The beginner’s guide to getting a mortgage - Yes Mortgage Services (2024)

The beginner’s guide to getting a mortgage - Yes Mortgage Services (1)

Mortgages aren’t known for being quick and easy, but they certainly don’t need to be a cause of stress.In this blog, we’ll take you through the process of getting a mortgage so that your house-buying experience will be as smooth as possible. It definitely helps to plan ahead and be prepared, while managing your expectations will save you a lot of headaches too.

1. Save up

The reason this is first on the list is that saving enough for a house deposit is not a quick process! It’s a good idea to start as soon as possible, even if you don’t see yourself owning your own home for a while. Help to Buy is a government scheme to help first time buyers save deposits for new build properties – it’s a good way of making your money go further.

Saving is not just about building up a five-figure sum for you to put down against your house. It’s also about proving to lenders that you can be responsible about your money. Mortgage lenders will want to see your bank statements – if they can see you’ve raided your precious savings for a holiday or a spending spree, they might think twice before lending you money to buy a house.

2. Are you ready to buy a house?

To answer this question, you need to do your sums. Maybe your mortgage repayments would be the same or less than your rent, but could you afford the life insurance, building and contents insurance that you would need too? Could you cover the costs your landlord used to cover, like fitting a new boiler or repairing the roof? Be honest with yourself and be realistic too – you don’t want to over-stretch yourself in the future.

Another factor is your credit rating. If you have a particularly poor credit rating or heavy debts after a bad patch, it could be worth waiting a few years for your credit score to recover. If you try and get a mortgage while your credit rating is still poor, you could end up with very expensive repayments.

3. What can you afford?

To get a mortgage, you’ll need to save a minimum of 5% of the property price. Bear in mind that the more you borrow, the more you will need to pay back. People who borrow more than 90% of the property price pose a greater risk to the lender than people who borrow less, so be prepared for higher mortgage repayments.

In 2017, the average property price for a first time buyer was just over £200,000. A 10% deposit would therefore be £20,000 and a 5% deposit would be £10,000. If you could save a percentage of your income each month, would you eventually be able to raise between £10,000 and £20,000? Would you be able to save more, or less? How much have you put aside already? Answering these questions will help you to decide what value of house you could afford.

4. Come and see a mortgage broker

Unlike high street lenders, mortgage brokers (like Yes Mortgage Services) have access to a wide range of mortgages, including ones that aren’t advertised publicly by banks and building societies. Working with a mortgage broker can be less intimidating than seeing someone at the bank – we are here for you, not for the lender. You’ve got the best chance of getting a good deal that’s right for you if you go through an independent mortgage broker.

Your mortgage broker will want to see proofs of income and expenditure (payslips, bank statements, bills etc) to show that you can afford monthly mortgage repayments. They will tell you what information they need from you. They will then show these documents to the lender who will decide whether or not to lend to you.

5. Get an Agreement in Principle

An AIP proves that a mortgage lender would be willing to lend to you in your current financial circ*mstances. It is not the same as the mortgage loan, which you will not need until you have had your house offer accepted.

This is also the point at which you should start house-hunting seriously. You don’t want to get an AIP then not put in an offer on a house until months later. Mortgage offers can change so they need to be based on current circ*mstances, not those of last year. Aim to put in an offer on a house within six weeks of getting your AIP.

6. Take out your mortgage

After your offer has been accepted, the house-buying process (conveyancing) begins, usually conducted by a solicitor. When both the buyer and the seller complete the sale, the money will be moved by the solicitor to the seller’s bank account to pay for the house. Once you’ve moved in, you can finally relax, knowing that you’ve got a house you love and mortgage repayments you can afford.

An independent mortgage broker will work for you, not the lender, to find the best mortgage for your circ*mstances. For a free, no-obligation consultation with Yes Mortgage Services, contact us today on 0800 612 5596.

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (2)

Andrew Johnson

At Yes Mortgage Services, we offer a comprehensive range of products from across the market.

Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.

Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.

We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.

