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Q: Can I get a mortgage if I have CCJs and/or defaults
A: Yes, however 'adverse credit history' is seen as a higher risk area for the lender. The amount and values of any CCJs and/or defaults will determine the lender willing to extend a loan. It may also affect the interest rate and product that is offered.
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Q: Can I borrow over 100% of the value of my property
A:Yes, there are lenders who will lend in excess of 100% of the value of your property, however they generally lend within the prime market, that is those clients with no adverse credit history.
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Q: What is the maximum I can borrow
A:Lenders will assess the market according to their perception of risk. There are niche lenders who will lend up to 5 times your gross income; however this will depend on your credit and employment history, your type of income and your property type.
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Q: As a First Time Buyer, can I buy a property with no upfront fees
A:It is extremely difficult to achieve a mortgage for the purchase of a property with no upfront fees. Certain 'high street' lenders will, at times, target specific sectors of the market, which may lead to 'special products' for first time buyers. However there is generally valuation and booking or arrangement fees associated with a purchase mortgage. It does depend on the 'market' at the time.
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Q: What fees are associated with a mortgage
A:In general the fees would be - valuation, booking/arrangement, solicitors, brokers, electronic transfers of funds and insurance administration fees if you select your own insurance company. On a purchase mortgage you may also have land registry and stamp duty payments.
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Q: Do I need a solicitor to do a mortgage
A:There is no legal requirement to have a solicitor involved in a mortgage. A licensed conveyance can carry out the role. However, in practise lenders will seldom carry out mortgage loans without the legal interaction of a solicitor.
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Q: Can I get a 'fee free' re-mortgage
A:In general fees are payable on the re-mortgage of a property. However there are lenders who will market a 'fee free' package that will include the valuation and solicitor's fees. The solicitor's fees will generally relate to a standard re-mortgage and will not normally cover costs associated with equity transfers or divorce settlements.
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Q: Can I purchase my parents Right to Buy
A:Only those persons mentioned on the right to buy paperwork provided by the council can exercise a right to buy option on a property. If the council agree to the addition of the child on the right to buy paperwork, and the parents are party to the purchase, then it may be possible to obtain a mortgage for all parties.
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Q: How long does it take to re-mortgage a property
A:The time span for a re-mortgage is generally between 6-10 weeks. However this is strongly dependant on the actual circumstances of the re-mortgage. If the client has adverse credit, or a transfer of equity / divorce settlement is part of the re-mortgage, then the need to deal with solicitors and additional debt firms may extend the completion beyond these timescales.
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Q: Can I Self-Certify my income
A:Lenders have provision in place to make mortgages available to clients who cannot verify their income by traditional means. This may be due, for example, to the client having several 'smaller' jobs or having seasonal work. They offer the facility therefore to 'self-certify' their income. It is incumbent on the lender, or a mortgage intermediary, to ensure that the income you certify is a reflection of the income available to you in your chosen field and profession. They do this by comparing your income against their own knowledge of the marketplace. |
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