First Property

 

NEWS 1:-

The Mortgage Crisis for First Time Buyers who are hoping to buy.

If you are looking to buy your first property then things are looking good for you at the moment. Property prices are falling (and have been for the last 6 months) so you can just sit back and see what happens.

If you are living at home with your parents then start saving as much as you can for a deposit as there are no 100% mortgages about at the moment. In all likelihood the best you will get is 90% LTV (loan to value) which means you need to raise a 10% deposit as well as considering any legal fees and removal expenses. But save you must as property values will hit a low and it's at this point you want to be in a position to buy the property you want. That time might be now or in a few months yet but nevertheless an independent financial advisor will help you get a decison in principle (effectively an offer from a lender) so that you know you have the mortgage you need.

NEWS 2:-

The Mortgage Crisis for People with Bad Credit History


Unfortunately it is now more difficult for people with a bad credit history to get a mortgage.

This is because lenders are becoming more cautious with the current economic situation and are drawing back from anything they regard as slightly risky. They want to lend to people with good credit, a steady income and who they would consider low risk.

Whether you can get a mortgage if you have bad credit will depend on your exact circumstances. How much of a deposit you have and the extent of your credit problems and how long ago they were etc.

Before applying directly to any lender you should seek independent advice. If you apply to a lender the chances are they may do a credit check. If this happens and you are turned down this will make it even harder to get you a kmortgage as it will affect your credit rating.

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Self Certification Mortgages

Self cert mortgages are for people who may have difficulty in proving their income. Although they are often associatd with the self employed they are available to people from all walks of life regardless of their employment status. This could include employed people such as waiters or sales people who may receive a basic provable income but this is substantially higher with tips or bonuses.

Self cert mortgages are the same as regular mortgages but you do not have to prove your income. All you have to do is provide a signed declaration of your income and your ability to afford the mortgage you re applying for. Your accounts will not be checked and you will not have to prove your financial or employment status. The only checks made on you will be the standard credit checks.

Always get independent advice on these products! To speak to an independent FSA (Financial Services Authority) regulated mortgage advisor now complete our no obligation enquiry form below. This service is completely free and your personal broker is under obligation to give you 'best advice' depending on your circumstances and requirements. Your personal independent broker may suggest other mortgage products to you that you may be unaware of.

Please tell us about yourself
Required mortgage type
Title
First name*
Last name*
Date of birth*
Postcode*
House Number*
Telephone*
Mobile*
Email Address*
Is this a single or joint application?* Joint    Single
Your property and mortgage details
Mortgage amount required (£)*
Approx. amount of any unsecured loans (£)
Have you found the property you wish to buy?*   Yes    No
Would you like to save money on your life insurance? Yes    No
Would you like to save money on your buildings and contents insurance? Yes    No
Your circumstances
Please tick any of the following that apply to you. This will not hinder your mortgage enquiry but will help us find the most suitable product for you.
Have you or the joint applicant had a CCJ in the last 3 years?
Have you or the joint applicant ever had an IVA?
Have you or the joint applicant ever been declared bankrupt?
Have you or the joint applicant missed any mortgage or secured loan payments in the last 2 years?
Any other information


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