Mortgages

Mortgage Advice

Weystone Financial offers award-winning mortgage legal advice and property Financing options to individuals and companies across the United Kingdom. Get in touch with our mortgage advisers today to find out how we can help you.

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How Can Weystone Help?

We are mortgage specialists who work with you to arrange mortgages on residential homes secondary residences, buy-to-let investments and more, ensuring we source the best mortgage rates and terms for you.

We are available to you from the moment you get in touch, delivering bespoke mortgage legal advice, no matter how complex your situation may seem.

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Lenders and Providers

Mortgages

MORTGAGESFrequently Asked Questions

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01
Who Can Get a Mortgage?

When it comes to getting a mortgage, the following criteria tend to be important:

  • Between the ages of 25 to 40
  • Have a reliable income
  • Have a sizable amount of savings to use as a deposit
  • To have a good credit rating

It’s important to note that meeting all the criteria above is not a hard and fast rule, and there are many mortgage providers who cater to those who may fall into different categories outside of the mainstream lenders. The best advice we can give is to talk to a mortgage legal adviser who will have access to a wide panel of lenders to cover an array of circumstances.

02
Is My Credit Score Good Enough for a Mortgage?

When it comes to banks and mortgage lenders making a decision about lending money to you, they take into account your credit score. Your credit score shows which financial products you have interacted with such as loans, credit cards and even utility bills and phone contracts. 

With this information, you are given a score that gives banks and lenders a quantifiable number of your trustworthiness. The lower your score, which occurs through mispayments, defaulting on loans, applying for too many credit cards etc, the less likely a bank will trust you with a mortgage.

A credit score is a 3 digit number tending to range from 300 to 850. Although ranges and models vary, it’s generally considered credit scores from 580 to 669 are considered to be fair, 670 to 739 are considered good and 740 to 799 are considered very good and 800+ are considered excellent.

03
Can I Get a Mortgage With Bad Credit?

Having a low or bad credit score makes the chances of you getting a mortgage slimmer than most. However, there are some mortgage lenders who will consider a bad credit score. It would be advisable to spend a few months improving your score by repaying any debts you have and ensuring you are registered on the electoral roll at your address.

04
How Much Can I Borrow for a Mortgage?

The rule of thumb tends to be that you can borrow up to 4 or 5 times your income on a mortgage. This number can also be affected by your credit rating too, so it’s best to get mortgage advice from a mortgage legal adviser.

05
How Much Deposit Do You Need for a First-Time Buyer Mortgage?

If you’re looking into getting a first-time buyer mortgage, you’re likely looking to get a mortgage deal that covers 95%. From April 2021, following the government’s announcement of a new mortgage guarantee scheme, it’s now possible to get a mortgage with a 5% deposit, with several banks having signed up to offer 95% mortgages. To find out more about first-time buyer mortgages, get in contact with our mortgage advisers Hampshire now.

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