How to get a mortgage - Step Three

Required Reading


  


How to get a mortgage - Step Three


Having prepared the ground in the way described above, you should next go along to see your building society (or bank) manager when you first start thinking of buying a property. Ideally, by now you should have saved enough to pay your estimated moving costs (see Section 2) plus enough for a decent-sized deposit.

The manager will give you an idea as to the amount you'll be able to borrow (see Section 4) and will probably make some observations as to the availability of funds.

But -and this is a big 'but' -he can't promise you a mortgage. In fact, it's not unknown for people to go along to a building society and be told 'There's no problem, you'll be able to borrow x thousand pounds as soon as you've found yourself a suitable property' -only to go back in a couple of months' time, armed with details of such a place, to be told 'Sorry, we've run out of funds -come back in three months.'


Read More on 90 % mortgages

How to get a mortgage - Step Two


If you're a first-time buyer, and are able to plan well ahead, it's a good idea to take advantage of the Home loan Scheme.

You have to save for at least two years with one of the savings institutions who are taking part in the scheme societies, banks, HSBC and others. You have to sign a form giving notice of your intention to save under the scheme, and, once you've completed your two years, you're in line for two benefits:

1 A cash bonus of up to 1110 (depending on the amount you've saved); and

2 An extra loan of 1600 is usually added to your mortgage but which is interest free for the first five years. You don't have to start repaying . . .... see: How to get a mortgage - Step Two


Current Mortgage Offers

  • At Commercialise Yourself you can compare mortgages using our repayment calculator, look for special offers for first time buyers or for 95% loan to value mortgages and see the most popular choices, Nationwide, Accord etc, we now even have a buy to let section for the brave or heart or strong of pocket! You can send us an email if you want to know more about mortgages and what we do and we will get back to you as soon as we are able. offers@commercialise.org.uk

     

    Finding the right mortgage can be stressful, but we’re here to help you every step of the way.

    Even if you have no proof of income, poor credit rating or facing repossession of your home, we can normally say YES (even if the high street lenders have said NO)!

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but our average fee is 2.36% of the loan value. We are authorised and regulated by the Financial Services Authority for regulated mortgage and non-investment insurance contracts.