Frequently asked questions.

Lenders look at your income, outgoings, and lifestyle costs, then “stress test” your application to check you could still afford repayments if things change, like interest rates rising. Because each lender has their own criteria, the amount they’re willing to lend can vary a lot. 

But that’s where Meet Margo comes in. We know what different lenders are looking for and have a knack for matching you with the one that fits your circumstances. 

Yes. When you apply for a mortgage, lenders don’t just look at what you earn, they also look at what goes out each month. That means things like bills, loans, credit cards, childcare, travel, and even everyday spending. The aim is to understand what you can realistically afford and ensure that, as the borrower, you are responsible with your finances. 

Lenders look at your credit history to see how you manage money. Regular use of Buy Now Pay Later schemes, or missed payments on things like credit cards, loans, or even phone bills, could raise red flags. It doesn’t always mean you’ll be declined, but it could reduce the number of lenders available to you willing to offer and limit how much you can borrow. 

Try to keep on top of payments and avoid unnecessary credit in the run-up to your mortgage application; it’ll help show lenders you’re a responsible borrower. 

Please avoid taking out any new credit (like a loan, car finance, or Buy Now Pay Later agreement) once your mortgage application is in. Lenders can and do re-check your credit file before completion, and any new credit could affect your affordability and even risk your offer being withdrawn. The golden rule is to avoid new credit until your mortgage has been completed, but if it’s already done, be honest about it so we can help.  

An Agreement in Principle (AIP) also known as a Decision in Principle, is an initial check from a lender to show how much you ‘might’ be able to borrow, based on your basic details. It’s really useful when you’re house hunting, as it shows estate agents and sellers, you’re serious. 

A mortgage offer comes later, once you’ve applied in full and the lender has reviewed your documents, run checks, and valued the property. This is the formal confirmation that they’re prepared to lend to you. 

Think of an AIP as a “green light to view” and a mortgage offer as the official “yes” to your mortgage. 

Once your mortgage offer is issued, the lender has formally agreed to lend you the money. 

If you’re buying a home , your solicitor or conveyancer will handle the final legal work, things like searches, contracts, and setting a completion date. Once everything is ready, you’ll exchange contracts and then complete, which is when the funds are released, and you get the keys to your new home.  

If you’re remortgaging to a new lender,  your solicitor (or sometimes the lender’s legal team) will manage the legal side and set a date for your new mortgage to begin. 

If you’re doing a rate switch with your current lender, no legal work is required. The lender manages everything internally, moving you from your current product onto the new one at the right time—usually when your existing deal ends, or sometimes earlier if the new rate is lower than what you’re paying now.

Your solicitor/conveyancer leads the legal side: contracts, searches, enquiries, exchange, setting the completion date, and requesting/receiving the funds on completion day. They’re your main contact for timelines, paperwork, and anything to do with the property title. 

Meet Margo as your broker steers the lender side: securing your mortgage offer, making sure any conditions are met, and liaising with the lender/underwriters. Once the offer is in place, our role is lighter — but if any figures change (like the purchase price or loan amount), we need to know so we can update the lender and ensure the offer is amended. Outside of that, everything else sits with your solicitor, though we’ll step in if something on the lender side needs attention. 

If a better-suited rate becomes available, we’ll let you know where possible. That could mean requesting a rate switch with your current lender or, if the saving looks worthwhile, exploring a move to another lender. Just bear in mind that switching lenders more than once isn’t usually ideal, as each application involves a new credit check, but we’ll always talk it through with you before making a recommendation.

If you’re close to your completion date, there may not be enough time to change. Lenders need time to reissue paperwork, and your solicitor would need to update the legal side. Plus, just because a new rate is advertised doesn’t always mean you can access it, or that it’s the best fit for your circumstances.

A soft search is like a quick peek at your credit file. Lenders use it as part of their agreement in principle to check basic details and give you an idea of how much you might be able to borrow. The good news? It doesn’t affect your credit score, and only you can see it. 

A hard search goes deeper. It’s a full check of your credit history and will show up on your file for other lenders to see. Too many hard searches in a short time can make you look like you’re applying for lots of credit, which isn’t ideal. 

Most lenders start with a soft search when you look at an AIP, and a hard search usually happens once you go ahead with a full application.