Seico Mortgages are our in-house independent mortgage advisors who give impartial advice. This is the first blog in our mortgages series from Seico Mortgages. Here they answer some of their most frequently asked questions.
How much deposit do I need?
You need as little as 5% of the property value, depending on the property.
What is the maximum I can borrow?
This varies from lender to lender – it can be anything from 4x to 6x your income.
Is it possible to get an interest only mortgage?
Yes, it is still possible. Many lenders will want some form of investment or equity in another property. However, if you have enough equity in the property, some will consider downsizing as means of repaying the loan.
I have some bad credit from two years ago, can I still get a mortgage?
Yes, you can still get a mortgage where there is adverse credit but you will need a minimum deposit of 10%.
I have a low credit score. Can I still get a mortgage?
We have access to high street lenders as well as specialist – this is something we can review and help with.