What is the most I can borrow?
Will my credit file affect the amount I can borrow?
Do I need insurances with my mortgage?
Your mortgage lender will insist buildings insurance is in place as you move into your new home. Contents insurance is another optional insurance. Life insurance is also very important if you have a mortgage. Your broker will be able to run through the various insurance options with you and find a premium to suit your needs.
How much deposit do I need?
Depending on circumstances we can look at mortgages from 5% deposit. Generally, the larger the deposit you can afford the cheaper the mortgage repayments will be.
What fees might I incur when taking out a mortgage?
There are a range of fees that could applicable. These could include a valuation fee, solicitor fees, stamp duty land tax fee and lender arrangement fees. Some fees are payable on application and some when you complete on the property. There are also some fees that may be refundable upon completion. Your broker will be able to go over all the fees that could be payable and will always provide you with a full illustration for any mortgage, including a breakdown of any fees.
Do I need a survey?
You have to have a valuation if you are buying with a mortgage, but do not necessarily need to have a survey. However, in most situations it is advisable. Your broker can explain about the different types of survey available to you.
Can I buy at auction with a mortgage?
Yes, however there are certain things that must be taken into consideration prior to purchasing at auction including the legal pack, a decision in principle for a mortgage and the deposit being readily payable. Liaise with your broker at the earliest opportunity, prior to bidding, to ensure you will be able to follow through with the purchase.