Moving home....need mortgage advice

busydaffodil1

Hi, my house is on the market and have a few "SSTC" viewers this week.

To get the ball rolling, though know I probably won't sell just yet, I thought I would look into mortgages.

We presently have no mortgage so whole of sale price will be put to the new house purchase. The other fees I have covered by savings.

I've not been in the mortgage market for a few years now so I don't know where to start looking for a smallish mortgage of less than 25% of new home maximum price.

Any help would be gratefully received.

koexelek

The good news is that you are one of the few types of borrowers that the lenders are currently actively seeking :beer: .

With a deposit of that size, you should be able to get a mortgage virtually anywhere.
Look at the overall cost of deals though. Not worth paying a high arrangement fee to a lender to get a low interest rate if you are only wanting to borrow a small amount.

busydaffodil1

Thanks for that. It is a little more difficult than I said though.
I am employed and earn a mediocre wage.
I am also self employed and have accounts going back 13 years, all of which are not brilliant. £10,000 wages a year maybe.

It is the self employed bit that I am worried about, with wanting a mortgage.

I need a bigger mortgage than my Employed income would cover.

koexelek

You tend to find the lower the loan to value these days, the more generous the income multiples are.

Obviously your employed income is easy enough to prove, but as regards your self employed income, lenders will look at tax returns etc to prove that income if you don't have accounts.

If all else fails, you could still get a self cert mortgage at that loan to value, but the rates and fees would be higher, so best to try and prove the income if you can.

busydaffodil1

Thank you.

Any suggestion on where to look online for mortgages? Is there a comparison site or anything? Or do I have to trail through all the banks & Building societies?

koexelek

busydaffodil1 wrote: »

Thank you.

Any suggestion on where to look online for mortgages? Is there a comparison site or anything? Or do I have to trail through all the banks & Building societies?

You could try www.moneyfacts.co.uk or try and find a whole of market mortgage broker local to you.
Ask friends or family if they know anyone they can recommend.

herbiesjp

WIth your PAYE income and 13 years worth of accounts you should be fine (although you do not give the actual figures).

Assuming no adverse credit history and/or other credit commitments.

If you want to trail the internet then moneysupermarket could help as well, but a whole of market broker should be able to help very quickly.

If you have a lowish mortgage in terms of £££ then you may be more fee sensitive as opposed to rate sensitive - so watch out for headline rates with HUGE fees, as you may be better off going for a higher interest rate with lower fees

busydaffodil1

Thanks both.

I don't have any debts/loans/mortgages now. I use a credit card but pay off in full every month. I do this so I have a credit score as I have read stories about people being refused because they have no history. I live by the rule that if I cannot buy it with real money, I don't have it with someone elses.
There have been exceptions when I have borrowed money but I always make sure I can pay it off very quickly. Debt makes me nervous.

But, the time has come to upsize so a mortgage is needed.

Thanks for the links & advice.