JB Financial Solutions Ltd is authorised and regulated by the Financial Conduct Authority (FCA).
Our FCA number is 531615.
There is an abundance of help to buy mortgages lenders in the market, either on the High Street or through mortgage specialists. This includes lenders offering help-to-buy mortgages for applicants with bad credit, an area in which we can provide specialist help. Don’t be disheartened if you fall into the latter category, there is often a solution that will work for you.
There are two parts to the process. Firstly, mortgage eligibility and help-to-buy mortgage calculation, secondly, the assessment that needs to be completed for the Government equity loan that forms a key part of a help-to-buy mortgage. In some cases, you may need a specialist Help-to-Buy agent to assist with this, however, we are experienced in this process and can help you with this part too.
Every bank or lender uses its own process to calculate how much a consumer can borrow but this is generally based on a few factors:
Basically, the amount you earn and the amount you spend, including personal finance commitments such as loans and credit cards.
A deposit of 10 -20% is generally considered the benchmark to secure a favourable mortgage deal and avoid other penalties.
Credit rating can play a big part in the lender's decision. Higher credit scores, above the 850 mark, offer opportunities for better mortgage terms.
The amount you can borrow on a mortgage in the UK is typically 3 to 4.5 times your income, when calculated against your outgoings:
Joint income mortgages are available for both married couples and partnerships. Tenancy agreements define the share in the ownership.
For consumers that have previously experienced bad credit, there are still options to pursue though rates may be higher.
We advise obtaining a mortgage in principle offer from a lender which is a good indication of your borrowing level before submitting a full mortgage application.
Understanding your monthly financial commitment is a hugely important part of the mortgage application process. Use our mortgage repayment calculator to work out what your monthly repayments are likely to be based on the amount of money you will need to borrow, the interest rate and the term of the mortgage.
Please Note: How much you can borrow will depend on income, expenditure, credit status and the level of deposit. To understand how much you will be able to borrow please visit the mortgage calculator pageGet in Touch