The amount you can borrow depends on your income, outgoings, credit history and the lender’s criteria. Most lenders assess affordability rather than applying a fixed income multiple. We can help you understand what may be achievable based on your circumstances.

Maybe you are worried about what information you will need to get together before you can get the mortgage underway. The information you need varies depending on which bank or building society you are getting a mortgage from however here is a list of information that will always be required from you as a starting point: Passport Driving licence Proof of name & address Proof of income Proof of deposit Latest 3 months bank statements

Deposits can start from around 5% of the purchase price, although a larger deposit may improve the range of available options and rates. Some lenders will consider a smaller deposit if you can evidence rental payement for 12 months or more.

Stamp Duty for first-time buyers in England and Northern Ireland is often reduced, meaning you may pay less tax compared to other buyers. The amount you pay depends on the purchase price of the property. No Stamp Duty is usually paid on the first portion of the purchase price (up to the current threshold for first-time buyers) Reduced rates may apply on the next portion above this threshold If the purchase price exceeds the qualifying limit, standard Stamp Duty rates may apply Rates and thresholds can change, so it’s important to check the latest position based on your specific purchase. We can help you estimate the likely cost as part of your mortgage planning.

Yes, you can improve your bad credit, but there are a few steps you’ll have to take and it may take some time. Firstly download a copy of your credit file and read through it. Look out for high credit utilisation, and aim to reduce balances on credit cards or overdrafts that are close to their limit. Check to see if you are registered to vote and if not register on the government website. If you have any dormant bank accounts or multiple unused credit cards with nil balances, close these down. The things that negatively impact your score are missed payments, defaults, and CCJ’s. If you have unpaid defaults, CCJ’s or need to catch up with payments, paying these off will help your score – however, they won’t disappear off your report completely. If you intend to take out credit to improve your score, doing so could impact your affordability on the mortgage – so be careful. In order to improve your score this way, you have to show that you can repay debt over a period of time; taking out a loan a month before you apply for the mortgage isn’t necessarily going to help. Get in touch with us if you want to provisionally discuss your credit so we can offer you no-obligation advice before you even apply.

Timescales vary, but a typical mortgage application. With the advancement of technology, some lenders have produced offer letters on the same day as applying. On average, a typical mortgage application may take a few weeks from submission to offer, depending on the lender and complexity of the case.

You will have a choice of both fixed or variable interest rates with your chosen mortgage. FIXED-RATE MORTGAGE A fixed-rate mortgage means your repayments will continue to be the same for a certain time period. This is usually between two to five years. These rates will be fixed regardless of what interest rates are doing through the mortgage market which means your interest and repayments will remain stable. However, if rates change you will lose out on the benefit of a lower rate. VARIABLE-RATE MORTGAGE The rate paid on a variable-rate mortgage can increase or decrease in line with the Bank of England base rate. If you choose a variable-rate mortgage, then the interest rate you pay will move up and down depending on the market. Your interest and repayments are then fully dependent on the market at the present time.

For self-employed and freelancer mortgages, income can be assessed in a few different ways depending on the lender. For sole traders, lenders will look at your average net profit before tax from the most recent 2 years. Some lenders can also look at just 1 year’s accounts and others can look at 1 year’s accounts as a reference and forecast future earnings. Lenders assess income differently for limited company director mortgages. They look at your salary and dividends over the past 2 years and some can use forecasts to determine your maximum borrowing.

Family support can play an important role in helping you buy your first home, particularly when it comes to your deposit or meeting lender affordability requirements. There are several ways this can be structured, and the most suitable option will depend on your circumstances and those of your family. Common options include: Gifted deposit – A family member provides funds towards your deposit. Lenders will usually require confirmation that this is a genuine gift and not a loan Joint mortgage – A parent or family member applies with you, which may increase the amount you can borrow, although they will also be jointly responsible for the mortgage Guarantor mortgage – A family member supports your application by providing a guarantee, often secured against their own property or savings Family offset or security schemes – Some lenders allow family members to place savings with the lender or use their property as security to support your mortgage Each option has different implications, including legal and financial responsibilities for all parties involved. It’s important to understand these fully before proceeding, and we can help you explore what may be appropriate based on your situation.

There are many different arguments for the right or ideal age to get life insurance but actually the simple answer to this is that once you have someone who will financially suffer if you were to die or be diagnosed with a critical illness then it should be in place. The youngest age you can get life insurance is age 16.

A large mortgage is typically a loan of more than £1 million. The most you can borrow from high street lenders ranges from £1 million to £5 million. Lenders have restrictions on how much they’ll lend to a person due to the risk involved with high-value mortgage amounts. Other lenders may consider mortgages up to £10 million. For anything higher, you’ll need a specialist lender.

When it comes to new build property, you can get better interest rates and a cheaper deal because the houses are greener than older properties. Getting a mortgage also depends on your financial situation. Our expert advisors will be able to guide you through this process.

Once you have reserved a new-build, your priority will be to secure your mortgage. If you have already received an AIP and are happy to proceed with the same lender, go back to them and request a formal mortgage offer. This must be accepted before you can move forward with the purchase.