You earn enough to borrow the amount you need. Here is how to get your first mortgage. Here is how to save up a mortgage deposit. However, the more you are able to save towards a deposit, the more likely you are to get accepted for a mortgage, and the cheaper the interest rate will be.
Therefore it can sometimes pay to wait a little longer before buying your first home. Check out our tips on how to save up for a deposit. The mortgage guarantee scheme was introduced by the government in April The scheme guarantees to compensate lenders for a portion of any losses incurred if a borrower defaults on their mortgage payments and the lender has to repossess the property.
If you want a fixed or a variable interest rate on your mortgage. What mortgage term you want to spread your repayments over. If you want an interest only or repayment mortgage. When you know what mortgage you need, you can use our comparison to find the right deal. Here is how to work out what type of mortgage is right for you.
Guarantor mortgages : These can be easier to qualify for because a friend or family member your guarantor must agree to cover your mortgage payments if you are unable to pay them. Compare mortgages for first time buyers. Yes, you may be able to get a mortgage without a deposit if you have a guarantor. This is someone usually a friend or family member with a good credit record who guarantees to repay your mortgage if you are unable to.
The more you can save for a deposit, the more likely you are to be accepted for a mortgage and the better the interest rate will be. Take a look at our tips on how to save up for a deposit. Before you apply for a mortgage, it's crucial that you check whether you can afford it. To do this, work out how much you earn and spend each month and compare this to how much buying a home will cost you. When comparing mortgages you may notice that some lenders add a fee of around 1.
This is known as a higher lending charge, but not every lender charges this as a separate fee, so check carefully. Yes, you can do this by taking out a joint mortgage. The advantage is that if you both earn a regular income, you could borrow more than you could on your own, making the repayments easier to afford. The downside is that you will have a financial association with the person you buy with.
This means they will be linked to you on your credit record and if they have bad credit, it could affect your ability to borrow. Here is how joint mortgages work. We include mortgages from every lender in the UK. They are all from lenders regulated by the Financial Conduct Authority.
Here is more information about how our website works. We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here. You do not pay any extra and the deal you get is not affected. See more guides. The process of buying a house can take months, but knowing what to do and where to get help could make it quicker and easier.
Here is what to do when you buy a home. Your home could be the most expensive purchase you ever make. Here is how much you might spend and how to make sure you can afford a mortgage and all of the other costs.
Comparing mortgages could help you save money. Our award-winning loan comparison service makes sure you get our best interest rates. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators to help you make life's most important decisions and take control of your money.
Use these calculators to see if you're financially ready to buy. How much can I borrow: mortgage calculator Mortgage repayment calculator Stamp duty calculator. All 11 calculators. Compare mortgages. See the latest mortgage deals on Which? Money Compare. Make your money go further. Find the best deals, avoid scams and protect your savings and investments. Join Which? Continue reading. Joint mortgages explained. Mortgage types explained. Fixed-rate mortgages. All 13 articles in guide.
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