Does buying a home seem out of reach?

Not necessarily. Many buyers in the UK usually have a deposit between 5 and 10% of the property’s value. For example, if you wanted to buy a property valued at £250,000, you’d need £25,000 to meet your 10% deposit. Some lenders have begun to offer a 100% mortgage, meaning you don’t need a deposit. In any case, always make sure to speak to a mortgage adviser and do your research. 

Homebuyers come in many forms, including those with families and dependants. Many of these buyers manage to get a mortgage and move into their new home. While having a child or dependant may impact your affordability, lenders won’t be more cautious. 

It’s often possible to get a mortgage in the UK if you have a Tier 1 or Tier 2 (now known as a Skilled Worker) visa. However, the process can be slightly different and you might face specific criteria compared to a UK citizen, or someone with Indefinite Leave to Remain (ILR). We understand that this can feel complicated, but fear not: an adviser will be able to take you through the process from start to finish. 
 

Mortgage rates change depending on what’s going on in the wider world, and it's smart to consider their impact on your budget. The good news is that even when rates seem higher, there are still many options to explore to find a mortgage that works for you. Also, you can change the term of the mortgage over a longer period of time to lower the payments. This is where the value of using a mortgage adviser really comes into its own, as they’ll shop around to find you a deal that aligns with your budget. 

A less-than-perfect credit score or a patchy financial history can feel like a major roadblock to getting a mortgage. However, it's not always a definitive "no”. Lenders look at various factors to assess how financially responsible you are, and there are products out there designed for those with past financial challenges. But, don't let your credit history stop you from exploring your options. A mortgage adviser can help you understand what's possible and guide you towards solutions that might work for you. 

Some first time buyers turn to their family for financial support to fund their deposit. This is known as a ‘gifted deposit’. However, there are a number of family assist options, where relatives can help by providing security (savings, or equity in their own home). You could also have a family member named on the mortgage without being on the property deeds (known as a joint borrower, sole proprietor mortgage). Speak to an adviser about the range of family support options available. 

It's a common misunderstanding that being self-employed puts a mortgage out of reach, but that's simply not true. While it might have been more challenging in the past, lenders are increasingly open to self-employed applicants, even with as little as one years’ worth of accounts. The key is demonstrating consistent income and financial stability. An adviser will talk you through everything you need, and tailor your mortgage application to lenders who understand the nature of self-employed work. 

Having a mortgage is likely to be one of the biggest financial commitments you’ll make, and with that comes the risk of becoming unable to repay it if your circumstances change. To ensure you can stay in your home, we offer a range of protection insurance options to fit your needs, and offer you valuable peace of mind. These include life insurance, income protection, critical illness cover, and more - all of which an adviser can talk you through.