This depends on a number of factors, including income, level of deposit, credit history etc. The best thing to do is talk to us, it would only take a few minutes and some basic questions to ascertain if you would be likely to be able to get a mortgage. We are able to do this via the phone, video call or in person.
Lenders work out how much you can borrow by taking into account a number of factors about you. These include your income, credit commitments and general expenditure, your personal circumstances etc. There are no set rules lenders must work within, but all assess in a different way and as such, it is difficult to give an exact answer. The best thing to do is call us and arrange a brief chat with one of our advisors and they would be able to work out what you could be able to borrow.
The minimum deposit any lender will ask for is 5% of the purchase price. However, not every lender will offer a mortgage with a 5% deposit. The more deposit you have, the more choice of lender you get. It is often the case that with a larger deposit, you would be offered cheaper rates and you can sometimes borrow more too.
Owning a home means that, provided you can always pay your mortgage, the property will eventually be yours with no more mortgage payments to pay. However, it is a big commitment and it is less easy to “walk away” than when you are renting, as you only have to give notice on a rented property. Arguably renting is less of a long term commitment, but if you rent, the property will never be yours and you could simply be paying someone else’s mortgage for them!
Many people are still buying their first home. Many are buying jointly instead of as a single buyer, meaning two incomes are used. Many have saved large deposits, or are gifted money from family. It is harder in areas where property is more expensive, but that doesn’t seem to stop first time buyers getting their feet on the ladder.
This is a very open question. The Bank of England Base Rate has been rising, which does concern people. However, it would be good if the media painted the entire picture, instead of just the bad news! You can prevent concerns about rising rates by having a fixed rate mortgage, where your payments are set for a period of time. It is a little frustrating to see on the news about rates going up, when, for the last month or so, fixed rates have been falling with many lenders.
Trawling through dozens of lenders to find the right mortgage can be very confusing and time consuming.
It is very easy to get sucked in by a headline rate and then miss the “small print” unless you know what you are doing. There are so many facets to a mortgage and to ensure you get the most suitable product for your requirements, you should consider them all. Surely better to let an expert, who does this all the time, to take the confusion out of the equation and cut to the chase on products, by asking you the right questions & being able to interpret the answers to ensure you get the most suitable mortgage.
We had just over a decade of unusually low rates and many people are either trying to move or review their mortgage with rates having gone up since they moved or reviewed last and this means higher payments in many cases. Make sure you speak to one of our advisors who can appraise you of the real picture and help you secure the most suitable mortgage for your needs.
Not necessarily. It may be easier to simply choose a new deal with your current lender, but that doesn’t mean they will offer you the most suitable option and it can be cheaper to take your mortgage to another lender. Many think that as they have a relationship with a financial institution, they get preferential treatment, but that isn’t necessarily the case and it is best to weigh up options with your own lender and others too. Our advisors always look at both options, ensuring you get the most suitable mortgage for your needs.
There are many factors about the economy that influence rates. However, if your deal is expiring, you will need act in some way, or your rate will go onto the lender’s Standard Variable Rate, which is their “off the shelf rate” and this would be very high in all probability, meaning you could have significantly higher payments. Best to secure a rate so that doesn’t happen and ensure your advisor monitors things with rates changing, so that if something better comes along before your current deal runs out, you can change what you have set up. We do this as a matter of course.
We contact our existing clients 6 months before their deal ends, so they get plenty of time to secure a new rate, having considered all the options. We do this as many deals can be secured this far ahead, but also, because many people forget and then panic at the last minute!
Not necessarily. Different lenders have different approaches to borrowers who have recently changed or are about to change jobs, but it doesn’t stop all lenders from lending. Speak to one of our advisors who can offer you the answers you need about this.
It can do. Not all lenders offer mortgages on properties with a HTB loan on them. There can also be additional steps and costs involved, depending on whether you want to repay the HTB loan in part or in full as part of the review process. Our advisors understand the process and considerations that need to be made in this situation, call us to find out more.
Trawling through dozens of lenders to find the right mortgage can be very confusing and time consuming.
It is very easy to get sucked in by a headline rate and then miss the “small print” unless you know what you are doing. There are so many facets to a mortgage and to ensure you get the most suitable product for your requirements, you should consider them all. Surely better to let an expert, who does this all the time, to take the confusion out of the equation and cut to the chase on products, by asking you the right questions & being able to interpret the answers to ensure you get the most suitable mortgage.
All possible costs when buying a property:
One off costs:
Ongoing costs:
First steps to buying a property – Sort the finances out. Book an appointment with Bradleys Financial Management who can guide you through the whole process from start to finish. And more importantly advice on your borrowing capacity
In order to find out how much you can borrow, documents are required. These can include the below:
To get an agreement in principle the first meeting can take 30-60 minutes. Providing all the paperwork is sent we should be able to get an agreement in principle within 48 hours.
Once we have an offer accepted on a property and we have submitted the full mortgage application the time to offer can be around 2-4 weeks.
The overall process of buying a property from offer to collecting the keys can be around 3-5 months.