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  • What is a mortgage?
    Your mortgage is a loan secured against your property, allowing you to purchase your home. In this arrangement, the mortgage lender has the right to take possession of the property and sell it, if you fail to make your mortgage repayments, aiming to recover any losses they may incur. In exchange for lending you the money, the lender charges you 'interest.' This means that over the mortgage term, you're responsible for paying both the lender's interest and gradually repaying the initial borrowed amount in full before the mortgage concludes.
  • How much can I borrow?
    Every lender will be different in their approach to what you can borrow and unfortunately there is no set calculation. The actual amount you’re eligible to borrow will be determined by the cost of the property you wish to purchase, the size of deposit you have, your income and affordability (taking into account your monthly financial commitments and any future commitments).
  • What is a remortgage?
    Remortgaging is the process of replacing your current mortgage with a new one from a different lender. You might contemplate this option when your existing mortgage deal expires, and you're interested in exploring potentially more competitive offers. It's also a choice to consider if your circumstances have changed, and you require additional borrowing. There are various reasons to consider remortgaging, but it's important to note that this doesn't entail moving to a new home.
  • How do I prove my income?
    If you are employed, you will need to provide at least your last 3 months' payslips as a guide and sometimes your P60. If you are self-employed, the easiest way to prove your income is via SA302s which can be obtained from HMRC. Alternatively, at least 2 years’ trading accounts may also be acceptable to lenders. Some lenders may have other requirements. You will also be required to provide your bank statements for the last 3 months. If you have any other form of income, e.g., tax credits, then written evidence from the provider will be required.
  • Does an Agreement in Principle (AiP) affect my credit score?
    An AiP doesn’t affect your credit score. Unlike making a mortgage application, lenders don't run a full credit check on you for an AiP. Most lenders leave a soft footprint on your credit score, but there are some that leave a hard footprint. Most lenders ask credit reference agencies to confirm whether certain details you enter on the AiP form match what they hold on your credit file. Lenders don’t check your full history with credit reference agencies until you apply for a mortgage.
  • Does an Agreement in Principle (AiP) guarantee I’ll get a mortgage?
    An AiP doesn’t guarantee you can get a mortgage, but it will give you an idea of whether the lender be willing to lend the amount you need. If you apply for a mortgage, the lenders needs to check your income, credit history and financial circumstances, and consider whether you can afford the mortgage payments both now and in the future. A mortgage application will always be subject to full underwriting.

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