The beginner’s guide to getting a mortgage - Yes Mortgage Services (3)

Contact Us

YES Mortgage Services Limited
The Old Barn
Brooklands Farm
Mannington
Wimborne
BH21 7JU

Hours
Monday – Friday 0900 – 1700

Contacts
0800 612 5596
[emailprotected]

We don’t charge a broker fee

We are on Instagram

In celebration of Crufts kicking off we`ve fetched our top tips for a hassle-free move with your four-legged bestie 🐶🐾 ⁣

Swipe to see ➡⁣

Don`t "fur-get" to save these tips for your next house move!⁣

...⁣


#crufts #dogsinstagram #movinghomeuk #doggiesofinstagram #movinghomes #pettips #crufts2024 #wontlookwednesday #petadvice #dalmationlove #movinghometips #homebuyeradvice #buyingahouse

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (4)

In celebration of Crufts kicking off we`ve fetched our top tips for a hassle-free move with your four-legged bestie 🐶🐾 ⁣

Swipe to see ➡⁣

Don`t "fur-get" to save these tips for your next house move!⁣

...⁣


#crufts #dogsinstagram #movinghomeuk #doggiesofinstagram #movinghomes #pettips #crufts2024 #wontlookwednesday #petadvice #dalmationlove #movinghometips #homebuyeradvice #buyingahouse
...

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Whether you`re growing your family, getting ready to tie the knot, moving to a new home or starting a new job, these exciting moments can bring a lot of change – including changes to your insurance needs. ⁣

So it`s a good idea to give your insurance a check-up every now and then.⁣

To make sure that you`re protected in all the right places ✅⁣

Our lovely protection advisor, Kelly, is on hand to help you navigate these changes and ensure you have the right cover in place. ⁣

Send us a DM or call us on 0800 612 5596 to arrange a chat.⁣

...⁣

#newparentsinthemakin #newmumtobe #moneytipsandtricks #protectwhatmatters #insurancetips #financialadvice #newmumlife #newparentstobe #newmumslife #newmumuk #insuranceconsultant #insuranceadvisor #dorsetbusiness #dorset #mumlifeuk #dorsetlife

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (5)

Whether you`re growing your family, getting ready to tie the knot, moving to a new home or starting a new job, these exciting moments can bring a lot of change – including changes to your insurance needs. ⁣

So it`s a good idea to give your insurance a check-up every now and then.⁣

To make sure that you`re protected in all the right places ✅⁣

Our lovely protection advisor, Kelly, is on hand to help you navigate these changes and ensure you have the right cover in place. ⁣

Send us a DM or call us on 0800 612 5596 to arrange a chat.⁣

...⁣

#newparentsinthemakin #newmumtobe #moneytipsandtricks #protectwhatmatters #insurancetips #financialadvice #newmumlife #newparentstobe #newmumslife #newmumuk #insuranceconsultant #insuranceadvisor #dorsetbusiness #dorset #mumlifeuk #dorsetlife
...

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NO BROKER FEE!!!⁣

That`s right... we`ll NEVER charge you a broker fee for our mortgage services 🎉 ⁣

As a company, we believe everyone should have access to quality financial advice, regardless of their financial status 🤝 ⁣

Visit our website to learn how we can help you find the right mortgage for your needs (🔗 in bio)⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (6)

NO BROKER FEE!!!⁣

That`s right... we`ll NEVER charge you a broker fee for our mortgage services 🎉 ⁣

As a company, we believe everyone should have access to quality financial advice, regardless of their financial status 🤝 ⁣

Visit our website to learn how we can help you find the right mortgage for your needs (🔗 in bio)⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
...

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🏡 Saving for a house deposit isn`t easy, but the reward is definitely worth it. Here`s four steps to make it more doable:⁣

👉 Jot down your monthly income and expenses. ⁣

This gives you a clear understanding of your finances and helps you navigate unexpected expenses.⁣

👉 Break down the total amount you need to save into smaller, achievable chunks. ⁣

This will make your savings journey feel less `ARGHH 😱` and more `YAAAY 🥳`.⁣

👉 Look for opportunities to cut back wherever you can. ⁣

Maybe skip eating out as often or reconsider some of those paid subscriptions.⁣

👉 Keep an eye out for higher-yielding accounts or government schemes with tax incentives to maximize your savings.⁣

It can be tough, but keep going! The satisfaction of opening your own front door will make it worth it in the end.⁣

Save this post as a reminder to stay on track 🎯⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#housedeposit #firsttimebuyers #savingforadeposit #savingforahouse #househuntingadventures #firsthomebuyer #firsttimebuyertips #wellingtonsomerset #mortgageexperts #westcountry

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (7)

