BESTMortgage Rates

You may have heard this term before and be wondering what it means. A ‘mortgage in principle’ means that a lender has declared in a statement how much they would be prepared to lend you. It is a good idea to get this before you start property hunting, so you know exactly how much you can lend, otherwise, you could experience hurdles while trying to buy a property. 

This is what most people want to know when taking out a mortgage. Unfortunately, we cannot give you a 100 per cent accurate answer without knowing your incomings and outgoings, so the best thing to do is get in touch. The amount you will be able to borrow will depend on the money you have coming in and going out every month. Lenders want to be sure that you cannot only afford the monthly repayments now but also in the future should there be any increases in the interest rates.

A mortgage is simply a type of loan, yet the purpose is purely to purchase a property. You cannot use it for anything else. In order to secure a mortgage, you need to put down a deposit, which is usually 20 per cent, but can differ from lender to lender. Once you put down the deposit, the lender will give you the rest of the money needed to buy the property. You will then pay this money back (plus interest) over your mortgage term, which is usually 25 years, but again, this can differ. 

This depends on the lender. The average time is around four weeks to receive an offer, yet it can differ. In fact, it can often be quicker. It really depends on the lender and your individual circumstances. Also, ensuring your application is filled accurately and that you have provided all of the required supporting documents can help the mortgage to go through a lot quicker. 

Each day the best mortgage rate will change several times. This is because mortgage lenders tend to tweak their mortgage rates daily and with over 90 different banks and building societies the mortgage rates change hourly. The quickest and easiest way to compare mortgages on the market for the lowest rates is with the help of a mortgage broker. Just make sure you choose a mortgage broker that has access to the whole market.

The size of your deposit will depend on whether it is your first property purchase or not.

If you are, you will usually need a minimum of five percent (5%) of the property’s value as your deposit. However, it can help to save more it will give you more options. This is because you will get better mortgage deals, cheaper monthly repayments, and you can improve your chances of being accepted for a mortgage. If you are not a first-time buyer, you may need as much as 20 per cent of the property’s value as a deposit. Get guidance from YesCanDo. Call us on 033 0088 4407

Each lender uses its own mortgage affordability calculator to decide the size of the mortgage you can borrow. Speak to a whole of market broker in England and they will be able to access all lenders and let you know how much you will be able to borrow. Get in touch and let us work out how much you could borrow for your property in the UK.

How many times my salary can I borrow for a mortgage?

If you are reading there is a very good chance that you want to know how many times your salary can you borrow for a mortgage. What size mortgage will the mortgage lenders let you have based on your income? It is possible that you will be able to borrow 4.5 times your salary and possibly even 5 times your salary. This would be based on you having no debt and an average UK salary or higher.

Your home may be repossessed if you do not keep up with your mortgage repayments.

Although nearly all brokers in England do charge a fee to arrange a mortgage for you. You will find that there are many fee-free mortgage brokers that will arrange a mortgage on your behalf without charging you.

Our team of mortgage finders and mortgage advisors covering England will look after you. They will submit your application and this will usually take a couple of hours and you should know that most mortgages are accepted within 48 hours.

Being ‘whole of market’ means that our advisers will be able to compare all the mortgages on the market. We can then review the best rates on the market and find you the best overall deals.

If you want to remortgage you will need to speak to a whole of market financial advisors five months before your current interest rate is finished to get sound mortgage guidance. This type of mortgage broker will be able to search the entire market to find the best deals and rates for you. In order to work out how much this is going to cost, there are a number of different things you need to look at. For example, you need to consider how much it is going to cost you to leave your existing deal. An early repayment charge could cost as much as five per cent or as little as nothing. You may also need to pay a deeds release fee, which is between £0 and £300. You then need to figure out the cost of getting your new deal. This includes the mortgage application fee, valuation fee, conveyancing fee, and broker fee. As mentioned, you will not need to pay us any fees for our advice and support service, as it is free of charge. Talk to our team at YesCanDo for further financial advice and quality finance and protection services.

If you are coming to the end of your fixed-rate mortgage deal and are asking yourself what will happen if you do not remortgage, then keep reading. The initial answer is quite straight forward. Most banks and building societies are more than happy for you to not remortgage and in fact, you could even say that they are keen for you not to complete your mortgage renewal.

It is highly advised to remortgage your home when your current deal comes to end. The reason for this is that your existing interest rate will come to an end and the interest rate will revert to the lenders’ standard variable rate SVR. This will be considerably higher than your fixed-rate mortgages and you will see a sharp increase in your monthly payment.

There are many reasons for wanting or even needing to take equity from your property.

1. You’re coming close to your retirement.
2. You want to raise equity for home improvements.

If you have an income it is very likely that you will be able to achieve equity release on your property. It will be age-dependent and also depend on how much income you have and how much you want to release.

