Frequently asked questions
- I'm a First Time Buyer, I don't have much deposit and my income isn't great, what are my options?
- How long does the whole buying process take?
- Should I buy now or wait until prices come down a bit?
- What type of mortgage is best for me? I just want the lowest deal
- Should I use a mortgage adviser or approach lenders directly?
- I have a super duper deal, can you beat it?
- How long does a mortgage take to arrange?
- What do I need to get a mortgage?
- What kind of mortgages do you specialise in?
- I'm not in Greater London, can you still help me?
- Great, how do I get in touch?
I'm a First Time Buyer, I don't have much deposit and my income isn't great, what are my options?
You could get a 100% mortgage with a lender that will give you an income stretch. As a general rule of thumb you can borrow up to 6 times your annual gross salary. So if your income is £20,000 say, then you'll be able to borrow up to £120,000. This may not be enough to get you anything around London but having said that you can still get a 1 bedroom flat in some areas. Remember this is just a start and in a few years once you're salary increases and your property goes up in value, your lending options will be a lot wider.
The other alternative is to look through our deposit paid property scheme. This is where we get hold of properties with your deposit paid by the seller. Why would someone do this you ask? In order to sell quickly and also because they have already made their profit by buying very cheap to begin with. Click here to see our current list.
Refer to our First time buyer section to explore your options more, and you can also use our maximum borrowing calculator on the left to determine how much you'll be able to borrow.
How long does the whole buying process take?
On average it takes around 2 to 3 months for a sale to go through. This means that from the day that your offer is accepted on a property to the day that you pick up your keys, the time is around 2 to 3 months.
Should I buy now or wait until prices come down a bit?
There are divided opinions among experts as to which way the property market will move in the short term (1 to 2 years). Some expect the market to continue at a strong pace, while others are predicting a crash in prices. The honest truth is that no one knows what property prices will do tomorrow. The way the market is at the moment we are experiencing slow growth or in some areas no growth. However I think it is highly unlikely that we will see a property crash which means that your hopes of finding a dirt cheap property are very slim indeed. I think it is much better if you get on the property ladder when you are financial capable of doing so.
What type of mortgage is best for me? I just want the lowest deal
The mortgage which is suitable for you will be determined by your status i.e. your income, credit history, property type etc. Do a quick search for a mortgage on the left to find out suitable mortgages for you.
Should I use a mortgage adviser or approach lenders directly?
You can use a combination of both. Approach your own bank first to see what kind of deal they can offer you and use this as a benchmark for comparing against other deals you come across. You can search this site for the best deals on the market by clicking the "Top Mortgages" button on the menu on the left. If you see a cracking deal then click the "apply" button or click the "contact me" button for a mortgage adviser to call you and clarify any points for you. Alternatively you can request for one of our mortgage advisers to give you a call and run through things with you. This will save you time and hassle as they will do all the searching around for you and present you with the best deal for you specifically.
I have a super duper deal, can you beat it?
9 times out of 10, we can certainly beat any deal you come across, at worst we can confirm that you certainly have the best deal on the market. Because we can access the whole market of lenders and mortgage products, we are able to find better deals than you will come across on your own.
How long does a mortgage take to arrange?
On average 3 to 4 weeks, sometimes shorter if it is a straightforward case, and sometimes longer if it is a complex case. If you provide everything that the lender asks for in the beginning then you can save time, because delays are normally caused by not supplying additional information that lender's request on time, as well as lenders not processing mortgage applications quickly enough. The key to this is to supply everything from the outset, and to make sure that your adviser chases the lender regularly for an update.
What do I need to get a mortgage?
To get a mortgage in the UK, you need to provide evidence of who you are and where you live as well as show that you have a regular income and can afford the mortgage payments.
You will need the following when submitting a mortgage application:
- Proof of ID: A valid UK or EU passport, if non UK or non EU then the passport needs to have a stamp showing your ability to reside in the UK. Alternatively if you cannot provide a passport then you can use a full UK driving licence as proof
- Proof of residence: Utility bills in your name, or credit card statements or bank statements, council tax bill, TV licence bill, appearing on the electoral register
- A cheque or credit card for survey fees to instruct a valuation on your property. The survey will reveal any major defects with the property as well as confirming that the price you are paying is reasonable
What kind of mortgages do you specialise in?
We deal with mortgages across the whole range from First time buyers needing an income stretch and struggling for a deposit to people re-mortgaging and wanting the best deal out there, to people with credit problems, to investors. As a result, we can get the best deal for any case and situation from the very simple to the very complex.
I'm not in Greater London, can you still help me?
Yes we can. Although our focus is London based because the difficulty of getting on the property ladder is most pronounced down here, yet this is the same difficulty that is faced by most buyers throughout the UK. As a result, we can extend the same approach and facilities in London to all who need it irrespective of geographical location.
Great, how do I get in touch?
Simply fill in the "Mortgage Advice" button at the top of the menu on the left and one of our advisers will give you a call at a time that's convenient for you to discuss your options further.