🏡 Saving for a house deposit isn`t easy, but the reward is definitely worth it. Here`s four steps to make it more doable:⁣

👉 Jot down your monthly income and expenses. ⁣

This gives you a clear understanding of your finances and helps you navigate unexpected expenses.⁣

👉 Break down the total amount you need to save into smaller, achievable chunks. ⁣

This will make your savings journey feel less `ARGHH 😱` and more `YAAAY 🥳`.⁣

👉 Look for opportunities to cut back wherever you can. ⁣

Maybe skip eating out as often or reconsider some of those paid subscriptions.⁣

👉 Keep an eye out for higher-yielding accounts or government schemes with tax incentives to maximize your savings.⁣

It can be tough, but keep going! The satisfaction of opening your own front door will make it worth it in the end.⁣

Save this post as a reminder to stay on track 🎯⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#housedeposit #firsttimebuyers #savingforadeposit #savingforahouse #househuntingadventures #firsthomebuyer #firsttimebuyertips #wellingtonsomerset #mortgageexperts #westcountry
...

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For #NewHomesWeek we`ve been uncovering the perks of buying a new build, and what better way to end than with one of the most popular reasons for buying a new build:⁣

When you choose to buy a new build home, there`s no pesky chain to potentially delay the process. And the developer might even offer a part-exchange scheme, taking on the task of selling your current home 🏡⁣

Less hassle, less risk of the purchase falling through and more peace of mind! 🤩⁣

Check out our other post from the week to discover if a new build is right for you.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (8)

For #NewHomesWeek we`ve been uncovering the perks of buying a new build, and what better way to end than with one of the most popular reasons for buying a new build:⁣

When you choose to buy a new build home, there`s no pesky chain to potentially delay the process. And the developer might even offer a part-exchange scheme, taking on the task of selling your current home 🏡⁣

Less hassle, less risk of the purchase falling through and more peace of mind! 🤩⁣

Check out our other post from the week to discover if a new build is right for you.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness
...

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The free expert advice we offer, combined with the number of mortgages we arrange, places us in a very great position to ensure that our customers have access to the latest deals and receive first-class service.⁣

Our Mortgage Advisors will take care of everything from explaining your options and helping you select the right mortgage to guiding you on the most suitable insurance for you and your family. They`ll even handle the application process on your behalf!⁣

Send us a DM or call us on 0800 612 5596 to book a chat.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

1 0

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (9)

The free expert advice we offer, combined with the number of mortgages we arrange, places us in a very great position to ensure that our customers have access to the latest deals and receive first-class service.⁣

Our Mortgage Advisors will take care of everything from explaining your options and helping you select the right mortgage to guiding you on the most suitable insurance for you and your family. They`ll even handle the application process on your behalf!⁣

Send us a DM or call us on 0800 612 5596 to book a chat.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
...

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Eager to get on the property ladder but only have a small deposit? 👇⁣

Check out schemes like Shared Ownership and Deposit Unlock, which can make buying a newly built property more accessible and affordable for you 🌟🏡⁣

And remember, many developers offer incentives like paying all or part of your conveyancing fees, which is an added bonus of buying new! 💸⁣

Struggling to choose between a new build or older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsthome #firstimehomebuyer #firsttimebuyers #newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #myfirsthome #firsttimebuyertips #firsttimebuyersuk #househunters #letsbuyahouse #homebuyer #homebuyersguide #firsthouse

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (10)

Eager to get on the property ladder but only have a small deposit? 👇⁣

Check out schemes like Shared Ownership and Deposit Unlock, which can make buying a newly built property more accessible and affordable for you 🌟🏡⁣

And remember, many developers offer incentives like paying all or part of your conveyancing fees, which is an added bonus of buying new! 💸⁣

Struggling to choose between a new build or older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsthome #firstimehomebuyer #firsttimebuyers #newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #myfirsthome #firsttimebuyertips #firsttimebuyersuk #househunters #letsbuyahouse #homebuyer #homebuyersguide #firsthouse
...

