How to get a mortgage - Step Two

Required Reading


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 -building 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 -which is usually added to your mortgage but which is interest free for the first five years. You don't have to start repaying it until the five years are up, either.

There are various important conditions attaching to this scheme -for example, you must have at least £1300 saved one year before you apply for the benefits, and to get the £1600 loan you must have saved at least £1600 yourself. Full details are available from most post offices, building societies and banks.

Read More onlifetime mortgages

How to get a mortgage - Steps you need to take Step One

The first thing to do soon as that ideal home is a twinkle in your eye to start saving with a building society. At the time of writing, quite a few societies were making it a condition that you had to save with them before they would think of giving you a loan, and two of the major ones, Alliance and Bristol & West, both had rulings that you should have been a saver for at least a year with them have saved 0.1 of the purchase price.

Many societies leave it up to the discretion of their branch managers to decide reason why it would be a good idea to go along and have a talk with them at the earliest possible opportunity. . . .... see: How to get a mortgage - Steps you need to take Step One

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.


    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.