GRN Financial Services -
Mortgage broker based in Leek
Frequently asked questions
How much can I borrow?
Different lenders will have different ways to calculate how much you can borrow. It pretty much depends on whether you are employed/self-employed/own your own business or maybe you are in receipt of benefits (yes, lenders do consider certain benefits for affordability!). Some lenders do look at just basic salary and others will also consider other income elements like bonus or overtime. Why not try our simple mortgage calculator which can give you a general indication
of how much you can borrow?
I want to buy a house – where do I start?
The best way to start is to set up a strategy call with our mortgage experts. There is no better way to prepare for house buying/moving than by talking to a mortgage adviser who will check how much you can borrow and what documents you need to have at the ready. If you are planning to buy your first home, move to a different house or perhaps you are a landlord thinking of buying an investment property, best thing you can do is to have a chat with us.
What documents are needed for a mortgage application?
Mortgage assessment is a thorough process, so it is great to have all the necessary documents in place to be looked at by the lender. Typical documents you will need to prepare are proof of income (payslips, P60, self-assessments if you are self-employed, tax calculation and tax year overview documents if you own your business), proof of expenditures (bank statements), proof of ID (passport or driving licence), full credit report (to check how lenders may see you when they do their checks). Remember, there is no limit as to what documents and evidence lenders may ask for so be well prepared.
What deposit do I need to buy a house?
In order to get a mortgage, you might need to put forward a % of house value as a deposit.
Most house buyers tend to contribute by something around 10% or 15% to have a greater selection of lenders but of course, it is possible to buy a house with as little as 5% or no deposit at all! As every case is different, speak to our experts to learn more about what you would need to contribute.
Where do I get my deposit from?
Most customers save up their deposit to buy a house but a deposit can also be gifted too or, alternatively, if you are buying a house from a local authority, the discount that you are entitled to under a Right to Buy or Right to Acquire, can be considered your deposit so no extra contributions may be required. If you have a family member willing to act as your guarantor, you may not need to have a deposit at all. There are so many options that you should definitely speak to an expert to find out more.
Can I still buy a house if my credit score is low?
Simple answer to this is YES! With so many specialist lenders and their different criteria, there are lenders that are more suitable for customers with credit blips. Best to discuss with our mortgage expert.
I am self-employed and I have only been trading for 12 months, can I get a mortgage?
Yes, you can as there are lenders who would consider applicants who have been trading for a shorter period of time, as long as they have their first self-assessment done. Of course, you would need to meet all the lender’s other criteria but it is possible to get a mortgage only after 1st year of trading.
My fixed deal is expiring soon, when should I contact you to start a re-mortgage?
You may be able to book your next mortgage deal as soon as about 5 months prior to your deal’s expiry date. We will check whether you would be better off switching lenders or perhaps you might benefit from staying with the same one and just renegotiating the terms of your deal. We can help with that!
There are so many mortgages available. So which one is right for you? We can help you finance the purchase of your first and subsequent property the easiest way.
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