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Mortgage Questions

How much can I borrow?

Generally speaking, banks will aim to lend up to 4.49x your income, unless you are a higher income earner then it may be possible to borrow up to 5x your income.

You can use our Mortgage Calculator to get a quick estimate, our calculator is based on a standard mortgage lender calculation.

Important: If you have regular commitments such as loans and credit cards this will reduce the final figure quoted in our estimate. Our calculator does not factor in your current commitments as each lender is different with their application of deductions.

Also, if you have dependents this will reduce the maximum figure which will again vary from lender to lender.

Our mortgage advisors will be able to go through an affordability assessment that is unique to you before we issue your mortgage illustration.

How long will it take to get me a quote?

Not long at all, less than 60 seconds.

After your quick quote we will aim to then complete a full assessment and send you a personalised mortgage illustration within 8 hours, once you have completed the remaining questions about you and the property.

If you are looking to move quickly and have an offer accepted on a property, we can submit your mortgage application on the same day. No need to wait.

What documents do you need from me?

Initially, we won’t need any documents. However, if you are looking to proceed with a quote or if we need to carry out an¬†affordability assessment to get you a quote this is what we would need:

 

Affordability Assessment

  • Latest 3 months payslips or latest 3 years tax returns
  • An up-to-date credit report dated within the same month
  • Latest 3 months bank statements showing daily expenditure¬†and income (salary credit if employed)

 

Agreement in Principle

Below is a list of the minimum documents we will need to get you moving forward with an Agreement in Principle:

  • Passport to confirm your legal name¬†(Must be valid and in date) or¬†Drivers Licence¬† (Must be valid and in date)
  • Income proof that matches your application (either your latest 3 months payslip or your latest 3 years tax return)
  • Latest 3 months bank statements showing daily expenditure¬†and income (salary credit if employed)
  • Proof of Deposit
  • Memorandum of Sale (or Rightmove / Zoopla link to the property details if no sale agreed)
  • An up-to-date credit report dated within the same month

 

Mortgage Application

The lender may require further documents to this list, but for now, these are the standard document requirements:

  • Latest Mortgage statement (Remortgage only)
  • Passport (Must be valid and in date) or¬†Drivers Licence¬† (Must be valid and in date)
  • Income proof that matches your application (either your latest 3 months payslip or your latest 3 years tax return)
  • Latest 3 months bank statements (the bank statements provided must show your income being credited and general expenditure going out)
  • Latest Council Tax Statement or Utility Bill dated within the last three months
  • Memorandum of Sale (or full details of property, your solicitors and estate agents)
  • Proof of Deposit
  • An up-to-date credit report dated within the same month

I have credit problems, can you help?

Yes. There are many lenders out there who deal with our customers who have defaults or CCJ’s, IVA’s or even discharged bankruptcy.

See our full article on Bad Credit Mortgages, you can also connect with an online broker here to discuss your situation.

We will need to see a copy of your credit report so that we can determine the best way to proceed. Check My File are the best credit report provider and you can get a copy of your credit report within a few minutes. Then, you can simply upload your credit report to us via our online chat window from your mobile, tablet or desktop. It will be sent to us as a secure attachment.

Do I need to fill out an application form?

No.

In most cases, we will do all of the paperwork with the lender, but you will need to check and sign the forms and relevant declarations and terms & conditions connected to your mortgage application. We will send you the forms that need signing via our secure online chat.

You will just need to print, sign and rescan the forms back to us. Some lenders even accept digital signatures, if you have the capability to do this on your device.

Do you arrange Shared Ownership mortgages?

Yes.

We can help with Shared Ownership schemes, but we require that you have had your financial assessment carried out already with the scheme providers and have obtained an authority letter to proceed. We will then review the documentation from the scheme providers and find you the best mortgage based on your circumstances.

We cannot advise on what the figures should be until the scheme providers have carried out their own financial assessments and until we have reviewed the documentation from them.

