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buying your first home?

Moving house?

Remortgaging?

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Ready to discuss your mortgage needs?

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Darius Stonkus

Mortgage & Insurance Broker

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About Me

Hi my name is Darius Stonkus and I am a mortgage and insurance broker for Momentum Mortgages, I am based in Bromley. I love helping people get what they need, my specialties are company directors and sole traders, and if you had a credit blip, don’t fret I am here to help.

Momentum Mortgages FAQs

General Questions

We offer a wide range of mortgage products, including residential mortgages, commercial mortgages, buy-to-let mortgages, bridging finance, and development loans.

We are based in Sevenoaks, Kent. However, we serve clients throughout London and the rest of UK.

While we specialize in mortgages for self-employed individuals, we also help a variety of clients, including employed individuals, first-time buyers, home movers, and remortgages.

Self-Employed Mortgages

We can help freelancers, contractors, sole traders, partnerships, and limited company directors.

Typically, you’ll need to provide the following;

  • The last two years SA302’s (These are also called Tax Returns or Tax Calculations) and Tax Year Overviews
  • If you are a limited company or limited liability partnership we will need the last two years Accounts
  • The last three months personal Bank Statements
  • Sometimes lenders may require the last three months business bank statements as well but this is not always the case.

Yes, we can often help clients with fluctuating incomes. We’ll assess your overall financial situation to determine your eligibility.

Other Mortgage Types

A: Bridging finance is a short-term loan that can help you bridge the gap between selling your current property and purchasing a new one.

Common uses:

  • Property Purchases: The most common use is to buy a new property before selling your existing one. This allows you to secure your dream home without missing out while waiting for your current house to sell.
  • Property Auctions: Bridging loans can be used to quickly finance a property purchase at auction, where you need to complete the purchase quickly.
  • Renovations or Refurbishments: You can use a bridging loan to fund property improvements while waiting for a mortgage or other long-term financing.
  • Business Purposes: Businesses might use bridging loans to cover short-term cash flow needs, purchase equipment, or make investments while waiting for other funding.

A: A development loan is a specialized type of loan designed to finance property development projects. Whether you’re planning to build a new property from scratch, convert an existing building, or refurbish a property, a development loan can provide the necessary funds.  

Key features:

  • Short-term: Development loans are typically short-term, usually lasting between 6 and 24 months, aligning with the timeframe of most development projects.
  • Stage payments: Funds are released in stages, or tranches, as the project progresses. This allows lenders to monitor the development and mitigate risk. Payments are usually tied to specific milestones being met, such as completion of foundations, roofing, or finishing work.
  • Interest rates: Interest rates on development loans can be variable or fixed and are generally higher than standard mortgages due to the increased risk involved in property development.
  • Fees: Expect various fees, including arrangement fees, exit fees, and potentially monitoring surveyor fees

A: While it may be more challenging, we can sometimes help clients with less-than-perfect credit histories. We’ll assess your overall financial situation to determine your eligibility.

A: The application process can vary depending on individual circumstances and the lender’s requirements. However, we strive to provide a quick and efficient service.

A: Yes, we can help retired individuals secure a mortgage. The eligibility criteria will depend on various different factors including your income and savings, we can let you know whether we can assist in our initial mortgage consultation.

A: The amount you can borrow will depend on various factors, including your income, credit history, and the property’s value. Lenders typically assess your affordability and loan-to-value (LTV) ratio to determine how much you can borrow.

A: There are various fees associated with getting a mortgage, including arrangement fees, valuation fees, and potentially broker fees. We can go through all the fees applicable in our initial consultation with you.

A: If you’re unable to make your mortgage payments, it’s important to contact your lender as soon as possible to discuss options. Failing to make payments can lead to repossession, which means the lender can take ownership of the property.

Additional Questions

A: There are a variety of mortgage deals available, such as fixed rate mortgages, tracker rate mortgages, discount rate mortgages and more, we will make sure to do a comprehensive review of your individual circumstances and ensure you understand all of the options available before making a tailored recommendation on the most suitable mortgage for you.

A: The minimum deposit you’ll need for a mortgage will vary depending on the lender and the type of mortgage you choose. However, most lenders require a minimum deposit of 5% or 10%, but there are a few lenders that will take deposits as low as £5000.

A: In some cases, you may be able to get a mortgage with a guarantor. A guarantor is someone who is liable for the mortgage payments, and generally we use guarantor’s when someone does not have enough income to pass affordability on their own and we need additional income to boost your affordability to the required level.

If you have any further questions, please don’t hesitate to contact us.