If you’re buying a bigger and more expensive property, or you’re wanting funds to cover building work then potentially you’ll need to borrow more. This opens up a whole range of questions and this is where our inhouse advisor can help.
Can I transfer my existing mortgage, will I incur penalties? Our advisors can work with your existing lender to calculate the best option for you – you may be able to transfer your existing product and not incur penalties, alternatively a new deal with a different lender may work out to be the better option even if a penalty is incurred.
How much you can borrow is no longer solely dependent on how much you earn but on how much each individual lender believes you can afford, when taking into account both your lifestyle and expenditure.
If you’re within 6 months of your existing mortgage product coming to an end now is a good time to start searching the market for new deals.
If the value of your property has risen since you last went through the mortgage process(and we can of course give you guidance on that) you will now have more equity in your home.
More equity is good news if you’re looking for a competitive mortgage rate. It means in relation to what your property is worth you will potentially now have to borrow less.
This is known as loan to value LTV. The more equity you have in a property (Value) the less you need to borrow (Loan). The higher the Value of your property in relation to the Loan the better the rate.
Our Mortgage Advisor is a ‘whole of market’ broker. He can search through and compare 1000’s of mortgage products to get you a great rate.If your renewal is due within the next 6 months give the team a call and we’ll make you an appointment.
Michael Rhodes have helped 100’s of first time buyers get onto the property ladder and now with our inhouse mortgage advisor we can be an even bigger part of that journey, ensuring you are supported by the very best professionals. Speak to our mortgage advisor about how to borrow the funds you need at the very best rate available.
How much deposit will I need? The amount of deposit that you will need is at least 5% but generally the larger your deposit the better the deal that you will get. So if you put down 10% rather than 5% you are likely to get a lower interest rate on the money that you borrow – meaning that your monthly repayments will be lower. The amount that you repay every month can vary hugely dependent on what rate you borrow at.
As a first time buyer how much can I borrow? How much you can borrow is no longer solely dependent on how much you earn but on how much each individual lender believes you can afford, when taking into account both your lifestyle and expenditure.
Michael Rhodes’ mortgage advisor has access to mortgage products across the whole market.
Having access to the whole of the market means our mortgage advisor can compare 1000’s of mortgage products from a whole range of banks, building societies and specialist lenders.
Michael Rhodes is the only Romsey Estate Agent to offer mortgage advice from a ‘whole of market’ broker meaning they have access to more lenders than any other agent.