Many first-time buyers hope to make this year the year they get on the property ladder, thanks to the increasing availability of 95% mortgages. But while there are higher numbers of suitable mortgages available, there’s no guarantee you’ll be approved. To improve your chances, here are five of our top tips.
Overpaying on your mortgage can cut down the time it takes for you to repay the loan, and therefore the amount of interest you pay in total. If you’re beyond an introductory deal and are paying your lender’s standard variable rate (SVR), you can usually overpay by as much as you want.
Most lenders allow you to pay 10% of your mortgage balance as an overpayment per year if you’re still in your introductory fixed, tracker or discount period. However, the 10% rule is not universal.
But there are also downsides to be aware of. Some lenders may penalise those who try to overpay.
There are many different ways to become a landlord. Perhaps you have inherited a property that you want to keep but not to live in or maybe you have your eye on a property that you wish to acquire with a view to rent out.
There are an estimated 3 million buy-to-let landlords in the UK, who choose to invest in property for long-term capital growth, but also want to make money in the short term from rental income. If you are considering becoming a buy-to-let landlord, here are a few things you need to know.
High street lenders tend not to offer mortgages to the self-employed, contractors and freelancers without considerable paperwork and delay, so finding the right mortgage lender for your circumstances can be daunting.
There are around 4.8 million self-employed people in the UK, many of whom mistakenly think their irregular income or lack of three years’ worth of accounts means they automatically don’t meet the requirements for a mortgage. But this is not the case. If you’ve been put off from applying, it might be time to reconsider.
