Can someone pay my deposit?
Yes, you can accept a deposit gift, and often lenders will accept you for a mortgage with a gifted deposit, but it must be a gift, and not a loan. They’ll require a document stating the gifter’s name, the relationship to the recipient and a statement declaring the deposit money is a gift, and not […]
Can I get a guarantor mortgage?
A mortgage guarantor is usually a close relative, or even a friend, who promises to make any mortgage repayments you might miss. Your guarantor would have to hold their savings as security for your mortgage, by putting cash into a savings account or linking it to your mortgage. Or your potential guarantor might offer their […]
What age can I get a mortgage up to?
You’re never too old to buy a home, and luckily lenders have started warming up to that concept in recent years. You should be able to get a mortgage up to any age, including retirement, so long as you can prove you’re able to make the repayments. Whether that be with your pension, substantial savings […]
I’ve missed payments in the past, will this affect my application?
Past missed payments can affect mortgage applications – however, having missed payments doesn’t necessarily mean you won’t get a mortgage. Lenders base their decision on a range of factors, and when it comes to missed payments they’ll look at: How long ago the missed payments were The amount of missed payments Type of credit owed […]
Can I get a mortgage with missed payments?
In short – yes you can get a mortgage with missed, or late payments. Missing payments reduces your credit score, which can make it difficult to find and secure a mortgage, especially if your missed payments have turned into arrears. This doesn’t mean you cannot get a mortgage though; it does however mean you might […]
What credit score do I need for a mortgage?
You don’t need a specific credit score to get a mortgage, in fact there is no universal credit score. Different credit agencies have different methods of scoring and different lenders have different requirement for accepting mortgage applications so there really is no set score you need to have to get a mortgage. Typically, a higher […]
Do I need bank statements for a mortgage?
Lenders often want to see your bank statements from the last three months to verify your income and outgoings – but several banks have been moving away from this practice and have started focussing on credit score to determine eligibility. You should have your bank statements to hand while applying, and be aware that they […]
What is a mortgage in principal?
Also known as a Decision in Principal, a mortgage promise or an agreement in principal, a mortgage in principal is a statement from your mortgage lender stating the amount they’re willing to lend you – subject to final checks, which can be of huge help while house hunting or discussing home improvement with a builder. […]
How long do I need to be in my job to get a mortgage?
It’s best to be in continuous work for at least 12 months before you get a mortgage, but not essential. Some lenders offer mortgages to people who have been employed for less time, say 3-6 months, and it’s even possible to get a mortgage while you’re in your probationary period, but this is often not […]
What deposit do I need?
To buy a house in the current market, you’ll usually need at least 5% of a property’s value. Saving a larger deposit can give you access to better products and lower interest rates, but 5% of the property’s value is accepted by many lenders and can get you onto the property ladder. If you’re struggling […]
How do I apply for a mortgage?
How do I apply for a mortgage? All lenders follow a similar process, but the requirements can vary from lender to lender. Below is a rough guide on what normally happens when applying for a new mortgage. It’s a good idea to speak to a mortgage broker to see if it’s likely you’ll be able […]
How long does it take to get a mortgage approval?
The initial lenders decision in principle can take minutes to around 24 hours, this is based on your basic personal, income and credit file information, plus your lending requirements. The amount of time it takes to get a mortgage offer (full approval) depends on the additional information a lender needs, but can typically take between […]
What are the other fees with buying a house?
The largest expense you’ll probably face when buying a house is the mortgage. There are other fees you’ll need to budget for as well. Mortgage Booking – not always chargeable and sometimes known as an application fee, this is charged by the mortgage lender and covers the cost of ‘booking’ your loan product while your […]
