What is a Property Survey in London?

Property Survey Mortgage Advice in London

Once you have made an offer on a property in London, the next step of your mortgage process involves selecting a property survey. This is something that your mortgage advisor in London will help you with.

A property survey is carried out to determine the true value of a property. This can give the lender an idea of whether you have overpaid for the property. Depending on which type of property survey you choose, the survey may also highlight any damages in and outside the property and its overall condition.

What happens if I am paying more than the property’s worth?

If you have had your property survey carried out and it turns out that you are paying more than what the property is worth, your lender may down-value your final mortgage offer. This means that they reduce their initial mortgage offer (in your agreement in principle) to match the value that they think the property is worth according to the property survey.

In most cases, we recommend that you go back to your seller to try to renegotiate your offer, presenting them with your property survey. Hopefully, they will lower their asking price.

In some cases, they may want the full asking price, despite the property survey results. If this happens, you may need to make up the remaining total if you still want the property. If you cannot make up this amount, unfortunately, you may lose out on the property.

If you are a first time buyer in London and need further help with property surveys and understanding how they work, feel free to get in touch with our mortgage advisors in London, they will be more than happy to help!

Different types of property survey

Before you select a property survey, you will need to know the difference between each one and how different properties may require a different type.

The three main types of property surveys include:

Mortgage Valuation

A Mortgage Valuation is the most basic property survey, that will likely be carried out on all properties at the minimum. This survey will look at the true cost of the property and compare it to the offer that you have placed on the property and the mortgage you’re looking to take out.

This property survey is used for a mortgage valuation only, and will unfortunately not highlight any repairs that are needed on the property. During the survey, you may become aware of obvious defects, however, underlying issues and faults may not be brought to your attention. This is why sometimes getting a higher level of property survey can benefit you more.

Homebuyers Report

A Homebuyers Report looks at structural safety and will highlight issues that need immediate attention. For example, if there is dampness existing within the property, it will be detailed within your Homebuyers Report. You will be given this report by an independent property expert.

To make sure that you are not two different property surveys, it is worth asking whether the mortgage company’s surveyor can carry out this report for you. It is also worth noting that a Homebuyers’ Report may take a few hours to complete.

Full Structural Survey

This type of property survey features everything to do with a property. It included everything a Mortgage Valuation and a Homebuyers Report does, however, provides much more detail and insight into the property.

Depending on the type of property that you are looking to take out a mortgage on, a Full Structural Survey can take up to a day to complete.

As a mortgage broker in London, we would recommend that if you are looking at buying an older property, you should take out a Full Structural Survey on the property before buying it. Older properties tend to cost more to repair, therefore, you would want to know about these costs prior to purchasing the property and discovering the repairs needed further down the line.

Property survey advice London

If you are a first time buyer in London or moving home in London, we are here to help you select the right property survey for you and the property you are looking to buy.

We want to make sure that you make the right decision so that you know everything about the property before buying. In some cases, this could help you save money!

We are looking forward to hearing from you and helping you with your mortgage in London.

What is a Mortgage Illustration?

Mortgage Illustration London

During the first few stages of the mortgage process, following your free mortgage appointment, your mortgage advisor in London will give you a mortgage illustration. When you receive a mortgage illustration document, this means that your advisor has found a product that they think is perfect for your personal and financial situation.

So, what is a mortgage illustration? In simple terms, a mortgage illustration is a document that outlines every detail of a mortgage product. When you receive a recommendation from your mortgage advisor in London, this document will include everything you need to know about this product.

As a mortgage broker in London, it is our job to help you find the perfect mortgage product. To find that product and present you with a mortgage illustration, you have to follow these steps first.

1. Book your free mortgage appointment online and provide your mortgage advisor in London with some of your details so that they can find the best deal for you.

2. Following your appointment, your advisor will begin searching 1000s of mortgage products in order to find one that matches your personal and financial situation.