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Whether you’re looking to buy a new home or refinance the one you’re already in, our personal goal is to see that it ends with you getting the mortgage you need, when you need it, at the rate you deserve and with a level of care beyond anything you expect. ⁣

Just as Nathan, one of our advisors, did for Lyndsey who gave him this lovely review 🙌⁣

Visit our website to learn more (🔗 in bio) or give us a call on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (11)

Whether you’re looking to buy a new home or refinance the one you’re already in, our personal goal is to see that it ends with you getting the mortgage you need, when you need it, at the rate you deserve and with a level of care beyond anything you expect. ⁣

Just as Nathan, one of our advisors, did for Lyndsey who gave him this lovely review 🙌⁣

Visit our website to learn more (🔗 in bio) or give us a call on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
...

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Did you know when you buy a new build, the developer has to meet a required level of service?⁣

This means you`ll receive a 10-year warranty covering major structural issues, and any defects discovered within the first two years will be taken care of! 🏡🛠⁣

Your boiler and white goods will be brand new too, so they have their own warranties. Meaning you shouldn`t need to worry about costly repairs or replacements! 🤩⁣

Torn between a new build or an older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness

1 0

Open

The beginner’s guide to getting a mortgage - Yes Mortgage Services (12)

Did you know when you buy a new build, the developer has to meet a required level of service?⁣

This means you`ll receive a 10-year warranty covering major structural issues, and any defects discovered within the first two years will be taken care of! 🏡🛠⁣

Your boiler and white goods will be brand new too, so they have their own warranties. Meaning you shouldn`t need to worry about costly repairs or replacements! 🤩⁣

Torn between a new build or an older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness
...

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Struggling to choose between a new build or older property? ⁣

We`re uncovering the perks of buying a new build for #newhomesweek!⁣

Today, we`re turning the spotlight on safety and security for that extra peace of mind.⁣

Because, unlike older properties, new builds are constructed to meet the highest standards for fire safety and more. ⁣

Plus, developers go the extra mile by installing the latest security measures, such as lights and alarms, to keep you and your loved ones safe.⁣

Tap follow so you don`t miss tomorrow`s!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness

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Open

The beginner’s guide to getting a mortgage - Yes Mortgage Services (13)

Struggling to choose between a new build or older property? ⁣

We`re uncovering the perks of buying a new build for #newhomesweek!⁣

Today, we`re turning the spotlight on safety and security for that extra peace of mind.⁣

Because, unlike older properties, new builds are constructed to meet the highest standards for fire safety and more. ⁣

Plus, developers go the extra mile by installing the latest security measures, such as lights and alarms, to keep you and your loved ones safe.⁣

Tap follow so you don`t miss tomorrow`s!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness
...

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Did you know that a staggering 84% of new build homes boast an Energy Performance Certificate (EPC) rating of B or above, while only 4% of existing homes can claim the same? ⁣

That`s a whopping average energy bill saving of £135 per month!⁣

By opting for a brand-new home, you`re not only reducing your carbon footprint but also securing long-term financial savings! 🌱💸⁣

Struggling to choose between a new build or older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsthome #firstimehomebuyer #firsttimebuyers #newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #myfirsthome #firsttimebuyertips #firsttimebuyersuk #househunters #letsbuyahouse #homebuyer #homebuyersguide #firsthouse

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (14)

Did you know that a staggering 84% of new build homes boast an Energy Performance Certificate (EPC) rating of B or above, while only 4% of existing homes can claim the same? ⁣

That`s a whopping average energy bill saving of £135 per month!⁣

By opting for a brand-new home, you`re not only reducing your carbon footprint but also securing long-term financial savings! 🌱💸⁣

Struggling to choose between a new build or older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsthome #firstimehomebuyer #firsttimebuyers #newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #myfirsthome #firsttimebuyertips #firsttimebuyersuk #househunters #letsbuyahouse #homebuyer #homebuyersguide #firsthouse
...

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Do you have the right protection in place to support you and your dependents during challenging times? ⁣

Insurance policies provide you and your family with peace of mind, knowing that you`re financially protected in case of unexpected events like unemployment, illness, or property damage. ⁣

Our advisors can guide you through the maze of insurance options and help you find the most suitable options for you.⁣

Providing you and your family with protection and peace of mind.⁣

Check out the link in our bio for more information or call us on 0800 612 5596 to chat to one of our friendly advisors.⁣

...⁣

#insurance #insuranceadvisors #insurancepolicy #insurancecoverage #insurancetips #insurancebroker #insuranceservices #protection #insuranceadviser #financialeducation #insuranceclaim #grownuplife #dadlife #family #protectwhatyoulove #dorsetlife #insurancebrokers #insuranceconsultant #insuranceadvisor #dorsetbusiness #dorset #mumlifeuk

