What Was the Mortgage Affordability Test? After the big financial crisis in 2007-08, the Bank of England introduced a measure to ensure responsible lending practices. This was the mortgage affordability test, often referred to as a stress test. Here’s how it worked: Before approving your mortgage, lenders had to assess if you could still make […]
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Mortgage Affordability Test Scrapped: Is It Now Easier to Get a Mortgage?
What Is Proof Of Deposit For A Mortgage?
Why Do You Need to Show Proof of Deposit? The main reason you need to show proof of deposit is so lenders can check that your deposit money is from a LEGAL source. This is all about following anti-money laundering laws. These rules stop money from crimes being used to buy houses. When you show […]
Can I Really Get a Mortgage With No Deposit in the UK?
What Is a No Deposit or 100% Mortgage? A no deposit or 100% mortgage allows you to borrow the full purchase price of a property without putting down any upfront cash deposit. The lender is taking 100% of the risk by lending the entire mortgage amount. Normally UK mortgage lenders require at least a 5% […]
What Is the Best Way to Get Help with a House Deposit?
What Are the Government Schemes for First-Time Buyer Mortgages? The UK government understands the challenges first-time buyers face in affording a home. To make homeownership more accessible, they have introduced various mortgage deposit schemes. Here are some of the most popular options: Shared Ownership Scheme The shared ownership scheme allows you to buy a share […]
How To Secure Low Deposit Mortgages In The UK?
What Are Low Deposit Mortgages? Low-deposit mortgages are loans that let you buy a property with a smaller deposit than usually needed. In the UK, most mortgages ask for at least a 10% deposit, but low-deposit mortgages can drop to 5% or even lower. This makes homeownership accessible to more people, including first-time buyers like […]
Why High Deposits Mean Better Mortgages: A Must-Read Guide
What Counts As A High Deposit for a Mortgage? When we talk about a ‘HIGH’ deposit, we usually mean anything above 25%. For many, a 10% deposit is more common, but if you can stretch to 25%, 50%, or even more, you’re in a stronger position. A larger deposit does more than just unlock BETTER […]
