Mortgage Advice
Why use a broker when getting mortgage advice?
As a whole of market broker, we can give you advice on a huge selection of available products and are not restricted to one bank, or one lender, so compared to going direct there are a lot more options to find you the perfect mortgage deal.
We are fully qualified to give advice and will consider options that may be seen as being ‘outside the box’ to obtain the best mortgage for you. Especially if you feel you have a complex case then having a broker can prove invaluable.
Can I get a mortgage with bad credit?
Whether it be a couple of late payments on a credit card or a CCJ that is worrying you, we are experts in this field. Being whole of market brokers means that we have banks that can look at varying severities of adverse credit. Once we have a copy of your credit report we can compare and discuss options of how to improve your credit score and then get to work finding you a mortgage.
Can I get a mortgage as a single parent on benefits?
Most banks will accept some forms of benefits, we have the knowledge of knowing which accept the majority and how the age of your children may impact this. We are therefore best placed to get you the most borrowing.
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01603 555428
Mortgage Advice FAQs
How much deposit do I need?
5% is the minimum but a bigger deposit may mean a lower rate.
Do all lenders allow 4.5 x income?
All lenders are different and will take into account your age, debts, dependants, additional pay etc. This may be a general rule but some banks may lend 5.5 x your income if you qualify.
Is there help available for first time buyers?
There is the government help to buy scheme, some other new build schemes such as shared ownership or joint borrower sole proprietor.
What fees are involved with buying a home?
Arrangement fees, valuation fees, legal fees and stamp duty may be applicable.
What deposit do I need for a buy to let?
Minimum is 15% but 25% will give you more options and better rates.
Is there a minimum income I need for a buy to let?
Some lenders have a minimum income requirement of £25,000 but more and more are removing this and will lend regardless of your personal income as the rent cover the mortgage payments.
Can I get a mortgage if I am self employed?
Banks generally need 1 years accounts or tax returns to get a mortgage but there will be limited options. Ideally if you have 2 or more years trading history you will have more choice.
Can I port my mortgage?
Most lenders allow porting which is transferring your mortgage rate to a new property. You can then increase or decrease your mortgage based on if you are upsizing or downsizing with the same lender. This may avoid paying an early repayment charge.
I have poor credit, can I get a mortgage?
If you provide a copy of your credit report, we can review your options to check your eligibility for a mortgage. Lots of people have blips or issues but there are specialist lenders now available, don’t worry.
Can I get a mortgage with my parents?
A joint borrower sole proprietor mortgage is an option if you need to increase your borrowing. Lenders offer various schemes to assist people buying a home.
How does help to buy work?
You need a minimum of 5% deposit, the government provides up to 20% (40% in London) as an equity loan and then you get a mortgage for the remainder. You pay £1 a month for the first 5 years and then after this time you will either start to pay interest or can look to repay the equity loan.
I’m starting a new job, can I get a mortgage?
Some banks allow you to use a contract as evidence of employment up to 3 months before your start date. This also applies for a pay rise in some cases.
Note: Your home may be repossessed if you do not keep up repayments on your mortgage. Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority.