What does a mortgage advisor do?
At Pivot Mortgages, our impartial mortgage advisors act solely in the interests of the mortgage borrower, ensuring the widest possible consumer protection. Unlike banks, we provide advice from products across multiple lenders, offering you a much broader choice. For more information on why you should choose Pivot Mortgages, please visit our "Why Choose Us" page.
 

Are you regulated by the Financial Conduct Authority (FCA)?
Pivot Mortgages Ltd is an appointed representivive of primis Mortgage network, a trading name of First Complete Ltd.  First Complete ltd is authorised and regulated by the financial conduct Authority.
 

What are your fees?
Our fee for mortgage applications is just £99.
 

Am I protected against bad advice?
Absolutely. Pivot Mortgages has robust complaints and compensation procedures in place. Additionally, if you're unhappy with the outcome, you have the option to pursue a claim through the Financial Ombudsman.
 

Am I obligated to buy insurance through your firm?
No, there is no obligation on your part to arrange your insurance cover through Pivot Mortgages. However, we offer a wide range of insurance options, including building and contents cover from the UK’s leading insurers. We hope to discuss and competitively match all your insurance needs.
 

How much can I borrow?
The amount you can borrow varies depending on factors such as the property's cost, your deposit size, income, and affordability. You can use our Mortgage Calculator to get an indication of your potential monthly mortgage repayments.
 

What is a remortgage?
A remortgage involves swapping your current mortgage for another mortgage with a different lender. This option is considered when your existing mortgage deal expires, or if you wish to explore more competitive deals or borrow additional funds without moving home.
 

What is conveyancing?
Conveyancing refers to the legal work conducted by a solicitor or conveyancer when buying or selling a property. It's crucial to have a conveyancer or solicitor lined up to initiate and complete your property transaction.
 

How do I prove my income?
If you're employed, you'll need to provide your last three months' payslips and sometimes your P60. For self-employed individuals, SA302s obtained from HMRC or at least two years of trading accounts may be required. Additionally, bank statements for the last three months will be necessary.
 

Can I buy at auction with a mortgage?
Yes, you can buy at auction with a mortgage, but it's essential to ensure your mortgage is approved in principle before bidding. Seek advice from a mortgage broker, ensure you have the deposit ready for the auction, and obtain a copy of the property's legal pack before bidding.

For further inquiries or assistance, please don't hesitate to contact Pivot Mortgages. We're here to help you navigate the mortgage process with confidence and clarity.
 

What if I want to rent out my property?
If you're considering renting out your property, the first step is to seek permission from your Mortgage Lender. Keep in mind that your lender may adjust the interest rate to reflect the change in risk associated with renting out the property. Our mortgage advisors can offer guidance on your mortgage and insurance options in this scenario. Additionally, you may need to review and possibly change the type of building insurance you hold on the property to ensure it is appropriate for rental purposes. For personalised advice tailored to your situation, feel free to reach out to Pivot Mortgages.
 

How much deposit do I need?
For most mortgages, you'll need a minimum of a 5% deposit. However, putting in a larger deposit can result in better interest rates. For instance, a 15% deposit will typically secure a more favorable interest rate compared to a 10% deposit.
 

How much can I borrow?
Income and existing credit commitments are the primary factors determining how much you can borrow. Each lender employs different methods to calculate borrowing limits. Our easy-to-use calculator provides a helpful estimate of your borrowing capacity for a mortgage. If you need further assistance or advice, feel free to contact us to arrange a call.
 

What is the difference between a repayment mortgage and an interest-only mortgage?
With a repayment mortgage, your monthly payments cover both the interest and a portion of the loan amount, ensuring your mortgage is fully paid off by the end of the term. On the other hand, an interest-only mortgage requires monthly payments to cover only the interest, leaving the loan amount unchanged. At the end of the term, you'll need to either sell the property to repay the mortgage or find an alternative means to settle the loan.
 

Can I make overpayments on my mortgage to pay it off sooner?
Yes, most lenders allow up to 10% of the mortgage balance to be overpaid each year without incurring penalties.
 

How much deposit do I need for a Buy-to-Let mortgage?
Typically, a minimum deposit of 25% is required for a Buy-to-Let mortgage.
 

Is there any tax to pay when I sell my property?
No tax is payable on your main residence. However, investment properties purchased for Buy-to-Let purposes are subject to Capital Gains Tax upon sale.
 

What is a credit score?
A credit score is a numerical representation of your creditworthiness based on your financial conduct over the preceding six years. Financial services companies use it to assess your eligibility for credit.
 

How can I improve my credit score?
Improving your credit score involves demonstrating responsible debt management by paying loans, credit cards, and bills on time. Being on the electoral roll can also positively impact your score.
 

Is it possible to get a mortgage if I have a default?
Yes, while having a default may affect your options, lenders consider various factors such as the number, timing, and amount of defaults before making a decision.
 

Is it possible to get a mortgage if I have had a trust deed?
Yes, lenders take a holistic view of your financial circumstances, considering factors beyond a trust deed. Having significant savings can strengthen your application.
 

My own bank declined me and said to wait 3 months, can you help now?
Yes, we work with over 70 lenders, including high street and specialist options, and have assisted many clients in similar situations. We may even be able to save you money compared to your bank's offer. Feel free to reach out to us for assistance.