- Did you know that student loans are taken as a monthly commitment by lenders and may affect affordability? Do you have any other debts? Can you keep them or do you have to pay them off to borrow what you’d like?
- How much do you want to pay a month? Of course, we don’t want all of our salaries going towards our mortgage payment- there’s more to life than paying your mortgage. We need to understand what works for you and what makes you, you.
- Do you have a quirky income? Is it not as simple as getting your basic pay, paid 12 times a year? Do you receive regular or sporadic bonuses, commission, overtime, etc? Will lenders take 100% of all of your pay, or a lower percentage?
Well, partly, it depends on your affordability - how much can you borrow? Equally, what property values are you looking at?
Saving for the deposit is arguably the hardest part of getting a mortgage.
Covid-19 threw the market a little of sync, to say the least, and most lenders withdrew deals for people wanting to put smaller deposits down ( 5-10%). The good news is that they are creeping back. This means that in some cases you can put down as little as 5% of the property value, assuming you can borrow the remaining 95%.
You may have a family friend or know someone who works in a solicitor’s firm who’s offered to do the legal work for you. Or perhaps you’ve been offered a ridiculously cheap package and you’ve paid them already, but have you checked if the lenders will work with them at all?
All lenders will have a panel of approved solicitors that they chose to work with and most often than not you can find yourself in a pickle if you’ve handed over the cash, they aren’t accepted by the lender and they won't give the money back.
The best thing to do is just check with us! We can help guide you in the right direction, you may still be able to use your chosen ones without needing dual representation.