Mortgage Advice for Milton Keynes
Here at Mortgage Light, we not only explain what a lender can lend, but also talk you through the buying and selling process.
We can discuss whether it is better staying where you are and extending, or selling up and buying a new home. Our job is to discuss your options and help you decide which avenue is best for you once you know all the facts and the costs that are involved.
It will cost you to move, and you will need to factor in both solicitors costs and estate agent fees. In conjunction with this you need to know your shopping budget, and what you feel comfortable spending each month along with the running costs of your new home.
We can give you a quick idea over the phone of what you can spend, or you can come in and have a free consultation and talk through all the options that are available to you.
Which Mortgage is Right for You?
In April 2013 the government launched its biggest intervention into the housing market since the 1980s - the Help to Buy scheme. The scheme was initially launched with the aim to give first-time buyers a leg-up to the housing market.
It is the most common affordable purchase option, quite simply you purchase a share of the property, with the remaining proportion being retained by a Housing Association who then charge a monthly rent. Share values vary but most commonly they are between 30% and 50%.
Having a less-than-perfect credit history does not mean you can’t get a mortgage even if a lender has turned you away in the past, it still may be possible for you to obtain an ‘adverse credit mortgage’ or ‘bad credit mortgage.
The market is continuously changing and we aim to keep our advice clear and simple. The Buy to Let market is assessed differently to those moving into their own home to live. Lenders always have criteria and you need to fit within their parameters for you to be eligible to obtain a mortgage from them.