Below are some of the most commonly asked questions we get. If you have a question that isn’t covered, give us a call or drop us a message.
Mortgage FAQs
How much do I need for my deposit?
If you are buying a new home you’ll need a deposit of at least 5% of the purchase price. Increasing your deposit could enable you to access lower mortgage rates, saving £100’s in interest over the mortgage term.
If you are buying a property to let out, you will need a deposit of at least 25%, but there are some lenders that may accept smaller amounts.
What happens at the end of my fixed rate?
Typically, after the fixed-rate period, you would go onto the lender’s higher standard variable rate… But when you arrange your mortgage with HL Mortgages you join the HL family!
Once we have arranged a mortgage on a property, all future remortgages on that property are free of charge! We will contact you 3-6 months before your fixed rate expires with details of new rates you can switch to. We then get your new mortgage ready to start as soon as your current one ends, so you don’t revert onto the standard variable rate and pay more than you need to!
If you are purchasing a new property, we would recommend you opt for our fee-free Homebuyers Solution, but you can also use our standalone mortgage advice services.
All of our pension and investment clients working with our parent company HL Financial, also benefit from free mortgages services, even if it’s a new purchase!
Protection FAQs
How much protection do I need?
There are lots of things to consider when working out what level of protection you need. A good place to start is by asking yourself a few key questions;
- How would I pay my commitments if I was to fall ill and be unable to work?
- Would my family be able to maintain their current lifestyle without my income?
- Would I leave my family with debts if I died tomorrow?
Based on your circumstances we can put together a comprehensive recommendation for the level of cover you need, in keeping with what you can budget.
Do I need protection?
If you rely on your income, have large credit commitments such as a mortgage, or have financial dependents, the most likely answer is yes. For a relatively small premium each month, you can secure a policy that gives you peace of mind that these things are covered, should the worst happen.
