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A Self-Employed Mortgage is a type of mortgage designed for individuals who work for themselves and do not receive a regular salary from an employer. Self-employed individuals may find it more challenging to obtain a mortgage than those who are employed, as they typically need to provide additional documentation to prove their income, such as tax returns, business accounts, and bank statements. In some cases, lenders may also require a larger deposit from self-employed borrowers. Self-employed mortgages may also have different eligibility criteria and interest rates than traditional mortgages.
It is important for self-employed individuals to plan ahead, keep accurate records, and seek professional advice to help improve their chances of getting approved for a mortgage. This may involve working with a specialist mortgage broker who has experience in arranging self-employed mortgages. By taking the time to prepare, self-employed individuals can increase their chances of securing a mortgage that meets their needs.
A Professional Mortgage is a type of home loan that is designed specifically for individuals who work in certain professions, such as doctors, dentists, lawyers, and accountants. These mortgages are intended to provide easier access to home ownership for those who may have high earning potential but limited funds for a large deposit. Professional mortgages typically offer higher borrowing limits and lower interest rates than traditional mortgages. This is because lenders view professionals as low-risk borrowers due to their stable income and career prospects. Lenders will typically consider factors such as the borrower’s professional status, earnings potential, and employment history when assessing eligibility for a professional mortgage.
Some professional mortgages also offer flexible repayment terms, such as interest-only options, which can be useful for individuals who may have variable income streams. It is important for borrowers to work with a mortgage broker who has experience in securing professional mortgages, as they can advise on the best lenders, rates, and terms for each individual’s unique circumstances.
An Eco Cash Back Mortgage is a type of mortgage that offers cashback incentives for energy-efficient upgrades made to the property. The cashback amount offered may vary depending on the lender and the specific improvements made, such as upgrading insulation, heating systems, or adding renewable energy sources like solar panels. The idea behind an Eco Cash Back Mortgage is to encourage homeowners to make environmentally-friendly upgrades to their properties that will help reduce carbon emissions and lower energy bills.
By incentivizing energy-efficient upgrades, Eco Cash Back Mortgages can benefit both the environment and homeowners. It’s important to carefully consider the costs and benefits of making energy-efficient upgrades before taking out an Eco Cash Back Mortgage, as there may be additional costs associated with making the upgrades that need to be taken into account. It’s also important to check the eligibility criteria and terms and conditions before applying for this type of mortgage.
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What differences does the mortgage process have for first-time buyers?
The mortgage process can be intimidating for a first-time buyer, but it is no different than for someone purchasing a second or third home. When it comes to buying a home, everyone has a different experience as some say it’s the most stressful time of their lives, while others have no problems at all.
What is an Agreement in Principle?
When referring to a ‘Agreement in Principle’ it is the first step in the mortgage application process. It confirms the amount you can borrow based on your income and outgoings in comparison to the mortgage you need. It is still dependent on complete lender underwriting, but it is only the agreement before the full mortgage application is submitted.
How much can First Time Buyers borrow?
When it comes to referring to first time buying and how much they are able to borrow Individual circumstances vary, but ‘Help to Buy’, for example, will allow you to borrow up to 4.5 times your income, with some lenders allowing you to borrow up to 4.9 times your income. It is best to consult with a mortgage broker who will be able to assist you by incorporating your income, outgoings, purchase price, and loan to value ratio to evaluate how much you may borrow. However, what people fail to consider is that they have other credit obligations. They may have a credit card, a personal loan, or a higher purchase on a car loan which then may affect their borrowing ability.
What deposit is needed for a First Time Buyer?
First-time buyer deposit requirements vary depending on the scheme, with some offering 5% deposit options, while others offer mortgages with the same deposit requirement. A larger deposit generally results in lower interest rates and monthly mortgage payments. A 10% deposit is recommended as it often results in a considerably lower interest rate than a 5% deposit, resulting in substantial savings in the long term. It is advisable to pay a larger down payment if possible.
How do I know what my credit score is – How do I improve it?
Knowing and improving your credit score is essential for obtaining a mortgage. A low score will limit the amount you can borrow, and late payments on bills or loans could raise concerns for lenders. Equifax and Experian offer free or trial services to check and improve your score.
What help is available for First Time Buyers?
Help to Buy is a government scheme for first-time buyers that allows a lower deposit on newly built properties, with a government loan for 20-40% equity that is interest-free for the first 5 years. Shared ownership is another option, where buyers own a portion of the property and pay a mortgage plus rent on the remaining percentage.
What fees are involved when buying a house?
When buying a house, the main payment you will face is Stamp Duty, which is a land tax paid upon finalisation of your home purchase. Other fees include product fees for mortgage acceptance, conveyancer searches, and surveys to check for structural problems. There are three types of surveys: mortgage survey and valuation, homebuyer’s report, and structural survey. Insurance options such as life insurance and buildings/contents insurance are also recommended for peace of mind.
How can a Mortgage Broker help if you are a First Time Buyer?
In short, brokers can save time and money compared to going through a bank. Profile Capital helps clients secure their property faster, processing mortgage loans within 24-48 hours of receiving all necessary paperwork.