Articles
10 pitfall mortgages
Getting a mortgage these days is totally different than it was just a few years ago. In 2014, the ‘Mortgage Market Review’ regulations tightened; it is now more important than ever to have your financial affairs in order. Here are the main factors that could make you a higher risk to lenders – all of which you can mitigate, if you plan ahead.
Transfer of Equity
One of the less frequent changes is the addition, or removal, of someone from the mortgage deeds and usually subsequently the property deeds themselves. This is known as ‘Transfer of Equity’ and can occur for a number of reasons.
House prices increase swiftest in North West - compared to rest of UK
A year-on-year comparison shows that house prices in the North West have risen faster than any other UK region, official figures show.
The Office for National Statistics (ONS) reported that by July of this year, annual growth in the North West was at 5.6%.
Mortgages: debts versus deposits
You certainly need some money behind you to get on the property ladder in the 21st century and how much depends on which kind of scheme, property or even lender you use, not to mention the area you intend to buy in.
Self-employed mortgages versus mortgages for those employed by others
Getting a mortgage these days isn’t easy however, it generally runs smoother if you are employed as opposed to being self-employed.
If you work for someone else, a lender will most likely only need to see your last three months’ payslips to verify your income. Depending on bonuses, commission structure, and so on, some may require current and/or previous P60s and if the job or position is new or there has been a very recent pay rise, then a contract or letter from the employer may be requested.
