Generally speaking you should be able to borrow around 4 to 4.5 X your salary. When you factor out goings in such as credit cards, car finance, childcare costs etc these will all the affect the overall borrowing amount and each bank will have a different view, which is why it is best to always speak to a broker to make sure you are getting the best deal.
Typically, the minimum deposit required to get a mortgage is 5% of the value of the property, but obviously there are several other factors are taken into consideration. We look at every mortgage from over 70 lenders and give you simple, impartial and honest advice. We can’t promise to get you a mortgage, but if there is one out there for you, we’ll find it
The Help to Buy: ISA is available from a range of banks, building societies and credit unions.
The accounts are available to each first time buyer, not each household. This means that if you are planning to buy with your partner, for example, you could receive a government bonus of up to £6,000 towards your first home.
You can save up to £200 a month into your Help to Buy: ISA. To kickstart your account, in your first month, you can deposit a lump sum of up to £1,200.
The minimum government bonus is £400, meaning that you need to have saved at least £1,600 into your Help to Buy: ISA before you can claim your bonus. The maximum government bonus you can receive is £3,000 – to receive that, you need to have saved £12,000.
Most of the time that isn’t the case, but if it is we’ll tell you (and it won’t have cost you a penny). We’re completely impartial – there’s no incentive for us to favour one lender over another. The only thing that matters is getting you the best deal.
Typical fees include:
1 in 4 people with a mortgage are paying too much so it’s worth taking a few seconds to check with us. You could end up saving thousands of pounds like other Crawford Mulholland customers! We can find you the best deal, and we’ll be here to help you switch as quickly and seamlessly as possible.
An agreement in principle (AIP), also known as a decision in principle (DIP), is a certificate or statement from a lender. It agrees that ‘in principle’ they would lend you a certain amount of money. This is issued after a lender has seen some basic information about you.
In the case of a first-time buyer, an estate agent will want to see an AIP to ensure you have been approved to borrow the right amount of money to purchase the property.
With these kinds of mortgage, each month you pay back a portion of what you borrowed, plus interest, until the whole amount is paid off in full. Exactly how much interest you are charged will vary, but the broad structure of repayments remains the same for all repayment mortgages
These work slightly differently; each month you pay only the interest that is being charged, you do not make any contribution toward paying off the actual balance until the term of the mortgage is up, at which point you must pay off the amount that you borrowed in full. Therefore, these have much lower monthly payments.
There is no universal maximum age after which you cannot obtain mortgage. However, most lenders have set their own age limits; typically between 65 and 80, and most lenders will not allow someone to be still repaying a mortgage any later than 85 years of age. Your age will be considered but so will other factors like income, your pension income, your planned retirement age and the mortgage term (duration) that you are seeking. Some lenders are more favourable to older applicants, so if this is a factor for you we’ll advise you so you have the best possible chance of being accepted.