Impartial Mortgage Advice
It is important that you protect you and your property with appropriate cover
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Aspire Mortgages working for YOU
Your home may be repossessed if you do not keep up repayments on your mortgage.
Buying your first home can be very stressful. Such a large commitment can seem very daunting especially as you don’t know the process and the best place to start. That’s why we hold your hand from the minute you contact us until you get the keys and remain available for you after completion to answer any questions and review your circumstances on a regular basis. We cut through the jargon, making you feel at ease and in control.
Frequently Asked Questions:
What type of clients do you deal with?
We deal with diverse types of clients with different requirements. For example:
- Members of the Armed Forces, some who use the Forces Help to Buy Scheme with regards to their deposit
- Shared Ownership
- Concessionary Purchase (where a family member owns the property being purchased and is selling at a reduced price)
- Help to buy Scheme
- Right to Buy
- Gifted Deposit
- Credit issues
- All age groups
How much can I borrow?
This is based on your affordability taking into consideration your current income and expenditure, as well as your financial situation with regards to your credit score. Your borrowing capacity can also depend on the level of your deposit as should you be borrowing at a high loan to value (loan amount compared to the property value) the lender can reduce the amount they are prepared to lend as there could be more risk to them.
What Deposit will I need?
Some lenders will accept as little as a 5% deposit, although you must be prepared that this will limit the lenders available to you and the interest rate will also be higher than if you had a higher deposit.
The deposit required can also depend on your financial situation, for example, should you have had previous credit issues a lender may require a higher deposit.
Can I afford it?
An affordability assessment will always be carried out prior to any Mortgage Application being submitted. This takes in to account your current income, relevant current expenditure and approximate future utility bills to ensure that you have a disposable income left after all commitments that is appropriate and you find acceptable.
You will also be issued with a document called a Key Facts Illustration prior to the Mortgage Application being submitted which details all the figures relating to the recommended mortgage product, so you can ensure you are happy to proceed.
What type of mortgage do I want?
What type of mortgage you require depends on your attitude to risk and your future plans. A full in-depth fact find is carried out to establish your priorities and requirements before a recommendation is made.
For example, you wouldn’t want to tie yourself in to a five-year initial deal period if you had plans to sell in three years’ time.
Will I get a mortgage?
There is a great diversity of lenders available who offer products that take in to account a variety of clients’ circumstances. Please don’t think because your circumstances are more complex than normal that you are unable to secure a mortgage. However, should for any reason you be unable to proceed, I will hopefully be able to confirm a plan of action with you to enable you to purchase a property in the future.
What are the costs involved?
You need to be prepared for the costs involved in purchasing a property and not just providing your deposit. There are Solicitors costs for dealing with the property purchase, as well as the lender will require a Valuation Report to be carried out on the property. You may require a more in-depth Valuation than just a Standard Valuation should the property be an older property for example which will increase the cost.
Stamp Duty is no longer applicable for First Timer Buyers for the first 300k up to a maximum property value of 500k. We do charge a fee, which is payable upon issue of the Mortgage Offer. Should we be unable to secure you a Mortgage Offer no fee is applicable.
All costs are discussed with you fully prior to a Mortgage Application being submitted. We can provide you with Solicitors Quotes and all other figures are detailed within a document called a Key Facts Illustration.
Please remember that everyone’s circumstances are different, so you may be self-employed, been self-employed for less than 3 years, have had or have credit issues, just started a new job for example, so please let us know your situation. We take pride in offering a personal service that takes into account your individual circumstances. You are unique and so is your financial situation, so we work hard to understand your goals and aspirations, making financial recommendations based on a comprehensive and detailed analysis of your needs.
We can answer all your questions, offering you the most appropriate guidance and advice for YOU.