Mortgage Light

Call Phone Icon01908 597655
New Homes Hotline – 01908 870017
01908 597655
New Homes Hotline – 01908 870017
  • About
  • Mortgages
    • Remortgaging
    • Help to Buy Remortgages
    • Help to Buy Mortgages
    • Shared Ownership Mortgages
    • Bad Credit Mortgages
    • Buy to let Mortgages
    • High Net Worth Mortgages
  • Protection
    • Home Insurance
    • Life Assurance
    • Critical Illness Protection
    • Income Protection
    • Business Protection
    • PMI (Private Medical Insurance)
  • Existing Customers
  • Blog
  • Contact Us
  • Partnerships
  • About
  • Mortgages
    • Remortgaging
    • Help to Buy Remortgages
    • Help to Buy Mortgages
    • Shared Ownership Mortgages
    • Bad Credit Mortgages
    • Buy to let Mortgages
    • High Net Worth Mortgages
  • Protection
    • Home Insurance
    • Life Assurance
    • Critical Illness Protection
    • Income Protection
    • Business Protection
    • PMI (Private Medical Insurance)
  • Existing Customers
  • Blog
  • Contact Us
  • Partnerships

How to Save For a House Deposit

February 1, 2022 By Mortgage Light Leave a Comment

So, you’ve decided to begin planning your first step onto the property ladder. For many, the largest obstacle you will face is saving up enough cash for a house deposit. A house deposit is usually required by most mortgage lenders as your initial contribution towards the cost of your property purchase. For a first time buyer, saving for a house deposit can be particularly difficult – especially if you are currently paying out a large part of your income in rent for your existing accommodation.

Before you begin saving for your house deposit, it’s a good idea to have an idea of roughly how much you’ll need to save and the options available to you if you are struggling to reach this goal. Here is a guide and some tips on how to save for a house deposit. [Read more…]

Filed Under: Getting a mortgage Tagged With: budgeting, budgeting tips, deposit, first-time buyer, first-time buyers, getting a mortgage, help to buy, help to buy equity loan scheme, help to buy scheme, home deposit, house deposit, house hunting, interest rates, lifetime ISA, saving, savings, shared ownership, shared ownership scheme

What is the Minimum Deposit on a Mortgage?

January 4, 2022 By Mortgage Light Leave a Comment

One of the first steps after deciding you’d like to purchase a house is to begin saving up for your house deposit. Your deposit is usually the most expensive part of getting a mortgage.

Typically, you need to put down a deposit of at least 5% of a property’s value. With the average UK house price sitting at around £265,000 as of August 2021, the minimum deposit amount that you would need for the average house in the UK is £13,250 – 5% of £265,000.

In this article, we are going to explain a little more about the minimum deposit on a mortgage, how to save for one and what to do if you don’t have one. [Read more…]

Filed Under: Getting a mortgage Tagged With: 0% deposit, 0% deposit mortgage, 95% mortgage, 95% mortgage scheme, apply for a mortgage, applying for a mortgage, deposit, first-time buyer, getting a mortgage, guarantor mortgage, house deposit, interest, interest rates, loan to value, LTV, minimum deposit, mortgage, mortgage deposit, mortgage guarantor, mortgage interest, shared ownership, shared ownership scheme

How to Get The Best Rate on a Mortgage

December 24, 2021 By Mortgage Light Leave a Comment

The UK finance market offers a broad range of mortgage products to borrowers. The interest rate charged on those products can vary quite widely for different borrowers. Generally, the interest rate charged by a lender is a reflection of their view of the risk the borrower poses and the scale of loss the lender might run into should that happen.

As a result of these different risk profiles, some of the preferential deals that may be available to one borrower may not be available to another – and vice versa. So, what are some of the factors that affect the interest rate that you may be offered on your mortgage and how can you get the best rate for your personal circumstances? [Read more…]

Filed Under: Getting a mortgage, Managing your mortgage, Remortgaging Tagged With: bad credit, Bank of England, bank of england base rate, base rate, credit score, deposit, employment, getting a mortgage, help to buy, help to buy equity loan, help to buy equity loan scheme, help to buy scheme, house deposit, interest, interest rates, joint mortgage, joint mortgage application, loan to value, LTV, managing your mortgage, mortgage deposit, mortgage guarantor, rates, remortgage, unemployment

How Much of a Deposit do you Need for Shared Ownership?

August 3, 2021 By Mortgage Light Leave a Comment

Shared ownership is designed to make getting on the property ladder more affordable for those who need it. With shared ownership, the amount of deposit you will need to get together in order to purchase a shared ownership property is considerably lower than the deposit you would need to purchase a property outright on the open market.

