If you’re like a lot of our customers, the prospect of buying a property is both exciting and a bit intimidating. One of the most significant steps in the property buying process is obtaining a mortgage, which can feel like a daunting task. In this guide, we’ll take you through the key factors that lenders consider when you apply for a mortgage. Understanding these elements — including income multiples, affordability, credit score, employment history, and debt-to-income ratio — will help you navigate this process with confidence.
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An agreement in principle (AIP) or Decision in Principle (DIP) is universally required these days in order to place an offer with 99% or Estate Agents here in the UK. A question we get asked a lot is ‘How quickly can I get one?’
One of the first questions we are often asked is ‘what’s the difference between using a Mortgage Broker, like HLC or going direct to my own bank?’. Well, the simple answer is that there are several differences between banks and brokers, and which you choose to use is an entirely personal decision, based on what works best for you or provides the best deal for you.
If you are a homeowner and aged 55+ you may want to read through this brief overview about releasing money from your home.
Before you begin the process of applying for a mortgage, most first-time buyers will need to save for a deposit. Despite more 95% mortgages becoming available again after the struggles of Covid-19, it can still be difficult to save up enough for the 5% deposit.
The world of mortgages can seem incredibly daunting especially if you are young and fabulous (there are a lot more interesting things to be getting on with!). Is it the terminology used? Is it the media outlets? Or is it the dreaded ‘computer says no’ that we often hear from banks? If you feel slightly baffled by all the information currently flooding the market, then take a read, this may enlighten you.
Interest rates remained low for a long time after the financial crash in 2008, however, they have recently begun to go up (currently the base rate is at 4% – February 2023) and may well continue to