Can I get a mortgage with bad credit?
Can I get a mortgage with bad credit? Lenders are reluctant to offer mortgages to those with poor credit score as they would not want to be portrayed as encouraging you to take on more debt where there is potential of repayments not being made on time. It may be an idea to improve your credit score before applying for a mortgage. This can be done using a “credit builder” credit card in which you pay off the full amount owed each month to show you can manage your debts responsibly. However, these cards often how low credit limits and […]
Read moreHow to get a mortgage
The first step in how to get a mortgage would be to sit down with us and discuss your circumstances and what type of mortgage you are looking for. There are several types of mortgages, each suiting different people’s circumstances. Fixed Rate Mortgage With fixed rate mortgages, your interest rate and monthly repayments will be fixed for a certain amount of time. This will mean you will know exactly how much you are paying each month for the term of the fixed rate. This would mean however, that your interest rate will stay the same even if other rates go […]
Read moreIs it better to rent or buy?
Many people believe that renting is ‘throwing money at the wall’ and would rather buy but there are various things to consider while deciding whether to rent or buy? So, is it better to rent or buy? Let’s start with listing out the pros of buying first, followed by the cons. The pros of buying You are investing in an asset which may increase over time You have the security of living in the property for as long as you want You can change and decorate the property as you like The cons of buying You are committed to […]
Read moreDifferent Types of Mortgages
Getting the right mortgage can be a confusing, if not a scary process and whether you’re applying for one the first time or planning for a remortgage, the different types of mortgages available make it harder to decide on the right one. The first step to figuring out the right mortgage for you is to understand the different types of mortgages that are available. The second step is to narrow down to a couple of options that seem suitable and enquire about them. Step One: Types of Mortgages explained There are different types of mortgages, including: Repayment Mortgages Interest-Only Mortgages […]
Read moreWhat do I need to apply for a mortgage?
In order to apply for a mortgage, there are specific documents that will need to be readily available. We will ask for these before we submit the full application to the lender. The specifics will be dependent on your circumstances and the lender of which you are applying to. What do I need to apply for a mortgage? A great place to start would be getting a copy of your credit report. Ensure you are registered on the electoral roll at your current address Ensure your address history is accurate Avoid payday loans and overdrafts where possible Different lenders will […]
Read moreHow long does it take to get a mortgage?
How long does it take to get a mortgage? Well, that depends on a variety of different factors including: The type of mortgage being applied for i.e. a remortgage or a purchase The time it you takes to gather the necessary documentation for the application The turn-around time of the mortgage lender The turn-around time of your conveyancer The complexity of the mortgage application Typically, the process begins by getting a Mortgage Agreement In Principle. The mortgage lender will agree a figure that they would be willing to lend you for mortgage purposes. However, this is not guaranteed and […]
Read moreWhat is a mortgage decision in principle and how long does one last?
A mortgage in principle is an agreed figure from the lender that they would be willing to lend you. In order to do so they will gather basic information and perform a background credit search. A mortgage in principle is not a guarantee and a full application and assessment will have to be made before the lender can issue you with a mortgage offer. A mortgage in principle can last between 60-90 days depending on the lender. Because a credit search is needed, multiple decision in principles could have a negative effect on your credit score. Some Buy To Let […]
Read moreMortgage in Principle & Mortgage Offers
What is a mortgage in principle and mortgage offer? A mortgage in principle is an agreed figure from the lender that they would be willing to lend you. In order to do so they will gather basic information and perform a background credit search. A mortgage in principle is not a guarantee and a full application and assessment will have to be made before the lender can issue you with a mortgage offer. A mortgage in principle can last between 60-90 days depending on the lender. Because a credit search is needed, multiple decision in principles could have a negative […]
Read moreWhat is a mortgage offer and how long does one last?
What is a mortgage offer? A mortgage offer, otherwise known as the “offer of advance” is the formal document issued by the lender to the borrower to confirm that they are happy to lend the agreed amount. So, what is a mortgage offer? Well, it is a binding contract between the borrower and a mortgage lender. This confirmation that the lender will provide you with a mortgage comes after the lender has fully assessed your circumstances and a full application is made alongside a valuation of the property. Typically that means that: you as a borrower have the appropriate income […]
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