Mortgage Advice Archives - Frank Mortgage Solutions - frankly, a better way to borrow.

Self-Employed Mortgages: How to Get Approved as a Sole Trader, Contractor or Director

Josh Parrott 14 September 2026

The idea that being self-employed makes a mortgage difficult is decades out of date- but the idea dies hard. In 2026, the right lender, paired with the right broker, can get a sole trader, contractor or company director approved as quickly and cleanly as any PAYE employee. The trick is knowing which door to knock on. What Counts as Self-Employed? Sole traders, partners in a partnership, shareholding directors of their own limited company, contractors working through a personal service company, and certain types of consultant. The HMRC definition and the lender definition don’t always align- most lenders treat anyone with less than 100% PAYE as self-employed for underwriting purposes. The Two-Year Rule (And Why It’s Not Absolute) Most mainstream lenders want two years of self-employment history, evidenced by two years of SA302s and tax year overviews (or company accounts). A handful of specialist lenders- Kensington, Halifax, Clydesdale, Aldermore- will lend on one year’s accounts if the rest of the picture is strong. If you’ve just gone self-employed, you’re not locked out of the market; you just need a broker to find the right lender. Sole Traders- How Income Is Calculated For sole traders, lenders typically take your net profit after expenses (as shown on your SA302). If you’ve been in business 2+ years, most lenders take an average of the last two years. If year two is lower than year one, they may use the lower figure. If you’ve aggressively expensed to reduce your tax bill, your mortgageable income looks

Stamp Duty in 2026: A Complete Guide for UK Home Buyers

Josh Parrott 11 September 2026

Stamp Duty Land Tax or SDLT, is the tax almost nobody budgets for properly. The rules changed in 2025 and 2026, catching out plenty of buyers mid-purchase. Here’s the current, clear picture: rates, bands, first-time buyer relief, second-home surcharges, and worked examples for Stockport and Manchester properties. The Standard Rates (Primary Residence) For a buyer purchasing their only home, stamp duty is charged in tiers. 0% on the first £125,000. 2% on the slice from £125,001 to £250,000. 5% from £250,001 to £925,000. 10% from £925,001 to £1.5m. 12% above £1.5m. You pay only the relevant rate on each slice, the bands do not stack. First-Time Buyer Relief First-time buyers pay 0% on the first £300,000, and 5% on the portion from £300,001 to £500,000. If the purchase price is over £500,000, no relief is available- you pay standard rates on the whole thing. For a typical £240k Stockport first home, the bill is £0. For a £380k first home, it’s £4,000. For a £520k first home, it’s standard-rate £16,000. Second Homes and Buy-to-Let- The 5% Surcharge If you’re buying any additional property — a second home, a holiday let, a buy-to-let — you pay the standard rates PLUS a 5% surcharge on the entire purchase price. On a £200k Stockport BTL, standard duty would be £1,500, plus a £10,000 surcharge, total £11,500. This is a big number that catches first-time landlords off guard. When You Can Reclaim the Surcharge If you buy a new primary residence before selling your

Essential Documents You Need for a Mortgage Application

Remortgaging Explained: When to Do It, Why It Matters, and How Much You Can Save

Josh Parrott 7 September 2026

Your fixed rate ends in six months. What happens next is one of the most expensive financial decisions most UK homeowners make, and one of the least planned for. Remortgaging — switching lenders, switching products, or simply negotiating a new rate — can save thousands, or cost thousands if handled poorly. Here’s how to get it right. What Happens If You Do Nothing When your fixed rate ends, your mortgage drops onto your lender’s Standard Variable Rate (SVR). SVRs in 2026 typically sit 2–4% higher than the best fixed rates on the market. On a £200k mortgage, that can be £200–£500 extra per month. Millions of UK homeowners quietly pay this ‘lazy tax’ every year. Don’t be one of them. The Six-Month Window Most lenders let you secure a new rate up to six months before your current deal ends. This is a no-risk window- if rates drop further, you can switch to the better deal; if they rise, you’ve locked in today’s pricing. Six months out is exactly when your broker should be in touch, and if your broker isn’t calling, switch brokers. Product Transfer vs Full Remortgage A product transfer means staying with your existing lender and switching to a new rate they offer you. It’s quick, with minimal paperwork and no legal fees. A full remortgage means moving to a different lender entirely- more admin, usually free legal work and free valuation included by the new lender, and almost always a better rate. A broker compares both

