General mortgages FAQs

A mortgage is a secured loan that enables you to buy a property.

We offer a range of mortgages including owner occupied mortgages where you are going to live in the property you are buying as well as buy to let mortgages.

A fixed rate mortgage means you fix the interest rate of your mortgage for an initial period. After the fixed rate ends your mortgage will go onto a variable rate.

Fixing your mortgage means your mortgage payments are guaranteed to remain the same for the fixed term.

Once you are on a variable rate your mortgage payments may move in line with market conditions, therefore your payments could go up or down

With a repayment mortgage you pay off both the interest and capital with each monthly payment. This means at the end of the term your mortgage will be repaid.

With an interest only mortgage you only pay the interest each month and the amount of capital owed will not reduce.

This means you need to have suitable plans in place to pay off the mortgage at the end of the term. You could use sale of the mortgaged property, cash, stocks and shares, an endowment policy or pension.

LTV or loan-to-value is the value of the mortgage compared to the value of the property expressed as a percentage. For example, if you have a 5% deposit you will need a 95% LTV mortgage.

The APRC is the Annual Percentage Rate of Charge and is the overall cost of the mortgage including interest and fees. It gives an effective annual interest rate for the whole term of the mortgage and is on the basis that the rates do not change even if the rate is described as variable.

A decision in principle is a document we will provide confirming that you will be able to borrow a certain amount subject to a full assessment when you apply. The amount may change once a full review is carried out.

You can use this document to prove to the seller that you have been pre-approved for a mortgage.

Your mortgage application would be made once you have had an offer accepted on a property. However, you can get a decision in principle beforehand to show that you have been pre-approved for a mortgage.

Yes. As a specialist lender we have a range of mortgages for all types of landlord. For more information about our Buy  To Let mortgage range or give our team of mortgage advisers a call on 0333 3211001 who will work with you to find the mortgage that’s right for you. 

Yes we do. To find out more about our mortgages for First Time Buyers or give one of our mortgage advisers a call.

Yes you can. To find out more give one of our mortgage advisers a call. 

Our mortgages are not portable. However, if you want to take out a mortgage with us on your new home then early repayment fees will be refunded as long as the new mortgage is for the same amount or more and you complete within 6 months of the repayment date of the old mortgage.

If you have been turned down by another lender please contact us as we may be able to help. Call 0333 3211001

If you have a mortgage with us and you would like to borrow more, then please give one of our mortgage advisers a ring on 0333 3211000.

We do lend on ex-Local Authority or ex-council properties but they may be subject to some additional criteria. To find out more give one of our mortgage advisers a call and they will be able to advise you depending on your individual circumstances.         

If you are a UK or EU national and have been continuously resident in the UK for the last 2 years then you can apply for a mortgage with us.

If you are a non-UK or non-EU national then we will consider your application as long as you have been living in the UK for the last 2 years and also have a non-conditional and permanent right to reside.

We do not consider applications from ex-pats and those with diplomatic immunity.

Give one of our expert advisors a call today who will be able to guide you through the application process on 0333 3211001.

Generally we need a minimum of 5% for a deposit for a mortgage. However, we do offer mortgages where you don’t need a deposit. Give one of our mortgage advisers a call to discuss options.

That depends on your individual circumstances. We will need to take into account your income, the amount of deposit you have and any other financial commitments such as other loans or overdrafts and we may need to do a more detailed affordability assessment. Our mortgage advisers can advise you on the potential amount you could borrow.

The minimum property value we will lend on is £60,000.

Our minimum loan amount is £10,000.

Our maximum loan amount depends on the type of mortgage we are able to offer you. To find out how much we can lend you speak to one of our advisors on 0333 3211001 who will be able to discuss your options. 

Our minimum mortgage term is 10 years.

Our maximum mortgage term is 40 years.

You must be at least 21 years old.

The maximum age is 70 years of age for owner occupied mortgages and 85 years of age for  buy-to-let at the end of the mortgage term.

Please give our mortgage advisers a call who will be able to tell you more.

Please give our mortgage advisers a call who will be able to tell you more.

If you are self-employed you can apply for a mortgage. We will need proof of your trading history including verified accounts or self-assessment tax returns (SA302s).

It all depends on the complexity of your application but we aim to turn things around as quickly as possible. Give one of our mortgage advisers a ring on 0333 3211001 who will be able to advise you further.

We look at each application on an individual basis. We apply a common sense approach to assessing applications and unlike many mortgage lenders we do not just rely on automated credit scoring. Speak to one of our experienced mortgage advisers who will be able to advise you further on 0333 3211001

We only lend on properties in the Isle of Wight, England, mainland Scotland and Wales.

If you want to rent out your property you need to take out a buy-to-let mortgage. Give us a call for more details

Leasehold means you own the building but not the land it stands on and only for a certain period of time.

Freehold means you own the building and the land it stands on.

The fees charged depend on the specific mortgage you apply for. Call us to understand the options.

Overpayments of up to 10% of the balance outstanding can be made each year, starting from the date of original mortgage completion and using the balance outstanding at the latest mortgage anniversary date, without incurring an early repayment charge. If you do make an overpayment, then the amount you owe and the interest you are charged will reduce from the date the overpayment is credited to your account.

Overpayments of more than 10% of the balance outstanding, or full mortgage repayment, will incur the early repayment charges detailed above.

Yes – if you redeem your mortgage within the early repayment charge period you will be subject to charges. These will vary depending on the type of mortgage you take out and will be made clear when you apply for your mortgage. 

It may be higher than your normal monthly repayment as it includes initial interest. Initial interest is made up of the interest from the start of your mortgage to the end of that month which is added to your first monthly repayment.

We post annual mortgage statements in January which cover the period from January to December of the previous year. It will show you the balance of the mortgage, payments and interest charges and any fees accrued over the year.

If you have any questions about your mortgage statements please get in touch with us.

If you are facing financial difficulties you need to speak to us as soon as possible. We are here to support and help you through difficult times. Please give us a ring on 01733 821 388 and email address: collections@aldermore.co.uk.

You can also contact the following organisations for advice:

Step Change Charity

Money Advice Bureau

Citizens' Advice Bureau Call 08444 111 444 or visit the Citizen's Advice Bureau site

The National Debtline Call 0808 808 4000 or visit https://www.nationaldebtline.org