Mortgages
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So the time has come to leave the nest and make a start on your own in your own house, maybe you've outgrown your current home and are looking to upgrade. Or maybe you're looking for a better deal in the current market? Well the good news is there's thousands of different mortgages and lots of different providers to chose from.
A lot of younger people these days struggle to get onto the housing market, in some ways I was lucky I got on the housing markets in 2007, the maket for house prices was high but mortgages were easier to get. now jump to 2016 my £130,000 house is now worth around £95000 but getting a mortgage for first time buyers is a lot harder. This is mainly down the the way mortgage regulators have set rules in place so lenders can only lend on certain criteria, none of the 5x your salary like the olden days, one of the main reasons large banks such as Northern Rock went under. This is because its seen as un responsible lending. So whether you're a first time buyer, re mortgager or buy-to-let home buyer there's many ways you can go about securing your home. When I bought my house I had to visit branches to get more information have earnings proof etc etc nowadays its a lot easier to get quotes for mortgages before taking the net step. GoCompare.com lets you insert your details to one page and get a list of mortgage quotes without the hassle of repeating yourself multiple times! |
my personal experience
In 2007 I moved in with my then girlfriend, we'd been dating 18 months or so and she really wanted her own house, I looking back was quite happy at home with parents but wanted her to be happy.
We we browsed the local houses online and came across a few we liked, then to work out what we could actually borrow. Back in those days it was much easier to work out your potential limit. You took both applicants salaries X by 3.5 and that gave you the loan available. The house we wanted was on the market at £140000 but the max the bank would lend as £117000 which was 90% value or less, my mortgage provider didn't do 95 or100% loans. This meant we would of needed a huge £23000 deposit. How do you save that whilst still paying out goings? See my first time buyers section below for how I managed it.
I recently changed my mortgage too saving a huge amount read the remortgage section to find out more on that.
We we browsed the local houses online and came across a few we liked, then to work out what we could actually borrow. Back in those days it was much easier to work out your potential limit. You took both applicants salaries X by 3.5 and that gave you the loan available. The house we wanted was on the market at £140000 but the max the bank would lend as £117000 which was 90% value or less, my mortgage provider didn't do 95 or100% loans. This meant we would of needed a huge £23000 deposit. How do you save that whilst still paying out goings? See my first time buyers section below for how I managed it.
I recently changed my mortgage too saving a huge amount read the remortgage section to find out more on that.
First Time Buyer
Where do you start, you're thinking of buying a home,the box room at your parents just doesnt cut it anymore even though the Sunday roasts are awesome, its time to move out. What do you do?
Buy to let
Got spare money that you want a better return on than putting it in a bank? Investing in another property and letting it out could be an option. Companies offer buy to let mortgages to borrowers then the borrower using rental income to pay the mortgage. This is more of a specialist market than normal mortgages and A borker can be bery useful to help finding the corect type
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ReMortgage
You're not happy with your current provider or want to switch products with the current provider, what can you do?
Offset
Want to keep some savings for a rainy day but also save a good rate of interest on your mortgage? Well an offset could be for you. What ever funds you have saved you dont pay interest on that proportion of your mortgage. Click for more info
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