MORTGAGES
EXPLAINED
MORTGAGES EXPLAINED
Mortgage Overview
A 5% deposit could secure your home
Mortgage Overview
A mortgage is a financial loan to buy property or land
What Is It?
A mortgage generally has a 30 year term but can be shorter or longer. The loan is secured against the value of the asset you are borrowing on until it is fully paid. If you do not keep up to date with your mortgage repayments the lender could repossess your home.
All of the major high street banks and building societies offer mortgages but each have different criteria to meet. It is also possible to work with a mortgages broker who will look at the entire marketplace to place you with the best lender that suits your personal circumstances.
Applying
The mortgage application is usually a staged process whereby the mortgage lender will initially assess your affordability with a range of questions. This is usually very brief and does not take in to account a wide range of factors that they then apply to the second stage.
The second stage is where the full application is processed by the lender as an official case. They will conduct a series of verification checks and ask you to provide proof of your income. This usually includes passing a range of questions that assess your ability to repay a mortgage under difficult circumstances.
What Is It?
A mortgage generally has a 30 year term but can be shorter or longer. The loan is secured against the value of the asset you are borrowing on until it is fully paid. If you do not keep up to date with your mortgage repayments the lender could repossess your home.
All of the major high street banks and building societies offer mortgages but each have different criteria to meet. It is also possible to work with a mortgages broker who will look at the entire marketplace to place you with the best lender that suits your personal circumstances.
Applying
The mortgage application is usually a staged process whereby the mortgage lender will initially assess your affordability with a range of questions. This is usually very brief and does not take in to account a wide range of factors that they then apply to the second stage.
The second stage is where the full application is processed by the lender as an official case. They will conduct a series of verification checks and ask you to provide proof of your income. This usually includes passing a range of questions that assess your ability to repay a mortgage under difficult circumstances.
Borrowing
Your income and that of your families make a difference when you are obtaining a mortgage.
Theoretically you could borrow up to five times your salary (or combined) with a 95% mortgage, however we imagine lenders will place stringent caps on this to keep them secure.
Income, regular outgoings, any outstanding debt and other financial commitments all come in to play when assessing your mortgage. It is best to speak with a professional financial mortgage broker to ascertain the best deal for you.
Your Credit Score
Increase your chances of getting the best possible mortgage deal. Registering to vote by placing your details on to the Electoral Register will up your score by approximately 50 points. If you have a good history of paying bills on time including loans and credit cards, you should in theory have a pretty good credit score to purchase a new build home.
There are lots of ways you can boost your credit score and fix up any minor errors on your credit file. One way to improve your score is to obtain a 'credit-builder credit card'. This card allows you to manage the way in which you use credit on a day-to-day basis.
Contact our sales team today to discuss our new residential developments across North Wales and Cheshire.
How Much?
Your income and that of your family makes a difference when you are obtaining a mortgage.
Theoretically you could borrow up to five times your salary (or combined) with a 95% mortgage, however we imagine lenders will place stringent caps on this to keep them secure.
Income, regular outgoings, any outstanding debt and other financial commitments all come in to play when assessing your mortgage. It is best to speak with a professional financial mortgage broker to ascertain the best deal for you.
Your Credit Score
Increase your chances of getting the best possible mortgage deal. Registering to vote by placing your details on to the Electoral Register will up your score by approximately 50 points. If you have a good history of paying bills on time including loans and credit cards, you should in theory have a pretty good credit score to purchase a new build home.
There are lots of ways you can boost your credit score and fix up any minor errors on your credit file. One way to improve your score is to obtain a 'credit-builder credit card'. This card allows you to manage the way in which you use credit on a day-to-day basis.
Contact our sales team today to discuss our new residential developments across North Wales and Cheshire.
Don't miss out on our future developments in your area
Price Matters
Getting On The Ladder
Struggling to save?
- A large number of products are now becoming available at 95%
- Product options with 10% deposits are increasing
- Five year fixed rate deals are becoming more competitive
- Support to buy new homes and put more people on the ladder is increasing
The cost of rent is increasing year on year at the same rate as the cost of living. Putting money aside to get out of rented accommodation is problematic as there often is not any disposable income left over.
We advise you to seek professional financial advice from an independent company to clarify all the details to ensure you are getting the best deal possible when lending.
A mortgage broker will be able to help you through the full mortgage application process. If you already own a property it may be worth reading our Remortgage process.
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We have built a solid reputation of building incredibly popular traditional homes across North Wales and the North West. Since 1996 Penrhyn Homes has strived to produce some of the most prestigious family homes for customers of all ages.
Your total satisfaction of your finished family home is incredibly important to us. We build for you from the very start placing your desires, interests and options at the front of our minds when creating your home. Ultimately we want you to feel overjoyed when you eventually move in to your new property.
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