Hot Topics
- How Does A Joint Mortgage Work?
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When you decide to get a mortgage with another person – both your incomes can be taken into account. The general rule is that you can borrow three times the first income plus half of the second income, or two-and-a-half times the joint income.
- Company Directors
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Are you a company director and looking for a mortgage, or remortgage to refinance your home? Our mortgage partners can arrange a mortgage for directors and the self employed, even those with less that two years accounts & low profits.
- What is a Fixed Rate Mortgage?
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A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.
- Equity Release
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Equity Release is a means of using the value of your home to receive either a lump sum of cash or regular monthly instalments.
- What is Adverse Credit?
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If a borrower has a history of poor credit usage then this is described as Adverse Credit, Sub Prime or just simply, Bad Credit. Poor Credit history can include County Court Judgements (CCJ's), Bankruptcy, Mortgage arrears or any late payments on credit cards, credit arrangements etc.
How Do I Prove My Income?
When you apply for a mortgage you will normally have to provide proof of income. However, there are mortgages available, called Self-Certified mortgages, where this is not necessary.
If you're employed, should have to provide written evidence of your earnings for the last two years, either in the form of payslips and/or your P60. The lender may also write to your employer asking for confirmation. Earnings that are not guaranteed such as commission and bonuses do not generally count as part of your earnings.
If you're self-employed, it is traditionally more difficult to get a mortgage, and as a result there are lenders who specialise in self-employed mortgages. Most lenders now offer mortgages for the self-employed however, and with the right proof of income you should find it easy to get a competitive mortgage. You would need to show three years audited accounts, although if you haven't been in business for that long then the lender will accept a letter of confirmation from your accountant.
If you need a Self-Certified mortgage, then please mention this when you speak to the Mortgage Adviser who'll call you after you have completed the quotation request details on this website.
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