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First Time Buying/First Time Buyers Guide
Speak to a trained advisor NOW!Telephone: 01424 851183 uk onlyOffice hours 9:00am - 6:00pm Mon - FriSat - Sun closedBank Holidays closed
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First Time Buyer, this is the biggest most expensive purchase that you have ever made to date and is something that you will never forget.It is exciting but at the same time frightening, there is so much to do, and you have never done this before, everyone giving different advice.
Here at Mortgages Made Simple.net we aim to cut through the confusion, and help you find the best deal, if you are looking for a great choice a great service, you don’t need to go anywhere else.
1.How much can I borrow? Free Mortgage Quote
There is no exact answer to this. The amount that you can borrow will vary greatly from institution to institution. A good rule of thumb is about 4-5 times your salary. If there are two of you, multiply your combined salary by the same. Most lending institutions will not let you borrow more than 92% of the value of the property you plan to buy. So you should have some amount of savings prior to loan application. Recently, some institutions have started 100% mortgages but the terms and conditions are quite strict.
2. How much exactly? Free Mortgage Quote
In the past, the amount you could borrow was simply calculated from a multiple of your salary. Nowadays most mortgage providers use a new method based on your net monthly take home pay (i.e. your monthly salary, less tax less bills). This method generally allows you to borrow a greater amount.
Here's how it works: Free Mortgage Quote
You are allowed to spend up to 35% of your net monthly take home pay on your mortgage repayments. Therefore, the largest mortgage you can afford is one that has monthly repayments no greater than 35% of your monthly take home pay. The amount you can borrow using this method will also depend on the current interest rates (thus vary from lender to lender) and any current debts you may have (as its based on your net take home pay).We then search the whole of the market, do most of the hard work for you, leaving you free to enjoy this time. Once the market has been sourced for you, we will then produce a document called a Key facts.
A key facts document Free Mortgage Quote
This summarises the important features of the mortgage and must be clear, fair and not misleading and will be presented in a standard way, so you can easily check the cost and terms of the mortgage and compare it with other similar mortgages. Our online buying process explains all the terms and steps needed to take to finally achieve that goal and own that home of your own You should familiarise yourself with all the types of mortgages available to you.
Our online insurance guide, explains all the insurances available when buying your first property, it’s a broken down guide, with bullet point advice, this will allow you to determine exactly the type of policy that you want. We don’t believe in pressure selling, we will advise you that’s all! For more help we also put in a buying process for you. Free Mortgage Quote
Telephone:01424 851183 uk only
Office hours 9:00am - 6:00pm Mon - Fri
Sat - Sun closed
Bank Holidays closed
Mortgages Made Simple is an appointed representative of Genesis Home Loans plc, which is authorised and regulated by the Financial Services Authority for the conduct of non-investment insurance and mortgage business. Second charges, commerial loans and buy-to-let mortgages (where the resident is not related to the borrower) are not subject to Financial Services Authority regulations.