 

Do you arrange Help to Buy mortgages?

Yes.

We can help with the Help to Buy scheme, but we require that you have had your financial assessment carried out already with the scheme providers and have obtained an authority letter to proceed. We will then review the documentation from the scheme providers and find you the best mortgage based on your circumstances.

We cannot advise on what the figures should be until the scheme providers have carried out their own financial assessments and until we have reviewed the documentation from them.

 

I’m self-employed, what documents do I need to provide to get a mortgage?

We would just need your latest business accounts for the last 3 years. If you don’t have 3 years worth of accounts, we can use a combination of SA302’s (HMRC self-assessment¬†tax returns) and Tax Year Overviews.

If you have an accountant, the lender may also request an accountant’s certificate and/or projection.

It really does depend on your individual circumstances, so if your self-employment is complicated, one of our brokers will be able to help work out the best way to proceed.

Where can I find my SA302 and Tax Year Overview document?

Follow our guide: Get your SA302 and Tax Year Overview documents

The SA302 is a brief summary of the income that has been reported to the HMRC. It is a response from HMRC which is only issued to those who submit a tax return before 31 October (for paper returns) or 31 January (for online returns) following the end of the tax year.

The form shows your income for the year and how much tax you owe. It is effectively a certificate that documents exactly how much income you have declared, therefore the form is an easy way for a lender to verify that the income on a mortgage application is the same as you have shown to HMRC.

An additional document called a Tax Year Overview verifies that the SA302 information is correct. It is produced by HMRC once you have submitted your self-assessment tax return and shows the amount of tax due to be paid directly to HMRC or any available amount of a refund for a given tax year.

We recommend if you don’t already have your SA302 and Tax Year Overview and intend to submit these as part of your mortgage application, you do so at the start of the application process as they can take a number of weeks to obtain. To ensure the loan is affordable, during the application process we require you to send both documents together.

(Source credit: Legal & General)

Can I/we get a mortgage if our earnings are paid in Euros or another currency?

Yes, it is possible and we can help with your mortgage.

The lenders will typically use an exchange rate calculation to work out your loan amount affordability and the salary would need to be paid into a bank account so that it can be evidenced.

Our mortgage advisors can help determine your individual circumstances.

Can I get a mortgage on maternity/paternity leave?

Yes. We can help with this.

We would need to see a letter from your employer confirming that you are going back to work. The letter must confirm the return to work date agreed and the conditions of your return to work (for example, will your contract change on your return to work?).

The amount you can borrow will depend on the lender, some lenders will consider your full salary and some won’t.

I’m retired, can I get a mortgage?

Yes, we can help with this.

If you receive an income (such as a pension or an annuity) into retirement, then we have lenders who will be happy to consider a mortgage into retirement.

The amount and term of the mortgage will depend on your individual circumstances, one of our mortgage advisors will be able to help work out the best solution for you.

Can I get a mortgage with a 5% deposit?

Yes. Currently, there are lenders out there who can help if you have a 5% deposit and we can arrange your mortgage for you.

The maximum loan amount you can get will depend on your income. Lenders are more stringent when it comes to mortgages with a smaller deposit and you will need a good credit history with no missed payments, defaults or CCJ’s to get a 95% mortgage.

Register with us and let us know your specific requirements and our mortgage advisors will take a look.

Can you introduce me to a solicitor for my mortgage?

Yes, that’s no problem.

We can find the best deal for you out of 175 solicitors from around the UK that we deal with exclusively online. If you use our solicitors, we can help you manage the entire conveyancing process online, via our online chat.

Can I use my own solicitor?

Yes, of course.

You are welcome to use your own solicitor¬†for your mortgage application. However, you must make sure that your solicitor¬†is registered to do business with the chosen lender. Some lenders have strict rules on which solicitors they will do business with and if your solicitor is not registered with them, or is not on their lender panel, then you won’t be able to use your own solicitor.

