Curzon Financial

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  • FAQ

Your questions,
answered.

Straightforward answers to the questions we hear most often — from deposit to completion and everything in between.

1

Borrowing & Affordability

Most lenders apply an income multiple of 4 to 4.5 times your gross annual salary. Some specialist lenders will stretch to 5 or 5.5 times for certain professions or higher earners. Your existing credit commitments, monthly outgoings, and deposit size also affect the final figure. Our affordability calculator gives you an instant estimate, and an adviser can confirm the maximum available from across the market.
The minimum deposit accepted by most lenders is 5% of the property’s purchase price. However, a 10% or 15% deposit unlocks significantly better interest rates and a much wider choice of lenders. For buy-to-let purchases, most lenders require at least 25%. The more deposit you can put down, the lower your loan-to-value ratio — and the better the rates available to you.
Yes, but it is not the only factor — and a less-than-perfect credit history does not automatically mean rejection. Lenders assess credit files differently, and some specialist lenders actively cater to borrowers with defaults, missed payments, or CCJs. Disclosing any credit issues to your adviser upfront allows them to identify the lenders most likely to approve your application, rather than discovering a problem mid-process.
Yes. Most lenders require at least two years of self-employment history, evidenced by SA302 tax calculations and Tax Year Overviews from HMRC. Limited company directors, sole traders, and contractors are all assessed differently — our self-employed mortgage guide explains how each is treated in detail. The key is working with a broker who understands which lenders will use net profit rather than salary plus dividends, as this can significantly increase your borrowing capacity.
Yes, although it depends on the lender. Most high-street lenders prefer permanent employment, but specialist lenders and some building societies are comfortable with fixed-term contracts — particularly if you have a track record in the same field and your contract has been renewed previously. Day-rate contractors can sometimes have their income annualised from their day rate, which often produces a higher borrowing figure than standard salary evidence.

2

Mortgage Types & Rates

A fixed-rate mortgage locks your interest rate for a set period — typically 2, 3, or 5 years — giving you certainty over your monthly payments regardless of what happens to the Bank of England base rate. A tracker mortgage moves in line with the base rate, plus a set margin, so your payments rise and fall with interest rate changes. Trackers sometimes carry no early repayment charges, which suits borrowers who expect to overpay or move within the deal period.
This depends on your view of rates and your personal circumstances. A 5-year fix gives longer certainty and can work out cheaper if rates rise during the period. A 2-year fix gives you more flexibility to remortgage sooner if rates fall, but you will face remortgage costs again in two years rather than five. Your adviser can model both scenarios against current market rates and your specific situation.
An SVR is a lender’s default interest rate, which applies automatically when your fixed or tracker deal ends. SVRs are set by each lender at their own discretion and are typically 3–5% higher than the best available fixed rates. Most borrowers should remortgage before reverting to an SVR — our remortgage guide explains how and when to act.
An offset mortgage links your mortgage to one or more savings accounts held with the same lender. The balance in your savings is offset against your outstanding mortgage, reducing the amount of interest you pay. For example, a £300,000 mortgage with £50,000 in offset savings means you only pay interest on £250,000. Offset mortgages are particularly tax-efficient for higher-rate taxpayers who hold significant savings.

3

The Application Process

An Agreement in Principle (AIP), sometimes called a Decision in Principle or Mortgage in Principle, is a conditional statement from a lender indicating they would be willing to lend a specified amount, subject to full underwriting. Estate agents typically ask to see one before accepting an offer. Most AIPs use a soft credit search, which does not affect your credit score. A broker can obtain one for you quickly and direct it to the most appropriate lender.
Once a full application is submitted, most lenders issue a formal mortgage offer within 2–6 weeks, depending on complexity and their current workload. The overall time from offer accepted to completion typically runs 8–12 weeks, driven largely by the conveyancing process rather than the mortgage itself. Having documents ready in advance and responding to lender queries promptly are the best ways to keep things moving.
For employed applicants: three months’ payslips, your most recent P60, three months’ bank statements, and proof of identity and address. Self-employed applicants additionally need SA302 tax calculations and Tax Year Overviews for the past two to three years, plus company accounts if you trade through a limited company. Your adviser will provide a tailored checklist based on your employment status and the lender’s specific requirements.
Yes. A solicitor or licensed conveyancer is legally required to handle the transfer of property ownership in England and Wales. They carry out searches, review the title deeds, raise enquiries with the seller’s solicitors, and manage the exchange and completion process. Your mortgage lender will also appoint a solicitor to act on their behalf — in most cases this is the same firm, though some lenders require a separate panel solicitor.

4

Costs & Fees

Beyond your deposit, the main costs are: Stamp Duty Land Tax (SDLT), solicitor and conveyancing fees (typically £1,500–£3,000), a property survey (£400–£1,500 depending on type), a mortgage arrangement fee (if applicable, often £999–£1,999 or a percentage of the loan), a mortgage broker fee (if charged — Curzon Financial charges no upfront fees), and removal costs. Our stamp duty calculator on the Resources page shows your exact SDLT liability.
Some brokers charge a fee, typically between £300 and £1,000. Others are paid entirely by lender procuration fees — a payment made by the lender when a mortgage completes. At Curzon Financial, we are transparent about our fee structure from the outset, and we do not charge upfront fees. Your adviser will confirm any fees before you proceed.
An early repayment charge (ERC) is a fee charged if you repay your mortgage, overpay beyond your allowance, or switch lender before the end of your deal period. ERCs are typically expressed as a percentage of the outstanding balance — commonly 1–5% — and can amount to several thousand pounds. Tracker mortgages and some flexible products carry no ERCs. Always check your ERC position before making any changes to your mortgage.
Stamp Duty Land Tax (SDLT) in England is charged on a tiered basis. The standard nil-rate threshold is £125,000, with rates rising to 5%, 10%, and 12% on higher bands. First-time buyers benefit from enhanced relief. Additional residential property purchases attract a 3% surcharge on each band. Use our Stamp Duty calculator on the Resources page for an exact figure based on your purchase price and circumstances.

5

Working With a Broker

A whole-of-market broker has access to hundreds of lenders — including specialist lenders not available on the high street — and can identify the most suitable product for your specific circumstances. Going direct to one bank means comparing only their own products. A broker also manages the application process, liaises with the lender on your behalf, and can often identify products you would not find through comparison sites.
A whole-of-market broker is not tied to any lender panel and can recommend products from across the entire mortgage market. This contrasts with tied advisers (who can only recommend products from one lender) or multi-tied advisers (restricted to a panel of lenders). Curzon Financial is whole-of-market, meaning we search the full range of available products to find the most suitable option for you.
Yes. All mortgage advisers at Curzon Financial are authorised and regulated by the Financial Conduct Authority (FCA). You can verify any firm or individual’s authorisation on the FCA Register at register.fca.org.uk. Regulated advice means you have access to the Financial Ombudsman Service in the event of an unresolved complaint.

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