3. Once they find a product for you, they will present their recommendation with a mortgage illustration outlining the deal.

4. If you are happy with the product and want to continue with us, we can begin preparing your mortgage application.

We aim to make this process as simple and as straightforward as possible. Especially if you are a first time buyer in London, you want the process to be stress-free and easy-going, just like us! That is what we are here to help with.

For a quick explanation of “what is a mortgage illustration”, watch Malcolm from MoneymanTV give his answer below. For videos just like this, check out our channel and subscribe for more videos!

What is included in a mortgage illustration?

Once you have received your mortgage recommendation, you will want to know all about the product and what it has to offer. Take a look at your corresponding mortgage illustration and you find the majority of these:

Main details

Your mortgage illustration will hold information on your fixed contract length, which lender you would be taking out the product with and sometimes your valuation fees.

Costs of taking out a product

In most cases, you will be charged a product fee – a fee for taking out a mortgage product. If you do not have to pay a product fee, this will be outlined in your mortgage illustration.

Monthly repayments & interest rates

Your monthly mortgage repayments along with the total mortgage amount will be included in your mortgage illustration. Your interest rate will also be included along with the fixed term length.

Legal fees

Solicitor and legal fees are also included. As a mortgage broker in London, we will talk you through these when going through your mortgage illustration with you.

Valuation fees

Most properties, especially older ones, will need a property survey before you can purchase them. Valuations are a way for the lender to determine whether the property is worth what you’re paying for it or now. Some surveys/valuations can be more expensive than others.

Do I have to agree to a mortgage recommendation?

No, you do not have to continue with us and take your recommendation. However, it is recommended for a reason as your mortgage advisor in London has found one that perfectly matches your personal and financial situation.

If you choose to go elsewhere and find your own deal, unfortunately, you will not be able to take the deal with you.

Does a mortgage illustration guarantee me a mortgage?

Though we would love to say yes that it can, however it can’t. We can never guarantee any applicant a mortgage.

A mortgage illustration comes after your free mortgage appointment, therefore, you have not provided any documents to support income, source of deposit and affordability yet. You will need to show that you can afford to take out this product before continuing.

Is a mortgage illustration the same as an agreement in principle?

An agreement in principle (also known as an AIP) shows that a lender will let you borrow for them, given that you can back up your income, affordability etc. You will receive one of these following your free mortgage appointment to back up any offers you want to make on a property.

An AIP is not the same as a mortgage illustration. Remember that a mortgage illustration is a document outlining a mortgage product and an agreement in principle is a document saying whether or not a lender pre-approves your application.

Speaking to a mortgage broker in London

As a mortgage broker in London, it is our job to help you find the most appropriate mortgage product based on your personal and financial situation. Whether you are a first time buyer in London or moving home in London, we are sure that you will find our service more than beneficial.

Remember that you will receive a mortgage illustration upon completion of a free mortgage appointment in London. This is simple and easy to book online. Answer a few questions so we can get to know you, then choose your preferred date and time and that’s it!

Product Transfer V Remortgage Advice in London

Remortgage Advice in London

What is a product transfer?

When your current mortgage term is approaching its end, your lender may offer you a new deal to switch over to, this is known as a product transfer. You aren’t switching lender; you are just switching to another one of their deals.

You are under no obligation to stay with your lender, you can search around elsewhere for as many deals as you want. In fact, most people shop around, you may end up finding a better deal by doing so.

Are you rewarded for loyalty?

Unfortunately, the answer is no. Lenders will not reward you for loyalty, and that’s why, as a Mortgage Advisor in London, we always advise that you look elsewhere for a deal first. Most lenders prefer to offer better deals to First Time Buyers in London and new customers before their existing ones.

As a Mortgage Broker in London, we would recommend that you don’t be loyal to them and try searching for more competitive deals that could save you some money. We often find that there is a better deal out there, you just need to find it.

