Frequently Asked Questions
How Much can I borrow?
There is no simply answer to this - How much you can borrow depends firstly on what level of income you receive. Some lenders will lend higher figures against the same level income and they all have different criteria in terms of what income they will accept and how much of it they would be willing to use or how long you need to have been receiving it for.
Can I get a mortgage with adverse credit?
A number of lenders will accept varying forms of credit issues. If you have defaults or missed payments or other issues which have affected your credit score it doesn't always mean you can't obtain a mortgage - How long ago, the settlement date or even the type of credit are viewed differently to each lender.
Why should I use a broker instead of going to the bank/ a lender directly?
A Mortgage brokers responsibility is to get you a mortgage. They are financially rewarded for doing so and as such have a vested interest to ensure they help you as much as possible.
Can i get a mortgage if I am self-employed?
The simple answer is yes, Lenders will calculate affordability by making use of a combination of documents, (Tax returns, business bank statments, tax calculations)
Why will one lender give me more money than another lender?
Each lender has a different attitude towards risk - This means some lenders are willing to lend
What Does LTV mean?
LTV stands for Loan to value, it is a calculation based upon the value of the property against how much you are trying to borrow against it, This is done in a percentage format (%).
What is a Capital repayment mortgage
A capital repayment mortgage is the most common type or mortgage which operates in the same way as standard loan. With every payment you make you pay the accrued interest and a small portion of the balance.