Frequently Asked Questions
Q. How much can I borrow?
Different lenders have different ways of calculating how much
they will lend to you. Some lenders will now do up to four
times your salary provided that you have a deposit available,
some will also take overtime and bonuses into account. And
others will work on affordability by assessing your income
and outgoings. Most lenders will deduct any loans or other
credit agreements from your income, before working out how
much you could borrow. As you can see there is no single answer,
but the best way to get an accurate figure is to contact us
and we can give you a more definite answer.
Q. Do I need a deposit? And
how much?
If you can get a deposit of between 3-5%, it would mean that
more lenders would be able to offer you their products, which
will give you more options for example, a better deal. However,
it is possible to get a mortgage with no deposit at all and
still get a very competitive deal, so if the deposit is a
problem there is no need to worry.
Q. How long will the mortgage
process take?
This can vary again, but in general for a new purchase it
can take between 8-10 weeks for the whole process. However
we should be able to get you a mortgage offer within 2-3 weeks.
For a re-mortgage the timescales are shorter, and everything
should go through in approximately 4-6 weeks. Some lenders
and solicitors are faster than others.
Q. Do I need to provide any
documents?
Yes, you will need to provide proof of identification such
as Passport or Driver’s License, and proof of address
such as a Utility Bill or Bank Statement. Some lenders may
also require the following- Latest P60, Last 3 payslips, Latest
Mortgage Statement and Bank Statements. We will advise you
of the chosen lenders exact requirements when you submit an
application, so you wouldn’t need to automatically send
all of the above documentation in.
Q. Can I get a mortgage if I
have previous bad credit problems?
It is possible to get a mortgage for almost any situation,
so no matter how bad your financial position seems to be,
there are now lenders that specialise in adverse credit mortgages.
Even if you think there is no chance of getting a mortgage,
just apply for a quote and give us at much information about
your situation as possible and we will endeavour to find a
suitable deal for you.
Your home may be repossessed
if you do not keep up repayments on your mortgage.
Details
of our fees can be found here.
The overall cost for comparison 11%
APR
The actual rate available will depend
upon your circumstances. Ask for a personalised illustration.
The FSA does not regulate Commercial
Mortgages or some forms of Buy to Let Mortgages.
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