This is where we come in, we will search through 1000s of mortgage deals for you until we find the perfect one for your personal and financial situation. We have over 38 different lenders on panel and we can individually look through each one until we find a competitive deal for you. 90% of the time, we will find you an amazing deal that will save you both time and money.

Tempted by an online switch?

We know that it is extremely easy to switch over to a new deal online, we sometimes don’t blame people it’s that easy! However, it’s also very easy to make a mistake online and it could end up getting you on the wrong deal. If this happens to you, you are in a sticky situation as you chose to take no sort of financial advice, which lenders will have no sympathy for. Lenders like customers that switch over online as they end up making more money from you.

If you want the same fast service along with expert financial advice, you should approach a Mortgage Broker in London. For example, at Londonmoneyman, we always have your best interests at heart, we will always try to find the best deal for you and not for us. We aren’t tied to any lenders so we are free to choose any mortgage product that we think will benefit you the most.

Opting out of advice and consumer rights

As soon as you choose an online switch, you are waving goodbye to your consumer rights and protection that you would’ve got had you gone the Mortgage Broker route. It’s perfectly normal to conduct a mortgage switch online, we are just asking to be careful as we have seen customers fall into these traps before. Just because a deal is cheaper than your current one, doesn’t mean that you will match its criteria.

At the end of the day, we want the best for you, we want you to come out with the best remortgage deal/ product transfer possible. If you have any further questions or concerns about your remortgage, feel free to get in touch as we would love to try and help you. We know that remortgaging can be stressful and that’s why we are here to offer a helping hand through your remortgage journey.

Why Choose us as your First Time Buyer Mortgage Advisor in London?

First Time Buyer Mortgage Advice in London

Over our past 11 years of working within the mortgage industry, we have helped thousands of First Time Buyers in London secure excellent mortgage deals. It could be you next!

As your Mortgage Broker in London, we will search through 1000’s of First Time Buyer mortgage deals for you until we find one that’s perfect for you. We will take both your financial and personal situation into account when trying to find you a mortgage, this way the deal will benefit you in both ways.

Due to a highly competitive market, First Time Buyers often struggle to secure competitive mortgage deals. However, this could also be down to not knowing where to look. As a Mortgage Broker in London, we have access to a panel of 38 different lenders each with their own unique deals that we can search through for you.

There are lots of different types of mortgages available on the market and sometimes the choice can be overwhelming. We hate seeing struggling First Time Buyers stressing about their mortgage and struggling to find a deal, and that’s exactly why we want to offer a helping hand.

We consider all situations at Londonmoneyman and we will try to get over any mortgage hurdles that we are faced with.

Common First Time Buyer Mortgage Scenarios

After working with thousands of First Time Buyers in London, we came across a lot of similar mortgage situations:

Bumped into any mortgage hurdles so far?

We have also encountered a lot of similar mortgage problems when starting the First Time Buyer mortgage process. Usually, the applicant has been turned away from their bank and we are faced with the same reason to why you were turned away. However, we aren’t letting it get in the way, a Mortgage Advisor in London will try their best to overcome these hurdles. Here are a few:

If this is your situation, it is important that you don’t keep applying to different lenders. This is because each time you get declined, a negative print is being left on your credit file. If you get declined too much, you could potentially lose all chances of getting a mortgage altogether.

Reasons to choose us as your Mortgage Broker in London

Why Choose us as your Remortgage Advisor in London?

Is your mortgage deal coming to an end? Are you looking for a replacement deal to switch over too? If so, your Remortgage Advisor in London is here to help!

Whether you’re looking to Remortgage in London to save money or to raise capital for one reason or another, then you’ve come to the right Mortgage Broker in London. We have been helping customers find outstanding remortgage deals for 11 years now, we know exactly what to do to find you an amazing deal.

For some borrowers, remortgaging can be a great way to improve your financial situation as it may give you the option to consolidate any short-term debts.

