One of the major expenses when buying a home is the deposit. The deposit is the upfront sum you contribute towards the purchase price and is usually a percentage of the total cost. How much deposit do you need? The required deposit amount varies based on factors like the property’s price and the type of…
If you’re planning to apply for a mortgage, you might be surprised to learn that your gambling habits could be considered during the application process. Mortgage lenders evaluate the level of risk you pose as a borrower, similar to how you’d be cautious about lending money to someone who might struggle to repay it. Understanding…
Buying a new home is an exciting journey, even if you’ve not applied for a mortgage before. Working with a knowledgeable adviser can simplify the path to being best prepared for a mortgage. Whether you’re a first-time buyer, exploring a remortgage, or contemplating relocating, taking specific steps can accelerate the mortgage process. By preparing yourself…
When buying a new home, you’ll likely have to pay Stamp Duty Land Tax (SDLT). Here’s a simple guide to how it works, when it applies, how much you’ll need to pay, and how to pay it. Note, this article is for individuals only, not for companies purchasing properties. What is stamp duty? Stamp Duty…
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…