Alex James IFA Ltd have a clear advantage over direct lenders, whereas banks and building societies may only offer their own mortgage products, as independent advisers, we have access to virtually the whole UK mortgage market. Some of which are exclusive products, designed for clients with specific requirements. For most people, purchasing their home is the largest single investment they will ever make. Few purchasers can buy their property outright from their own resources and a loan of some sort will usually be necessary. Generally the type of loan arranged is a mortgage, which simply means that the property is the security used to raise the loan.
We have experience in dealing with all types of mortgage transactions and offer a combination of different options, if we are dealing with other financial planning matters we are flexible with our brokering fee and will take this in to consideration – our promise to our clients is to provide the best service we can, the right service within the timescales we have.
Mortgage lenders always look at the commitment you bring to the table, No matter how much your income may be, the deposit will always play a fundamental part in the mortgage selection process. We may be able to find you a lender who will consider an application with a smaller deposit however the rate will reflect this.
Acceptable forms of income will be payslips,P60’s, trading accounts normally a minimum of 2 years, SA302’s issued by HMRC, Banks Statements. Other supporting evidence may be requested if required such an employment check. Please contact us for further information, we have extensive knowledge of the mortgage market and can speak to you about your individual circumstances.
It does help if you have a good credit history, there are many credit reference agencies that can provide you with information on your credit file, this is a worthwhile exercise if you have doubts however other factors such as deposit, income and the overall application will be reviewed to try and meet the lenders criteria.
It would be prudent to consider all costs when purchasing your new home, these costs can include stamp duty (price dependent), legal costs, mortgage arrangement fees levied by the lender costs, and most importantly deposit. Other associated costs when you move should be considered however this should not put you off purchasing a home, it just needs to be factored in, most of the costs are a one off.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Contact us for more information or to speak to a qualified advisor.