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What is a mortgage?

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How do you prove your income?

How long are mortgages usually for?

How to choose the best types of mortgage

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How do you prove your income?

If you're employed: The lender will ask for written evidence e.g. payslips and/or your P60 for the past two years.

They'll also probably write to your employer asking for confirmation.

Some lenders may accept income that's not guaranteed e.g. commission, bonuses etc., though this would be exceptional.

If you're self-employed: Traditionally this was more difficult and as a result there are lenders who specialise in the self-employed.

However nowadays any lender should be interested in you. You would need to show three years audited accounts. If you haven't been in business long enough then the lender should accept a letter of confirmation from your accountant

To read more on mortagages for the self employed click here

To read more on this subject please see the list below or your mortgage guide or your home buying guide

Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below

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How long are mortgages usually for?

The answer is usually 25 years. But this is only because that was the traditional length.

You can get a mortgage for any length. 15 or 20 year mortgages are fairly common.

The reason why people would want a shorter mortgage term is that - despite seeming to be more expensive, i.e. the monthly payments are higher - at the end of the day you'd be paying a lot less interest over the length of the mortgage.

 


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How to choose the best type of mortgage

One of the most difficult aspects of organising a mortgage is sorting through the four thousand mortgage packages currently available. However it's not as bad as it sounds because these are really just variations on a few types of mortgages. To simplify things, we suggest you start by deciding which type of mortgage you want.

Perhaps it may be easier to start by deciding which types of mortgages you definitely don't want. This will help you draw up a shortlist of mortgages that you will consider. You can then look for a good mortgage lender who's offering the type you want. (Read more at Types of mortgages now or later)

While it's quite possible for you to work it all out for yourself you may find it easier to ask an Independent Financial Adviser (IFA), to advise you on the best type of mortgage for your needs. See How to find your mortgage)

 


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