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What is a Mortgage?

A mortgage is a loan used to help you buy a property. As most people don’t have enough money available to purchase a home outright, a mortgage allows you to borrow the amount you need and repay it, usually through monthly payments, over an agreed period of time.

The lender will charge interest on the money you borrow, and the amount you repay each month will depend on factors such as the size of your mortgage, the interest rate, the type of mortgage you choose and how long you take it over.

A mortgage is secured against your property, which means your home may be repossessed if you do not keep up repayments on your mortgage.

There are many different mortgage lenders, from familiar high street banks and building societies to specialist lenders you may never have heard of. Each has its own products and lending criteria, which is why getting the right advice can be so valuable.

As a mortgage adviser, I can look at the options available to you and help find a mortgage that is suitable for your individual circumstances.

What Lenders Consider

Every mortgage lender has its own set of rules, known as lending criteria, which it uses when deciding whether it is prepared to offer you a mortgage and how much you may be able to borrow.

Although lenders may look at similar information, their individual requirements can vary considerably. This means that just because you meet the criteria of one lender, it doesn’t necessarily mean you will meet the criteria of another and equally, being declined by one lender doesn’t necessarily mean you cannot obtain a mortgage elsewhere.

When assessing a mortgage application, lenders will usually consider a number of factors, including your income, regular financial commitments, credit history, the size of your deposit and the type and value of the property you wish to purchase.

They will also assess whether they believe the mortgage will remain affordable for you, both now and in the future.

Understanding the differences between lenders and their criteria is an important part of finding a mortgage that is suitable for your individual circumstances.

Here are some of the main factors a lender may take into consideration:

  • Your income – including salary, self-employed income and, with some lenders, overtime, bonuses, commission or other sources of income.
  • Your financial commitments – such as loans, credit cards, car finance, childcare and other regular expenditure.
  • Your credit history – lenders will consider how you have managed credit and financial commitments in the past.
  • Your deposit – generally, the larger your deposit, the lower the percentage of the property's value you need to borrow.
  • Affordability – lenders carry out their own calculations to decide how much they believe you can comfortably afford to borrow.
  • The property – its value, construction, condition and type can all influence whether a lender is prepared to lend against it.
  • Your age and mortgage term – your age, intended retirement age and the length of the mortgage can affect the options available.
  • Your circumstances – for example, whether you are employed, self-employed, a first-time buyer, moving home or have other properties.

As every lender assesses these factors differently, getting advice can help you understand which lenders may be most suitable for your individual circumstances.

Affordability

Before agreeing to a mortgage, a lender will assess whether they believe the monthly repayments will be affordable for you, both now and in the future.

They will look at your income alongside your regular financial commitments and household expenditure. Lenders may also consider how your finances could be affected if circumstances change, for example if interest rates increase or your household expenditure becomes more expensive.

It is equally important that you feel comfortable with the amount you are borrowing. A mortgage is a long-term financial commitment, so your monthly payments should leave you with enough income to meet your other everyday expenses and enjoy your normal lifestyle.

During your consultation, I will discuss affordability with you, explain how different lenders may assess your circumstances and help you consider a level of borrowing that is appropriate for you.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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Deposit

When buying a property, you will usually need to provide a deposit towards the purchase price, with the remaining amount being funded by your mortgage.

The amount of deposit you need will depend on your individual circumstances, the property you are buying and the lender’s requirements. Generally, the larger your deposit, the smaller the proportion of the property’s value you will need to borrow.

This is known as the Loan to Value (LTV). For example, if you purchase a property for £200,000 with a £20,000 deposit, you would need a £180,000 mortgage, giving you an LTV of 90%.

The size of your deposit can influence the mortgage products and interest rates available to you. In general, a larger deposit and lower LTV can provide access to a wider choice of mortgage products and potentially more competitive interest rates.

Deposits can come from a number of sources, including your own savings or, in some circumstances, a gift from a family member. I can talk you through the options available and any requirements a lender may have regarding the source of your deposit.

Valuations and Surveys

When you apply for a mortgage, the lender will normally arrange a valuation of the property to help them decide whether it provides suitable security for the amount you wish to borrow.

It is important to remember that a mortgage valuation is carried out primarily for the lender’s benefit. It is not a detailed survey of the condition of the property and should not be relied upon to identify defects or repairs that may be required.

Depending on the property you are buying, you may therefore wish to arrange your own survey. Different levels of survey are available, ranging from a general assessment of the property’s condition to a more comprehensive inspection for older, unusual or significantly altered properties, or where there are concerns about its condition.

A more detailed survey can highlight potential problems before you complete your purchase and may give you a better understanding of any repairs or maintenance that could be required.

The cost of valuations and surveys will vary depending on the property and the type of assessment required. Some mortgage products may include a basic lender valuation at no additional cost.

Before making an offer, it can also be helpful to look at the prices of similar properties that have recently sold in the area to give you an indication of local property values.

Why Use a Mortgage Adviser?

When you approach your own bank for a mortgage, they can only offer you mortgage products from their own range.

As a mortgage adviser, I have access to a much wider choice of lenders and mortgage products, including many lenders you may not be familiar with and, from time to time, products that may not be available directly to customers.

Finding the right mortgage isn’t simply about finding the lowest interest rate. I will take the time to understand your individual circumstances, explain the options available to you and recommend a mortgage that I believe is suitable for your needs.

I will also be there to guide you through the mortgage process, from your initial enquiry and application through to receiving your mortgage offer, helping to make the journey as straightforward as possible.

Denounce with righteous indignation and dislike men who are beguiled and demoralized by the charms pleasure moment so blinded desire that they cannot foresee the pain and trouble.

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