Mortgage advice made Simple
Compare mortgages with Sterling North, a Buckinghamshire based independent mortgage advisor and fee-free mortgage broker. There are lots of different mortgage products available for all sorts of circumstances but finding the right one isn’t always that easy. At Sterling North our dedicated advisors explain the options available to you, taking into account your circumstances whilst looking at the latest deals from the whole of market to ensure you get the best deal. So if you are a first time buyer, homeowner, remortgaging, buying to let, or need any other mortgage related help or advice, then please don’t hesitate to contact us.
For those who have been through the process of applying for a mortgage before will have an advantage of knowing where the best place to go to get a mortgage is, the different types and how the process works. For others this might all be a bit daunting, after all buying a home for many is the largest purchase they are likely to ever make.
What is a Mortgage?
A mortgage is a loan taken out to buy property or land. Most run for 25 years but the term can be shorter or longer. The loan is ‘secured’ against the value of your home until it’s paid off. If you can’t keep up your repayments the lender can repossess your home and sell it so they get their money back.
Working out what you can afford
Don’t stretch yourself if you think you’ll struggle to keep up repayments. Also, think about the running costs of owning a home such as household bills, council tax, insurance and maintenance. Lenders will want to see proof of your income and certain expenditure, and if you have any debts. They may ask for information about household bills, child maintenance and personal expenses. Lenders want proof that you will be able to keep up repayments if interest rates rise. They may refuse to offer you a mortgage if they don’t think you’ll be able to afford it.
To find out how much you could borrow use the Money Advice Service Affordability Calculator