What Percentage Of Salary Should Go To Mortgage UK?
Knowing how much you can afford when it comes to your mortgage payments starts with knowing your salary and how much salary should go towards your mortgage so you can afford your dream home whilst still being able to manage all your other living costs. Questions surrounding how much you can afford to borrow, mortgage […]
Using A Loan for House Deposit | When the Bank Says No
Lenders require borrowers to make a mortgage deposit as a sort of entry fee to get a deal, as it demonstrates financial strength and lower risk. However, as property prices and minimum deposit amounts rise, many seek alternative methods to raising capital to get their foot on the property ladder. One of the methods clients […]
How much is a 250k mortgage per month?
Monthly mortgage repayments are the largest single expense for the average homeowner, and it’s much harder to change circumstances once you’re on a mortgage than when renting. While there is no one-size-fits-all for a £250,000 mortgage, having a clear idea of what to expect from a potential mortgage deal allows you to create a solid […]
Partner Is A First Time Buyer, But I’m Not – How Does This Affect A Mortgage Application?
Joint mortgages present an excellent opportunity for partners to combine their incomes to afford a mortgage for their dream home. However, if one of the partners isn’t a first-time homeowner, this can significantly affect the mortgage application as they won’t be eligible for first time buyer relief and other government schemes that support first time […]
Can I buy my council house while on benefits? | When the Bank Says No
The short answer is yes, and even better, buying your council house is made far more accessible due to a lesser-known government scheme. It’s called the Right to Buy Scheme, and it offers a massive discounted price of up to 70% of the home’s market value for long-term tenants. The significant discount isn’t the only […]
Does Gambling Affect Mortgage Application UK?
If you are in the market for a mortgage, but concerned that any gambling or betting activity you have undertaken previously might affect your mortgage application, you’ll probably want to know how serious the risk is. Read on to understand how gambling could impact your chances of getting a mortgage and seek advice from a […]
Moving to Interest-Only Mortgages Temporarily – Is it a valid option? | When the Bank Says No
Some borrowers favour traditional repayment deals over interest-only. However, there might come a time when their income drops. In that case, they’ll desperately want to lower the monthly payments. Switching to an interest-only mortgage temporarily could seem like a tempting offer, but is it even doable? The short answer is yes. It’s possible to change […]
Is There An Age Limit For Mortgages In The UK? | A guide by When the Bank Says No
Why do age limits exist for mortgages? Mortgage lending revenue comes from interest generated throughout the full term, an average of 25 years. Mortgage lenders impose maximum age limits due to life expectancy concerns and post-retirement affordability, and they’re usually not willing to make exceptions. Even if you’re at your retirement age, it’s not impossible […]
How Long Does It Take To Release Mortgage Funds?
Buying a new property can be a complex lengthy process with multiple stages, especially when it involves mortgage lenders and mortgage funds. Some of the common questions we are often asked by prospective mortgage applicants at When the Bank Says No concern this process and include: “how long does it take for mortgage funds to […]
Will Mortgage Rates Go Down In 2025?
There are so many factors to consider (especially for a first-time buyer with zero experience) that the mortgage whole process can feel rather daunting.