Q. How much can I borrow?

Lenders have, in recent years, become far more flexible in the way they calculate how much they will lend you. Many lenders will now offer you a multiple of 4 times your salary provided that you have a deposit available; some will take overtime and bonuses into account while others will use an affordability calculator by assessing your income and outgoings. Most lenders will deduct any other loans or credit card commitments from your income. The best way to get an accurate indication is to talk to one of our experienced advisors.

Q. How long will the house buying process take?

On average it takes between 8-10 weeks to buy a house. It can take longer if you are caught up in a chain. Also some lenders and solicitors are faster than others.

Q. Do I need to provide any documents?

You will need to provide proof of identification such as Passport or Driver’s License and proof of address such as a utility Bill or bank statement. Depending on the size of your deposit, lenders may require proof of earnings including your latest P60 and last 3 payslips. We will, of course, advise you of their exact requirements when we submit an application on your behalf.

Can a get a mortgage if I have County Court Judgements or mortgage arrears?

It is possible to get a mortgage for almost any situation regardless of how bad your financial position appears to be. There are companies now that specialise in adverse credit so speak to one of our advisors, providing them with as much information on your situation as possible.

How much deposit do I need?

Generally, the larger deposit you have, the better the mortgage deal available. However, it is possible to get a mortgage with no deposit and still get very competitive deals. Some lenders will lend you up to 125% of the value of the property should you wish to incorporate other loans or commitments.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

The FSA does not regulate legal advice or some forms of mortgage.

Military Direct Limited is authorised and regulated by the Financial Services Authority and is entered on the FSA register (www.fsa.gov.uk) under reference 468095