Did you know that approximately 70% of all mortgages in the UK are set up by a mortgage broker?
You may wonder why that is. It is because the rules and requirements to obtain a mortgage are different for every lender.
As examples, lenders have different criteria for how they treat:
- The self-employed
- Unsecured debts like credit cards, HP or loans
- Different types of income (e.g. commission or bonuses)
- To what age they will lend to you
- Your property (e.g. leasehold / annexes / build types)
- Lending to you in the future
There are so many things to consider that go way beyond the initial mortgage rate.
This means that when you look at a list of mortgage deals, just because a lender might have what looks like the lowest rate, it doesn’t necessarily make it the best deal for YOU. That’s why we are here – to advise.
To help us do that we have many tools that we use to research the market place as a starting point. We would like to share one of these with you because when we talk to customers they generally have two primary questions:
- How much can I borrow
- How much will it cost per month
We hope that this tool will provide you a broad guide to answering these questions. Please remember the tool will only be useful to you if you input honest and accurate information. For example, it is worth having to hand how your income breaks down or, if you are self-employed, what your last 2 years net profit was. This will give you a clearer picture of your borrowing potential.
It is important to remember that this tool is just a guide, a starting point, and is not designed to replace actual advice.
If you wish to talk further or progress to the next stage of a potential application then please get in touch by booking an appointment (either face to face or by telephone) using the link on the right of the screen or, alternatively contact us via email: info@prospectmortgage.co.uk or by calling 01983 616666.
