What is a mortgage?
A mortgage is an agreement that allows a bank or building society to lend money for the purpose of purchasing a property. This loan is secured on your property and therefore it is vital that you do not default on this loan as it can result in the property being repossessed to repay this debt.
What are the steps to take to purchase a property?
Buying a house can be very complicated therefore we have created our mortgage process guide that can be found here.
How can I get a mortgage?
Once we have established what options are available to you and your budget, we will contact the lender to obtain a decision in principle. In obtaining the decision in principle some credit and income checks will be carried out and if you meet the lender’s criteria, they will then allow you to make a full application. Our mortgage adviser will help you through each step.
Am I eligible for a mortgage?
Every decision is based on different individual’s circumstances, so it is important that you speak to an adviser. Typically, a lender will base their decision to provide you with a mortgage on a number of factors, these can include:
- Income and expenditure
- Credit history
Each lenders’ criteria varies slightly and can be stricter in different areas, meaning if you have been declined a mortgage in the past by one lender it does not mean you will not be accepted elsewhere.
How much can I borrow?
To determine how much you can borrow there are a number of factors that need to be considered including your income, your monthly committed and discretionary expenditure. If you would like help determining how much you could borrow, please contact one of our mortgage advisers.
Why do I need protection?
Protection is designed to shelter you and your family against the impact of a death, a critical illness or unemployment. It is important that you consider the effect these events may have on your own circumstances. There are many different forms of protection to shield you from the effects of these events.