Frequently Asked Questions
I am self-employed, can I get a mortgage?
Yes, most lenders are happy to consider self-employed applications. The lender will normally ask for between 1 and 3 years accounts OR SA302s (which can be obtained from HMRC). The lender will use the Net Profit figure you have declared for tax as your earnings and will work out how much you can afford from these figures.
Do I need a deposit?
Yes, generally lenders will look for a minimum of 5% of the purchase price or valuation of the property (whichever is lower). However, this is subject to credit score and we recommend checking your personal circumstances with us before agreeing to purchase a property.
Will my credit score affect the mortgage lending?
Yes, this can have an impact on your borrowing potential. This is something we can check with you from your credit report and we also have access to adverse mortgage lenders if you have had any credit issues in the past. Again, we recommend speaking to us in more detail as your options can vary on a case by case basis.
I’m looking to buy my first home next year, should I start my Help to Buy ISA now?
Yes, if you are saving to buy your first home, then the earlier you start saving your deposit the better. The Help to Buy: ISA allows the Government to boost your savings by 25% and for every £200 you save, you will receive a government bonus of £50. So start this as soon as possible to get as large a boost as possible. See our blog here for more information.
How much can I borrow?
Changes to mortgage regulations have meant that we can no longer give a blanket response to this question. Your personal advisor will be happy to supply you with an indicative figure, after conducting an overview of your income and expenditure.
Is it still possible to have an Interest Only Mortgage?
Yes, lots of lenders are still offering Interest Only mortgages, however you will need to have a sufficient repayment strategy in place to cover the interest only part of your mortgage. Changes to regulations have made it more difficult to secure an Interest Only mortgage, however it is not impossible and your advisor will discuss the best outcome for your situation.
How far do your advisors travel?
We are field-based advisors and happy to offer you advice in the comfort of your own home. We are happy to travel across the Glasgow, South Lanarkshire, North Lanarkshire, Ayrshire and Stirlingshire area to meet with you. If you live further afield and would like to benefit from our advice, then give us a call on *0330 159 5292 and we’ll do everything we can to accommodate you.
Any other questions?
We understand that buying a home can be a complicated event and you may have lots of questions. Simply contact us here and a mortgage advisor will answer any questions you may have.