Mortgage Advice From Experienced Mortgage Brokers
How To Apply For a Mortgage
As Mortgage Brokers, we’re here to assist you in getting a mortgage, we remain with you throughout the entire home buying process from the beginning to the end, making the process as straightforward and hassle-free as possible for you.
To buy your first property, you’ll need to apply for a mortgage. In this online guide, we’ll explain how a mortgage works for first time buyers and explain how to get started.
What is a mortgage?
A mortgage is a lump sum lent to you by a mortgage lender which is used to cover the remaining cost of your house or flat once you have paid your deposit.
Most mortgages fall into one of two categories:
Establish how much you can borrow
As a first time buyer our initial conversation will involve a review of your borrowing capacity so we can establish how much you can borrow. We will review your deposit amount and perform a review of your credit file, we will be able to explain the monthly mortgage costs and interest rates available to you.
Different types of interest rates
Essentially there are 3 main types of mortgages
We will explain the advantages and disadvantages of fixed-rate mortgage vs tracker mortgages etc, if you want to read more about the Different Types of Mortgages available to you, please visit What are the different types of interest rates available
How much will the bank lend me?
Anywhere between 4.75x income and 5x income. Some lenders will lend more such as 5.5 income, however overall it’s based on affordability taking into account your age, how many years you spread the mortgage over, how many dependents you have and your credit commitments, your mortgage adviser will calculate this for you.
What is a deposit?
To buy a property in your area you’ll need to pay a sum of money upfront – this is called a mortgage deposit. It’s usually the most expensive part of getting a mortgage Typically, first time buyer mortgages are available with a 5% deposit. Sometimes there may also be options for 100% mortgages, Subject to availability and individual circumstances, don’t hesitate to reach out to us for further information. Contact Us
How much deposit will I need?
Generally, it starts from 5% upwards of the property’s purchase price. You put down 5%, 10% 15% and so forth. Typically, first time buyer mortgages are available with a 5% deposit. Sometimes there may also be options for 100% mortgages; don’t hesitate to reach out to us for further information. Subject to availability and individual circumstances.
We will undertake a comprehensive mortgage assessment:
Your home may be repossessed if you do not keep up repayments on your mortgage.