What are all the documentations that I will need?
I'm currently paying 800pounds per month for a studio flat. Does this help?
2007-06-01 09:52:54 · 7 answers · asked by Nothing's Forever 2 in Business & Finance ➔ Renting & Real Estate
What does it mean is a lender says:
These loans are not regulated by the Financial Services Authority and therefore the protection normally available does not apply
2007-06-01 09:53:41 · update #1
You should contact a independent financial adviser for advice. It is relatively easy to get a 100% mortgage but the property would been to be newish i.e. in tip top condition. Don't expect the best mortgage rates - you will be limited because you do not have a deposit to reduce the loan to property ratio. You can also get a good deal if you got to a new build project. All residential mortgages are now regulated by the financial services authority (FSA) apart from buy to let mortgages. Seek specialist advice.
2007-06-01 10:00:50 · answer #1 · answered by Bexs 5 · 0⤊ 0⤋
Any half decent mortgage advisor will look at how much you can spend on a mortgage and all other outgoings, ie. council tax, utilities, service charge, insurance etc.
The advisor will then run through a few options for you to see how much you can pay for a property. This is good to do before you start looking for property as you will then know what your ceiling price is.
There are loads of FTB mortgages about but make sure that your advisor has access to the 'whole market' as some may be tied to particular lenders.
It is imperative that your advisor is regulated by the FSA as there are strict rules on the advice and recommendations they give and they must disclose their fee basis. DO NOT touch an unregulated lender.
2007-06-02 02:27:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sometimes you see 100% mortgages on offer but then, after the survey, the lender will withold a portion of the loan until you've had the work done, so in effect you are unable to complete the purchase without an alternative source of funding.
2007-06-01 10:21:35 · answer #3 · answered by proud walker 7 · 0⤊ 0⤋
I think you should look elsewhere
The amount you can borrow depends upon your earnings.
It may be as three times your annual pay they will ask your employer to confirm your earnings ( I don't know about self employed)
The mortgage people will usually only lend you 100% of their valuation which is unlikely to be more than yoy are paying
ie House price £150,000 valuation £100000 means you have a lot of negotiation ahead of you. They will want you to take ouit a single premium insurance to protect them, not you if yoy can not pay and they loose money. it will then be open to the insurance co. to get the money from you
Keep trying it is worth it in the end but you have a lifetime debt ahead of you but it is better than paying rent and at least you can sell it and maybe make a profit
2007-06-01 10:08:02 · answer #4 · answered by Scouse 7 · 0⤊ 0⤋
Is it really a good idea to buy? In a lot of parts of the UK, renting is cheaper than paying the interest-only part of the mortgage at the moment, and if interest rates go up again, that will be even more true.!
2007-06-03 00:10:32 · answer #5 · answered by elijahyossie 3 · 0⤊ 0⤋
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2016-10-09 06:45:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Its not easy no. its best to see a financial advisor so they can find you the best deal, see someone independant tho!!! NEVER go with anyone who isnt fsa approved. being fsa approved means they are legit!! If you can prove that you are paying 800 a month then yes this will help. it matters more on what you earn. multiply your wages by three and thats approx. what thay will lend you!!!
2007-06-01 10:03:34 · answer #7 · answered by Anonymous · 0⤊ 0⤋
What sort of moron takes loans from 'wide boys' not Regulated by FSA ?
Answer - morons who are destined to be POOR for the rest of their lives ...
HINT - Interest Rates are expected to go up again this year and not go down again untill well into next year ...
My recommendation ? Move out of London to somewhere where house prices are a little more sane ..
2007-06-01 11:20:00 · answer #8 · answered by Steve B 7 · 0⤊ 2⤋