Question 1

How fast can I get auction finance funds?

Accepted Answer

Most lenders release funds within 7 to 28 days. Some specialists can finish everything in 48 hours if your paperwork is ready. Speed is the biggest reason to use this loan.

Question 2

How is this different from remortgaging?

Accepted Answer

Remortgaging replaces your whole loan with a new one. A second charge sits alongside your original mortgage. You keep your first deal and just add a second monthly payment.

Question 3

How much does a mortgage advisor cost?

Accepted Answer

Fees vary between professionals. Some charge a flat fee, usually around £300 to £600, while others get paid by the bank. Your advisor must tell you their costs upfront in a standard document.

Question 4

How much does a remortgage cost as a guide?

Accepted Answer

As a guide, costs range from nothing to around £2,000. Many banks offer free legal fees and valuations to win your business. Always ask your advisor to check if the fees are worth the interest saving.

Question 5

What is the difference between light and heavy refurbishment?

Accepted Answer

Light work covers cosmetic updates like new kitchens or painting. Heavy work involves big changes like moving walls or building extensions. Heavy projects usually need more permits and stricter lender checks.

Question 6

How much deposit do I need for shared ownership?

Accepted Answer

You usually only need 5% or 10% of the share you are buying. For example, a 5% deposit on a £50,000 share is just £2,500. This is much cheaper than buying a whole house at once.

Question 7

Can I live in my holiday let property?

Accepted Answer

Most lenders let you stay there for 30 to 60 days a year. If you want to live there full-time, you need a normal residential mortgage. Staying longer without permission could break your loan agreement.

Question 8

What is the difference between an HMO and a multi unit block?

Accepted Answer

An HMO is one house where tenants share a kitchen or bathroom. A multi unit block has separate private flats under one title. You need a specialist loan for both.

Mortgage & Property Finance

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