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Getting a mortgage

Before we can get a mortgage, it is very important to save up a substantial deposit.

The more deposit you have, the less money you will need to borrow for a mortgage. There are many ways in which you can try and save for a deposit and then the next step is to go to a financial adviser and enquire about getting a mortgage. The most popular and best way to save for a deposit is to move in with your parents if at all possible, this will hopefully bring your outgoings from your salary down a lot and then you will be able to save quite a lot and faster than you would otherwise be able to. If you cannot move in with them and you are renting somewhere, it may be worth looking around and trying to find somewhere to rent that is less money and save the rest as well as making some minor changes which will all add up in the end and contribute towards your end goal and a higher deposit. Especially in the case of buy to let, the more you have to put in initially, the better, in fact you have to put in more than you would for a normal property purchase.

Mortgage Rates

Loans

Buy to let

Mortgage Broker

Finance

Rent

Analysis

Property

You need to look at your finance and what you think you can realistically afford a month and then they will need to check your background, things like credit history, salary, what your other outgoings are etc. They will need to take a lot of things into consideration to make sure they will get their monthly repayments back. You will also need to take into consideration, what if things like the interest rates go up – would you still be able to afford the monthly payments? You will need to show proof of last 2 years of earnings through your job, if self employed, will need to show your accounts and any bonuses or anything you receive maybe yearly through your job may also be worth letting them know about.

Hopefully however, with the help of our online Mortgage calculator, you should be able to decipher what your monthly repayments would be after adding in what the property is worth, how much deposit you will be adding, over how many years you intend to pay the mortgage back etc. Once you have added this information into the calculator you will get an idea of what your monthly repayments will be. Then get back to your mortgage adviser to find the best lender for you and for the best rate. You will now have a rough idea in your mind what you should be looking to pay and if the mortgage broker is way off, you can show him the calculator and what the price actually should be near. Then the property purchase should not be far off at all. Once you go through all the documents required by the mortgage broker with them and they send these off, you should get a decision quite quickly.