We are authorised and regulated by the Financial Conduct Authority also known as the FCA. They are the conduct regulator for 60,000+ financial services firms and financial markets in the UK. They are the judicious supervisor for around 49,000 firms including a mortgage broker like ourselves. The FCA is there to set specific standards for these financial service firms.

YesCanDo Money is authorised and regulated by the financial conduct authority.

These days you can insure everything from your pet to your holiday, your property or even your left leg! But is Life Insurance really worth it? 

To answer whether life insurance is worth it or not you have to ask yourself another question; Could you afford to maintain your current lifestyle if you or your partner were suddenly gone? In most cases, the answer will be no. So is Life Insurance worth it? Yes!

Losing a whole person’s income can have devastating effects on a household both mentally and financially. If you couple that with the emotional strain of losing someone, life can quickly take a downward spiral. Having mortgage insurance/protection will guarantee you can keep your property if the worst was to happen. Our financial advisers covering the UK have been looking after our clients’ mortgages since 1994.

Conveyancing describes the legal transfer for property from one person to another. If you are using a mortgage to buy your home then the lender will require you to have a professional to conduct your conveyancing. If you are a cash buyer, then you can carry out all of the tasks yourself. However, it is really recommended that you still have a professional conveyancer/solicitor to work on your behalf to make sure that the I’s are dotted and the T’s are crossed – this is not an area you can afford to make mistakes in!

Porting a mortgage means that you transfer the mortgage from your existing property over to a new one. This needs to be carried out very carefully to avoid paying early repayment charge!

So you are about to move home and you have an existing mortgage in place. If you end your mortgage early you will get an early repayment charge which could add up to several thousand pounds. The question you need to ask yourself is if it’s better to take this hit and pay the charge or whether is it possible to avoid this by porting your mortgage to your new home. A free mortgage broker would be able to help answer this question for you.

There can be several reasons for needing a mortgage. Maybe you are about to buy a new property or move home. Is your existing fixed-rate coming to an end? Whatever your circumstances are there is one thing for sure and that is you will want to find the best mortgage interest rate for you!

To find a mortgage with the best rate you will need to search the whole market. This can be achieved in several ways however the most efficient and easiest way is to use a mortgage broker.

Your home may be repossessed if you do not keep up with your mortgage repayments.

If you are reading this then the chance is you are a first-time buyer. The good news is that mortgage lenders are keen to attract first-time property purchasers. and therefore you will find most banks and building societies have not only fantastic deals but also offer lots of great incentives.

If you are about to get on the property ladder for the first time you will want to know which lender has the best mortgage rates for first time buyers? The great news is with mortgage rates at a historic low you will get the lowest rates ever available!

Most lenders offer 2 options on each mortgage.

1. A mortgage interest rate with no fee
2. An even lower mortgage interest rate but with a fee.

How do you know which one is best for you? Why do mortgages have arrangement fees and are they worth it? When applying for a mortgage this question is often asked and the answer is not straight forward. However, if you wanting to borrow over £150,000 the answer is usually yes.

Read more: https://yescandomoney.com/should-i-pay-an-arrangement-fee-to-get-a-lower-interest-rate/

When you initially take out a mortgage, you are likely to be offered a low rate as an incentive to take out a mortgage with that bank or building society. These incentive rates are over 2 or 5 years. So, what happens at the end of the low rate? If you are not careful it will revert to the lenders’ standard variable rate which can be very costly to you.

 It never usually makes financial sense to fall on to a standard variable rate mortgage.

So, how long does it take to get a mortgage approved; well it can take as little as 24 hours. However, you should expect to wait about 2 weeks on average while the lender gets the property surveyed and underwrites your mortgage application.

Read more: https://yescandomoney.com/mortgage-application-approval-time/

A mortgage decision in principle is a decision from a bank or building society that they are willing to lend you a pre-agreed amount of money for you to be able to buy a property. This is more than often the first step you’ll take prior to looking for a property to buy as it will let you know how much you can borrow and also that you will be good for your money when making offers on houses.

You can go to any bank or building society and ask for a decision in principle however it makes sense to choose who you go to wisely. Each lender has different criteria and the way they look at applicants. It is important that you get a lender that matches your criteria.

Did you know that a mortgage broker like us can provide you with a decision/agreement in principle? All you need to get one is to have an initial chat with YesCanDo about what you are hoping to achieve. We will then ask some questions that the lenders will want to know for example who you work for, how much you earn and any debts that you may have.

Read more: https://yescandomoney.com/what-is-a-mortgage-decision-in-principle/

Your home may be repossessed if you do not keep up with your mortgage repayments.

The Bank of England s base interest rate is currently (2020) at 0.1%. In March 2020 it was lowered from 0.75% to help stabilise the economic instability due to COVID-19 coronavirus pandemic. This gave birth to low-interest rate deals but also stricter lending criteria.