So, you’re ready to become a homeowner! But first, let’s talk about the essential piece of financing it: a mortgage. A mortgage is essentially a loan designed to help you buy a property. Because few people have the full cost of a home in savings, a mortgage allows you to borrow from a lender. But…
Looking to buy a new build but struggling with a large deposit? The Own New scheme could be the solution you need. For many hopeful homeowners, saving for a substantial deposit can make homeownership feel out of reach. While the 95% mortgage scheme supports existing homes, it often doesn’t extend to new builds, which typically…
Taking the leap toward homeownership is an exciting milestone, but if you’re looking at getting a mortgage and don’t know where to start, you’re not alone. Preparing for and securing a mortgage involves several key steps, but with the right guidance, the process can be much easier to navigate, especially for first-time buyers. Step 1:…
Buying a house, especially for the first time, can be both exciting and overwhelming. However, by breaking down the beginning process step by step, it becomes much more manageable. Determine what you can afford The most important step before you start looking to buy a house is to find out how much you can realistically…
Buying a home is exciting, but amidst the anticipation of new kitchens and beautiful gardens, one key factor shapes your home-buying journey: your borrowing power. So, what exactly is borrowing power, and how does it influence your property goals? Don’t worry, it’s simpler than it sounds. Borrowing power refers to the estimated maximum amount a…
Are you dreaming of becoming mortgage free? Here are our top tips to help you pay off your mortgage early and enjoy financial freedom. Achieving mortgage freedom is a goal many homeowners strive for—who wouldn’t want to live without the burden of monthly mortgage payments? The idea of being mortgage free opens up a world…
For many first-time buyers, the biggest challenge is saving enough money for a deposit. Without a deposit, many lenders may be hesitant, making it difficult to get a mortgage offer accepted. However, by acting as a mortgage guarantor, you can help someone secure their dream home. Just be sure you understand what being a guarantor…
Have you found your dream home but are unsure if your debt will impact your mortgage eligibility? From student loans to bankruptcy, it’s essential to understand how various types of debt can affect your chances of securing a mortgage. Understanding what mortgage lenders classify as debt can help you minimize the risk of loan rejection.…
Your credit score plays an important role in how lenders assess your eligibility for a loan. However, even with a poor credit score, getting a mortgage is still possible. This blog will explore ways to improve your score, explain how your credit score affects the amount lenders are willing to offer, and clarify what constitutes…
Let’s start with the basics and discuss what a gifted house deposit is. A gifted deposit is money given to you, usually by family, to help with your home deposit. This money doesn’t need to be repaid and doesn’t give the giver any ownership stake in your property. However, be mindful of potential inheritance tax…