What type of mortgage should I have?

This is by far the most common question asked, not only for first time buyers but by those who are re-mortgaging or buying for the second time. Since taking out your original loan your circumstances may well have changed considerably and a different type of mortgage may well make sense. Mortgage-Adviser-UK will talk you through this as every case is different thus helping you come to the correct decision.

How much can I borrow?

As a rough guide, most Lenders will allow you three or four times income or in the case of a joint mortgage two and a half to three times joint income. These figures are commonly known as ‘income multiples'. The size of the loan may also depend on the type of property you intend to purchase. You may find some lenders offer a higher income multiple if your credit score is high or if you are a professional such as a Doctor or solicitor. For a guide to you borrowing potential and monthly costs click here for mortgage calculator, for a free personal illustration and the repayment costs contact your Mortgage Consultant at Mortgage-Adviser-UK, 08000 43 43 44

Are there any other costs involved?

As well as the actual price of your new home there are a lot of other extra costs to consider. See Fees, Before deciding how much you can afford use our budget planner or contact one of our Mortgage Consultants on 08000 43 43 44 who will discuss with you the costs.

Can I get a mortgage with bad credit history?

Mostly the answer is yes,However it will depend on the amount of deposit you have and how bad the credit history is, This type of lending is commonly known as Adverse credit lending or Sub –Prime, recently there have been lots of new lenders specialising in this area giving more competition therefore forcing the rates down giving you the consumer a better deal.

Should I arrange a mortgage before I find a home?

This is becoming more and more important to do as you will be in a good position to move quickly when you do find the home you want, thereby reducing the risk of losing out to a cash buyer. It also confirms the amount you can borrow, therefore how much you can offer for the house you want.

I've found the house I want to buy, what next?

Once you have found your new home you should make an offer to the Estate Agent selling the property. Do not be told that your offer will only be accepted after discussing your arrangements with their Financial Adviser or Mortgage Consultant. Check out the design your own mortgage and an adviser will give you an illustration of the best deal.