We can always provide an alternative solicitor option should this be the case.

How do I improve my chances of getting a mortgage offer?

This is a good question and one we are glad that you are thinking about.

You can improve your chances of getting a mortgage by making sure that you don’t apply for further credit during the period when you are applying for a mortgage. This includes up to the point where you have a mortgage offer.

Some lenders will continually monitor your credit rating on a live system and if they see that you have applied for either a credit card, personal loan,  goods hire purchase (including sofas and household goods), car loan or other mortgages, then this could affect your current application or even your current mortgage offer.

Do you arrange mortgages for property in Europe?

We don’t provide mortgage advice or broker mortgages for properties outside of the UK.

Can you help with deed of trust mortgages and gifted deposits?

Yes, we can.

Quite often we understand that borrowers will not have access to a full deposit or any deposit at all. A deed of trust is now becoming a common way for family or relatives to help get young First Time Buyers and alike on the property ladder.

All you need to do is tell us about the property you are buying and a bit about yourself.

Register and tell us the details of your mortgage requirements

Then one of our mortgage advisors will pick up the details and contact you via secure online live chat, email or phone.

Are there any situations where you cannot proceed with a mortgage application or the online advice process?

Yes, we may refuse to proceed with a mortgage application or our advice process given the following circumstances:

 

  • If you do not declare all or part of your income to HMRC.
  • We have reason to believe that information that you have provided to us is inaccurate, misleading or not forthcoming.
  • Where a mortgage lender carries out an audit and refuses to proceed with a mortgage offer
  • You fail our Anti Money Laundering (AML) and Counter Terrorist Financing (CTF) due diligence processes.
  • If¬†we have reason to believe that you are trying to purchase/remortgage a property with a buy to let mortgage but you will be looking to live in the property.
  • If¬†we have reason to believe that you are trying to purchase/remortgage a property with a residential mortgage but you will be looking to rent out the property.
  • Your required documentation cannot be verified.
  • If you refuse, or are unable to, provide us with information and/or documentation that we have requested from you within a reasonable timeframe.
  • We have reason to believe that you have edited or manipulated a document that you have sent us.
  • We believe that you are unlikely to be suitable for a mortgage product that we can provide.
  • We have reason to believe that you have made a high volume of applications and/or have repeatedly applied and withdrawn your application in a frivolous manner.
  • The application appears to be for an address outside of the United Kingdom.
  • We have reason to believe that you have made multiple offers on different properties and/or have repeatedly approached different estate agents, developers, property vendors, housing associations or auction houses in a frivolous manner with an interest in different properties.
  • You fail to disclose that you are married and pursue a single application.
  • We have reason to believe that you have approached other mortgage advisors/brokers and/or banks/building societies for multiple quotes and/or multiple applications for a mortgage lending decision.
  • If your chosen product is no longer available and where an alternative suitable product cannot be sourced/provided.
  • There has been a pricing or product description error by the lender and where an alternative suitable product cannot be sourced/provided.
  • Your application has been declined or is likely to be declined by a mortgage provider.

 

If we cannot continue with your mortgage application or the advice process, we will contact you by email or phone to let you know.

Using our website for research:

  • We may decline to provide a quote or proceed with an application (at our discretion) in a situation where we suspect that you do not intend to proceed with a full mortgage application and/or where you only require mortgage information and assessment for research purposes. As we dedicate our time for free, we are unable to provide mortgage quotes for research purposes or for any given situation where you do not intend to proceed with a mortgage application.

Further details can be found in our Terms of Use.

Do I need a solicitor for a remortgage?

Yes, in most cases you will.

 

If you are remortgaging and switching lender in the process, then you will need a solicitor to complete your remortgage. This is a requirement for all remortgages when changing lender.

If you are renewing a mortgage deal with your existing lender then you will not need to involve a solicitor or conveyancing service.

