Frequently Asked Questions

The monthly cost of the mortgage is determined by three things: the mortgage amount borrowed, the length of the mortgage and the interest rate. Thus, the cost is specific to your individual circumstances. Your dedicated mortgage broker will help you find the right mortgage for your monthly budget.

In the meantime, why not check out our mortgage calculator?

Fixed & variable rate mortgages

The interest rate you pay on your mortgage will depend on the type of mortgage rate you choose.

Fixed-rate mortgages require you to repay an interest rate that is fixed for a certain period of time. The fixed-rate will mean you’ll know exactly how much your monthly repayments will be for the specified period.

If you have more flexibility, you may want to consider a variable rate mortgage. A variable rate mortgage may start at a lower rate than a repayment mortgage. However, the rate you pay is likely to increase in future at your lender’s discretion.

Similarly, a tracker mortgage will follow the Bank of England’s base interest rate. When the Bank of England’s base rate drops or increases, so will your mortgage payments.

Repayment or interest-only mortgages

With a repayment mortgage, at the end of your mortgage term the total amount you originally borrowed plus the interest accrued will be fully paid off. If you choose an interest-only mortgage, the monthly repayments may be lower, but you will have only paid off the interest on your mortgage once your mortgage term finishes.

Flexible or non-flexible mortgages

For flexibility in how much you pay each month, you may want to consider a flexible mortgage which may allow you to take payment holidays or make overpayments and underpayments when you require.

Our experienced mortgage brokers will support you through the entire process and help you get a competitive deal for your financial situation.

If you are buying a property with a mortgage, you will typically need what is known as a mortgage valuation survey as a minimum. The basic mortgage valuation is what your chosen lender will do to check the value of the house you are purchasing.

A mortgage valuation is completed for the benefit of the mortgage lender to check that the agreed buying price is realistic. It is used to make sure you are not purchasing the property for more than its market value.

A more detailed survey such as a home buyer report or a structural report can help you find out more about the property, such as structural problems, subsidence or damp, as well as other hidden issues.

RICS (the Royal Institute of Chartered Surveyors) has some helpful guides on surveys that can be found by clicking here.

It’s important to remember that your mortgage broker is always on hand to help explain the different types of surveys.

Stamp Duty Land Tax (sometimes known as SDLT) is a tax that you have to pay if you buy a property or land over a certain price in England, Wales and Northern Ireland. The current threshold is £250,000 for residential properties & £150,000 for non-residential land and properties.

The good news is that if you're buying a residential property for under £250,000, you don't have to pay any Stamp Duty. The bad news is that if you're looking to buy a residential property for over £250,000 you will have to pay Stamp Duty.

Worried? Why not check out our stamp duty calculator using the link near the bottom of the page for peace of mind?

Currently, the minimum age for taking out a mortgage is 18. There are no legal upper age limits, but lenders will typically set their own criteria for a maximum age they are willing to accept. For residential mortgages, the upper age limit for starting out on a mortgage is typically 65 to 70, and the upper age limit for when the mortgage ends is up to 85, but this may be higher with some lenders.

Your mortgage broker will guide you to the most suitable lender based on your age and circumstances.

This will depend on the mortgage lender and your individual circumstances. Typically, the minimum deposit required to obtain a mortgage is 5% of a property value. Government schemes such as Help to Buy, Right to Buy or shared ownership can help you access a mortgage with a lower deposit and competitive rates.

Many lenders will ask for a 10% deposit or more and reserve the best rates for borrowers with a deposit of 25% or more.

A general rule is that the bigger the deposit you have, the cheaper the mortgage deals you will be able to access. This is because lenders can afford to offer cheaper rates to borrowers with larger deposits, as big deposits reduce their risk of losing money if you don't keep up your repayments.

No, we will never contact your employer without your permission.

Yes, whether you are a first-time buyer or someone who has moved several times, you will receive personalised one-to-one guidance from a fully qualified mortgage broker the moment you interact with us.

Blossomfield Mortgages is a trading name of Blossomfield Group Ltd, an appointed representative of Stonebridge Mortgage Solutions Ltd which is authorised and regulated by the Financial Conduct Authority (FCA).

The FCA is a financial regulatory body in the United Kingdom but operates independently of the UK government. The FCA regulates financial firms providing services to consumers and maintains the integrity of the UK's financial markets. You can be confident in the knowledge that the FCA has authorised us through us being appointed representatives of the Openwork Partnership to conduct our business. For peace of mind or to find out more, you can find Blossomfield Mortgages on the Financial Services Register by clicking here and searching for Blossomfield Mortgages.

Your credit score acts as a way of showing how good you are at managing your personal finances and credit repayments. Lenders will calculate their own score and use it to decide whether they should or shouldn't lend you money based on their lending criteria.

There are many ways of improving your credit score, such as registering on the electoral register, as this will allow a lender to confirm who you are and your previous payment history. Making payments on time and not applying for credit too frequently will also make a big difference.

Why not ask our mortgage brokers how you can improve your score; they’ll be happy to help!

Your mortgage broker will determine this with you from the outset, so you can share as much or as little of your personal information as you prefer.

Any information relating to the proposed mortgage will be explained in full to both parties.

Provided you have a good credit rating and can demonstrate to mortgage lenders that you could meet their affordability requirements, a 90% mortgage will be obtainable.

Yes, Blossomfield has access to lots of lenders will consider 90% mortgages as a self-employed individual. 

Buy to let mortgages typically require you to have a deposit of 25% loan to value. Some lenders will accept smaller deposits of around 15% if rental income meets the lender's affordability requirements.