Film, Media & TV0 min ago
Mortgage
I need advice. I'm 23 been living at home with my parents in Northern Ireland all my life, except for a short year in England. Recently I've been interested in buying a house (or something with a roof at least). I've asked my Dad for advice but he isn't forthcoming and he tells me not to bother. I believe I can make a go of it.
What do I do to go about finding out about a Mortgage. How do you work it out from your annual salary, is that before or after tax. Anything else that will help me would be greatly appreciated.
Answers
No best answer has yet been selected by dmh9282. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.Why dont you go and see an independant mortgage (financial) adviser? they normally do not charge for this service or if they do its minimal as they are paid when the mortgage is secured. Most banks etc offer an advice service too to make sure you get as much information before you make any snap decisions!
If getting a mortgage is more than just a whim (no offence, I'm thinking more of the many whims that I have rather than my expectation of you!) then you should really do a bit of homework on your own first and expect to spend months learning about all of this before actually committing to buying a house.
Normally, a lender will expect you to have a deposit of at least 5% (preferrably 10%), enough cash for legal fees and surveys and will tend to lend you 3 times your salary before tax. You may also have the option of having your parents as guarantors in which case they'll be recommended to seek independent legal advice. It's not all fun and games this mortgage business!
Go to the One Stop Mortgage Shop (there is one adjacent to the city hall in belfast, look them up on yell.com for a nearer one).
They will take your income and savings and projected income into account and will give you a free consultation and unbiased information on the best mortgages available (unlike banks who will try and sell you theirs!)
Good luck!