Remortgage Advisor in London

Getting Remortgage Advice in London could be within your best interests as you will receive full guidance and support from an expert Remortgage Advisor rather than doing it by yourself. A Mortgage Broker in London like us, will not only help you secure a deal they will try and help you save money in areas you didn’t think you could.

Common Remortgage Scenarios

Having worked within the mortgage industry for over 11 years, we have come across almost every single remortgage scenario. Here are some that we regularly come across:

Reasons to choose Londonmoneyman as my Mortgage Broker in London

With the introduction of the new mortgage market regulations in 2014, it became much harder to Remortgage without the help from a Mortgage Broker in London. People find it hard because of the sheer amount of mortgage types out there and it’s often hard to qualify for every single one of them. Also, people don’t really know the differences between the mortgage types whereas a Mortgage Advisor will and can tell you the difference between each of them and which one will suit you the best.

We work for you

We also work for you, we are not tied to any particular estate agents or lenders. We always have your best interests at heart, our aim is to try and find you a great mortgage deal based on your personal and financial situation.

Your experienced Mortgage Broker in London is not just here to get you a remortgage deal, we are here to support you through your remortgage journey, taking all of the stress off your back and making the process run as smooth as possible. We want the best for you and for you to come out smiling, knowing that you’ve received an excellent mortgage advice service that ended with you securing an amazing remortgage deal.

As your Remortgage Advisor in London, we are here for you 7 days a week. You can get in touch whenever you want, we work around you. We also offer a free initial mortgage consultation, so make sure to get in touch as soon as you can!

Taking a Mortgage Past Retirement Age

Getting a mortgage as an older borrower in London

We all end up with a reduced income after we retire in London, so that is why Lenders usually want the mortgage to getting repaid before your stated retirement age. They will consider lending past state retirement age in some circumstances, but only if the job you do is relatively non-manual and as such it would be reasonable for you to carry on working to a later age.

Taking a Mortgage Past retirement Age | MoneymanTV

Case Study

Evelyn was in her late forties when she applied to us for a First Time Buyer Mortgage in London. The issue she had was that her husband was a little older, and she felt slightly uncomfortable with the monthly mortgage payments when I quoted her over the term to his state retirement age.

Evelyn had moved to the UK from Hungary and also had a modest property back home that she rents out. She planned to sell that property at some point in the next ten years and use the proceeds of the sale to pay a large chunk off this mortgage in the UK. That gave us both additional comfort about potentially extending the term on this new application to get those payments lower for her.

Fortunately, her husband was in a job where it would be reasonable for him to work into his 70’s, and we found a lender who got prepared to go eight years past his state retirement age. Evelyn and her husband may have left it slightly late to get onto the UK property ladder. Still, their application progressed with no issue, and they are now the proud owners of 2 properties, indicating a comfortable retirement for themselves when the time comes.

If you can relate to this scenario and need some Specialist Mortgage Advice in London, get in touch and we will see how a Mortgage Advisor in London may be able to help.

Open & Honest Mortgage Advice in London

The Costs of Buying a Home in London

Home Buying Costs Mortgage Advice in London

It goes without saying that it can be costly to buy a new home. There are various costs that can add up, as well as different options every step of the way that you can choose from.

If you’re a first time buyer in London who is looking for mortgage advice in London, you’ve come to the right place, as this piece will explain many of the costs typically associated with buying a new home.

Estate Agency Fees

Only those that are selling a property are required to pay an estate agent. It should be noted that these fees can vary drastically between different estate agents. Often, these fees can be negotiated, particularly when there is a lack of properties available for sale.

Survey Fees

The cost of surveys can vary depending on requirements, however, your mortgage advisor will be able to recommend the most suitable option for you.

Mortgage lenders will inform you of the value of the property you are considering buying. This enables you to determine whether it is worth the cost. This can cost upwards of £300, or may even be offered for free by your lender.

It is also possible to request a more detailed Home Buyer’s Report, which often costs in excess of £1000 for the most in-depth surveys.

