You can get a mortgage from a bank, building society or a specialist mortgage lender. You can apply direct to these companies or you can use a broker. A broker will advise you on the right deal for you as well as assisting in the application stage.
There are a number of factors that determine how much a lender will lend. These include, but not limited to, your income, credit commitments, housing costs, dependant adults or children, the size of deposit or equity available & the mortgage term.
The right mortgage term for you depends on your individual circumstances. Mortgage terms can vary between 5 - 40 years, although the majority of lenders will want the mortgage to be repaid before retirement and usually by a specific age, such as 75. The shorter the mortgage term, the less interest you will pay in total, however your monthly mortgage payments will be higher. The longer the mortgage term, the more interest you will pay, this does however give you lower monthly payments which may be more manageable. Speak to one of our advisers to discuss your specific requirements.
Before applying for a mortgage it is a good idea to understand what has been reported to credit reference agencies about you. If you find you have had some adverse credit, such as missed payments, a CCJ or defaults, you may still be able to find a mortgage lender. Whilst most high street lenders will shy away from this lending, there are specialist lenders available that will look to help. It is important that you understand what is on your credit file and who will be prepared to lend before applying for a mortgage, this is where a whole of market adviser can really help. Talk to one of our advisers to find the most suitable lender for you.
Lenders criteria for the self employed can vary from lender to lender drastically. From the length of time you have been self employed, what income they consider towards your mortgage and what proof they will require for this will be different for every lender. It is vital that before you submit your application you know your meet the lenders criteria to ensure you are not wasting time and money. Speak to one of our advisers today to give yourself the best chance of having your mortgage agreed.
Most lenders will allow you to move your mortgage to a new home providing that you and the new property meet their requirements. To discuss your circumstance in more detail talk to one of our advisers today.
If you are purchasing a freehold property you will need to arrange building insurance to comply with the mortgage conditions. There is no requirement to arrange any life cover however it is advisable to talk through your circumstances to ensure you have adequate cover in place to protect you and your family. Our advisers have a number of tools available to help you review your situation and advise what is best for you.
