Frequently Asked Questions...
A mortgage is a loan used to purchase property and land. When you buy property or land, you will typically put down a deposit and use the mortgage loan to make the rest of the payment.
Mortgages are repaid over a long period. Speak to a mortgage advisor to understand the best repayment option for you.
Mortgage advisors, often called mortgage brokers, are very useful at helping you understand the mortgage process and finding you the best mortgage for your circumstances.
Often, mortgage advisors can provide you with options which are not available should you enter the mortgage process yourself.
A mortgage adviser can be helpful when making any mortgage application. However, mortgage advice can be particularly useful if you are a first-time buyer.
Speak to a mortgage advisor to start the process of finding the best mortgage for your circumstances.
The following questions are a good starting point:
- Are you a regulated mortgage advisor?
- What type of mortgage is best for me?
- How much mortgage can I get?
There is no reason that your mortgage options should be limited due to self-employment.
A mortgage advisor can help you to assess the best options. As well as ensuring that you have all the necessary documentation to prove you can repay the loan.
There are a variety of mortgage options. The main types of mortgages are:
Fixed-rate mortgages – Interest rates are fixed for some time during repayment, typically between 2-5 years.
Variable-rate Mortgages – interest rates can change throughout the repayment period
Other mortgage options include:
- Standard variable rate (SVR)
- Discount mortgages
- Tracker mortgages
- Capped rate mortgages
- Offset mortgages
A mortgage advisor will help you to assess the best type of mortgage for you.
Typically, you’ll need a deposit that is at least 5% of the property’s value. It is normal to see deposits ranging from 5% right up to 20% of the property value.
A mortgage advisor will be able to help you assess the best option for you based on your circumstances.
It is possible to get a mortgage if you have a bad credit score, although, it is likely that you will pay a higher interest rate.
There are many options available for people with bad credit, and a mortgage advisor will be able to help you assess the best options.