Mortgage lenders rely heavily on your credit score to assess your eligibility and the terms they’ll extend to you. It serves as a means to construct a comprehensive picture of your financial track record and reliability, as well as to predict your future financial behaviour. This report informs lenders about the level of risk associated…
You’ve likely come across the term ‘fixed-rate mortgage’ – but what does it actually mean, and is it the right choice for you? Here’s a brief guide to understanding fixed-rate mortgages: what they are, how long you might want to fix your rate, and some alternatives to consider. What is a fixed-rate mortgage deal? A…
When applying for a mortgage, your main concern is typically to find out how much you can borrow. Given that borrowing a large amount poses risks for both you and the lender, it’s crucial to prove that you can afford the repayments for the duration of the term of the mortgage. Therefore, an affordability assessment…
Searching for a mortgage involves securing funds from a lender to purchase a home, a process nearly everyone must undergo. During this the lender will evaluate your financial situation, affordability, and credit score. Additionally, they will look at your deposit and where it is coming from. Understanding the varying interest rates and terms of different…
Simply put, a mortgage offer is the formal documentation from the lender, confirming the valuation, checks, and approval of your chosen property. It’s provided after you’ve submitted all necessary financial and property details, and the lender has assessed and verified your eligibility. What is included in my mortgage offer? Your mortgage offer documents will include…
When the time comes to upgrade to a new family home or relocate for work, you’ll likely have questions about your existing mortgage. You have the option to either port your mortgage or remortgage. But what’s the difference between porting and remortgaging, and how do you choose which one is best for you? This guide…
When it comes to getting a mortgage, many go straight to the bank or building society where they currently hold accounts. While this approach has its good reasons, it can mean that you’re limiting your choices. To ensure you secure the most suitable mortgage for your circumstances, it’s advisable to thoroughly explore all available options.…
Couples facing separation or divorce encounter numerous financial challenges. And among the most daunting and time-sensitive is handling a property owned through a joint mortgage. With joint mortgage agreements, both parties remain legally responsible for the mortgage payments, even if one partner moves out and incurs additional housing costs, such as rent. This shift from…
Over the past few years, there has been considerable discussion about the difficulties faced by individuals on a zero-hour contract, particularly when it comes to obtaining a mortgage or remortgage deal. Most mortgage lenders require substantial evidence of a stable income source before considering a mortgage application. However, due to the unpredictable nature of zero-hours…
So, you’re thinking about buying a home? We understand that applying for a mortgage can seem like a daunting thing to do, but it doesn’t have to be. First things first, be prepared as applying and getting a mortgage involves a hefty amount of form filling; and you will need to provide lots of different…