This is because the deposit you will need to provide is based on the value of the share of the property that you are purchasing, rather than the market value of the whole property. Whilst the deposit required for a shared ownership purchase will vary from property to property, it is typically between 5-10% of the value of the share being purchased. [Read more…]

Filed Under: Shared Ownership Tagged With: buildings insurance, deposit, mortgage broker, mortgage broker fees, shared ownership, shared ownership deposit, shared ownership eligibility, shared ownership mortgage, solicitors fees, staircasing, stamp duty, stamp duty land tax

How to Buy Your First Home

July 27, 2021 By Mortgage Light Leave a Comment

If you are a first-time buyer, the process of purchasing a home can feel daunting. Purchasing a property is likely to be one of the biggest financial decisions you will ever make, so it’s important to get it right.

We’ve put together a handy step-by-step guide to buying your first home – from saving for your deposit to getting the keys and moving in. We hope it will help you get an idea of the process you will need to go through from start to finish. [Read more…]

Filed Under: Getting a mortgage Tagged With: budgeting, buildings exchange, conveyancing fees, credit check, deposit, financial advice, first-time buyer, getting a mortgage, help to buy, help to buy equity loan, help to buy equity loan scheme, help to buy ISA, house deposit, lifetime ISA, mortgage advisor, mortgage advisor and broker, mortgage agreement in principle, mortgage application, mortgage broker, mortgage fees, property survey, purchasing a home, purchasing a house, purchasing a property, shared ownership, solicitor, stamp duty, stamp duty land tax, surveyors fees, valuation fees

Am I Eligible for a Mortgage?

April 27, 2021 By Mortgage Light Leave a Comment

To determine whether you are eligible for a mortgage, a mortgage lender will want to assess a number of different factors before giving their approval to lend to you. Taking out a mortgage generally involves borrowing a significant amount of money over a fairly long period of time. Lenders will want to look at the bigger picture of your personal situation and finances. This is to satisfy themselves that you will be able to afford this commitment.

To help with this assessment, lenders will have their own set of lending criteria. They will apply this to mortgage applications as a guide to determining their appetite to lend. As a borrower, you will generally need to meet these criteria to be eligible for a mortgage from them.

[Read more…]

Filed Under: Getting a mortgage Tagged With: credit check, deposit, first-time buyer, getting a mortgage, house deposit, mortgage application, purchasing a home, purchasing a house, purchasing a property

What do I Need for a Mortgage Application?

December 2, 2020 By Mortgage Light Leave a Comment

If you are planning on applying for a mortgage, then it is important to prepare for this as much as you can in advance of submitting an application. You should also start collecting the supporting documentation that will be needed as part of the lender’s assessment process, and in addition, speak to a mortgage advisor for advice and to help you with your budget. [Read more…]

Filed Under: Getting a mortgage Tagged With: applying for a mortgage, credit check, credit score, deposit, first-time buyer, mortgage agreement in principle, mortgage application, mortgage deposit, mortgage in principle, self-employed

Related Pages

Below is a list of our related pages on this subject.

Categories

  • Case Study
  • Getting a mortgage
  • Help to Buy
  • Here to help
  • Managing your mortgage
  • Remortgaging
  • Self-employed
  • Shared Ownership
  • Uncategorized

Recent Posts

  • Does Getting Rejected for a Mortgage Affect a Credit Score?
  • How do Joint Mortgages Work?
  • Can I Remortgage With Credit Card Debt?
  • What Does LTV Mean?
  • What Happens if a Mortgage Application Gets Rejected?
  • Do Shared Ownership Properties Increase in Value?
  • Difference Between Fixed and Tracker Mortgages
  • How do Shared Ownership Mortgages Work?
  • How Does Bad Credit Affect a Mortgage?
  • How to Save For a House Deposit

Mortgage Light Head Office

1 Whittle Court,
Knowlhill,
Milton Keynes,
MK5 8FT

Connect With Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

Free Initial Consultation

All of our brokers deal with the whole of the mortgage market. It doesn’t matter what the question or when you want to speak to us, we have brokers available on the phone or face to face seven days a week. Whether you are just thinking of buying a home and have no idea where to start, a seasoned investor or someone looking to better your current mortgage product, we are happy to help andchat over ideas free of charge.

So we can give you plain and simple advice we will run through some basic questions to help us tailor products to suit your needs. Upon us taking your application forward we will write to inform you that we have given you advice and give you a Key Facts Illustration breaking down the important elements of the product and the fees involved.

For us to take your application forward to a lender we charge an upfront administration fee of £349. For our returning customers looking to renew their mortgage product this fee reduces to £199. We also receive commission from the lender.

A fee of £349 is payable on application of the mortgage. We will receive commission from the lender in addition to the fees you pay. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. As with all insurance policies, conditions and exclusions will apply.
Covering Milton Keynes.

Registered Office: Mortgage Light Ltd Church View Chambers, 38 Market Square, Toddington, Dunstable LU5 6BS. Registered Company Number: 8184773. Registered in England & Wales.

Copyright 2019 © Mortgagelight. All rights reserved. Our Privacy Policy, Cookie Information