The ease with which you manage to arrange a mortgage for yourself is going to depend partly on a matter that is quite outside your control: the degree to which the building societies and/or banks are flush with cash.
In the middle of 2012, for example, obtaining a mortgage was about as easy as rolling off the proverbial log. Just one year later, however, you could have found yourself slogging around from one lender to another and getting only rejections.
The amount of money that building societies can lend out to house purchasers is basically dependent on the amount that they receive from their depositors. If their deposit rates are not high enough compared to those of their competitors (principally National Savings and the banks), then their net receipts will fall.
Another contributing factor is that people may decide to save proportionately less overall than they had done previously -which was what was happening in the latter part of 2012 and the beginning of 2013.
All this, however, is obviously quite outside your control. In this section, we look at the steps you have to take to get a mortgage and complete the purchase of your property -and we consider what you can do if you have the bad luck to be seeking a mortgage at a time of scarcity.
Once you have moved in, you must prepare yourself for an extra-large first payment to the building society. Different societies have different 'cut-off' dates for when the monthly payment first becomes due.
If you complete the purchase towards the end of a calendar month, you may have nothing to pay until the end of the following month but at that point you will be asked to make up the arrears and possibly to pay the property's insurance as well.
The lender will tell you what this first payment will be as soon as they have issued the cheque to your solicitor. Some will let you pay a bit in advance if this is going to help your budgeting.
. . .... see: The costs of buying - Borrowing more
At Commercialise Yourself you can compare mortgages using our repayment calculator, look for special offers for first time buyers or for 95% loan to value mortgages and see the most popular choices, Nationwide, Accord etc, we now even have a buy to let section for the brave or heart or strong of pocket! You can send us an email if you want to know more about mortgages and what we do and we will get back to you as soon as we are able. email@example.com
Even if you have no proof of income, poor credit rating or facing repossession of your home, we can normally say YES (even if the high street lenders have said NO)!
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but our average fee is 2.36% of the loan value. We are authorised and regulated by the Financial Services Authority for regulated mortgage and non-investment insurance contracts.