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- Do I Need a Guarantor?
- If your lender is concerned about your ability to meet your mortgage commitments, they may ask you to provide a Guarantor.
- The Mortgage Glossary
- APR - This stands for Annual Percentage Rate and should be used to compare the costs of credit.
- Can I Take A Break From Making My Mortgage Repayments?
- The ability to take a break from mortgage repayments is a feature of the Flexible, Current Account and Offset mortgages.
- Cashback Mortgages
- Cashback Mortgages provide you with a lump sum of cash upon completion of the property purchase, either as a percentage of the mortgage or a fixed sum.
- What Are Buy To Let Mortgages?
- A buy to let mortgage is an excellent opportunity to cash in on the property boom at the moment – because while many homeowners can afford a 2nd home, there’s also a booming market for those who cannot afford to get a mortgage, and need to rent. Find yourself a good location and reliable tenants and your monthly repayments on your mortgage will be covered by their rental yield.
How Do I Prove My Income?
When you apply for a mortgage you will normally have to provide proof of income. However, there are mortgages available, called Self-Certified mortgages, where this is not necessary.
If you're employed, should have to provide written evidence of your earnings for the last two years, either in the form of payslips and/or your P60. The lender may also write to your employer asking for confirmation. Earnings that are not guaranteed such as commission and bonuses do not generally count as part of your earnings.
If you're self-employed, it is traditionally more difficult to get a mortgage, and as a result there are lenders who specialise in self-employed mortgages. Most lenders now offer mortgages for the self-employed however, and with the right proof of income you should find it easy to get a competitive mortgage. You would need to show three years audited accounts, although if you haven't been in business for that long then the lender will accept a letter of confirmation from your accountant.
If you need a Self-Certified mortgage, then please mention this when you speak to the Mortgage Adviser who'll call you after you have completed the quotation request details on this website.
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