Helpful INformation
How much can you borrow?
As a general rule of thumb you can usually borrow around 4 times your annual salary for a single applicant and 4.5 times your joint annual salary for joint applicants.
What can affect this?
There are 3 main things that can reduce this figure:
- Your credit score - check online to understand yours
- Short term debt - loans, credit cards and finance
- Dependants - children or adult
What costs are involved?
It is important to understand all the costs involved in buying or re-mortgaging a property before you get started.
Buying-
- Property purchase price
- Solicitors fees - quotes can be provided from trusted businesses
- Mortgage Product fee - not on all mortgages, research tailored to you
- Property valuation fee - not on all mortgages, research tailored to you
- Mortgage advice fee - will be discussed at earliest opportunity
Re-mortgaging-
- Solicitors fees - can quite often get free legals or cash back to go towards your own sourced solicitor
- Mortgage product fee - not on all mortgages, research tailored to you
- Property valuation fee - not on all mortgages, research tailored to you
- Mortgage advice fee - will be discussed at earliest opportunity
How long will it take?
Many things can affect the amount of time it will take for your mortgage to complete but from the first meeting we have until your new mortgage is complete can be expected to be around...
- Freehold purchase - 8 weeks
- Leasehold purchase - 12 weeks
- Remortgage - 4-6 weeks
Unusual Case?
The best thing about unusual cases is that they aren't that unusual! Mortgages can be sourced for you if you:
- are self employed
- are a director of a Limited Company
- are in debt
- have bad credit history
- are on maternity leave
- work part time
- have benefit income
- already own a property
Have a question?
Do you have a question or need something explaining? If so then please feel free and comfortable to get in touch.
Things change all the time and so there is no such thing as a stupid question!