Mortgage advice needed please

Is it free to talk to a mortgage advisor?

Fees. Mortgage advisers might charge you for their service, depending on the product you choose or the value of the mortgage. This charge could be a flat rate or hourly rate, or a percentage of the amount you borrow. Others will be free to you but receive commission from the lender.

Is it harder to get a mortgage now UK?

Mortgage brokers have said soaring energy bills, the national insurance rise and a big increase in the cost of household goods are set to prompt banks to tighten their mortgage affordability tests, making it harder for consumers to borrow as much as previously.

How far back do mortgage lenders look at bank statements UK?

around 3 months

Your Mortgage Broker and Lenders usually ask for statements dating back to around 3 months, so even if your current statements could present issues, you can get your accounts tidied and increase your chances in the near future.

What credit score do you need to get a mortgage UK?

People often ask ‘what credit score do I need for a mortgage? ‘ If you have a credit score between 561 and 720 with Experian (the UK’s largest credit reference agency), this is considered a poorer credit score than normal. With this Experian credit score you can get mortgages.

Is it worth getting a mortgage advisor?

Taking independent advice can make the different between a successful mortgage application and being rejected. It may also lead to a significantly better value deal, potentially saving you thousands of pounds over the mortgage term.

Does a mortgage advisor do everything?

The day-to-day role of a mortgage advisor

You’ll be on hand throughout the whole process to ensure everything runs as smoothly as possible. In order to keep your advice current you may spend part of your working day liaising with estate agents, valuers and mortgage lenders.

How far back do banks look for mortgage?

How far back do mortgage lenders look at bank statements? Generally, mortgage lenders require the last 60 days of bank statements. To learn more about the documentation required to apply for a home loan, contact a loan officer today.

Who Cannot get a mortgage?

These are some of the common reasons for being refused a mortgage: You’ve missed or made late payments recently. You’ve had a default or a CCJ in the past six years. You’ve made too many credit applications in a short space of time in the past six months, resulting in multiple hard searches being recorded on your …

What to do if u cant get a mortgage?

What if I can’t get a big enough mortgage?

Pay off any debts you’re in a position to clear.
Optimise your credit file.
Reduce your outgoings where possible.
Speak to a broker for bespoke advice.

Is 400 a good credit score UK?

380-419 is considered a fair score. A score of 420-465 is considered good. A score of 466-700 is considered excellent (reference: https://www.finder.com/uk/equifax).

Is 700 a good credit score to buy a house?

A conventional mortgage is often best for those with a credit score of 700 or higher. (Generally, the credit score requirement is 620 and above.) Benefits of a conventional loan include: Buy a house with as little as a 3% down payment.

How can I raise my credit score 100 points?

Here are 10 ways to increase your credit score by 100 points – most often this can be done within 45 days.

Check your credit report. …
Pay your bills on time. …
Pay off any collections. …
Get caught up on past-due bills. …
Keep balances low on your credit cards. …
Pay off debt rather than continually transferring it.

What happens when you speak to a mortgage advisor?

At you first meeting your advisor will ask you about your personal circumstances and expectations: what sort of property you’d like to buy and how much you can afford to spend on one. They’ll take you through a budget planner to look at what you earn and what you spend, what deposit you have and your credit history.

What is fee free mortgage advice?

The good news is that independent mortgage advice doesn’t have to cost you a penny – as fee-free independent brokers take all their fee as commission from the lender.

When should I start speaking to a mortgage advisor?

Ideally, you should speak to a mortgage broker as early as possible in the house-buying process. This is because you need to begin your mortgage application before you have started to seriously look at buying a property.

How long does a meeting with a mortgage advisor take?

A mortgage appointment can last anywhere between 30 mins and a few hours. It used to be the case that you’d need to book off an afternoon and travel to a branch or mortgage broker office with a shoulder-breaking pile of documents. You don’t need to do this anymore. Most banks let you do it over the phone now.

What should you not say to a mortgage lender?

10 things NOT to say to your mortgage lender

1) Anything Untruthful. …
2) What’s the most I can borrow? …
3) I forgot to pay that bill again. …
4) Check out my new credit cards! …
5) Which credit card ISN’T maxed out? …
6) Changing jobs annually is my specialty. …
7) This salary job isn’t for me, I’m going to commission-based.

What questions does a mortgage advisor ask?

Lenders are trying to assess if you can afford mortgage repayments, so they’ll ask you about your income (the money you have coming in) and expenses (the money you’re likely to spend). They’re likely to ask about outstanding and ongoing payments, including: credit card and loan balances.

What do I need to know before speaking to a mortgage advisor?

This article provides the questions you should ask a mortgage adviser to fully understand the mortgage details before doing business with them.

1) Are you a regulated broker? …
2) How much do you charge? …
3) How much can I borrow? …
4) How much deposit will I need? …
5) What type of mortgage would be best for me?

Should you talk to more than one mortgage broker?

Having multiple offers in hand provides leverage when negotiating with individual lenders. However, applying with too many lenders may result in score-lowering credit inquiries, and it can trigger a deluge of unwanted calls and solicitations.

Is it worth using a mortgage broker UK?

Whether an adviser is really worth it will ultimately depend on the cost and what service they are providing. Mortgage broker fees differ: Some brokers are free for you but will earn commission paid by the mortgage lenders. Some earn commission from lenders and charge their clients a fee or interest rate on top.

Is it better to go to mortgage broker or bank?

Mortgage brokers cost extra: Some people think they’re saving money by going directly to the bank, but bear in mind that a broker is likely to secure a better deal for you, and that could mean ending up in pocket overall, even with broker fees factored in.

Do I get a solicitor or mortgage first?

Once you have decided on a solicitor, let your estate agent know the details. It is then time to proceed with your mortgage application. The mortgage provider will ask for specific details regarding your financial circumstances.

Can I remortgage without a broker?

Direct to a lender or through a mortgage broker? And do you have to visit these people in a branch or office or can you sort out a remortgage online or over the phone? In fact, you can remortgage in whatever way best suits your needs, preferences and circumstances.

Can a bank call your mortgage loan?

Yes, under specific circumstances a lender can demand repayment even if your loan service is current. On term and intermediate loans, as well as mortgages, there is usually language in the note that allows a lender to call the note if the lender deems himself insecure.

Can you negotiate mortgage rates UK?

Most homebuyers start their house hunt expecting to negotiate with sellers, but there’s another question many never stop to ask: “Can you negotiate mortgage rates with lenders?” The answer is yes — buyers can negotiate better mortgage rates and other fees with banks and mortgage lenders.

How long does a mortgage application take?

two to six weeks

Generally speaking, it usually takes two to six weeks to get a mortgage approved. The application process can be accelerated by going through a mortgage broker who can find you the best deals that suit your circumstances. A mortgage offer is usually valid for 6 months.

Who is the fastest mortgage lender?

LoanDepot is offering what may be the fastest quick-closing mortgage in the race. Their new product, mello smartloan, an end-to-end digital mortgage, offers qualified borrowers a home loan in as few as eight days, a feat that seems almost impossible to long-time players in the real estate industry.

How many months payslips do you need to get a mortgage?

three months

Lenders’ requirements for proof of income for mortgage applications will differ. Typically, earned income is evidenced in the following ways: Payslips: The standard requirements are three months’ payslips and two years’ P60s although there are lenders who will accept less than this.