest rates.
If you need support such as gifted deposits or equity assistance we can guide you.
3. What is the best mortgage rate right now?
Interest rates change frequently, and what is best for one client may not suit another. Your income, deposit size and long-term plans all influence the rate available to you.
To compare the best options for Oxford and Bicester clients, speak to us.
4. Should I fix my mortgage or choose a variable rate?
A fixed rate gives stability, while a variable or tracker can be cheaper but may rise. Many clients fix for 2 or 5 years because it provides predictable monthly payments.
If you need help choosing the right approach, we can compare both.
5. Can I get a mortgage with bad credit?
Yes, many lenders accept clients with defaults, missed payments, CCJs or low credit scores. The key is understanding which lenders are flexible and how to present your case correctly.
We work with specialist lenders daily.
6. How long does a mortgage application take?
A typical mortgage takes 1 to 3 weeks from submission, depending on the lender, the valuation, and how quickly documents are provided. Some are faster, some take longer.
7. What documents do I need?
Most lenders require ID, bank statements, payslips, proof of deposit and credit checks. Self-employed clients will need tax year overviews, SA302s or accounts.
If you are unsure, we can prepare everything with you.
8. Can I get a mortgage if I am self-employed?
Absolutely. Many of our clients are sole traders, limited company directors, contractors or freelancers. Lenders typically want one to two years of accounts or SA302s.
Based in Oxford & Bicester but covering the whole of the UK, we can assess your exact lending options.
9. What is a Decision in Principle?
A Decision in Principle is an initial check that confirms whether a lender is likely to accept you. It is not a full commitment, but it helps you make offers confidently.
We can produce these quickly for property viewings.
10. What fees will I need to pay?
You may pay valuation fees, solicitor fees, broker fees, stamp duty and sometimes arrangement fees. Not all lenders charge arrangement fees, and we help you compare these side by side.
11. How does remortgaging work?
Remortgaging means switching to a new deal. You can stay with your current lender or move to another. Many clients remortgage to lower payments, release equity or consolidate borrowing.
12. Can I port my mortgage?
Most fixed mortgages are portable, meaning you can move your current deal to a new home. Your affordability still needs to be reassessed, and the lender must approve the new property.
We can check your lender’s criteria for you.
13. Can family help me buy?
Yes. Standard options include gifted deposits, concessionary purchases, joint borrower-sole proprietor mortgages, and guarantor arrangements.
14. How long should I fix my mortgage for?
Two or five-year fixes are most common. A shorter fix offers flexibility; a longer fix offers stability. Your future plans determine which is best.
We can map the options for you.
15. What is stamp duty, and how much is it?
Stamp duty depends on whether you are a first-time buyer, home mover or buying an investment property. Property location and price also matter.
If you need help estimating stamp duty, we can calculate it accurately during your consultation.
16. Can I buy a second home or investment property?
Yes. This includes holiday homes, second residential homes, and buy-to-let properties. Deposit and affordability rules differ from standard residential mortgages.
17. Can I get a mortgage with benefits or part-time income?
Many lenders accept disability benefits, carer's allowance, PIP, child benefit, tax credits and part-time income. Lenders assess long-term stability rather than the job title itself.
18. How do overpayments work?
Most mortgages allow 10% overpayments each year without penalties. This reduces your balance faster and lowers interest over time.
We can check your lender’s rules before you make changes.
19. What is a product transfer?
A product transfer is when you choose a new deal with your existing lender instead of moving to a new lender. It is quick and often involves minimal paperwork.
20. What is an interest-only mortgage?
Interest-only mortgages mean your monthly payments cover only the interest, not the balance. Your Mortgage Capital amount will often stay the same, and you will need a way to pay off the capital at the end of the full term. Interest-only mortgages are cheaper monthly, but can cause issues later.
Buy-to-let mortgages often use interest-only.
21. Can I use equity to buy another property?
Yes. You can release equity during a remortgage or raise capital to fund a deposit for another purchase.
This is common with portfolio landlords.
22. What credit score do I need?
There is no single required score. Each lender has unique criteria. Even with a low score, you may still be eligible if your income and deposit are substantial.
We can check eligibility across the full market. Most lenders use either Experian, Equifax or checkmyfile
23. Do I need life insurance or income protection?
Protection is not mandatory but strongly recommended. Life cover, critical illness cover and income protection can secure your home if the unexpected happens.
We review these during every mortgage process to keep things simple.
24. How do buy-to-let mortgages work?
Buy-to-let mortgages focus on rental income rather than your salary. You normally need a twenty to twenty-five per cent deposit. Lenders carry out rental stress tests to confirm affordability.
25. Can I get a mortgage without an EWS1 form?
Some lenders will still lend without an EWS1, but the choice is limited. It depends on the building, material type and the risk assessment already in place.
We can check your property’s eligibility for you and advise on the safest route.
Drummonds Finance Group
Understanding these twenty-five questions makes the mortgage process easier, whether you are buying your first home in Oxford, remortgaging in Bicester or expanding a buy-to-let portfolio across the UK.
If you would like a personalised affordability check or a quick chat about your plans, our advisers are here to help.
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