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Mortgage FAQs
Securing an agreement for a mortgage comes down to a lot of factors but the main ones are:
- Does your income fit lenders’ affordability calculator?
- Is your income sustainable?
- Do you have historic credit issues?
- Do lenders’ deem the property you want to purchase acceptable, e.g. is it structurally sound?
- Are you old enough?
Don’t know where to start? We’ll get you moving. Some lenders are more flexible than others and all take slightly different approaches. So the best thing is to speak to one of our experienced team who will be able to advise which one is the right option for you.
The way lenders decide how much you can borrow has changed. In the past lenders would allow you to borrow three or four times your income. They now consider affordability by looking at your income and your outgoings, which they use to determine how much you can afford to pay in mortgage repayments each month.
The basic calculator you can find on lenders’ websites will give you an idea of what you can borrow as a maximum based on your income and a few other simple details. If you want a better idea of how much lenders are willing to offer you, we can help get you a ‘Decision In Principle’.
Complex case? There’s nothing we can’t handle. Depending on the extent of your poor credit and how long ago you acquired it, a high street lender may still be willing to offer you a mortgage. If your poor credit issues were severe or recent, then applying to a specialist lender is likely to be your best option. The good news is that their rates are still very competitive.
We’ll assess your financial history and help find you the most appropriate mortgage available. To do that, we’ll need to see your credit report, but that’s easy to obtain.
It’s surprising what credit backgrounds some lenders will accept. With the correct advice, you could still secure a really good mortgage.
Mortgage deals may not be available and lending is subject to individual circumstances and status.
Times have changed. Reaching statutory retirement age no longer restricts you from applying for a mortgage. Most lenders now consider applications from anyone under 70.
Some are happy to offer mortgages to people up to the age of 75, and options with no maximum age at all are out there to be found. Speak to one of our advisers and they will be happy to help.
Mortgage deals may not be available and lending is subject to individual circumstances and status.
Yes is the simple answer. But there are caveats, which are normally concerned with the length of time you have been contracting or whether you’ve had a contract renewed. But don’t worry. Even if you’re working your first contract, there are options. Count on us to chase your case.
Some lenders will take your day rate into account, even if you pay yourself through a limited company. Typically they’ll calculate what they consider to be your income by multiplying your weekly day rate by 48 weeks.
We will look at your income and expenditure then find the most suitable option for you.