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 either your Net Profit figure or salary plus dividend declared 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 10% of the purchase price or valuation of the property (whichever is lower). Your deposit can be made up of several parts, including savings, the First Home Fund or a gift. 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.
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 adviser 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 adviser will discuss the best outcome for your situation.
Where do you offer advice?
Following the Covid19 pandemic, we now offer all advice via telephone, Microsoft Teams or Skype (whichever you prefer). Traditionally, we were field-based advisers and travelled across the Glasgow, South Lanarkshire, North Lanarkshire, Ayrshire and Stirlingshire area to meet with you. However, you can now benefit from our services even if you live further afield.
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 adviser will answer any questions you may have.