Mortgage Arrangement Fees

As a guide, mortgages with low-interest rates are typically those with the highest fees. Mortgage arrangement fees can vary between being free, or even costing upwards of £3000.

Mortgage advisors in London are in the best position to explain the most cost-effective products that align with your requirements, working out the total amount to pay throughout the product term, including fees.

It is usually possible to add arrangement fees to the mortgage. In this case, it will prevent a costly one-off payment; however, there will be interest on the fees, which end up costing significantly more over the mortgage term.

Solicitors’ Fees

It is essential to have a solicitor take care of the legal aspects of buying your home. Your solicitor needs to be on ‘panel’ for the lenders you require, so make sure your choice facilitates this. Your mortgage advisor in London will be able to guide you throughout this process.

It’s also important to make sure that the quotes you consider for solicitors’ fees include local searches and VAT, preventing any unexpected costs from arising.

Stamp Duty

Stamp duty is a tax that is paid to the Government for some property purchases. This is paid to the solicitor upon completion, as they will pay the government for you.

For more information, visit: https://www.gov.uk/stamp-duty-land-tax/

Mortgage Broker Fees

When searching for a mortgage broker in London, it’s important to understand the applicable fees.

The majority of mortgage brokers in London charge fees, with the sum of money owed often being linked to the amount the lender pays the broker for carrying out work on their behalf. Many brokers only charge fees when they successfully get a formal mortgage offer for you.

Reviews are a great way to see other peoples’ experiences with a mortgage broker in London, which can help you to make your decision. As an example, if you find a mortgage broker in London with great reviews, this can give you confidence when choosing to work with them.

Removal Fees

While some people choose to hire a van and move their own furniture and belongings into the new home, removal companies can take the stress out of this process.

While it does cost to have a removal company take care of this on your behalf, they can speed up moving and enable you to focus on other things, making your move more enjoyable!

Summary

This piece should have given you plenty of useful information, helping you to understand the basics of mortgage advice in London and setting you on the path to getting started.

Reasons To Get a Second Mortgage in London

Second Mortgage Advice in London

There are several reasons why a second mortgage might be worth considering:

  1. For collecting funds for your existing home.
  2. For renting existing home and moving to a new one.
  3. To support your children in purchasing a home.
  4. For purchasing a property for rent purposes usually known as a buy to let London.
  5. Want to purchase new house while having an existing mortgage.

Standard Variable Rate (SVR)

Releasing funds for a second mortgage depends on how much equity you have in the home and this is where specialist mortgage advice in London may be able to help. Lenders have a standard variable rate which is also called Lender’s basic mortgage.

Once you understand that each lender has its own standard variable rate set, then you understand the need for shopping around to find a better offer. You can also opt for a further advance with your existing Lender.

Let to Buy Mortgage

If you live in a property and want to move elsewhere then Let to Buy option is for you. It helps you in moving home in London as well as lets you keep the ownership of your existing property for you to rent it out later. Your second mortgage will be for a new residential mortgage.

Help Your Children Buy a Home

Being a parent, you are considering and looking for ways to help your children or grandchildren find a place on the property ladder. There are many routes that can assist you in purchasing home for your child. 

Divorce/Separation & Second Mortgages

Looking for a new home while having your name on an existing mortgage occurs in situations when an individual is getting divorce or separation.

Before making any decision about second mortgage, make sure you have right people advising and helping you through it. Your dedicated mortgage advisor will be able to help in checking thousands of mortgage offers on your behalf and proposing the most acceptable offer to you, based on your personal circumstances.

Trusted Mortgage Broker in London

Divorce & Separation Mortgage Advice in London

Specialist Mortgage Advisors in London

It’s never planned and it’s always devastating when it happens, however, when it comes to divorce or separation, there are a lot of legal and financial matters that will you’ll need to resolve before you go your separate ways. Unfortunately, things don’t always go as smoothly as anticipated and that’s why it’s better to know what’s to come rather than be unprepared.

