MORTGAGES
Your Mortgage
Mortgage lenders need to prove that you can pay the loan back. This is known as responsible lending, so any bank or institution will want to know all appropriate information regarding your financial circumstances as part of your mortgage application.
- Buying a house is one of the biggest purchases you are ever likely to make. At C & R Mortgage Advisors in Leek, we can put you in the best position possible for purchasing a property.
- Buying a house can be daunting at times, and you may have a lot of questions about the best sort of mortgage you can get, or you may just want some advice on how to apply for a mortgage.
- We can help you make those first steps, and we advise you throughout the entire house-buying process.
- There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate that it will be £199. This fee is payable on mortgage offer.
Responsible Lending
Any company that lends money has to be able to prove that you can pay the loan back. This is known as responsible lending, so any bank or institution who you lend cash off for your mortgage will want to know everything about your circumstances financially before they consider letting you borrow the money.
How to Apply
Before you apply for a mortgage you will need to check your credit rating and order credit reports to ensure that they are correct. Other information you will need to have are your last three months’ payslips, bank statements from all your accounts, utility bills, a passport or driver’s licence to prove your identity and a P60 form from your employer, or statements from your accounts if you are self-employed. Some lenders may wish to see more documents.
First-time Buyers
You need to be realistic when you work out how much you can afford on a new house. If you can get a Decision in Principle certificate then this is a big factor. Make sure you are aware of the expenses you are likely to incur in moving costs, stamp duty, conveyancing, council tax, electricity, gas and council tax. Other considerations for first-time buyers to take into account are what the public transport and schools options are like near the property in question, and what amenities there are.
Remortgages
Most people change mortgages as it will be cheaper for them, but some do it to consolidate their debts. You will need sound advice from C & R Mortgage Advisors before thinking about taking out another mortgage on a property, or switching to a different one.
Note: Think carefully before securing other debts against your home.
Consolidating debt may reduce your outgoings now, but you may end up paying more overall.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Buy to Let
You need good advice if you are thinking about becoming a private landlord. It can be time-consuming and you need to think about the costs involved. These include the upkeep of the property, using a letting agent to get your property occupied, insuring the property and making sure your gas and electrical appliances are up to scratch. However, through income such as rent, there is a way of making money and buying property is often seen as a good investment.
Your property may be repossessed if you do not keep up repayments on your mortgage.
"The Financial Conduct Authority does not regulate some forms of buy to lets."
Most Buy-to-Let mortgages are not regulated by the Financial Conduct Authority
Rates and Mortgages
It is always good to get sound advice about the length of time you want to pay your mortgage over. A longer mortgage can mean you paying less back every month, but it means you may have to repay a greater sum because of the length of time it takes for you to pay the lender back.
