Buying your first home and getting onto the property ladder can seem quite daunting but with Frost Financial Services, home ownership can be a little bit closer. Your first step is to sit down with one of our advisers who will gather information such as your employment, outstanding credit commitments and establish a budget to suit your circumstances.
Once the adviser has assessed your affordability he or she can start to look at lenders and the various mortgage schemes on offer and if required agree your mortgage in principle with a lender, whilst this does not commit you to the lender, it means that you can show an estate agents that you have been approved for the amount of mortgage required to purchase a property.
New mortgage rules mean that a lender is required to assess your affordability and ensure that should interest rates rise, that the mortgage is still affordable, this may result in a lender offering you a lot less than say five times your salary, one way to increase the amount of mortgage funds available is to lengthen the mortgage term which will reduce the monthly payments and increase the amount of mortgage on offer.
To discuss your eligibility and options contact us today.