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Take one step closer to finding a mortgage solution tailored to your needs. Whether you’re a first time buyer, home mover or looking to remortgage, we’ve got you covered.
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Real People Here to Help
At AIMS, we pride ourselves on being real people who understand the real-life issues that come with arranging a mortgage. We know that finding the right mortgage can be a daunting task, filled with complexities and uncertainties. That’s why we approach every client with empathy and a genuine desire to help. We take the time to listen to your unique circumstances, whether it’s navigating through credit challenges, self-employment, or other personal situations. Our team of experienced professionals is here to guide you through the process, providing personalised solutions tailored to your specific needs.
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Frequently Asked Questions
How much can I borrow?
The amount you can borrow for a mortgage depends on various factors, including your income, financial commitments, credit history, and the lender’s criteria. Lenders typically assess your ability to repay the loan by considering your income and calculating a debt-to-income ratio. A higher income, lower existing debt, and a favourable credit history can contribute to a higher borrowing capacity. Additionally, the size of your deposit, the interest rate, and the loan term are key factors. It’s recommended to consult with mortgage lenders or use online calculators to get a more accurate estimate based on your specific financial situation. Working with a mortgage broker or financial advisor can also provide guidance on the borrowing process and available mortgage options.
How much deposit will i need?
The required deposit for a mortgage can vary based on several factors, including the lender’s policies, the type of mortgage, and your financial circumstances. However, a common guideline is to aim for a deposit of at least 5% to 20% of the property’s purchase price. In some cases, lenders may require a higher deposit, especially for certain types of mortgages or if you have a less-than-perfect credit history. Keep in mind that a larger deposit not only increases your chances of mortgage approval but also generally leads to more favourable interest rates. It’s advisable to check with various lenders, use online mortgage calculators, and, if possible, consult with a mortgage broker to determine the specific deposit requirements based on your situation and the type of mortgage you’re considering.
What type of mortgage is best for me?
The best type of mortgage for you depends on your financial goals, risk tolerance, and preferences. If you value stability and want predictable monthly payments, a fixed-rate mortgage might be suitable. Alternatively, if you’re comfortable with some level of interest rate variability, an adjustable-rate mortgage could be an option. Consider factors such as your budget, long-term plans, and the amount you can afford as a deposit. Seeking advice from mortgage brokers or financial advisors can help you navigate the options and find the most suitable mortgage for your specific circumstances.
What documents do i need for my mortgage application?
For your mortgage application, you’ll typically need:
Proof of identity (passport or driver’s licence)
Proof of address (utility bills or official documents)
Proof of income (payslips or tax returns)
Bank statements covering the last three to six months.
Proof of deposit (bank statements or gift letter),
Credit history information, employment details (employer contact and confirmation)
Details of any outstanding debts, information about legal issues or court judgements.
Property details (purchase price and description), and, if applicable, a mortgage statement for your existing property if you are remortgaging.
Specific requirements can vary between lenders, so it’s recommended to check with your chosen lender or mortgage broker for their exact documentation needs.
