FAQ’s on Mortgage and Protection Services
Come on in let us help you answer some questions.
Welcome to the Hay-House Financial Services FAQ page — your go-to resource for mortgage and protection advice with answers to the most commonly asked questions about mortgages and personal protection.
Whether you’re a first-time buyer, moving home, remortgaging, or looking to safeguard your future with the right protection policies, our goal is to provide clear, straightforward information to help you feel confident and informed at every stage.
Led by Sarah-Louise Hay, a qualified Mortgage & Protection Services Advisor, we pride ourselves on offering friendly, expert guidance tailored to your unique needs. We understand that financial decisions can be overwhelming, so we’ve created this section to answer your questions and explain key topics in plain English — no jargon, just honest advice.
Browse through the questions below or get in touch if you’d like to speak with Sarah-Louise directly. We’re here to help make your mortgage and protection journey as simple and stress-free as possible.
What types of mortgages can you offer
We can offer mortgage products for first time buyers, home movers, buy to lets either in personal name or under a limited company, re-mortgages to enable clients to get a new deal or to raise funds for a range of different scenarios for example home improvements, debt consolidation, divorce settlements etc. We have access to a range of products to help clients in achieving their dream of owning their own home whether this is by shared equity, joint borrower sole proprietor.
How much can I borrow?
Borrowing depends on income, expenditure, credit history and lender criteria. We can help assess your affordability.
What documents do I need?
We may require a range of documents for example proof of Identification, proof of Address, proof of Income, Bank Statements, proof of deposit along with details of existing mortgages or personal protection policies.
Do I need a property purchase price?
The majority of lenders require a minimum deposit of 5% of the lower of either the property purchase or property value for purchasing a residential property depending on lender and your individual circumstances. Some Government schemes like Shared ownership or shared equity may help you reduce the amount you need to save upfront. For Buy to let mortgages usually the lender requires a minimum of 20-25% depending on the specific lenders criteria.
The more you can put down as a deposit, the wider your choice of mortgage deals and often better interest rates may be available.
Can I get a mortgage if self employed
Yes, you can get a mortgage if your self-employed. Lenders will typically want to see at least 1-2 years of accounts or tax returns to assess your income. The key is proving that your earnings are reliable and consistent. You may also need to provide bank statements, an accountant’s reference and details of any ongoing contracts.
How long does the process take for getting a mortgage?
On average, the mortgage process takes 3 to 6 weeks from application to offer. The full process, from initial enquiry to getting the keys—can take 6 to 12 weeks, depending on factors like how quickly documents are provided, how fast your solicitor works, and whether you’re buying a new property or remortgaging.
What is a re-mortgage and when should I start?
A remortgage is when you switch your existing mortgage to a new deal—either with your current lender or a different one. You’re not moving home; you’re simply replacing your current mortgage, often to get a better interest rate, release equity, or change the mortgage term.
When should I start the remortgage process?
It’s best to start the remortgage process around 6 months before your current deal ends. This gives you time to:
- Review your options
- Lock in a new deal so you are protected from any rises in interest rate over this period, as a client of Hay-House Financial Services we will continue to monitor the interest rates over this time so if they reduce we will automatically switch you to a cheaper deal
- Complete any legal or valuation work
What is the difference between a Product Transfer and a re-mortgage?
What is a product transfer? – A product transfer is when you stay with your current mortgage lender but switch to a new deal when your existing one ends. You’re not changing lenders—just moving to a different rate or product they offer.
What is a remortgage? – A remortgage is when you move your mortgage from one lender to another. This may give you access to more competitive rates or flexible features that your current lender doesn’t offer.
Benefits of using a broker instead of a bank or doing my mortgage myself?
A Bank can only offer the products and criteria which they have available, therefore if your scenario doesn’t fit their criteria, affordability assessment you will get a straight no. Whereas using a mortgage broker can save you time, stress, and money.
They will search a range of different lenders to ensure you are getting the best product available for your circumstances and ensure your scenario fits the lenders criteria.
I have adverse credit, how long does this stay on my credit record?
Most types of adverse credit stay on your credit report for six years from the date of the registration.
Can I still get a mortgage with bad credit?
