It has to be said to those who have not been listening to any news on the TV, or reading any papers or to those people who have been living like an utter recluse, getting a mortgage today is just a little bit harder than it was 12 months ago. Oh and is that the understatement of 2008!
125% loan to value has disappeared so far away it just seems like it was only a dream in the first place. 100% mortgages are a complete no no. 95% are difficult, to say the least, and to get one of these you have to have the credit file of a financial virgin.
Its safe to say that self certification is basically a catch 22 situation in terms of both the lender and the borrower. What I mean to say is that the only way you would qualify for it would be if you didnt need it but that is the only way the lenders will release the funds.
Now its all well and good being told what you cant have but the thing that the public really want to know is what they can have and how to go about it. Hopefully this article will fulfil this.
As with some other aspects of finance, mortgage advice has been seen as somewhat complicated and this was understandable give the range of products on offer to potential buyers. But with the removal of about 80% of the products available the process has been made a lot simpler.
The first thing you need to know is Equity is King, long live Equity! The less you have to borrow against the value of the house the easier you will find it getting a mortgage and that even means a self certification mortgage. Yes, even these can be easy mortgages to obtain if you have enough equity.
The second major element to getting a mortgage in this economic climate is income. OK we have talked about self cert, but ignoring that for a minute, if you have a very good income then lenders will lend to you, simple as that. The better your overall income is, the better you will find your chances are of getting a mortgage.
The third and final piece to this complex jigsaw of obtaining a mortgage is your credit file. A good credit file is all that stands between a lot of people and a good low rate mortgage. No missed mortgage payments, no missed loan payments and no defaults it is all key. You can have credit, that is not a problem but make sure it is "A paid". If it is not you will find that if you get a mortgage at all it will be loaded and that will cost you dearly well into the future.
It is essential to bear these factors in mind when you consider the possibility of going for a mortgage because a lot has changed in the financial sector over the last twelve months. And you never know, you might just be one of the ones to buck the trend in todays market. - 15224
125% loan to value has disappeared so far away it just seems like it was only a dream in the first place. 100% mortgages are a complete no no. 95% are difficult, to say the least, and to get one of these you have to have the credit file of a financial virgin.
Its safe to say that self certification is basically a catch 22 situation in terms of both the lender and the borrower. What I mean to say is that the only way you would qualify for it would be if you didnt need it but that is the only way the lenders will release the funds.
Now its all well and good being told what you cant have but the thing that the public really want to know is what they can have and how to go about it. Hopefully this article will fulfil this.
As with some other aspects of finance, mortgage advice has been seen as somewhat complicated and this was understandable give the range of products on offer to potential buyers. But with the removal of about 80% of the products available the process has been made a lot simpler.
The first thing you need to know is Equity is King, long live Equity! The less you have to borrow against the value of the house the easier you will find it getting a mortgage and that even means a self certification mortgage. Yes, even these can be easy mortgages to obtain if you have enough equity.
The second major element to getting a mortgage in this economic climate is income. OK we have talked about self cert, but ignoring that for a minute, if you have a very good income then lenders will lend to you, simple as that. The better your overall income is, the better you will find your chances are of getting a mortgage.
The third and final piece to this complex jigsaw of obtaining a mortgage is your credit file. A good credit file is all that stands between a lot of people and a good low rate mortgage. No missed mortgage payments, no missed loan payments and no defaults it is all key. You can have credit, that is not a problem but make sure it is "A paid". If it is not you will find that if you get a mortgage at all it will be loaded and that will cost you dearly well into the future.
It is essential to bear these factors in mind when you consider the possibility of going for a mortgage because a lot has changed in the financial sector over the last twelve months. And you never know, you might just be one of the ones to buck the trend in todays market. - 15224
About the Author:
Mortgage Advice from qualified Independent Mortgage Advisers guidance information and free to use mortgage calculators come to Mortgage Route
