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how much can
I borrow? |
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| This is probably one of the most frequently asked
questions, and sometimes one of the most varied
to answer. Whilst the answer is often easy to calculate,
it is not as simple as you may initially think as
3 x salary! |
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| Some lenders will offer enhanced income multiples,
where as others will use their own unique affordability
calculation. Certain lenders will subtract any existing
credit commitments from the total that they will
lend you but alternatively there are some who don't.
Often the larger the size of deposit, then the greater
the amount the lender is prepared to offer. |
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| The simple way to find out is to talk to us about
your plans, and in particular, how much you think
you may need to borrow. Do so before you commit
yourself to something that may not be the best choice
for you! |
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what
will it cost? |
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| Possibly the second most important area of concern.
Again, the factors influencing your monthly cost
are simple - the amount you borrow, the term of
the mortgage, the type of scheme you choose and
the repayment method - but the balance within these
combinations can be many and varied. The main thing
to remember is that we make sure you are aware of
all your options in advance and in deciding your
own combination it is you that will determine how
much you will have to pay! |
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what is the best
scheme available? |
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| The mortgage schemes available at any one time
are many and varied, and liable to change at any
point often with very little warning from the lenders.
The most important part of deciding on THE BEST,
is to make sure that it is the scheme that best
fits your current situation, as well as taking into
account your future plans. |
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| Whether it is a fixed rate or Base Rate Trackers
you prefer, or if you need a scheme with lower up
front costs or need to rely on some cash back we
will listen to your requirements and make recommendations
that ensure you get the BEST DEAL FOR YOU! |
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no 5% deposit available? |
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| So you think you can't get a mortgage because
you don't have a 5% deposit available? Not true. |
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| We have access to the entire mortgage market place
which means no limitations on who we can apply to!
Through our comprehensive connections you could
be eligible for a 100% mortgage (with additional
costs added if needed) perhaps a cash back scheme
to cover the deposit amount; or alternatively, you
may choose to proceed with a 3% deposit instead. |
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| It is important for you to know however, that
not having a 5% deposit does not necessarily mean
that you will compromise on the competitiveness
of the mortgage schemes available! |
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buy to lets |
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| There are now 1000's more people who have become
landlords of their own property, and in some cases,
properties. In a market where the value of property
will continue to increase over the long term, but
maintains a regular influx of would-be-tenants it
is an ideal opportunity to invest in property -
for either short term gain, or perhaps long term
financial investment. |
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| The buy to let market does not need to be as much
of a minefield as some people believe. Whilst taking
new steps into investment can be a concern we can
advise you on the steps to take and the pitfalls
to look out for - to ensure that the end result
is a satisfying one. |
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| A minimum of 15% deposit will mean that a Buy
to Let transaction should be available to you. Again,
at Mortgage Business we have the advantage of being
able to select schemes from all lenders offering
a buy to let facility, so we can advise you on the
entire process, from all costs involved (including
legal and tenancy costs) to precautionary measures
to take. |
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| Don't let a lack of knowledge be the
one thing that prevents you from securing your future!
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what type of valuation
should I have? |
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| Mortgage valuation - |
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| The cheapest option and offers a limited inspection
of a property on behalf of the lender to ascertain
its suitability for mortgage purposes only. Purchasers
should not rely upon this report given its limited
scope, and should have a more detailed report carried
out if required. |
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| Homebuyer report & valuation - |
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| This is a more comprehensive option and should
be the minimum that purchasers consider. The report
includes information on the general condition of
the property, concentrating on significant defects
only, in a concise, pre-printed report format, including
a valuation. As a guide, the report is not, however,
generally suitable for the following: |
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• properties built prior to 1919
• large properties with a floor area
in excess of 2,000 sq. ft
• non traditional forms of construction
• properties clearly in a poor condition |
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| Full building survey - |
| The most comprehensive report and is the most
expensive. The report is based upon a thorough examination
of all accessible parts of the building and can
be targeted to specific features. It is suitable
for all properties, irrespective of age, size or
construction. The report should highlight major
problems and any potential trouble spots. It does
not normally include a valuation. |
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thinking of buying
abroad? |
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| Many more people are considering buying property
abroad these days, whether it be for use as a holiday
home, an overseas rental opportunity, or possibly
an investment for their retirement years. Mortgage
Business have access to overseas mortgages in most
European countries, but also as far afield as South
Africa, Canada or the Middle East. These countries
often apply their own unique criteria when attempting
to buy property, but in the main it may be possible
to borrow anywhere up to around 85% of the valuation.
For further details contact one of our advisors
who can provide additional, specific requirements.
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can I have a commercial
mortgage? |
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| If you are running your own business and want
the opportunity to buy premises or perhaps you already
have a commercial outlet but would like to look
at the options to refinance, then we can provide
you with advice and recommendations on commercial
mortgages. You don't need to be in business already,
nor have a lengthy track record of accounts, although
it would be useful! You can combine your business
account into your loan, and even offset any capital
you may have to reduce your mortgage term... so,
if you are thinking of branching out, expanding
your business outlets, or just about to start off
in business on your own, then contact us now for
assistance. |
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Your home may be repossessed
if you do not keep up repayments on your mortgage.
Changes in the exchange rate may increase the sterling
equivalent of your debt.
You choose how we are paid: we can accept commission from
product providers, or you pay a fee of usually 0.5% of
the loan amount.
The FSA do not regulate some forms of mortgage.
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