In a nutshell, mortgage rates are charged when you take out a mortgage to buy a property. You could be approaching a bank or building …
Guides To Mortgages
Looking for a mortgage for your new home and wonder how much can you borrow? Perhaps you are comparing the current mortgage rate for your property?
Choosing a suitable Mortgage Broker & The Key Questions You Will Need To Answer
Will you need a Further Advance – This is when you take on more borrowing from your current mortgage lender and is often at a different rate to your original mortgage.
Mortgage Valuation compared to Purchase Price – essentially meaning can you afford the mortgage for the current price of the property (this is often subject to change in the properties value.)
What is your annual income? – If you are self-employed there are several further considerations to your income (i.e. how many months you have been trading, what are your projections year on year)
What is your Deposit amount? Do you have any outstanding commitments? – This could be an existing mortgage. An understanding of your monthly balance is needed.
Do you have any problems with your credit history? – This is needed for brokers to paint a picture of you as a lender. Important to be transparent to ensure you can make manageable payments.
There are seemingly an endless stream of questions to ask your mortgage broker. It is no wonder we all have so many questions, getting a …