Yes, you can. Having adverse credit doesn’t automatically mean you’ll be declined for a mortgage. However, it may affect:
- Which lenders will consider you
- The deposit required
- The interest rate offered
What is personal protection?
Personal protection is a term that covers a range of insurance policies designed to protect you and your family financially if something unexpected happens—such as illness, injury, or death.
It’s not just about protecting your mortgage—it’s about protecting your income, lifestyle, and your loved ones.
What is life insurance?
Life insurance is a policy that either pays a lump sum or a monthly benefit to your loved ones if you pass away during the term of the policy. Its designed to provide financial security- helping your family pay off the mortgage, cover everyday living costs or fund future expenses like childcare or education.
The types of life insurance there are:
- Level Term Life Insurance- usually used to repay interest only mortgages
- Decreasing Term life insurance- usually used as mortgage protection
- Whole of life insurance- often used for funeral cover
- Family income benefit- helps replace lost monthly income
Do I need life insurance?
You should strongly consider life insurance if any of the following apply:
- You have a mortgage or other debts that someone else might inherit
- You have dependents—like a partner, children, or elderly parents—who rely on your income
- You want to ensure your family can stay in the family home or maintain their standard of living if you’re no longer around
What types of insurance can you help with?
We can assist you with a range of different personal and general insurance noted below:
- Home insurance: Buildings and Contents
- Landlord Insurance
- Tenant Insurance
- Life insurance
- Critical and Serious illness cover
- Income Protection
What is income protection?
Income protection insurance is designed to pay you a regular monthly income if you’re unable to work due to illness or injury. It typically covers:
- A percentage of your income (usually 50–70%)
- Until you recover and return to work
- Or until the end of the policy term (whichever comes first)
- It’s not the same as life or critical illness cover—it’s about helping you cope financially while you’re alive but unable to earn.
Do I need income protection?
You should seriously consider income protection it if:
- You rely on your salary to pay your bills, mortgage, or rent
- You’re self-employed or don’t get much sick pay from work
- You don’t have enough savings to cover months or years off work
- You have financial dependents who rely on your income
Even if your employer offers some sick pay, it usually only lasts for a few months—after that, you’d have to rely on savings or state benefits, which may not be enough to cover essential outgoings.
What is the difference between income protection, critical illness and serious illness?
In short:
- Income protection = monthly income for any health issue
- Critical illness = one lump sum for major illnesses
- Serious illness= pay a percentage depending on the severity of your diagnosi
- Many people choose either income protection and critical or serious illness protection for broader protection.
Can I get cover if I have a pre-existing condition?
Yes, you can still get insurance cover if you have a pre-existing condition—but it depends on the condition and the insurer.
What happens if I stop paying insurance?
If you stop paying your insurance premiums, your cover will usually lapse or be cancelled, meaning you won’t be protected anymore.
What if I have cover through work?
Many employers offer some form of life insurance or income protection as part of your benefits package, but it’s important to understand what it covers—and what it doesn’t. We will be able to assess what your employer currently provides you cover for and highlight any gaps ensuring you have the right protection for your circumstances.
How often should I review my insurance?
t’s best to review your insurance policies at least once a year or whenever you experience major life changes such as:
- Buying or selling a home
- Getting married or having children
- Changing jobs or becoming self-employed
- Changes to your health or lifestyle
- Significant changes in income or financial commitments
Regular reviews help ensure your cover still meets your needs and you’re not paying for unnecessary protection.
Why would I put my policy in trust and what policies should go into trust?
We would recommend you put your life insurance policies into trust to ensure that the funds go to the Right person, for the Right Reason at the Right time. This ensures they can access the funds quicker, you have control over who receives the funds and it can reduce the inheritance tax liability.
I don’t have a mortgage do I need insurance?
Yes, personal protection can still be important even if you don’t have a mortgage.
Here’s why:
- Protect your income: If you rely on your salary to cover everyday living expenses, personal protection can help if you’re unable to work due to illness or injury.
- Support your family: Life insurance and critical illness cover can provide financial security to your loved ones, helping with bills, childcare, or future plans.
- Debt and other commitments: You might still have other debts or financial responsibilities, like loans, rent, or school fees.
- Peace of mind: Protection isn’t just about your home—it’s about safeguarding your lifestyle and those you care about.