Helpful Information
Mortgage and Protection FAQs
Whether you are planning your first purchase, moving home, reviewing your mortgage or considering protection, it is natural to have questions about the options and process.
Here you will find straightforward answers to some of the questions our advisers are commonly asked. If your question is not covered, please get in touch and we will be happy to discuss your circumstances personally.
About Anderson Mortgages
What can Anderson Mortgages advise me on?
We provide advice on residential mortgages, buy-to-let mortgages, remortgaging and a range of protection and property-insurance needs. Some more specialist borrowing may be handled through an introduction where appropriate. The starting point is always a conversation about your circumstances and what you want to achieve.
Where is Anderson Mortgages based and which areas do you cover?
We are based in Uddingston and help customers throughout Lanarkshire and across Scotland. Advice can also be provided to customers elsewhere where the case can reasonably be handled by telephone, email and video call.
How can I meet or speak with an adviser?
Conversations can take place by telephone, video call, home visit or another agreed location. Your adviser will agree an approach that suits your circumstances and is practical for everyone involved.
Will I deal with the same adviser throughout?
Yes. The adviser who takes responsibility for your case will remain your main point of contact throughout the advice and application process. They will explain what is happening, request any information that is needed and keep you updated as the case progresses.
How quickly will you respond to my enquiry?
Your enquiry will be answered personally and promptly, no later than the next working day. Our usual hours are Monday to Friday, 9:00 am to 5:00 pm.
Getting Started
When should I contact a mortgage adviser?
It is usually helpful to make contact as soon as you begin seriously considering a purchase, move or remortgage. An early conversation can help you understand the likely steps, identify information that may be needed and avoid making plans based on assumptions about borrowing.
Do I need to know exactly which mortgage or protection product I need?
No. You only need to explain what you are considering and provide an honest picture of your circumstances. Your adviser will ask questions, clarify your priorities and explain the areas that may need to be explored before making any recommendation.
Is the initial conversation free?
Yes. Your initial conversation is free and without obligation. It is an opportunity to explain your circumstances, understand how the service works and decide whether you would like to continue.
What information should I have ready?
It helps to have an overview of your income, regular financial commitments, available deposit or equity, employment and any relevant credit history. You do not need to assemble every document before making contact. Your adviser will explain what evidence is required and when it should be provided.
The Mortgage Advice and Application Process
What happens after I make an enquiry?
An adviser will discuss your circumstances, objectives, income, commitments and relevant background. They will explain how the advice service works and what information is needed. Once the necessary details and documents are available, suitable mortgage options can be researched and a personal recommendation prepared.
What is an Agreement in Principle?
An Agreement in Principle, sometimes called a Decision in Principle, is an indication from a lender of how much it may be prepared to lend based on initial information and any checks it chooses to make. It is not a mortgage offer or a guarantee that the full application will be approved.
Who makes the final decision on my mortgage application?
The lender makes the final lending decision. It will assess the full application against its criteria, affordability requirements, credit checks, property valuation and any supporting evidence it requests. Your adviser will prepare and present the application, but cannot guarantee acceptance.
How long does the mortgage process take?
Timescales vary according to the lender, the property, the complexity of the case and how quickly information can be supplied. Your adviser will explain the expected stages and keep you informed, but completion dates should not be treated as guaranteed until the legal work and lender requirements are satisfied.
What happens after my application is submitted?
Your adviser will monitor the application, respond to lender requests and keep you updated. Where appropriate and with your permission, they may also communicate with your solicitor, estate agent or another professional to help the process move forward.
Fees, Recommendations and Mortgage Products
How much does mortgage advice cost?
There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be £295.
When would a mortgage fee become payable?
Any fee and when it becomes payable will be confirmed in your Terms of Business before you proceed. No fee is payable if your mortgage does not complete.
How is Anderson Mortgages paid?
When a mortgage completes, Anderson Mortgages normally receives a procuration fee or commission from the lender. A customer fee may also apply as explained above. For protection and insurance, the insurer pays commission and the amount will be disclosed before you proceed.
Can you consider mortgages from every lender?
We research suitable options from the lenders and products available through the Stonebridge panel, including products that are available only through intermediaries. Some lenders offer direct-only products that cannot be arranged through the panel. Your adviser will explain the scope of the service before making a recommendation.
Will using a mortgage adviser change the lender's rate or fees?
Arranging a mortgage through Anderson Mortgages does not itself alter the lender's interest rate, product fee or mortgage terms. Where the same mortgage is also available directly from the lender, its rate and lender fees are normally the same.
Protection and Insurance
Can I receive protection advice without arranging a mortgage?
Yes. Anderson Mortgages can provide advice on life cover, critical illness cover, income protection and buildings and contents insurance even when we are not arranging your mortgage.
What will my adviser consider before recommending protection?
Your adviser will consider your circumstances, financial responsibilities, earnings, outgoings and the risks you want to address. Existing policies, employer sick pay and death-in-service benefits will also be reviewed so that any recommendation has a clear purpose and remains affordable.
Are insurance benefits or claims guaranteed?
No. Insurance policies contain definitions, conditions and exclusions that determine when a claim can be paid. Eligibility, premiums and policy terms can also be affected by health, occupation and other information provided during the application. Your adviser will explain the important features before you proceed.
After Offer, Completion and Ongoing Support
Will you check my mortgage before it completes?
Where appropriate, your adviser will check whether an improved available rate becomes available before completion. Any change will depend on the lender's rules, your circumstances and whether switching remains practical at that stage.
Will you contact me before my mortgage deal ends?
We record mortgage deal-expiry dates and aim to make contact around six months before a fixed or introductory deal ends. This creates time to review the available options without waiting until the existing rate is about to finish.
Can I come back for advice after completion?
Yes. We can help with future moves, remortgages and protection reviews. It is sensible to review protection after significant changes such as a new mortgage, a move, a change of job or an addition to the family.
Your home may be repossessed if you do not keep up repayments on your mortgage.
As with all insurance policies, conditions and exclusions will apply.