Can I get a mortgage with a bad credit rating?
A bad credit score can make it quite difficult when you’re applying for a mortgage, but it not impossible to get a mortgage. Even if you’ve been told there’s absolutely no way you’re going to be able to get a mortgage, but at Check My Mortgages we can make it possible as we have access to specialist lenders.
Can I get mortgage from my bank?
It is not necessary that you get mortgage from your bank. You should always get a mortgage who offers you with the best rate and good deal.
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.
Can I get a mortgage if I am self-employed?
It is easier to get a mortgage if you are fulltime employed so that you can provide 3 months play slips and proof of income, but in self employment it is difficult to prove your income. Our specialists help people to do all the paperwork and show the 3 months income which is required by the lenders.
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.
