Can I get a mortgage with a bad credit rating?
Your bank can only offer its own mortgage products. A mortgage broker, however, has access to a wide range of lenders, including high-street banks, specialist lenders, and exclusive deals not always available directly to the public. This increases the chances of finding a mortgage that truly fits your circumstances.
Do I have to get a Mortgage from my own bank?
Does lower interest rate mean cheap mortgage?
A lower interest rate doesn’t mean a cheap mortgage. If you are on tracker mortgage it can rise anytime rather than the fixed-rate mortgage. Sometimes you need to pay a product fee which costs more overall for the mortgage period. Other things like how much your property is worth and if you’re choosing to pay more also affect the mortgage if it is cheap or not.
Can young people get on the property ladder?
It is hard for anyone to get on the property ladder for the first time, but if you can save a deposit and show the proof of income you are good to get a mortgage. You can even also get benefit from government schemes like help to buy or shared ownership.
If my parents need to be rich to help me out in the mortgage?
A lot of parents cannot help their children with the money for a mortgage. But they can certainly help by being a guarantor on a guarantor mortgage, which means they agree to pay on your behalf if you are unable to keep up your monthly repayments. It is a big financial commitment and helps to boost up the chance of getting a mortgage.
What is the difference between a fixed-rate and a tracker mortgage?
Do I need a big deposit if I can’t borrow enough?
Its not necessary that you need a big deposit if you cant borrow enough. Our specialist advisors can guide about the government schemes like help to buy equity loans allows to get 15-40% of the property value or shared ownership where you partially buy the property rest you pay the rent of that property.
Do I need to look into the mortgage yet if I haven’t found the right property yet?
It is a good idea to look into the mortgage as soon as your decide to buy a property. It helps you to see what you can borrow and what you can afford property wise. Once you mortgage is sorted you get a ‘mortgage in principle’ by lenders, which means lenders are happy to lend you the money. You need the ‘mortgage in principle’ for your offer to be accepted on the property.
