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Money Matters: Craig Poulter offers mortgage advice
So, reading about all things mortgage, what could possibly be more exciting and transfixing for the population of Brighton? Well hopefully a few things, nonetheless it’s my job to educate and navigate you through the mortgage minefield unscathed.
I’m Craig Poulter the director of Seaford based Venture Mortgage Management. Every three weeks I’m going to be offering you tips, ‘how to’s’ and general info of the ever-changing mortgage market.
Many argue (and it’s hard to disagree) that first time buyers have never had it harder than it is today to get a foot on the first rung of the property ladder. Sky high prices, wage increases not keeping up with inflation and stamp duty to name just a few obstacles are slowing first time buyers down. In my experience as a mortgage broker there are two main factors that decide the fate of a first time buyer: deposit and income.
The income side of things is relatively straightforward, you earn what you earn. But did you know that lenders have different ways of assessing income? The difference is mainly found in additional income such as overtime, bonus and commission. Some lenders will take 50%, some 65% but a couple will take all 100%. That could be as much as an extra £16,000 based on £10,000 of additional income from one lender to the next.
As for your deposit, 95% mortgages are still available and the rates are bareable... just. There is a significant difference if you can get a 10% deposit, which is easier said than done. But did you know you can use a personal loan to form some/all of you deposit? It’s not right for all but certainly some. How about family? Not all families have cash lying around to help out however many have equity in homes that can be accessed and you may be surprised to find out who is happy to help.
The moral of the story is to speak to a broker, options and variety can make all the difference. The good brokers think outside of the box.
We have written a First Time Buyer guide free to all Latest homes readers just visit venturemm.co.uk/first-time-buyers/ to download your copy.
Craig Poulter Certs CII (MP &ER)
Get in touch to let us know your thoughts and feel free to fire any questions to us at email@example.com