We can help customers if you are looking to, either, buy your first home, move home or if you’re buying a second or additional property. We will arrange to obtain a Mortgage Decision in Principle for you to give to an Estate Agent when putting in an offer for a property.
Things to consider when getting a mortgage to buy a house are the size of your deposit, your income (joint if a couple ) and your credit rating.
The bigger the deposit, the better the chance of obtaining a purchase mortgage and a better rate.
Lenders now work on strict affordability rules and determining how much you can borrow is no longer a case of merely multiplying your income. They will take into account your credit rating, any other outstanding credit commitments, the mortgage loan to value ratio, as well as your income before agreeing on a decision of how much they will lend. We will take care of this for you and assess this before quickly obtaining a Mortgage Decision in Principle for you.
Make sure you are aware of your credit rating and the different credit reference agencies that collect information on how you pay your bills. FriendsCapital has partnered up with checkmyfile – the UK’s only multi-agency credit report – check your credit report.
If all of the above are in order, we can get you a decision in principle quickly. Our mortgage recommendation would be more suited to your circumstances than using an estate agent’s broker due to our independence and access to the whole of the market.
We can also help with many of the current house buying schemes that are available such as the government help to buy, shared ownership or if you want to buy your council property and have access to a favourable discount.
This will, of course, depend on several factors. If you are a first-time buyer, you’ll need to have saved a deposit. The smallest deposit you can usually buy with is 5% which means you are taking out a 95% LTV mortgage.
Usually, the higher the deposit, the more competitive the interest rates are.
There are several steps to buying a home, deciding on the property and arranging a mortgage being two of the most important.
The completion date is typically agreed by the buyer and sellers representatives. It will usually take place around four weeks after the contracts complete.
When you buy a property, you pay a tax called Stamp Duty to the government. You’ll arrange for the funds to be sent to your solicitor who will then pay it to HM Revenue & Customs.
Properties bought for £125’000 or less are not subject to Stamp Duty but anything over that they are.
If you are a first-time buyer, you’ll pay no Stamp Duty on the first £300’000.
A chain or property chain is created when buyers and sellers are linked together due to property sales. Chains can be very frustrating for buyers and sellers, and they can add significant delays to properties being sold or bought.
Certain things can reduce the chances of a chain, for example, buying a new build or selling to a first-time buyer.
Friends Capital are experts in helping our clients deal with difficult chain situations. Contact us today.
Friends Capital work with all of the UK’s top insurance companies and financial institutions meaning we represent the very best the market has to offer but brought to you with independent and impartial advice.
We will explain the pros and cons of different products and make sure that the solution you end up with will be the right one for you.
Our reputation is our bond. Friends Capital guarantee to deal with everyone with total understanding and empathy of your needs and circumstances. We do not prejudice anyone and work hard to bring you the best possible deal and outcome, regardless of your situation.
Put your trust in Friends Capital and contact us today for all of your financial and protection needs.
Friends Capital is one of the UK’s leading brokers with over 30 years experience of finding the best possible policy to suit your needs at the lowest possible price.
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