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Hot Topics
- How Much Can I Afford?
- You have to be very careful when buying a house to be sure that you will be able to afford the monthly mortgage repayments – as you risk losing your home completely if you find you simply cannot afford it.
- How Much Deposit Do I Need?
- As a general rule of thumb, you need to make a deposit of about 5 – 10% of the total amount you are borrowing.
- What Are The Different Ways You Can Pay Off a Mortgage?
- Capital & Interest - otherwise known as a repayment loan. The borrower pays an amount each month to cover the amount borrowed and the interest charged on that.
- What are Self Certification Mortgages?
- When you apply for a mortgage, the lender will require from you proof that you will be able to maintain the mortgage payments, and do not present a risk of non-payment for the large amount of money you are borrowing.
- What Happens If I Have Bank Defaults?
- If you have failed to meet payments on a credit agreement such as secured loans, unsecured/personal loans, credit cards, store cards or car finances etc, or you have failed to comply with your lender’s requirements, you will be described as having 'defaulted'.
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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