The easiest way to get a mortgage in Covid times

Covid-19 has really shaken all aspects of our life and taking a mortgage may feel like walking through maze these days!

You may easily get lost looking at options and frequently changing lenders' criteria...😕

The rules on mortgages keep changing daily whether it be employment assessment or affordability criteria, the way lenders look at self-employed income, changing interest rates, different rules on deposit amounts and sources that are acceptable - it is really hard to keep up with all this when you are on your own. The last thing you want it to waste your time and nerves and risk being declined by the lender.

But don't worry, we can minimise the risk and eliminate all the stress and frustration by finding the most suitable deal for you.🧐

We speak to lenders daily and get their updates so you will have the peace of mind and enjoy the excitement of your new home👨‍👩‍👧‍👦🏡

Speak to us - we will take you step by step on your home ownership journey.

Deposit for mortgage - All you need to know!

John took a loan to be used as a deposit but he soon realised he won’t be able to get a mortgage anyway❗️ He ended up with a loan and with no mortgage….All this could have been avoided if John followed Rule number 1 in a house buying process… What's rule no.1?

'If you are planning to buy a house, Always Speak to a Qualified Adviser First👩‍🎓'.

🏦Lenders have very specific criteria that dictate which deposit sources they accept and which they don’t.

Brokers and solicitors also need to check the source of deposit to confirm it is acceptable by the lender. There is no limit to the amount of evidence that can be requested to prove the source of deposit. Typically, you will be asked to evidence by bank statements, gifted deposit letters signed by the person gifting, legal paperwork if deposit is from, let’s say, a sale of another property or land, etc. What can be used as a deposit then?: ➡️SAVINGS - most commonly used and can also be topped up by Government bonus if you are a First Time Buyer ➡️GIFTED FUNDS - lenders are specific who can and who cannot gift ➡️EQUITY IN YOUR EXISTING PROPERTY - if you already own a house, some of its equity may sometimes be used as a deposit ➡️DISCOUNT FROM A GOVERNMENT SCHEME, e.g. Right to Buy - with some lenders you will not need to have any extra deposit as your discount counts as one ➡️GUARANTOR - there are legal implications so best ask the adviser first ➡️LOAN - although it is possible, you will be drastically limited to the choice of lenders, your affordability will be impacted and you may still not fit other lender's criteria❗️ These are just some ideas and, as lenders have lots of other criteria for you to meet before they offer you mortgage, ❗️ALWAYS SPEAK TO A QUALIFIED ADVISER FIRST❗️ If you have any mortgage related questions, we are here to help.