Getting the
right mortgage
How to finance your new home
H
elp
You’ve set your
sights on a new
home
Financing your new home in an affordable way is
probably high on your list of things to consider. There
are so many lenders and different mortgage products
to choose from. The process of finding out about
mortgages and applying to the right lender can be
confusing.
Knowing how to improve your chances of getting the
right mortgage will be important to you and the tips in
this guide are designed to help you to start that journey.
Lenders are more likely to offer a mortgage to you if you
can show that you are not a risk – i.e. that you have the
ability to repay your mortgage and meet each monthly
payment.
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Financing your new home can be exhausting – contacting endless mortgage lenders, not sure where to start, answering the same questions again and again. An independent financial advisor that is a new homes mortgage specialist is ideally placed to guide you through the range of mortgages available, provide you with details of interest rates, repayment terms and find the mortgage that best suits you.
New Homes Mortgage Specialists offer a range of benefits and there is no cost for their service as they are paid by lenders. Their role is to find the best mortgage offer for you that is both affordable and fits your circumstances. Their advice is professional, independent and regulated by the Financial Conduct Authority so you can rest assured that you’ll be in the best hands.
Whether you’re a first time buyer or a seasoned buyer, a New Homes Mortgage Specialist is the easiest way to find the right mortgage for you. The Independent Financial Advisors detailed below are experts in securing mortgages for new homes and they have access to mortgage rates that other brokers may not have access to.
If you’d like their help, just ask. They’re here to help no matter what your position.
Independent free
financial advice
Preparing to get
a mortgage
• Ensure that all your utility bills including mobile phones are paid on time. Lenders will check your payment record and may take missed or late payments into account when assessing your application.
• Save a deposit. If you haven’t already saved your deposit, then now is a good time to start. You should aim to save at least 5% of the purchase price of the home. The more you can save, the better your options will be. With new 95% mortgages now available, you can buy a new home with a 5% deposit.
• Make sure you are on the voters roll as this can help improve your score. • Check your credit rating online at www.experian.co.uk. Make sure the
information held is accurate.
• We recommend that you do not apply for any credit until your mortgage application has been completed and your mortgage offer has been confirmed to you in writing. Any other credit applications, for example for a new sofa or a credit card will be taken into account and may jeopardise your ability to get a mortgage or may risk a mortgage offer that you already have.
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5
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Help to Buy is a product in the Government’s HomeBuy
range designed to help buyers in England buy your new
home in an affordable way. The Help to Buy scheme
will enable an eligible buyer to purchase a brand new
property, funded by an affordable mortgage and with
assistance from a HomeBuy Agency.
The Help to Buy scheme gives you the chance to buy
a new home with the assistance of an equity loan. The
value of the loan is a maximum of 20% of the full price
of the property. The maximum full purchase price is set
at £600,000.
Under the scheme the government provides an equity
loan as follows:
• The Government provides an equity loan of 20%
• You arrange a mortgage for 75%
• Meaning your deposit is 5%
TO BE ELIGIBLE FOR HELP TO BUY, YOU MUST:
1. Be able to show that you have sufficient fund to pay for; a deposit (which may be between 5% and 55% of the purchase price), legal fees, stamp duty and any moving costs.
2. Be purchasing a property costing £600,000 or less. 3. Have a good credit history.
4. Take out any mortgage with a qualified lender (e.g. a bank or building society). 5. Have your name(s) removed from any other property deed prior to or at the
point of completion of your new property (if you are a home-owner wishing to buy a larger property).
Buy now with just
To find out more about all the different
ways Stewart Milne Homes can help
you move home call us today.
NORTH WEST ENGLAND DEVELOPMENTS
BUCKSHAW VILLAGE, CHORLEY – Farrington Park EUXTON – Worden View
MIDDLEWICH – Jersey Fields SANDBACH – Leigh Green
STRINES NEAR MARPLE – Mill Green
COMING SOON:
NANTWICH – Regents Park
Harrier House, 2 Lumsdale Road;
Cobra Business Park, Trafford Park, Manchester M32 0UT
