
Getting a Mortgage When Self-Employed
If you’re self-employed and dreaming of buying a home, you might be wondering if getting a mortgage is even possible. With the increasing number of
If you’re starting your journey to owning a home, you might wonder what a first-time buyer mortgage is. It’s a common question and understanding it is key to getting your foot on the property ladder.
To put it simply, a first-time buyer mortgage is a mortgage specially designed for people buying their first home. Like any other mortgage, it’s a loan that you take out to buy a property. First-time buyer mortgages often come with features that can make the whole process of purchasing a home easier.
Firstly, these types of mortgages may allow for lower deposit requirements. This can be a big help if you’re finding it hard to save a large deposit.
Secondly, first-time buyer mortgages can come with incentives, such as cashback on completion, free valuations or lower arrangement fees. Each mortgage lender will have their own set of offers, so we will work with you to find the lender that suits your needs.
Finally, some lenders offer more favourable lending criteria to first-time buyers. This could include more flexible income assessments or understanding imperfect credit histories.
Remember, while these features can be attractive, it’s essential to consider the overall cost of the mortgage, including the interest rate and any fees when deciding which deal is right for you.
Our team of specialist mortgage advisors are on hand to help you understand the different options and find the best first-time buyer mortgage. We’re here to guide you through the whole process and make your dream of owning a home a reality.
The first thing we’ll do is have a chat to understand your situation and what you’re hoping to achieve. We’ll focus on four main areas:
Your deposit isn’t just about how much you can borrow from a mortgage lender. It also affects the mortgage interest rates you can get. So, we’ll start the entire process by looking at how much deposit you have available.
A mortgage lender will decide how much they’ll lend you based on a few things, but your income is the main factor. You’ll usually need to show up-to-date payslips if you’re employed and will likely have to provide income proof for the last two to three years if you’re self-employed. Different lenders can offer different amounts, so, as mortgage advisors, we will research and find the mortgage lender that can give you what you need.
Next, we’ll look at what you’re spending each month. This includes credit card payments, loan payments, car payments, utility bills, childcare, and daily living expenses. If you can, prepare your last three months’ bank statements so we can go through them together and get an accurate picture of your spending.
Last but not least, we’ll check out your credit file. This will help us see if anything might affect your first-time buyer mortgage application. If something needs to be corrected, we’ll advise you on how to improve your situation. First-time buyer mortgages can sometimes be tricky, so ensuring your financial situation is in order is paramount.
You might wonder why you should choose us to guide you on this journey. Here are a few reasons:
2. Access to the Whole Market: We can find the best mortgage deal based on your circumstances. Our access to the entire market will help us find you the best mortgage deals.
3. Full Support from Start to Finish: We’ll be there with you throughout the whole purchase process. Becoming first-time buyers is a huge part of most people’s lives, and we want to help you with expert advice every step of the way.
4. Market Knowledge: Our deep understanding of the housing market helps us provide relevant mortgage advice to our clients. Regardless of the property you are interested in, we will discuss your options and provide the best possible advice.
5. Transparent and Honest Communication: We believe in straightforward, honest communication and will keep you informed every step of the way.
To simplify things, we’ve compiled a handy guide for first-time buyers. It’s packed with helpful information to help you understand how the new home-buying process works. It includes:
So, why wait? Download the first-time buyers guide today and get started on your journey to owning your own home.
We have helped our clients secure mortgages. Please get in touch to find out how we can help you too.
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage.
Our help continues beyond finding you the right mortgage. Our team of mortgage advisors will be with you for the whole home-buying journey. We’ll do our best to make everything clear and understandable.
Once we understand your financial situation, we’ll dig deep to find out how much you can borrow, what kind of interest rate you might get, and give you an idea of what your monthly payments could look like.
With Complete Mortgage Advice by your side, you’re not just getting a mortgage advice service; you’re gaining a partner ready to help you navigate the exciting journey of buying your first home.
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James, Cornwall
Arron, Plymouth
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Complete Mortgage Advice Ltd is an Appointed Representative of The Right Mortgage Ltd which is authorised and regulated by the Financial Conduct Authority.
Complete Mortgage Advice Ltd is registered in England and Wales with company number 13403228. Registered address: 41 Montrose Way, Plymouth, PL5 3FP. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
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Download our free guide for first time buyers!