mortgage top tips
Ideas to help you choose the right deal
How much can I borrow?
A mortgage lender will generally lend three and a half times your gross annual salary. Exact details will depend on the individual lender you choose. Higher lending may be available based on your personal situation.
Will I need a deposit?
Yes in the current climate most lenders will require you to put down a substantial deposit, the larger the deposit the greater the amount of products available. Again, exact details will depend on the individual lender, but look at having around 10% - 15% of the property’s value to put forward as a deposit.
What other costs will I have to pay?
Remember, you’ll need to budget for the extra costs involved in buying a property, such as valuation and survey fees, product and application fees, solicitors’ fees, home and contents insurance, and stamp duty – depending on the value of the property. As every property purchase is different, our mortgage advisers will run through all the potential costs.
How can I get the best mortgage deal and what should I consider?
try and put down a large deposit – this will help to reduce your monthly repayments and can save you thousands in the long run
allow for at least a 4 - 5% increase in interest rates so you can afford your mortgage if interest rates rise
protect yourself against any changes to your circumstances that may affect your ability to pay your mortgage. Consider a savings plan, life assurance or mortgage protection cover
review your mortgage regularly to make sure you’ve got the best deal
don’t take out the mortgage unless you can afford to pay for it.
Contact us now
Call our mortgage advisers on 0800 107 0190 or email us at financial.services@ecclesiastical.com to find out which type of mortgage is right for you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
