Arrange a call from us today to see if we can help you? We can provide you with free, no obligation, mortgage advice.
A mortgage is often the biggest financial commitment someone will take on in their lifetime, so getting the best mortgage deal available can save you a considerable amount of money.
Whether you’re a first-time buyer, homeowner or landlord the below tips will help you understand how to make the most out of your personal situation, so you can get the best mortgage deal available to you.
The absolute minimum deposit to obtain a mortgage is 5% (of the property value), and some lenders require a minimum of 10%. For buy to let properties, the minimum deposit varies between 20-40% (usually 25%). To purchase a £180,000 property, you would need a minimum of £9,000, and ideally at least £18,000.
The higher the percentage the deposit is, the lower the mortgage rates you will have access to- you can see this for yourself using our mortgage finder.
Buying a house incurs a lot of extra costs that you should be aware of:
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You should know which of these apply to you, and how much money you’ll need to cover them.
A mortgage adviser will have extensive knowledge of how these fees vary, and will be able to tell you roughly how much you should expect to pay
If you're a first-time buyer, a Lifetime ISA (LISA) lets you save up to £4,000 every year towards your first home, with the government providing an extra 25% on top.
Shared ownership mortgages allow you to partially buy and partially rent your property. It helps low income households who have less than £80,000 or £90,000 in London.
Lenders will examine your credit score when you apply for a mortgage. They need to know that you can handle debt responsibly before they can start to feel comfortable lending you a large amount of money.
It is wise to check your credit score ahead of applying to avoid any unwelcome surprises. If it is poor, you can take steps to improve your credit score.
Your mortgage broker, lender and solicitor will ask you to provide documents. Making sure you have the correct, up to date documents is essential.
If you are slow to provide documents, mortgage rates can expire and you could be sacrificing a good mortgage deal.
Even if you don't plan on using one to apply for a mortgage, a mortgage adviser has a wealth of knowledge and experience, and can provide you with valuable advice going forwards.
Whole of market brokers have access to every mortgage available on the market, rather than just a small panel of lenders. They also take into account all costs involved and aim to get the most cost-effective deal for you overall.
If you wish to speak to one of the expert mortgage advisers at Bennison Brown, you can submit an enquiry below.
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