To help them find out exactly how much they could borrow, what type of property they can afford, and what monthly repayments might be an IFA can help like our experienced Independent Financial Advisors at Enable in Bishop’s Stortford. We might advise them to make sure they're on the electoral roll. If not, any application to borrow could fail the credit check. We would also suggest that they should get their reports together to check there are no errors on their files. Assuming both have good credit ratings, they may be able to apply for a mortgage from 4 to 4.9 times joint income.
Most deals would require a 10 per cent deposit, but they could also look at the Government's Help to Buy scheme. This might potentially enable them to buy with a deposit of just 5 per cent. The Government will then provide a loan for up to 20 per cent – and the couple would then need to take out a mortgage of up to 75 per cent of the purchase price to meet the shortfall.
It’s not necessarily an easy path but with good planning and good advice it is possible to work towards you own dream home.
Your home is at risk if you do not keep up payments on your mortgage.
Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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