The amount you will be able to borrow to purchase a property depends on how much a person or couple earn each year, and whether they have any other credit commitments. To get an idea of how much you can borrow, get in touch with our experts today for a free no obligation assessment.
FAQs
We are pleased to answer some of the most common questions to do with mortgages and other types of finance.
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How Much Deposit Do I Need To Purchase A Property?
To purchase a property, you will usually need a minimum of 5% deposit. Whilst there is a new 100% mortgage scheme, this is largely for first time renters to help them get onto the property market. Ultimately, the more deposit you put in, the better the interest rates will be as for instance if you put in a 15% deposit this would be a better interest rate than a 10% deposit.
How Much Will A Mortgage Cost Me Each Month?
The amount a mortgage will cost you each month depends on a number of factors. It will be dictated by the loan amount, the term of the mortgage and the interest rate you secured your deal at.
How Does Our Service Work?
At Deedle, we offer a matching service free of charge. After receiving your enquiry, we will pair up your requirements with an expert advisor who can help to meet your borrowing needs and circumstances. We will set up a free consultation between you and them whereby you will receive a callback on the same day.
The team will search through 1000s of options in seconds to find you the lowest rate available from the lenders on the panel. There will be no obligation to proceed and you will not have to pay any fees for the call.
Why Should I Use Deedle?
At Deedle, we always go the extra mile to ensure that our customers are looked after. Our simple and easy to complete form takes less than 2 minutes to fill in, after which you will receive a call from an experienced professional who will help you throughout the whole process and guide you through all your options.
What's The Difference Between A Repayment And An Interest Only Mortgage?
A repayment mortgage involves paying off your mortgage completely by the end of the term as long as all the payments have been made. An interest only mortgage is where your monthly payments are only covering the cost of the interest and your loan amount will remain the same.
What Extra Costs Are Involved In Purchasing A Property?
There are quite a few extra costs associated with buying a property including stamp duty, solicitor’s fees and valuation fees. Depending on your the situation, you may also need to pay lender arrangement fees and mortgage broker fees.
Do I Need Insurance For A Mortgage?
You will want to get building insurance and it is also advisable to look into home content insurance, life insurance and income protection insurance to make sure that you are covered in all situations.
Can I Repay My Mortgage Off Early?
Yes, it is possible to repay back your mortgage early. However, it is essential to check the terms of your agreement as there could be early repayment charges to pay if you have only had your mortgage product for a short amount of time. Most lenders allow up to 10% of the mortgage balance to be overpaid each year without any extra charges.
Why Is My Credit Score Important When Applying For A Mortgage?
Lenders look at applicants credit score to assess their creditworthiness and to gauge whether they would be a reliable borrower. It shows how likely you are to repay back your mortgage on time and so if it is high, you are more likely to secure favourable terms such as a more competitive interest rate.