Getting onto the property market can seem daunting unless you’ve got the right information and guidance. You’ll need to work out if they’re eligible for a mortgage and what sort of mortgage they should go for, as well as whether they can afford one.
The good news about getting started with your first mortgage is that it’s easy to find out everything you need to know. Just enter your details, including the amount you want to borrow and the size of the deposit you’ve got to put down, and our Mortgage Finder will find you all the deals you’re likely to qualify for.
There’s many factors involved when it comes to moving home. The main things to consider are conveyancing fees, mortgage payments, stamp duty and building assessments.
Make sure your credit report is in good shape. Any discrepancies may affect your eligability. You should aim to pay down as high a deposit as possible. This lowers the risk from the lender perspective.
Most lenders will lend up to 4.5 – 5.5 times your annual salary.
All lenders will do an affordability assessment before offering you any type of mortgage. They will calculate your income and expenses and then compare them against what you can afford. This means that they will consider your current situation (such as your salary), your future plans (such as saving for a deposit) and your ability to pay off the mortgage (including interest rates). They may also look at your existing debt levels and your credit history. Lenders will also check whether you’ll have enough money left over after paying off your debts to cover your living costs, including rent, food, utilities, childcare, insurance and taxes. They will also assess whether you’ll still be able to meet your obligations if your circumstances change, such a losing your job or having your salary reduced. You can use our online mortgage finder tool to get a rough estimate of what you could borrow, based on your current financial situation.
The average property price in Darlington is £153,414. The UK average is £292,000.
Porting is a common practice where you can transfer your existing loan to a new property. Most loans today are setup to allow for this, but depending on the type of loan, the terms and conditions might not allow you to port.
Yes you can. With a fixed rate mortgage, your interest rate doesn’t change for the duration of the loan. You can typically lock in a fixed rate mortgage for anywhere between two and 10 years, although sometimes even shorter deals are available. A fixed rate mortgage usually appeals to first time buyers who are looking for peace of mind that their payments won’t change, whatever happens to the market.
Using a mortgage broker ensures you get the very best mortgage to suite your individual needs. We compare thousands of providers to match them to your exact requirements.
