After years of saving and months of searching for the perfect property, jumping at the first mortgage that comes along is not out of the ordinary. But it shouldn’t have to be that way – at SGFM, we’ll let you put your feet up while we search for the right mortgage for you.
Here are some important things you should consider before taking out a mortgage:
- If you’re struggling to get a mortgage, your credit score might be letting you down. Websites such as ClearScore and Equifax allow you to find your credit score online
- Remortgaging may come with large upfront costs, but could save you hundreds or even thousands of pounds in the long-run
- If you have the means, consider a mortgage which allows you to make overpayments. This will cut down the overall amount of interest you will pay over the course of the loan
- The higher the loan to value ratio (LTV), the more interest is typically charged on the loan
Getting a mortgage when you’re self-employed – how does it work?
Since the financial crisis of 2008, the rules and regulations surrounding responsible lending have constricted.
It means that, where once upon a time getting a mortgage was as simple as walking into a bank, applying for a mortgage is now an onerous process of trial and error.
And the process is most complicated for the self-employed. Most lenders will want to see at least two years’ accounts or tax returns (the more accurate the better – so you will want these completed by a chartered accountant), a clean credit history, and a sizeable deposit.
How much they lend to you will be determined by how much you’ve earned over the course of your self-employment. Don’t worry too much if you haven’t got years and years of accounts, as some providers can compare you against additional criteria.
As ever, always seek advice from your accountant and mortgage broker before you apply so you are confident you have the best chances.
Why more and more people are using SGFM to advise them on mortgages
We are independent – which means we’re not tied to any one provider or forced to offer you a substandard product.
The scariest part of buying your own house is the unknown. We make sure we’re here to give you advice from the very beginning of the process, to the very end.
We simplify the remortgaging process so that all you need to know is whether you can save money on your monthly repayments.
As part of Smailes Goldie Group, we are able to offer a comprehensive buy-to-let service supporting you from property purchase to property sale, making sure you’re aware of any tax traps and unforeseen costs down the line. We’ll find you a great mortgage, too.
Equity release has become an increasingly popular way for those aged over 55 to access the equity tied up in their homes, whilst continuing to live in them. The cash raised can be used for a variety of purposes – to clear mortgage debt or other loans, fund domiciliary care, make home improvements, pass on funds to children and grandchildren, or simply to bolster retirement income.
We take the time to get to know you and your current financial circumstances. We look at your existing arrangements and what you hope to achieve in the future. We then give you as much, or as little, independent mortgage advice as you want or need.
As part of the Smailes Goldie Group, we are able to offer you truly independent, cost-efficient advice, using the whole of the market to achieve your financial goals.
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