🧠 Frequently Asked Questions (FAQs)

A mortgage broker acts as a middleman between you and the lender. We search the market to find the most suitable mortgage deals for your personal circumstances, saving you time, hassle, and often money. At Dolphin Financial Services, we work with a wide panel of lenders — including ones you won’t find on comparison sites.

This depends on your income, expenses, credit history, and the size of your deposit. Most lenders offer between 4 and 4.5 times your annual income, but some may go higher depending on your situation. We’ll give you a clear idea of your borrowing capacity during your free initial consultation.

For most mortgages, you’ll need a minimum deposit of 5% of the property value. However, putting down a larger deposit (e.g. 10% or 15%) often gives you access to better rates. We can also advise on government schemes for first-time buyers with low deposits.

We advise on all types of residential and buy-to-let mortgages, including:

• Fixed-rate mortgages
   
• Tracker and variable-rate mortgages
   
• Remortgages
   
• First-time buyer mortgages
   
• Buy-to-let
   
• Self-employed mortgages
   
• Help to Buy & Shared Ownership (if applicable)
   

Yes! Many lenders offer self-employed mortgage options, though they usually require at least 1–2 years of accounts or tax returns. We specialise in helping self-employed clients get approved — even if your income is complex.

Typically, lenders will ask for:

• Proof of ID (passport or driving licence)
   
• Proof of address (utility bill, bank statement)
   
• Proof of income (payslips, SA302s if self-employed)
   
• Bank statements (usually 3–6 months)
  We’ll guide you through exactly what’s needed based on your situation.
   

An Agreement in Principle is a statement from a lender showing how much they may be willing to lend, based on a soft credit check and your basic financial details. It’s not a guarantee, but it’s essential when making an offer on a property. We can arrange one for you — usually the same day.

We offer free initial advice and will always be transparent about any fees. If a fee applies, we’ll explain it upfront before you commit to anything.

Absolutely. We can review your current deal and help you switch to a better rate — whether you're staying with your existing lender or moving to a new one. Remortgaging can save you money, release equity, or help consolidate debts.

Yes — we work with clients across County Durham and beyond, including Durham City, Bishop Auckland, Chester-le-Street, Consett, Spennymoor, and surrounding areas. We offer face-to-face, phone, or online appointments to suit your schedule.

From mortgage application to offer, the process usually takes 2–4 weeks, depending on the lender and how quickly documents are submitted. The full process to completion (including legal work) typically takes 6–12 weeks. We keep everything on track and keep you updated throughout.

When you go direct to a bank, you only see their own mortgage deals. As brokers, we search across multiple lenders, including exclusive broker-only rates — meaning you often get a better deal. We also handle the paperwork and offer personalised advice every step of the way.

Most mortgage offers are valid for 3 to 6 months, depending on the lender. If your purchase takes longer, we can help request an extension or reapply if needed.

A fixed-rate mortgage means your monthly payments stay the same for a set period (usually 2, 3, or 5 years). A variable-rate mortgage can go up or down, depending on the lender's base rate or the Bank of England base rate.

The term is how long you’ll be repaying the mortgage. Most people choose between 25 to 35 years, but this can vary based on age, income, and loan amount. Shorter terms mean higher monthly payments but less interest paid overall.

Yes, there are lenders who specialise in helping people with adverse credit, CCJs, defaults, or missed payments. As brokers, we can help you find the most suitable lender based on your credit profile.

Yes — we understand that many clients work during the day, so we offer flexible evening and weekend appointments by phone, video call, or in person (by request).

Yes, many lenders will still consider your application — but they may ask for additional information about your return-to-work plans and income. We’ll guide you through what’s needed.

A remortgage is when you switch from your current mortgage deal to a new one, either with the same lender or a different one. Most people do it to:

• Avoid going onto a high variable rate
   
• Reduce monthly payments
   
• Borrow more for home improvements or debt consolidation
   

We recommend starting the process 3–6 months before your current deal ends.

LTV is the percentage of the property value that you’re borrowing. For example, if you put down a £20,000 deposit on a £200,000 home, your LTV is 90%. Lower LTVs often mean better mortgage rates.

Most mortgage lenders let you overpay up to 10% per year without penalty (during fixed or discounted periods). Overpaying can reduce your mortgage term and the interest you pay overall.

Yes. A solicitor or licensed conveyancer is required to handle the legal aspects of buying or remortgaging a property. We can recommend trusted local firms in County Durham if needed.

No — while we’re based in County Durham, we help clients across the North East and the whole of the UK. Whether you're in Durham City, Bishop Auckland, Newcastle, or further afield, we can help you online, by phone, or in person.

Yes — and it’s often a good idea. Banks can only offer their own products, but as a broker we can compare dozens of lenders — often finding better rates or more suitable options for your needs.

A valuation is carried out by the lender to ensure the property is worth what you're paying. It’s not a full survey, and only checks value and basic condition. We can also help arrange more detailed surveys if needed.

While not always required, we strongly recommend considering life insurance, critical illness cover, and income protection when taking out a mortgage. We can provide tailored protection advice as part of your mortgage journey.

It’s never too early. Even if you’re 6–12 months away from buying or remortgaging, we can help you:

• Understand what you can borrow
   
• Improve your credit score
   
• Budget and prepare documents
   
• Get a Mortgage in Principle
   

Early planning = better results.