Can I Get a Mortgage If…
Are you thinking about purchasing a new property but not sure if you will be able to get a mortgage?
We’ve answered some of our frequently asked questions, however if we have answered your question’ don’t hesitate to get in touch.
Can I get a mortgage if I’m self employed?
The answer is yes! You may think that is not possible to purchase a property when you’re self employed however, the key factor is that the paperwork meets the lender’s lending criteria and providing them with the supporting documents and information that they ask for.
Head over to our blog to read our five tips on how to get a mortgage when you’re self employed.
Can I get a mortgage if I’ve just started a new job?
Yes you can! A lender may request some supporting documents such as your new employee contract which stats how much you’re getting paid and a copy of your first pay slip when you have been paid.
Can I get a mortgage if I’m on maternity leave?
Yes it’s possible to get a mortgage whilst you’re on maternity leave but knowing which lenders to approach is important. Some lenders won’t lend to applications who are on maternity leave whilst some may request more evidence to support.
Head over to our blog about getting a mortgage whilst you’re on maternity leave to get more information.
Can I get a mortgage if I work part time?
Again, the answer is yes! A lender doesn’t look whether you work part time or full time, they’re looking at your salary and how much you earn each month. The number of hours that you work doesn’t matter, it’s all about your earnings.
Can I get a mortgage if I already have one?
In theory, yes you can have more than one mortgage. Each mortgage requires you to pass the lender’s criteria which includes an affordability assessment and credit check as the lender will want to see that you will be able to make the repayments.
You can have more than one buy to let mortgage, commercial mortgage and residential mortgage. If you’re looking for a second residential mortgage, some lenders may request a higher percentage of deposit for the property.
Can I get a mortgage if I have bad credit?
It is possible to get a mortgage with bad credit however it can be harder. Lenders will look at applicants with bad credit as a higher risk so in some cases, they will be expected to put down a larger deposit or pay higher interest rates.
Get in touch with our team on 01270 443510 or 020 3984 0375 to discuss all your requirements. Alternatively, complete our contact us form and a member of our team will be in touch with you as soon as possible.