Yes, You can still get a mortgage if your credit rating is poor, Although naturally it could be more difficult, 1st Choice mortgages have helped many clients with a bad credit history to find affordable mortgage deals.
Yes, in most cases it will be a clear yes you can get a mortgage if you are self employed, 1st Choice Mortgages will find the right lender to suit your circumstances.
Most of the lenders will conduct a thorough financial evaluation which takes into your net income, credit score, regular outgoings and any loans or credit cards you currently have. The value of the property that is being put up for security will also be taken into account.
A mortgage will last around 25 years although this can change depending upon a variety of factors. You will know the exact length of your mortgage according to the repayment plan you choose.
There are various types of mortgages available depending on your individual circumstances. You can read more about various type of mortgages here (We will hyperlink it, as this will take the reader to “what type of mortgage should I get” section which we are getting designed on our website)
Yes, you can mortgage a property to let out, This kind of mortgage is known as a buy-to-let (BTL) mortgage and can be interest only. In this mortgage the repayment plan is worked out based on the potential rental income of the property.
If you get started before you have a property to purchase, we can issue a pre- qualification subject to you finding the perfect home, which you can use to assure real estate brokers and sellers that you are a qualified buyer.Getting pre - qualified for a mortgage will even give more weight to any purchase offer you make.
In most cases, yes. The majority of mortgage providers will charge an early repayment charge as you are losing the lender money in interest that you would otherwise be paying over the course of the term. If you are in fixed rate deals like 2 years or 5 years after that deal expires sometimes lenders allow you to make overpayment beyond the agreed limit of 10%.
You’ll need to provide information about your income and expenditure so it’s a good idea to make sure you have your latest P60 and past three months’ payslips readily available as well as bank statements for the past three months. You’ll need to show proof of your current address such as a recent utility bill and ID in the form of a full UK passport or driving licence.If you get benefits, we’ll need to see the paperwork proving you get these and how much you receive. If you’re self- employed we will need a signed off statement of your accounts from the past two or three years.These must be verified by an accountant.Your SA302 and tax overview form from your tax return is also required if you work for yourself as well as bank statements to verify this information. The most important thing to remember is to be accurate about the information you provide. We’ll help you find a mortgage but need you to be clear and honest about what you earn, your savings and other assets and what fixed expenditure you have. Updated on 28.07.2020
There are two main types of mortgages; Fixed Rate Mortgage and Variable Rate Mortgage.A Fixed Rate Mortgage means that your interest amount is fixed for a period of time(usually two to five years) therefore your repayments don’t change. A variable rate mortgage means the amount of interest you pay can change, and therefore so do your repayments.If you are confused at any point you can directly contact us through the given phone number in contact us page.
Being a ‘whole of market broker’ means that we have access to the whole mortgage market. Our advisors search and compare the entire market to find the best offer for you, doing all the hard work for you.
You will need a minimum of 5% deposit. The more deposit you put in, the better the interest rates will be. For example, if you put in a 15% deposit this will get you a better interest rate than a 10% deposit.
A repayment mortgage is guaranteed to pay off your mortgage by the end of the term as long as all payments have been made. An interest only mortgage is where your monthly payments are only covering the cost of the interest and your loan amount will remain the same.At the end of the term, you would either need to sell the property to repay the mortgage or find another source to repay the loan.
This is simply swapping the mortgage you have on your current property for another mortgage with a different lender. You may consider this option if your existing mortgage deal has expired and you wanted to see if a more competitive deal was available. You could also consider this if your circumstances have changed and you want to borrow more. There are many reasons why you would remortgage but this does not involve moving home.
The answer to this is simply down to what you can afford, although in some cases it might be a lenders condition for the loan.We would advise speaking to a mortgage adviser to ascertain what term is suitable to your circumstances.
In the first instance you should seek permission from your Mortgage Lender. Your lender may increase the interest rate to reflect the change in risk. A mortgage adviser can provide you with advice on your mortgage and insurance options. Remember that you may also need to change the type of building insurance you hold on the property to ensure it is appropriate for this purpose.
The first and most important thing to do is contact your lender as soon as possible. Lenders are required to treat borrowers in this position "sympathetically and positively". Some lenders also have telephone helplines and debt counselling facilities which may be able to help you.
Consideration prior to purchasing at Auction: Ensure mortgage approved in principle prior to bidding. Seek advice from a mortgage broker who accesses lenders service standards for quick mortgage offers. Be aware that you will need to provide a deposit at auction, not at mortgage completion. Obtain a copy of the property legal pack at earliest opportunity, prior to bidding.
A fixed rate mortgage means you fix the interest rate of your mortgage for an initial period. After the fixed rate ends your mortgage will go onto a variable rate. Fixing your mortgage means your mortgage payments are guaranteed to remain the same for the fixed term. Once you are on a variable rate your mortgage payments may move in line with market conditions, therefore your payments could go up or down.
With a repayment mortgage you pay off both the interest and capital with each monthly payment. This means at the end of the term your mortgage will be repaid. With an interest only mortgage you only pay the interest each month and the amount of capital owed will not reduce. This means you need to have suitable plans in place to pay off the mortgage at the end of the term.You could use sale of the mortgaged property, cash, stocks and shares, an endowment policy or pension.
Yes we do. To find out more about our mortgages for First Time Buyers or give one of our mortgage advisers a call or contact us through the “contact us” page.