 

Important points to note:

Some remortgage deals come with a free legal service if you use the lender’s conveyancer.

If you don’t wish to use the lender conveyancer, or if your remortgage deal does not come with a free legal service, we can provide remortgage legals from our recommended online firm.

 

Is there a minimum mortgage loan?

Yes, the minimum mortgage loan that we can broker for our customers on new purchases and remortgages is £85,000.

If you are remortgaging then we may be able to take a view on this if you are close to the minimum value.

If you are purchasing or remortgaging more than one property at the same time then we can also take a view on this.

Where can I check your mortgage interest rates?

ūü﹬†Check the best mortgage rates here on our website. Rates are updated daily.

For First Time Buyers, Remortgages and Home Movers.

You can also compare the top 5 lenders and quickly check if you will qualify for a mortgage using our¬†‘Do I Qualify’ tool.

ūüĎČūüŹĽ¬†Check Mortgage Rates

I’m a First Time buyer, will you be able to help arrange my mortgage?

Absolutely.  It can be quite daunting when you first start looking for a property, we understand that. Our advisors will help you understand the process and you can ask as many questions as you want. All without having to make an appointment. It can all be done by online chat.

How long will it take for my mortgage to go through?

We will always inform you of the lender timescales before we advise on your mortgage recommendation.

Typically, it will take anywhere between 2-6 weeks to get a mortgage offer depending on the timescales of the lender. However, in some cases, we have seen the lender take only a few days to issue a mortgage offer.

If you want a quick turnaround, the best advice that we can give you is to be prepared with your documents and be ready to send us any additional information or documentation that the lender might require.

Do you provide mortgages for buy-to-let properties?

Yes we do.

Our advisors are experienced with all types of mortgages. We can help if you are an experienced buy to let landlord, or if you want to buy your very first investment property.

My bank wont lend me a mortgage, can you help?

Yes.

Even if you have been with your bank for some time, each bank is bound by it’s own mortgage criteria, so don’t feel¬†disheartened for being turned down.

Each lender is different with their own set of rules. For example, some lenders will lend on new build property and some won’t. Some lenders will want 6 months continuous employment, yet others are happy to lend if you have just started a new job.

This is where our experience¬†and knowledge will come in. As whole of market mortgage advisors, we will be able to find the right mortgage for you and we don’t charge a fee.

Do you broker large mortgage loans?

Yes, we have access to private banks as well as the mainstream lenders for high-value properties and high-value mortgages in excess of £1million.

You will be able to reach your broker between 8am and 10pm every day on live chat for updates and to submit your application.

 

Dedicated Underwriting & Broker Support

With large mortgage loans, it is important that you have the right mortgage advice. Your mortgage enquiry will only be dealt with by our most experienced brokers in full privacy and with confidence.

For mortgages between £1,000,000 and £10,000,000, we can help with special circumstances such as:

1. Incomes paid in a foreign currency

2. Complex, or irregular income streams

3. Short leasehold properties in London

4. Foreign Nationals living abroad, or expats

5. Properties owned in the UK by Special Purchase Vehicles and Trusts based abroad

6. Prepaid mortgage payments whilst asset rich and no income available

 

‚ě°ÔłŹ Register with us and get started

 

 

About Us

What is a mortgage chatbot?

Our mortgage chatbot is a clever piece of software engineering that identifies what mortgage you are looking for and then asks the right questions to determine the information that we will need to source you the right mortgage.

Any mortgage advisor would need to ask you a list of questions before they could source you the cheapest and most suitable mortgage, the chatbot makes this process a lot easier and (we think) more fun!

Are you independent and do you offer mortgages from all lenders?

We can provide mortgages from the whole of market and we are completely independent.

We are not solely associated with any estate agency group, nor do we have any mutual agreements or ties to any finance or insurance company.

Do you charge a fee?

