Mortgage Advisors Kirby in Ashfield
Best Rated Mortgage Advisors in Kirby in Ashfield
Welcome to Shaws financial, the best rated mortgage advisors Kirby in Ashfield. We work honestly, discussing your circumstances to provide you with the best mortgage possible. We are genuine mortgage advisors Kirby in Ashfield, working on your behalf- not for the estate agent or lenders. With us, you can be assured that we’re in your corner and we work for your benefit.
We understand that sometimes, getting a mortgage can be stressful and complicated. We are dedicated to make your experience stress-free so you can be excited instead of worried. We will do everything in our power to make sure you are informed so you can make the right decisions for you. We have years of experience, helping our clients save time and money by discussing different options that you may not have considered. No-matter what your circumstances are, our mortgage advisors Kirby in Ashfield can help you.
Mortgage Calculator
Below we have made a basic mortgage calculator so you can get an idea of what your mortgage payments may be depending on how much you borrow, the interest rate and over what period of time. The figures are purely illustrative and do not constitute any form of mortgage advice.
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Making Sure Your Mortgage is Protected
Mortgage protection for you and your family is often overlooked, our mortgage advisors Kirby in Ashfield make sure we offer our clients a holistic protection review when you are applying for a mortgage. This will mean you are covered with life insurance and critical illness cover. Income protection is essential if you are unable to work in the event of a serious medical condition or accident. We will tailor all our protection plans to suit your individual circumstances and budget. Knowing that you are covered takes a massive weight off your shoulders so you can get a mortgage thinking clearly.
Who do We Help?
Below is a list of people that we help regularly. If you would like to discuss this with us further, please don’t hesitate to get in touch with our mortgage advisors Kirby in Ashfield.
- A first-time buyer
- Need to remortgage
- Looking to buy your next home and need a home mover mortgage
- Self-employed mortgage
- Debt consolidation mortgage
- Bad credit mortgage
- Buy to let mortgage
- Right to buy a mortgage
As you can see from the list above, if you need a mortgage advice Kirby in Ashfield then why not book a face to face meeting to talk through your options.
Tailored Mortgage Plans
Our mortgage brokers Kirby in Ashfield search the whole of the mortgage market to ensure that when we recommend, we recommend the right mortgage for you. We will work through your circumstances including a number of factors like; how much deposit you have, your employment status, the amount and frequency of your income along with your credit history and any debts you may currently have. Once we’ve established all these variables we then talk through your options to determine what are the most important aspects of your new mortgage and base our advice on everything that you’ve told us.
Areas We Cover
We are mortgage brokers covering Kirby in Ashfield and the surrounding areas.
If you need a mortgage broker in any of the areas above we can see you at our convenient office or face to face. We will book you in for an initial appointment to talk through your circumstances without obligation. We can look at how much you can borrow, how much that might cost you and the best deals that are going to suit you. Please don’t hesitate to have some questions ready, we’re here to help!
Check out our 5-star reviews
01Freehold vs Leasehold (pdf)
02Help To Buy ISA (pdf)
03Legal Searches Explained (pdf)
01The Purchase Process (pdf)
02Which Survey To Choose (pdf)
03Stamp Duty Explained (pdf)
We are the top rated mortgage brokers in Kirby in Ashfield and the surrounding areas.
How much can I borrow ?
What Is Mortgage Affordability?
We’re often asked “can I borrow 5x my income for a mortgage” or “should I just multiply our joint incomes by 4?” Whilst income multiples exist in the background that lenders won’t exceed, it isn’t the sole driver of the amount you can borrow. The amount of money you can borrow on a mortgage is dependent on a number of things covered below.
1. The amount & frequency of your income – are you salaried or paid weekly? Do you earn overtime or receive bonuses or commissions & are they monthly, quarterly or annually, are you self employed and submit accounts at the end of the year or are you a limited company director and receive dividends?
2. The amount of credit commitments you have; so that’s debts such as loans, credit cards, car finance, store cards etc. Are these debts staying or being paid off before you buy the home, and if they’re being paid off how will it be paid – mortgage lenders will often check that the debt has been paid off before completion by doing a final credit check if you say you will pay it off.
3. How many children, if any, do you have – it often costs a lot of money to have children & lenders make an assumption about that cost based on national statistics. We also might have to take into account the costs of childcare and nursery for example as well.
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4. Any other income you receive – eg some people get child benefit, some have working tax, or child tax credit. Some people receive personal independence payments, there may be CSA or maintenance payments paid monthly to support a child – all of these can be taken into account in various combinations.
5. Your age & how long you can take the mortgage over in combination with your retirement plans. The longer you can stretch a mortgage, often the more you can borrow as the payment will likely be lower and therefore more affordable, however the longer the mortgage the more interest in total is payable so it’s a double edged sword!
