by Sam Fox
VIDEO: Are you mortgage-ready? Here at Warrington Mortgage Centre, we have a habit of working with First Time Buyers who are preparing to buy their first property!
We can take away the stress away from what should be an exciting time… More smiling, less worrying!
We’re always looking to provide useful information so we’ve been working through our commonly asked questions.
How long are mortgage terms?
Everybody has a mortgage term, this is the length of time it will take to repay your mortgage. Most people will go for the 25-year mark, but lenders can go from 1 year to 40 years. Your mortgage term generically depends on you, if you have a shorter term, your payment instalments will be reduced. However, this means an increase in your interest over a longer period. You need a fine balance in your finances, don’t be afraid to take a 30-year mortgage term, that’s ok as long as it suits your budget… And you can still pay for that deep, summer tan.
What paperwork do I need?
The documents that you will need to show your mortgage lender depends on several factors such as which bank you’re going with and whether you’re Employed or Self-employed.
We have condensed down the lengthy information to help you get a better idea of what you will need!
If you are employed, you may need:
•3 latest payslips to show your income
•Evidence of bonuses
•Bonuses/Commission payments
•1-3 Bank statements
•Proof of savings
Self-employed people you are likely to need:
•Company accounts
•HMRC tax year overview and calculations
•6 months’ worth of bank statements
After we submit your application, the lender will always come back and tell us what they want to see towards your application, in case you have missed anything from our list.
If you need further advice about first-time purchases or any other steps in house buying, then talk to us at Warrington Mortgage Centre and we’ll be more than happy to advise. We can be reached on 01925573328.
Our team of experts have multiple years of experience in the mortgage field and have helped many customers move homes smoothly and efficiently!
Disclaimer: As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
