If you’re struggling to save a large deposit, a 95% loan-to-value (LTV) mortgage might be for you. This type of mortgage allows you to buy a home with just a 5% deposit. What is a 95% Mortgage? A 95% mortgage means you can borrow 95% of the property price from a lender, with the remaining…
Buying a property, especially your first home can be both exciting and slightly daunting, but by taking it one step at a time, you’ll realise it’s not as intimidating as it appears. Step 1: find out what you can afford There’s nothing wrong with looking at a six-bedroom house with a pool, walk-in wardrobe, and…
Saving up for a deposit to buy a property can seem daunting, especially with the current high cost of living. However, there are numerous ways that can help you in achieving your goal of buying a home. Consistent saving ensures your deposit is ready when you’re ready to buy, while also demonstrating to lenders your…
Understanding the impact of your credit score on purchasing a property is important, but equally as important is understanding what constitutes to a good credit score. Credit scores can range from 300 to 850 and are derived from the data in your individual credit report. Typically, three key factors influence a good credit score, all…
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…