As Mansfield’s top rated award winning mortgage & protection brokerage our job is to look at all the above points & then to work out what your borrowing capacity is & what will be affordable – now sometimes this isn’t what a client wants to hear, nevertheless we have a duty of care to make sure you’re not stretching things financially. This can sometimes be a difficult discussion as a client can sometimes desperately want to buy a house & is adamant they can afford it, but as advisers we have to be cautious & look at what might happen in the future & determine that, if things change with interest rates would it remain affordable at that point because we never want to see a client in financial difficulty.
You see, there’s more to it than at first meets the eye, and it’s actually a very big financial decision that shouldn’t be taken lightly – which is why it always pays to have a chat with someone that knows what they’re on about.
We are independent mortgage brokers covering Mansfield, Sutton-in-Ashfield & Chesterfield. If you need a mortgage broker in Mansfield, mortgage broker in Sutton-in-Ashfield or mortgage broker in Chesterfield we’re here to help.
Frequently Asked Questions
1
How much can I borrow?
The amount that you can borrow all depends on your income or shared income and whether you’ve got a good credit history or not.
2
How much deposit do I need?
You can get a better interest rate with a bigger deposit, but the smallest deposit you can make is 5%. People usually put in a deposit of 10-20%.
3
What insurance do I need for a mortgage?
Mortgage payment protection insurance will cover your mortgage payments for up to two years if you lose your job, have an illness or get into an accident. You can also get life insurance, insurance for the building and insurance for the contents within your home.
4
What costs are there when buying a property?
Stamp duty land tax- First time buyers do not need to pay this tax currently. You can find out the percentage of stamp duty land tax you have to pay on the government website- https://www.gov.uk/stamp-duty-land-tax
Solicitors fees- These are based on the purchase price.
Valuation fees- This is also based on the purchase price, but sometimes lenders will offer free valuations.
Lenders arrangement fee’s- These can be paid up front or added to the mortgage.
Mortgage broker fee’s- Get in touch with us to find out more.
5
How much deposit do you need as a first time buyer?
This depends on quite a lot of variables but the minimum deposit you will need is 5% of the purchase price of a home. To get a 5% deposit mortgage you have to have excellent credit conduct for the last 6 years,
This means you can’t have any late or missed payments, defaults, CCJ’s or insolvencies to your name. You need to be registered on the electoral roll, ideally not have more than 25% of your gross annual income as debt and be in a stable job or have been self employed for at least 2 years.
Now that doesn’t apply in all cases but it covers most. Of course the more deposit you can save the better deals you’ll be eligible for and the quicker and easier it will to get your mortgage approved.
If you do have bad credit this doesn’t mean that you can’t buy a home, it just means you’ll probably need a bit bigger deposit. The size of deposit you’ll need will depend upon the type and recency of when the adverse credit was registered and if it’s now been satisfied and paid back along with being able to demonstrate good credit conduct elsewhere on your credit report.
As a rule of thumb if the adverse credit was over 2 years ago then you will need between a 10%-15% deposit, however we would always recommend getting mortgage advice before you start house hunting so that we can make sure that we can get you the mortgage you will need to avoid any possible disappointment.
5
Can I pay my mortgage off early?
Yes. If you’ve only had your mortgage for a short period of time, you may have to pay early repayment charges.
5
Can I make over payments on my mortgage to pay it off sooner?
Yes, but the amount you can overpay depends on what your lenders allow. Most lenders allow up to 10% of the mortgage balance to be overpaid each year.
5
What is a buy to let mortgage?
A buy to let mortgage is when you buy a house for the purpose of renting the house out to tenants.
5
How much deposit do you need for a buy to let mortgage?
Usually, a minimum deposit of 25% is required.
5
What is a credit score?
This is a score that everybody has which takes into account instalment loans and revolving credit which includes debt and payment history.
5
How can I improve my credit score?
You can improve your credit score by showing that you can make payments on time, and repay debt.
5
I have bad credit, will this be a problem?
We have extensive experience helping clients with bad credit histories. There are tips and tricks we can give you to help bring your credit score up and find you a suitable lender.
5
What is LTV?
LTV is an acronym for Loan to Value ratio. It describes the ratio of loan to the value of the property purchased.
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Talk to Mansfield & Sutton-In-Ashfield's top rated mortgage brokers
Shaw Financial Services
Mansfield Business Centre, Ashfield Avenue, Mansfield, NG18 2AE
Direct: 01623375007
Email: lewis@shawfinancialservices.co.uk
Hours
Monday – Friday: 9am – 8pm
Saturday: 9am – 5pm
Sunday: By appointment only
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AP Mortgage Solutions Ltd
CONTACT DETAILS
Office: 01246 252336
Mobile: 07387 585282
Email: a.paddick@apmortgagesolutions.co.uk
Hours
Monday – Friday: 9am – 6:30pm
Saturday: 9am – 1pm
Assisting first time buyers, home movers, buy to let investors and people looking to remortgage, our service is dealt with professionally throughout. Our service focus’ on giving expert advice and guidance concerning the best mortgage deal, most suitable survey and instructing an efficient solicitor for you. As well as this, we have access to thousands of mortgage products including exclusive deals which banks and building societies cannot acquire.