The UK’s mortgage industry is massive, with it recently being valued at £1.3 trillion, making it the largest in Europe in terms of the amount of money given out by lenders. In 2016, there was around 284,700 first time buyers and with the ever improving transport links into London, the South East property market is booming. Gillingham, Rainham and Chatham currently have thousands of properties for sale and Home Estate are ready to help you find your way in the property market.

When looking for different houses for sale, it is important to bear in mind how much you can afford. Not many people are lucky enough to buy a house outright and so a mortgage is required.

Simply put, a mortgage is an amount of money borrowed from a lender against your property. This means that if repayment terms aren’t kept up, the lender is within their right to repossess the property from you.

A mortgage can be taken out to purchase land or more commonly a property, and is paid back over a fixed term, usually around 25 years, although this can be made shorter at the discretion of the borrower. Likewise, it is also possible to pay back over a longer period of time (although this incurs a greater amount of interest paid back ultimately).

When applying for any mortgage, the mortgage provider will ask a series of questions regarding your finances. It is probable that a bank statement will be asked for in most cases. Questions can include finding out what your salary (or combined salary) is, any regular outgoings that you have, any existing debts or child maintenance and any other financial related questions that can arise.

Once all these questions have been answered and some background checks have been carried out, it is then down to the mortgage provider to approve or refuse you a mortgage. A mortgage can be refused if the provider has doubts about whether you can keep up with the proposed repayments or not.

The world of mortgages can often appear daunting and confusing but Home Estate is committed to making sure you know exactly what is going on and what should be happening. In our next few blog posts we’ll try to decipher the world of mortgages, ranging from deposits, different kinds of mortgages from repayment mortgages to SVR mortgages and more!

Contact us to get more information From your local Estate Agents

Home Estate

01634 580157 or enquiries@homeestate.co.uk

The UK’s mortgage industry is massive, with it recently being valued at £1.3 trillion, making it the largest in Europe in terms of the amount of money given out by lenders. In 2016, there was around 284,700 first time buyers and with the ever improving transport links into London, the South East property market is booming. Gillingham, Rainham and Chatham currently have thousands of properties for sale and Home Estate are ready to help you find your way in the property market.

When looking for different houses for sale, it is important to bear in mind how much you can afford. Not many people are lucky enough to buy a house outright and so a mortgage is required.

Simply put, a mortgage is an amount of money borrowed from a lender against your property. This means that if repayment terms aren’t kept up, the lender is within their right to repossess the property from you.

A mortgage can be taken out to purchase land or more commonly a property, and is paid back over a fixed term, usually around 25 years, although this can be made shorter at the discretion of the borrower. Likewise, it is also possible to pay back over a longer period of time (although this incurs a greater amount of interest paid back ultimately).

When applying for any mortgage, the mortgage provider will ask a series of questions regarding your finances. It is probable that a bank statement will be asked for in most cases. Questions can include finding out what your salary (or combined salary) is, any regular outgoings that you have, any existing debts or child maintenance and any other financial related questions that can arise.

Once all these questions have been answered and some background checks have been carried out, it is then down to the mortgage provider to approve or refuse you a mortgage. A mortgage can be refused if the provider has doubts about whether you can keep up with the proposed repayments or not.

The world of mortgages can often appear daunting and confusing but Home Estate is committed to making sure you know exactly what is going on and what should be happening. In our next few blog posts we’ll try to decipher the world of mortgages, ranging from deposits, different kinds of mortgages from repayment mortgages to SVR mortgages and more!

Contact us to get more information From your local Estate Agents

Home Estate

01634 580157 or enquiries@homeestate.co.uk

Mortgages

Ae will be happy to assist you in getting a competitive mortgage to help with the purchase of your new home or investment property.

Call now on 01634 580157  for our free no obligation mortgage quote. Our financial adviser is friendly and will be happy to assist you in acquiring a competitive mortgage for your property purchase.

An Introduction to mortgages

enquires@homeestate.co.uk