If you are looking for a mortgage broker in Cambridge, this suggests that you feel in need of some advice. [Read more…]
If you have had a mortgage application declined, you may be wondering why. In the following article we are going to discuss some of the things that can cause them to be declined so that you know how to apply with a greater chance of success next time. [Read more…]
Getting a mortgage can be fairly complicated and scary if you’re doing it for the first time. The most important thing to remember is that you should choose the right lender for you, so you don’t end up paying more than you need to. This means saving up thousands for some homebuyers, so they don’t have to pay so much on their monthly mortgage repayments. If you take the time to learn about the way a mortgage works and what lenders look for in buyers, you can help yourself get a lower interest rate and be more likely to get accepted. Read on to learn more:
Banks are always changing what they look for in a buyer. However, there are a few things you need to have that are unlikely to ever change. This includes a decent sized deposit, a great credit history, and a good income. If you can get some support from your parents at this crucial time, this can be the deciding factor in whether or not you’re accepted for a mortgage.
Now, how big your deposit is will determine how much you pay back each month and the amount of interest you pay. If you have a small deposit, this unfortunately means that you’ll be paying a lot more. If you want to find a property in Whitby through Bridgfords, for example, go and discuss your needs with them and find out how much you should expect to pay.
If you can put down an extra 5% of the property value than you would have originally, you can make huge savings. It’s worth saving up that little bit longer to pay less in the long run! You could literally save thousands upon thousands of pounds just by putting down that extra 5%.
Before you get offered a mortgage from one of the major lenders, they’ll need to know what your expenses are monthly and how much you have in your bank at the end of each month. All of your unsecured debts are taken into consideration and credit card or loan payments will lower the amount of money you’re able to borrow from them.
If you want an interest only mortgage, then banks are getting stricter. You’ll need at least a 25% deposit in order to qualify for one of these. You may need to earn at least £30,000 per year to get an interest only mortgage approved. One of these mortgages is an affordable way to get your foot on that first rung of the property ladder. To make sure you get a mortgage, here are some important tips:
- Make sure you do some research so you know what the lender wants from you.
- Check and improve your credit rating where possible.
- Keep all of your pay checks and any P60s.
- Don’t apply for any credit if you know a mortgage application is being processed.
- Get rid of debt so you can borrow more.
- Don’t miss any bill payments or loan repayments.
The best thing to do is usually to sit with a lender and discuss with them the best rates available for you. I hope I’ve helped you to get the best mortgage deal. Good luck!