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Disclaimer - lenders criteria can change regularly please check with your advisor as to whether the below information is still accurate at the point of you researching a suitable mortgage product

  • Do I need a minimum of 3 months payslips to get a mortgage
    • In short, no, there are a a select few lenders that will allow you to move forward with a mortgage application if you have just started a new position, new company or both. Providing you can demonstrate a history of working within your set field this can be potentially acceptable 
  • Do I need a minimum of 2 years self employed accounts to get a mortgage 
    • The majority of lenders will require a minimum of two years self employed accounts, this is so they can average your earnings over this period. However, there are a select few lenders that will allow you to move forward with a mortgage application if you only have one years of accounts
  • Do all lenders average your income if you are self employed
    • Yes, the majority of lenders will average your income ONLY in a situation where by your most recent tax year is higher than the previous year. If however your most recent tax year is lower than the previous year all lenders, currently, will only take the lowest number and calculate your mortgage ability on this number
  •  How long do I need to be within a zero hour contract before my income can be considered
    • Currently a select few lenders require a minimum 12 months consistency of working for your company. The majority require a minimum of 2 years
  • What is a fixed rate mortgage
    • Fixed rate mortgages will give you the assurance of knowing exactly how much you will pay each month for a set term (known as an “Introductory” or “Tie in” period). Fixed rate mortgages usually have an early repayment charge (ERC) which means that you cannot break the mortgage terms without penalty. This should always be considered when deciding the length of the fixed rate on your mortgage.
  • What is an SVR
    • The abbreviation SVR refers to a standard variable rate. Variable rate mortgages will move up and down. They are generally linked to either the Bank of England’s interest rate, a Lender’s standard variable rate (SVR) or, in some cases, LIBOR (London Inter-bank Offered Rate)
  • What is a leasehold
    • A leasehold typically refers to a flat/apartment purchase. When purchasing an apartment your property will come with a lease attached to said property (almost like an incredibly long rental). A healthy lease is deemed anything above 90 years however lenders will consider leases below this number and as the owner of the lease he will have the opportunity to extend the lease way beyond a typical lifetime. The longer the lease is the more expensive it is to extend
    • A lease can be as high as 999 years which is also known as a virtual freehold
    • Leasehold property will typically have a managing agent/company who will maintain the building and will charge a cost to do so, which is typically referred to as a service charge. This can vary depending on the type of property you are buying especially if the building you are purchasing has many facilities to maintain such as residents gym, private underground parking, a porter will be 24 hours or a normal working day, CCTV and much more
    • As you are leasing the property from the freeholder there is typically a ground rent to pay annually. This cost can vary depending on the type of property you are buying
    • A share of freehold will typically include all of the above but between yourself and the other residents in the building you will own the house and the land that sits upon
  • What is a freehold property
    • A freehold property is typically considered as a house and it means you own the entire property and the land that sits on. This is considered by most as a better opportunity of ownership as you would typically not have any leads to consider nor would you have any service charge or ground rent to pay (please note however purchasing in a new development of houses can still incur a small service charge for maintenance of the streets)

If you have any other questions, please do not hesitate to email us at advisor@at-m.co.uk or call us on 01234834770 Documents Required

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