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Getting your mortgage decision in place for purchase

Mortgage Finder can help you plan to get a mortgage deal that suits your situation and arrange to have in place a decision in principle ready for the day you wish to make your first house purchase.

What Mortgage Finder First Time Buyer Mortgages can really help you search for the mortgage lenders mortgage products exactly whenever you need them and can provide the whole of the mortgage market place information including ALL TYPES of MORTGAGES from High Street Lenders: -

The following are just some brief Mortgage Finder suggestions on how to deal with the current mortgage market conditions however you should talk this over with one of our qualified mortgage adviser who will be able to explain the practicalities and requirements that apply to these mortgage options in greater detail.

1) Mum & Dad Bank: - Ask Mum & Dad for help with a deposit. New research has revealed that one in three parents intends to help their ‘children’ financially on to the property ladder. The bigger the deposit the wider the choice of mortgage products.

2) Guarantor: - Asking a parent to stand Guarantor if they are unable to provide the financial help required. This enables a First Time Buyer borrower to take on a much larger mortgage than they would otherwise be allowed because the lender takes the parent’s income into consideration when deciding how much can be borrowed. This means that the guarantor is responsible for the repayment of the mortgage should the offspring default. Whilst there is no direct risk to the parents’ home, acting as guarantor for your ‘child’ can impact on your own ability to borrow further in the future should that be necessary. From a parents perspective it is important not to undermine something that may affect their own financial security and future needs.

3) Second Charge: -Take out a second charge or a formal loan agreement. It may be very helpful to have this in place should there be partnerships involved that could at some point change the relationship. Such agreements should involve a solicitor and legal advice should ultimately be sought.

4) Buy a Property and Rent a Room: - You can buy a property and rent a room and earn up to £7,500 a year (£625 p.m.) Tax Free. This is a current Government backed scheme which not that many know about or even use and can terminate the arrangement more easily if required.

5) Save for Deposit: - Finally bite the bullet and start saving by moving back into the parental home for a while. Not maybe the ideal solution but the quicker you save the sooner you will have your independence, a real incentive.

Mortgages up to 95% of the value of your property are still available but with certain conditions applying so it is best to ask for advice on mortgages that although they may be presently available are often changing in style and requirement on a daily basis from lenders. What you may have seen last week is probably not there this week and that only makes matters confusing for those seeking to finance their first home purchase.

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