We don’t charge a broker fee to process your mortgage application. Mortgage lenders will pay a commission to a mortgage advisor when the mortgage completes, this amount will be confirmed by the lender in their disclosure document. Therefore, we don’t believe in charging our customers twice. Our job is to find you the cheapest, most suitable mortgage option, regardless of the commission we will get paid.

Cancellation: We charge a cancellation fee of 0.4% of the loan amount or £495 whichever is the higher amount. This fee only becomes payable if your mortgage does not complete. For example, on a mortgage loan amount of £100,000 the cancellation fee would be calculated as follows: £100,000 x 0.4% is £400 therefore the cancellation fee will be £495.

Our cancellation fee will not be charged if we can switch your mortgage application to another lender because your mortgage application is declined, or if your property purchase falls through and you use our services again to arrange a mortgage on the new property within 3 months. If you are unable to find a suitable property within 3 months, the cancellation fee will become payable.

How safe are my personal details and documents with you?

All communication between your computer and Glow is encrypted using industry standard HTTPS/SSL. This is much safer than sending documents by email. We use Amazon Web Services. AWS sets the industry standard when it comes to security, policies, and architecture. We trust them along with hundreds of millions of other companies, including HMRC, AirBnB, and Expedia.

In addition, everyone on our team has two-factor authentication setup for their accounts where possible, which means that nobody can access their accounts (or customer folders) without a security code sent to our mobile devices at the time of attempted login.

Will I be speaking to a fully qualified mortgage advisor?

Yes.

All of our current online advisors are fully qualified senior mortgage advisors. In the future (if we get busier), we may have support from other administrators who will not be qualified mortgage advisors, but we would let you know if this was the case.

Can I speak to someone on the phone and send my documents by post?

We understand that some customers might feel better by speaking to our brokers over the phone. We are more than happy to do this. In fact, we encourage all of our customers to speak with our online advisors by phone before we proceed to put a voice to the name.

We don’t recommend sending your personal documents in the post as we offer a secure online upload facility. If you really must send your documents by post, we insist that your documents are sent via courier or special delivery to minimise the risk. Please do not send us your original documents in the post.

Why are you called Glow?

We were founded and built by mortgage advisors who understand that the industry can be daunting, complex and a little dreary. So we coined the name Glow, as we want our customers to feel a sense of relief about how easy it is to arrange a mortgage with us online.¬†With Glow, you will get warm, friendly mortgage advice – and if we can’t help you we will tell you.

What will you do with my personal details?

We understand that your personal details are closely guarded. Not only are we regulated by the Financial Conduct Authority, we also hold ourselves to account with very high ethical standards.

We don’t use third-party advert targeting on our website. We will never sell, trade or lease your personal information.

Please see our full Privacy Policy here:  https://glow.mortgage/privacy-policy/

How can I check that you are authorised to provide mortgage advice?

You can check with the Financial Conduct Authority (FCA).

The FCA regulates our industry and we have to follow very strict guidelines.

Glow is a registered trading style of MBOT LTD who are authorised and regulated by the Financial Conduct Authority in the UK, registration number 827692 in respect of mortgage and insurance mediation activities only. Further details may be found by visiting the FCA Register.

Will you do a credit check on me?

We don’t carry out any credit checks until we have your permission.

When you speak to our chatbot, or when you register with our service and enter your personal and financial information in our Fact Find we will not carry out a credit check.

The only stage that a credit check is carried out is when you want to obtain an Agreement in Principle, but this is carried out by the mortgage lender once you have confirmed that you wish to proceed with your mortgage application.

How are you different to any other mortgage broker?

We are different in many ways.

Firstly, we operate a totally online mortgage application process via our website. This means that you can arrange your entire mortgage application from your phone, tablet or desktop computer. Whether you are on a train, on your lunch break, or on the sofa at home. You can get an update on your mortgage application with us in an instant.