Your Specialist Mortgage Broker in London has put together a list of the three most common questions that we get from customers going through a divorce or separation and need our help. We hope that this puts you at ease knowing that you aren’t the only one who has searched for advice in these hard times.

  1. How can I remove my ex-husband/wife or partner from my mortgage?
  2. How can I remove my name from my ex-husband’s/wife’s or partner’s mortgage?
  3. Can I have two mortgages?
Divorce / Separation Mortgage Advice UK | MoneymanTV

Removing an ex-partner’s name

Buying a home together is a huge financial commitment, so as you can imagine, getting a name removed from a mortgage is not always easy. In fact, making any sort of changes to your mortgage can be hard unless you’re coming to the end of your mortgage term.

If there are children involved, things can get a little more complicated. In most cases, we see that the mum stays in the property, but either way, it may come down to whoever is “in situ” takes on the responsibility of the mortgage.

When you are trying to remove an ex-partner’s name from a mortgage, you’ll need to supply evidence that you’re going to be able to meet your mortgage payments on your own. Lenders will study your salary and your disposable income and then work out whether or not it’s realistic that you’ll be able to hold your own weight.

Your lender will also measure your ex-partner’s affordability and check whether they will be able to afford a mortgage on their own going forward. They will perform a full affordability assignment on both you regardless of whether you have kept up-to-date with your mortgage payments in the past or not.

You must know that since you joint bought the property with your ex-partner, your lender can pursue either of you in the event of mortgage arrears.

Removing your name

If you want to remove your name from a mortgage it’s a similar process to how you remove your ex-partner’s name. Although, in this situation, you are the one that is trying to vacate the property and move on which can sometimes cause some difficulties.

This may cause difficulties as you will need consent off your partner that you can take your name off the mortgage. Your lender will also perform a full affordability check on your ex-partner to check whether they’ll be able to afford their mortgage payments or not.

If you are given consent to remove your name off the mortgage and your partner is able to afford the mortgage payments on their own, it’s in no doubt that you’ll eventually start looking for your own place. If or when you do, you should know that your lender will take the mortgage payments from your old property into consideration. Some lenders will be generous, some will be strict. Finding the most suitable lender for you can be hard and that’s why we recommend in getting Specialist Mortgage Advice in London, especially when going through a divorce or separation.

Getting help

In some scenarios, there may be someone there to offer a helping hand with the mortgage payments. More often than not, family members may help out or in other cases, there may be a new partner that is willing to step in.

If this is not your situation and you are planning to pay for your mortgage payments by yourself, don’t be ashamed of getting advice from an expert! Our Mortgage Advisors in London are experienced in this specialist field and know exactly how to help. Getting help with your finances or with removing your/ex-partner’s name off a mortgage could take a heap of the stress of your back. We want the best for you at the end of the day.

Can I have two mortgages?

Yes, in fact, you can own multiple mortgages, however, before getting accepted for another mortgage, your lender will take a look at many different factors. When they are checking your file, they will be able to see that you are still linked to another mortgage.

They will check how much you are contributing to these mortgage payments and check whether or not you’ll be able to manage additional mortgage payments on top of them. Lenders will also factor in any other credit commitments that you have.

Lenders will also account for the risk factor, for example, how likely is it that your home is repossessed because you couldn’t afford your mortgage payments. They won’t take any risks either.

If you’d rather get an affordability check before you directly approach a mortgage lender, you can approach a Mortgage Broker in London like us. We will perform our own credit check and affordability measures to find out whether it’s realistic that you’ll be able to afford another mortgage.

We have Mortgage Advisors in London that specialise in this field, so don’t hesitate to get in touch with us. We are more than happy to help.

Dedicated Mortgage Advice in London

Getting Prepared for a Mortgage in London

First Time Buyer Mortgage Advice in London

So you’ve done great thus far and saved a majority of your deposit, now what’s next? It’s time to get prepared for a mortgage! Below is a list of some helpful advice for first time buyers in London, in order to help you be prepared for a mortgage ahead of time.

