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How to Get a Mortgage

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If you think that you'll never be able to get a mortgage then it's time to think again. There are many ways that you can buy your own property and there are different types of mortgages, from buy-to-let mortgages, shared equity mortgages and more. So why not start to look at what you can get?

Deposit

There are many misconceptions about mortgages, and one of the most common ones is that lenders don't want to lend in the present financial climate. This simply isn't true and there are many lenders out there that want to lend to consumers, the difference is that most of them want the potential home buyer to have a deposit of at least 5%, as opposed to offering 100% mortgages. How much you need to save will depend entirely on the type of mortgage you need and the value of the property you wish to buy.

How to Get a Mortgage

As a ball park figure, many lenders advise on having a deposit of at least 20% of the home's value as this will mean that you are less of a risk and will allow you to get a better interest rate.

Mortgage Advice

After making use of a mortgage calculator, which can usually be found on mortgage broker websites, the next step on in owning property is to make an appointment with a mortgage advisor. These days you can speak to an advisor in a bank, or opt for an independent mortgage advisor, who will be able to give you valuable information on which mortgage options will be best for you.

Planning

After you've seen a mortgage advisor, and you've been made aware of all the options available to you and how much you can borrow, it's time to start planning and making appointments to view properties, or turn up to open viewings. This is the time when it is really up to you, you have to do the legwork to find the right property and start making offers once you know you have the backing.