Secondly, we aren’t here to sell you anything. We are here to build a long-term relationship should you need our¬†help again in the future. We want to deliver first class service so that you would recommend us to your friends and family. If we can’t help you, or if we think that you are better off elsewhere, we will tell you. We will also endeavour to reply to your messages outside of normal working hours. That’s how any good service should operate.

Are you open in the evening and at the weekend?

Yes, our standard opening hours are Monday to Friday 8am-10pm and Saturday and Sunday 8am-4pm.

However, if your enquiry is urgent our mortgage advisors will endeavour to respond outside these times as we all work remotely.

Can you help me arrange insurance?

Yes.

We offer a wide range of insurances, from Home Building & Contents cover to Critical illness and Life cover. Ask one of our brokers about our range of insurance options when you arrange your mortgage. We can also arrange this cover without arranging your mortgage.

Can you help with auction property?

Yes.

We understand that you will need to move fast. Being able to arrange everything online with us, chat to us in an instant and upload documents from your mobile phone or tablet means that (with us) you will get off to a flying start when arranging your auction mortgage online with us.

Some of the links on your website don’t work

Our website is designed to work on all desktop, tablet and mobile devices with the following internet browsers and versions:
 

  • Chrome (Latest)
  • Safari (Latest)
  • Firefox (Latest)
  • Microsoft (IE) Edge

 
Our website is not designed to work with older versions of Internet Explorer due to performance limitations and potential security issues with this old browser. Microsoft is urging everyone to use Edge for its faster performance and improved features.
 
If nothing happens when you click on our links, either:
 
1. The webpage has not fully loaded (try refreshing the webpage or checking your internet connection)

2. Your web browser is out-of-date and requires an update.

3. You have disabled Cookies in your web browser. Cookies are necessary for the operation, functionality and security of our website. Please see our Cookie policy for more details: Cookie Policy

4. You have disabled Javascript or your browser is not enabled to run Javascript. Our website uses Javascript to function and pages/links will not load correctly or respond if Javascript is disabled via your web browser.
 
Here is where you can find updates and support for your web browser:
 
For updates to Chrome please visit: Google Support
For updates to Safari please visit: Apple Support
For updates to Firefox please visit: Mozilla Support
For updates to Internet Explorer please visit: Microsoft Support

How do we check your ID & Documents?

We will carry out a background check on you using the information and documents that you provide us with. Your personal information and documents will be checked by a third party verification agency.

 

Checks that we carry out:

1.  An Identity Check will verify your name, address and date of birth by cross-referencing your details against a range of verified databases.

2. A Document Check consists of a visual image scan which analyses passports and other documents to verify that they are valid. The technology will also identify whether the document has been recorded as lost, stolen or compromised.

Document Check

3. A Watchlist Check will identify whether you are listed on global Watchlists.

Our Watchlist Checks include:
* Government Sanctions Lists;
* Politically Exposed Persons Lists;
* Anti-Terrorism Watchlists;
* Anti-Money Laundering (AML) Watchlists; * CIA Watchlists;
* Global;
* Disqualified Directors.

By providing us with your documents and/or asking us to proceed with a mortgage application, you give us your permission to carry out these checks with a third party verification agency as per our Terms of Use.

Scans of your personal documents must be an exact copy of the original provided by the Company, Institution or Government Body that has issued them. No alternations to scanned documents are allowed in any form, even if it is to remove a blemish.

When can I start the advice process to get a mortgage quote?

We can provide our live chat service to customers who are looking for our mortgage advisers to process a new mortgage within the next 3-6 months. The reason why we do not advise outside this timeframe is because your personal circumstances could change and so can lender criteria, so any advice that we can give now may not be valid in the long-term. We would need to reassess your circumstances again in the future.

If you have a question or concern about a mortgage application (or enquiry) with another broker, or about a mortgage scenario for another person, we will not be able to help with this.

Alternatively, we highly recommend that you contact the Money Advice Service who are an independent mortgage advice service and helpline set up by the government.

They also have a live chat.