Mortgage

With interest rates dropping across the United Kingdom, it might be a good time to consider purchasing a new home and taking out a mortgage on it. This would save unnecessary rental, moving costs and remove the possibility of future potential rent increases. Besides that, with the UK housing market growing at a rate of 10% annually, there's a likelihood

Only a mortgage specialist is legally qualified to advise you on your financial needs and this is strictly regulated by the Financial Services Authority (FSA). He/she would be responsible for analyzing your current income levels, property valuation before determining the best possible mortgage offer that is within your reach. Be aware though that if you default on your mortgage repayments, you stand a chance of losing your property and facing a foreclosure.

What would be some of the factors that a mortgage advisor would be on the look out for?

First, he would take into account the location of your property and an appraised property value. 10% to 20% of the property value would be taken as a deposit and the remaining amount would be taken out as your mortgage. Then, your income level is assessed to determine the repayment amounts and repayment period