Making the mortgage and insurance game less complicated
When looking at what you’d like to borrow, there are numerous factors that our lender partners will consider. These include things like your deposit, the property purchase price you’re looking at, any financial commitments you may have and the length of how long you’d like to take the mortgage over. Generally the average calculation without considering all of the above is around 4.75 multiplied by your annual gross salary. This is for a residential property. If you’re looking at a Buy to Let property, then they base what you can borrow on the rental income you can achieve. We have numerous lenders who can stretch income multiples even further based on your situation so talk to us and we will run some of the numbers for you.
Typically for a residential property, the minimum deposit you will need to purchase start from 5%. Some government schemes will help with your deposit but you will still need to put in a minimum of 5%. For a BTL property, the minimum deposit is 20%, however the majority of lenders will require a 25% deposit.
These again will vary depending on what you’re looking to do. The general documents that most lenders will want to see will be...
1. Either 3 months of salary credits if you’re employed or 2 years of tax. assessments if you’re self employed.
2. 3 months personal bank statements evidencing your salary credits and day to day living expenditure.
3. Proof of your deposit by a way of a savings account or evidence of money being gifted.
All other documents will depend on if you’re using other income to support your mortgage application. Finally, you will need to provide identification and proof of address but with our fantastic technology, we should be able to electronically verify you which would mean we may not need to see your originals.
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Anim pariatur cliche reprehenderit, enim eiusmod high life accusamus terry richardson ad squid. 3 wolf moon officia aute, non cupidatat skateboard dolor brunch. Food truck quinoa nesciunt laborum eiusmod. Brunch 3 wolf moon tempor, sunt aliqua put a bird on it squid single-origin coffee nulla assumenda shoreditch et.
The repayments calculator helps you to work out how much your monthly payments could be.
The repayments calculator helps you to work out how much your monthly payments could be.
Download our Booster guide to get into the nitty gritty of how your family member could help you buy your dream home.
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