Venoa The Specialist Mortgage Broker Based In Hedge End
Below we have provided you with answers to some of the many questions we regularly get asked.
How much mortgage can I get?
How much mortgage can I get’ is based upon your income and outgoings. Lenders have affordability calculators which they rely upon, to establish how much you can borrow. Regardless of your income level, if your outgoings are high it is very likely you will not be able to borrow a lot.
However, there are lenders who view outgoings very differently.
For instance if you have a lot of credit card debt, some lenders will treat the monthly payment differently than others therefore with some you can borrow more than with others.
Another example is if you are in receipt of rental income from a Buy to Let property, some lenders will take this into account which can increase the amount you can borrow.
Conclusion: Lenders calculate the amount which you can borrow based on your specific income and outgoings. The way they do this differs between lender to lender. We can certainly help you with finding the best mortgage based on how much you need to borrow.
Mortgage interest rates explained?
There are fixed rates, tracker rates and discounted rates. The most popular by far are fixed rate mortgages.
Fixed rate mortgage
This is because with a fixed rate mortgage you will know every month how much will be taken from your bank account.They improve budgeting and at the time of writing are very low regardless of how much of a deposit you have.
Tracker rate mortgages
Tracker rate mortgages typically track the Bank of England base rate. They move in line with any increase or decrease in the base rate (At time of writing the BOE rate is currently 0.75%). You would be recommended a tracker rate deal if you thought interest rates will drop in the future.
Discount rates track the lenders standard variable rate. They are similar to how a tracker rate mortgage operates, but instead of tracking the Bank of England they track the lenders own rate. It means regardless of economic conditions, the lender can increase or decrease their rate. Out of all three, a discounted rate mortgage carry’s the highest risk of your payments increasing.
Conclusion: If you are unsure about the direction of interest rates in the future and/or would like stability of payments, a fixed rate mortgage would be most appropriate for you.
If you feel interest rates will drop in the future, then a tracker or discounted rate would be more appropriate.
Compare mortgages – how do I do that?
You can compare the best mortgage rates once you’ve been pre-approved with a mortgage lender/s. It’s very important to understand that you can move forwards with applying for a mortgage successfully, based on your specific circumstances.
All lenders criteria is different and how they assess your information will be different. I’d recommend speaking with someone who understands mortgage criteria and how to navigate it.
At Venoa we take on average 25-30 minutes for an initial call, and within 24 hours you will be pre-approved with up to 95 lenders and will be recommended only the best mortgage rates.
Applying for a mortgage – what to consider?
Consider the cost of your monthly payments, fees, stamp duty and deposit requirements and which mortgage lender/s will lend to you successfully.
If you are looking at remortgaging, then all you need to do is compare the interest rate and fee offered by a professional mortgage broker, in comparison to that offered via your existing lender. Given the many uncertainties which exist today, I would recommend starting this process six months before the your existing deal expires. This will ensure at the time your new deal is in place, it’s the best on the market.
Mortgage in principle – do I need one?
Yes. A mortgage in principle is your evidence that you have passed the lenders minimum credit score criteria and states how much you could borrow.
If you are purchasing a property, most if not all, estate agents require a copy of this to prove you can apply for a mortgage. Please note that a mortgage in principle does not guarantee you will be successful in applying for a mortgage. It only confirms you can move forwards with a mortgage application.
Data protection safety and trust?
At Venoa we have access to state of the art systems which have been designed to protect your data at the highest level. We will never sell your data, nor use it without your permission, for purposes other than obtaining you a mortgage, specialist lending solution or insurance.
Venoa Financial Services Ltd is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority. The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Venoa Financial Services Ltd is a company registered in England and Wales with company number 11700326. The registered office address is 34 St Johns Road, Hedge End, Southampton, Hampshire, SO30 4AG United Kingdom.