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Banks and building societies tend to be the first port of call for people looking for a mortgage. While it’s true that most high street banks do offer mortgages, you should bear in mind that there are lots of lenders, each offering their own specific range of products. Your situation could be better suited to a different product.
Will I Be Able To Get A Mortgage?
Assuming that you receive an income and do not have any missed payments or defaults against your name, you should be able to get a mortgage with many of the long list of lenders. Every application, however, is assessed individually.
When making an application, a lender will look at your employment history and whether you can afford the repayments. They will also consider personal details such as age and credit score, as well as details of the property and mortgage. Every lender has different criteria, too, and will use their own credit scoring system.
While credit scoring systems can be complex, this also means that even if you have been turned down for one mortgage, you can apply with a different lender and potentially see a different result. Even the passage of time can improve your chances. Lenders change their own scoring system according to a number of factors, but primarily according to the amount of money they have to lend at the time.
The Mortgage Store can help you determine which lenders may be suitable for your current situation.
What Size Mortgage Can I Get?
Again, this depends on market conditions, as well as the lender you approach and your own personal circumstances. A general rule is that you can borrow up to four times your annual salary, but with a good credit profile, you could borrow as much as five times your salary.
Even this begs the question of what is considered salary. Some lenders will take benefits, dividends, investment income, and even overseas income into account; others will not.
If you are applying for a mortgage with your partner, you can expect to borrow anywhere from three to five times your joint salary.
One of our advisors will be able to look at your income and expenditure, as well as details of your credit report, and determine the most likely borrowing limits.
Will I Need A Deposit?
It can be very difficult for first-time buyers to get a decent deposit together. Some lenders will currently accept a 5% deposit, but it is more likely that they will require 10% or even 15%. What’s more, a smaller deposit means that you will have to meet strict criteria and will likely be met with higher rates.
As a mortgage broker that compares products from across the market, and not just high street lenders and banks, we can help ensure that you get the best deal on your first mortgage.
Strictly speaking, 100% mortgages no longer exist. Some lenders, however, can secure you a loan to cover the deposit amount so that you do not need to find the initial investment yourself. If you have the income to repay a loan and a mortgage, but do not have any money for a deposit, contact one of our advisors today to see if we can help.
How Much Will My Repayments Be?
Your monthly repayments will vary according to the total amount you borrow, the term of your mortgage, fees accrued, and the interest rate. 25-year mortgages used to be considered standard, and while this term does remain popular, it is possible to borrow over a longer or shorter period, which will increase or decrease your repayments.
The Mortgage Store is an across the market mortgage broker, and we can help find the ideal mortgage product for your circumstances. Speak to one of our specialist advisors today and find out what is on the market that could benefit you in the hunt for your first home.
How can TMS Princes help?
We’ll take the time to understand your circumstances, explain your mortgage options in plain English and discuss the costs and considerations.
Whether you have a clear plan or are just exploring what might be possible, we’re here for a conversation.
Ready to discuss your options?
Complete our enquiry form and we’ll be in touch to arrange a call at a time that suits you. No pressure, no obligation.
Prefer to talk? Call 01844 391 385.
Chris Stanley
Mortgage & Protection Advisor
With over 16 years of experience in the mortgage industry, Chris Stanley is an award-winning mortgage broker recognised as a top-performing advisor within his network. He specialises in helping first-time buyers, home movers, remortgage clients, and property investors secure the right mortgage for their needs, providing clear, straightforward advice and support throughout the entire process.
Mortgage brokers do various different things for different clients, depending on what their needs are. But as a general rule, my role is to meet and speak to clients and find the most suitable way to fulfil their needs.
It might be saving money on the mortgage, buying their dream house, or getting an investment property. We will find out exactly what that client wants to do and produce a package that suits their needs.
Every client has different requirements. There are people who have moved 10 times or First Time Buyers who will need more support through the whole process. We can expand on everything and signpost where needed so they know what’s happening.
The main difference is that we compare every lender out there for you. There are perhaps 45 or 50 lenders who could do your mortgage – and if you were comparing them yourself it would take weeks and weeks to figure out what they can and can’t do.
My job is to do that for you and get the mortgage that suits you the most. Every bank has their own criteria. What one lender won’t do, someone else will do. We can pick through everything to see what is best for you.
We then process the mortgage application on your behalf, so it’s all done properly and has the best chance of going through.
We also look at the protection side of things such as life insurance, critical illness cover and income protection. But then also we look at protecting the property with buildings and contents insurance just to make sure that any circumstance in life is covered to our best ability.
Along with processing the mortgage, we liaise with estate agents and solicitors to make sure that the moving process is as slick and smooth as can be.
Realistically you want to be speaking to a mortgage advisor and getting an Agreement in Principle before you start looking at houses. If there are any issues or a potential problem, we need to find that out as early as possible. That way, we can overcome it and put you on the right track to buying a property.
We will help you figure out how much you can borrow, what you can buy and what challenges you may have along the way.
I’ve been a qualified mortgage advisor and protection advisor for 15 years now. Prior to that I was an estate agent for a year – so I’ve been in the property and mortgage market since I was 19.
I live just outside of Princes Risborough and know the area very well, which is why I’ve chosen this as a business location. It’s a lovely part of the world and my child goes to secondary school there.
I’ve been at the Mortgage Store for the last four and a half years as a broker and I’m now stepping across to become an associate partner to help more clients.
Mortgage protection is a very big thing, because it’s all well and good to save up for years to get your deposit, but you don’t know what the future is going to bring. God forbid something happens and you become ill, get injured or worst case, you pass away. You need to make sure that you’ve got protection in place so that whoever you leave behind is looked after financially. You might not be able to work any more and your income stops. We can make sure money keeps coming in to pay the mortgage and other bills. If you start missing payments it’ll affect your credit file, which makes things more difficult in the future. So it’s vitally important that at the very least, we look at protection. Then you know what’s available and can make an educated decision on what you want.
There’s no initial cost for the consultation and to go through everything with you. There’s no cost for that.
The key is to find someone you’re comfortable with. If you’re not comfortable with the person you use you’re never going to have an enjoyable process. Find someone who speaks on the same level as you and half your issues will be sorted.
PLEASE NOTE: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.