How to get prepared

Up-to-date credit report

Once of the most important things that you should do first, is make sure you get an up-to-date credit report. This is key, even before you get in touch with a mortgage broker in London. It’s always smart to ensure you have paid off any outstanding payments you have, even if you’re holding off for matters of principle – Whether it’s your responsibility or not doesn’t factor into your credit report, and if it is unpaid, it will go against you. Ensuring these are paid off will increase your chance of obtaining a mortgage!

It’s handy to to make sure you’re on the voters roll, as it would seem that also has a positive effect on your credit score. Closing down old credit cards helps too, so make sure you do that. Your dedicated Mortgage Advisor in London will be able to run through your credit report in the early stages, providing expert advice on the different ways you can make sure you have a great credit score!

Proof of identification

Once you kickstart the home buying process, you’ll be asked to provide some photograph ID. Our customers usually provide things like a driving license or passport.

Your driving license can be used for your address too, though this is limited to be used for one of the options. What this means is if you’re using it for photo ID, you’ll need something else to assist with proof of address and vice versa. Any non-UK nationals now residing in the UK will need to show us a copy of their Visa as well to be able to proceed.

Proof of address

As mentioned, you’ll also need some documents that can prove where you live. The standard option for these is a utility bill or original bank statement that is dated within the last 3 months. Alternatively, like we said in the proof of ID section, you are able to use a passport or driving license for proof of address, but it can’t be used for ID as well if you do this.

Last 3 months’ bank statements

Your bank statements should document your income and regular spending habits. It’s preferable that you don’t get too carried away leading up to this with things like gambling, no matter how innocent, as the lender may hold them against you. The same goes for going past overdraft limits and letting direct debits bounce. You must make sure you’re prepared.

The majority of lenders will ask to see your bank statements, as it gives them confidence that you take your finances seriously. The bank statements usually needed will showcase income coming in and bills going out.

Evidence of deposit

As a First-Time Buyer in London, you will have to prove you have a saved deposit and document where this came from, for the purpose of anti-money laundering. It’s always best practice to limit moving money from account to account, as it makes evidencing the audit trail trickier. Lenders prefer to see your savings building up over time, so you’ll also have to prove and explain the appearance of any large deposits, say if you’ve sold a car recently.

In recent times, we often see that deposits are gifted by family members and is the most popular way forward for First-Time Buyers in London. These need to be evidenced also, with the “donor” being required to sign a letter confirming you do not need to pay this back.

Proof of income

When it comes to something like affordability, the most important thing is proof of income. Usually you will be required to show the last 3 months of payslips if you’re employed, with some lenders needing to see your most recent P60. Lenders may also take into account regular overtime, shift allowance, bonuses and any commission you make. If you have more than one employer (maybe you have a part-time job or are self-employed), lenders will also accept the earnings from each of those.

Nowadays, many applicants are self-employed and in need of expert Mortgage Advice in London. Self Employed applicants in London will need the help of an accountants to request their last 2-3 years’ proof of earnings from the Revenue. Our trusted Mortgage Advisors in London are able to talk you through what to download from the Government Gateway if you happen to control your own accounts

Budget planner

It’s always worth doing your homework and taking the time to write down an estimate of what your outgoings might be after you move to your new home. This helps put into perspective how much your council tax and utility bills will be, plus regular expenditures like food, drink and travel. It’s also able to show how much disposable income you’ll have free to use as payment towards your mortgage. Our team can send you our version of a budget planner before we go forward with our appointment, which will hopefully be able to help with this.

Getting prepared For a Mortgage in London

As you can see from all of the above, getting prepared for a mortgage is not always the easiest, but is far from impossible! If you put in the hard work from the start, staying patient and being careful, it hopefully won’t be too long, before things start working in your favour.

Londonmoneyman.com & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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