Completion Day: What Actually Happens When You Buy a House in the UK

Josh Parrott 4 September 2026

Exchange is the relief. Completion is the handover. In between is the weirdest, jumpiest day of the entire process- full of phone calls, bank transfers, empty houses and waiting. Here’s what actually happens on completion day, timed out so you know what to expect. 8:00 AM: Your Solicitor Gets to Work Your solicitor checks that your mortgage funds have arrived from the lender- these usually land in their client account between 8am and 10am. Your deposit should already be sitting there from the day before. The solicitor verifies the combined total matches what’s needed for the seller’s solicitor. 9:30–11:30 AM : Funds Transfer to the Seller Once your side is ready, your solicitor sends the purchase funds via CHAPS transfer to the seller’s solicitor. In a chain, every solicitor is doing this simultaneously- the bottom of the chain’s money flows up through the chain, each link paying the next. Hold-ups in one link delay everyone above. This is why chains add stress. 11:00 AM – 2:00 PM : The Call You’re Waiting For When the seller’s solicitor confirms receipt of funds, they notify the estate agent to release the keys. Your solicitor calls you ‘you’ve completed, pick up the keys’. This typically happens between 11am and 2pm, but sometimes as late as 4pm in long chains. Keys are usually collected from the estate agent’s office, occasionally from the seller directly. What Happens at the Estate Agent You arrive, ID in hand, and the agent hands you the keys. Sometimes there’s

Credit Scores Explained: What UK Lenders Actually Look For in 2026

Josh Parrott 31 August 2026

Most people obsess over the three-digit number their Experian or ClearScore app shows them. Here’s the uncomfortable truth: no UK mortgage lender looks at that number. They look at your underlying credit file, and they apply their own scoring model to it. Here’s what actually moves the needle in 2026. The Three Bureaux and Why They Differ There are three credit reference agencies in the UK: Experian, Equifax and TransUnion. Different lenders use different bureaux. Your file at one may be cleaner than at another simply because not every creditor reports to every bureau. The ‘score’ each displays is their own marketing number- useful as a trend indicator, meaningless to mortgage lenders. What Lenders Actually Look At Lenders look at: (a) whether you’ve had any recent adverse events- missed payments, defaults, CCJs, IVAs, bankruptcies; (b) how much of your available credit you’re currently using (utilisation); (c) how many hard credit searches have landed recently; (d) whether you’re on the electoral roll at your current address; (e) the age of your accounts- older is better; (f) the stability of your addresses and employers. The three-digit score summarises these; the underlying data is what’s scored. Electoral Roll- The Quietest Secret If you’re not on the electoral roll at your current address, get on it today. It’s free, it takes two minutes, and it’s one of the single biggest positive signals to a lender. Many marginal applications tip from ‘refer’ to ‘accept’ purely because the applicant’s electoral roll status is current. Credit Utilisation

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Life Insurance for Homeowners: What You Actually Need (and What You Don’t)

Josh Parrott 23 May 2026

Life insurance is the one protection policy most people actually get round to buying, usually because it’s bundled into the mortgage conversation. But ‘any policy is better than no policy’ isn’t quite right.

Why Income Protection Is the Insurance Most Homeowners Regret Not Having

Josh Parrott 23 May 2026

You insure your car and your phone. Why not your income? A Stockport broker explains why income protection is the most overlooked protection for UK homeowners.

First Time Buyer Mortgage Stockport Manchester Piggybank Heart House

First-Time Buyer Mortgages in Stockport & Manchester: A 2026 Step-by-Step Guide

Josh Parrott 23 May 2026

First home in Stockport or Manchester? Here’s what a first-time buyer mortgage really involves in 2026: deposits, affordability, schemes and common pitfalls.

6 Essential Documents You Need for a Mortgage Application

Josh Parrott 17 July 2024

Applying for a mortgage is a significant step in your journey toward home-ownership. To ensure a smooth process, it’s crucial to gather the necessary documents well in advance. Here are the six essential documents you’ll need when applying for a mortgage.

Self-Employed? How to Secure a Mortgage – 4 key steps to consider

Josh Parrott 3 July 2024

More than four million people in the UK are self-employed, making up around 12% of the workforce1. If you’re one of them, getting a mortgage can feel like navigating a maze. But fear not, here’s a step-by-step guide to help you secure that mortgage.

Tag: Mortgage Advice

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