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (15)

Do you have the right protection in place to support you and your dependents during challenging times? ⁣

Insurance policies provide you and your family with peace of mind, knowing that you`re financially protected in case of unexpected events like unemployment, illness, or property damage. ⁣

Our advisors can guide you through the maze of insurance options and help you find the most suitable options for you.⁣

Providing you and your family with protection and peace of mind.⁣

Check out the link in our bio for more information or call us on 0800 612 5596 to chat to one of our friendly advisors.⁣

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The beginner’s guide to getting a mortgage - Yes Mortgage Services (2024)

FAQs

How to easily qualify for a mortgage? ›

There are a few basic steps you can take to boost your chances of approval for a home loan. One is to reduce your debt-to-income ratio by paying down structured debts, like car loans, and limiting your credit card usage. Another is to save up a larger down payment.

What can stop you from getting a mortgage? ›

Common reasons for a declined mortgage application and what to do
  • Poor credit history. ...
  • Not registered to vote. ...
  • Too many credit applications. ...
  • Too much debt. ...
  • Payday loans. ...
  • Administration errors. ...
  • Not earning enough. ...
  • Not matching the lender's profile.

What credit score is needed to buy a house? ›

The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).

How long does a mortgage approval take? ›

From application to approval and closing, getting a mortgage can take anywhere from 30 days to 60 days. However, some home purchases can take longer, depending on factors unique to the purchase transaction and the home loan processing time.

What are 3 steps you should take before applying for a mortgage? ›

Check these ten steps before you venture out to your mortgage broker and you'll be ahead of the game!
  1. Start with your credit report. ...
  2. Then, get things in order. ...
  3. Do your homework. ...
  4. Be realistic about what you can afford. ...
  5. Understand how lenders operate. ...
  6. Decide how you'll finance it.

How much income do you need to qualify for a $250000 mortgage? ›

If a borrower has no other debt obligations, a conforming loan for a $250,000 property with 10% down in a 7% rate environment would require a gross monthly income of approximately $3,870, factoring in a 50% debt ratio. This translates to an annual salary of around $46,450.

What income is used to qualify for a mortgage? ›

Your gross income: The total amount of your earnings before taxes and deductions are taken out. In addition to your monthly income from wages earned, this can include social security income, rental property income, spousal support, or other non-taxable sources of income.

At what age should you not have a mortgage? ›

According to him, your best chance for long-term financial success lies in getting out from under your mortgage by age 45. This is because by O'Leary's reckoning, most careers are halfway done by age 45.

What is the hardest part of getting a mortgage? ›

Getting a mortgage can be a challenge, even in the best of times, with piles of required documentation, repeated verifications of things like employment and assets, and very strict rules about how much debt you can carry.

Is it hard to get a mortgage right now? ›

After a housing market boom and bust, mortgage lenders have become more strict in their lending standards and requirements. It is not impossible to get a loan, but it is much harder for potential buyers to obtain one than before.

What credit score is needed for a $250000 house? ›

Conventional loan | Credit score: 620

To qualify for a conventional loan, you'll need a credit score of at least 620, though some lenders may choose to approve conventional mortgage applications only for borrowers with credit scores of 680 and up.

What credit score is needed for a 300K house? ›

The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of loan. For an FHA loan, the minimum credit score is usually around 580.

How much is a mortgage payment on a 200k house? ›

For a $200,000, 30-year mortgage with a 6% interest rate, you'd pay around $1,199 per month. But the exact cost of your mortgage will depend on its length and the rate you get.

What are the 5 steps of the mortgage process? ›

Once you know the steps to obtain a mortgage loan, it will make the process of buying a home much easier.
  • Step 1: Apply and Pre-qualify. ...
  • Step 2: Loan Processing. ...
  • Step 3: Home Appraisal. ...
  • Step 4: Final Approval. ...
  • Step 5: Closing.
Jan 6, 2021

What are the first 5 steps to buying a house? ›

This way to a home of your own
  1. Step 1: Prepare your finances. Before you begin your search for a home, figure out what you can realistically afford. ...
  2. Step 2: Prequalify for the right loan. ...
  3. Step 3: Call a real estate agent. ...
  4. Step 4: Lock in your mortgage. ...
  5. Step 5: Prepare to close.

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