Guides

What Do You Need to Get a Mortgage?

Deciding to own a home is a big decision for any person or family. It’s not necessarily a burden, rather a major responsibility that should involve careful planning. In the end, owning a home is the dream of many families. Renting doesn’t give the kind of stability that a mortgaged home does. For anyone who has looked into the housing market and checked for mortgage offerings may feel slightly overwhelmed by the sheer amount of information, you need to process before making a decision. So, what do you need to get a mortgage? The general rule of thumb before applying […]

What is a Lifetime Mortgage?

Lifetime Mortgages are for homeowners over 55. Planning for a good retirement may not be the priority of some people. With living expenses taking a toll, saving up for old age often takes a backseat. When you have already paid up your mortgage and are nearing the age of retirement, you would want to think about how you can better enjoy your life. With no savings or retirement benefits, what other options do you have? You’re fortunate if you own your home because you can get a lifetime mortgage. A lifetime mortgage is a type of equity product with enough flexibility, […]

What is a Buy to Let Mortgage?

The housing market is always in demand. This is true for large congested cities where home ownership may not be an option for most people. In addition to this, there is a big requirement for flats and apartments for rent in commercial areas. Estate agencies aim to tap this market by offering properties for rent. If there is no capital to build, companies look to banks for buy to let mortgage. Since this type of mortgage is considered a business loan, borrowers should expect that interest rates are higher than residential mortgages. Obviously, you’ll be required to put down a […]

How Much Mortgage Can I Borrow with My Salary?

How much mortgage can I borrow? That is calculated based on 3 -5 times the value of a person’s annual income. A person’s ability to afford a loan was not given as much importance years ago to the point where lenders would not even ask for hard proof of a person’s income. Unfortunately, when the economy crashed years later, mortgage lenders had to employ stricter measures to avoid experiencing the same crisis again. What does this mean for someone who wants to take out a mortgage loan? You can expect that many aspects of your finances will be looked into with […]

How to Get a Mortgage with Bad Credit?

Your credit score is very important if you want to use financial services such as loans. In a way, financial institutions use your credit score as a standard basis for your capability to manage your finances and pay off a loan. Not everyone gives their credit score the amount of priority it needs. As a result, negative credit rating can have a long-term impact on your finances. So what should you do if you are in a situation of poor credit and need to apply for a mortgage? More importantly, how to get a mortgage with bad credit? Factors that […]

How Much Mortgage Can I Afford in the UK?

Mortgage lenders are always keen to help anyone who wants to own a home. But even if you want to have a home now, perhaps you are not yet financially ready. How do you know when it’s the right time to take out a loan? Mortgage lenders can help by assessing your financial preparedness. Whether this be a first time buyer mortgage or not. Traditionally, lenders base the amount you can borrow on the ratio of your income against the loan amount. For example, a lender will allow you to borrow an amount equivalent to five times your annual income. These days, […]

What Mortgage Can I Get?

Owning a home remains the goal of many people. The same applies to most of the population in the UK. However, not everyone has enough disposable cash to build or buy a home. And if you live in congested cities like London, you are less likely to own a property unless you consider getting a loan. A mortgage is not necessarily an indication of a bad economy. In fact, the ability of residents to take out a loan indicates that financial institutions have confidence in their ability to pay. What mortgage can I get? The answer to this one depends […]

Remortgage to pay off debt

Is it a good idea to remortgage to pay off debt? Without speaking to an adviser it can be difficult to know the true overall costs and whether or not a debt consolidation mortgage is the right solution for you. It is important to consider the new overall interest costs of repaying your debts within your mortgage. It is also important to understand that whilst repaying debts within the mortgage can potentially save you money, it could also end up costing more in the long run. What are the pros of a debt consolidation mortgage? There are definite advantages to […]

Mortgage questions

You will face many choices when taking out a mortgage and it is best to prepare as much as you can before hand. Below are a few mortgage questions you should consider before committing to one. How much can I afford to pay each month? It is essential that you only borrow the amount that you can comfortably pay back each month for the period of your mortgage. A mortgage is a long-term commitment and therefore you will be making monthly repayments for many years, depending on your circumstances. When considering your monthly budget, allow a buffer for things like […]